The Rune Protocol is about to arrive with the Bitcoin halving. The Bitcoin network will most likely not be absent in this bull market. Bitcoin has already taken over from EFT, and the bull market of the Bitcoin network's native assets requires the emergence of better token asset protocols.
Inscription was launched at the end of the year before last, and the author of BRC20 unintentionally set off the Bitcoin network ecology at the beginning of last year. Since then, the storm has been surging, and calls for a better token issuance protocol on Bitcoin have been everywhere.
Due to Casey's dissatisfaction with BRC20, in September 2023, Casey released the concept of a new FT protocol Runestone, namely Runestone; Runestone is native to Bitcoin's unspent transaction output (UTXO) model, which minimizes junk UTXO generation, thereby achieving more responsible UTXO management and a smaller on-chain footprint.
Regarding the issuance of native assets on the Bitcoin network, before the Bitcoin halving, is it a coincidence or intentional during this period of time? Will Rune usher in a climax?
After the runes, what to do with the inscriptions? Welcome to discuss!
Casey, founder of Bitcoin NFT protocol Ordinals, released the Runes document, according to which runes allow Bitcoin transactions to etch, mint, and transfer Bitcoin native digital goods. Although each inscription is unique, each unit of the rune is the same; they are interchangeable tokens suitable for a variety of purposes.
He posted on the X platform that a good feature of Runes is that the casting terms are very flexible and expressive. In addition to the maximum minting number, users can also specify a start and end time, both of which are absolute block heights, and a relative block count after the etch has been mined.
According to news on April 1, Casey released the creation runes UNCOMMON•GOODS, which will be open for casting after the halving until the next halving block, that is, unlimited runes in a limited block. This rune can be obtained one each time it is cast, and its divisibility is 0.
The cross-chain protocol Wormhole announced on the X platform that it will open airdrop applications at 11:30 am on April 3, 2024 (UTC time).
Wormhole is a distributed universal cross-chain information transmission protocol whose mission is to realize the transmission of assets and information between different blockchain networks. As a communication medium for blockchains or Rollups, the protocol currently provides developers with liquidity and user channels on more than 30+ mainstream blockchain networks, covering a variety of application scenarios such as DeFi, NFT, and governance. . In 2023, it completed a new round of financing at a valuation of $2.5 billion.
Ethereum Layer2 solution Arbitrum launches a new investment plan; the arbitrum Foundation announced that the second phase of its funding program, the Arbitrum Foundations Grants Program, has been successfully concluded, and the application deadline is April 3, 2024.
Phase 3 is about to start: new applications will be accepted from April 15, 2024, until the end of June. At this stage, the foundation will continue to focus on the dApp field, but will introduce a more standardized funding method, focusing mainly on projects in vertical fields such as games, NFT, social, DAO, and DeFi.
Market Analysis: BTC is trading sideways at a high level, while Solana ecosystem projects are soaring
Market trends:
Bitcoin (BTC) remains above $70,000, with the overall market showing an upward trend. The current focus of market speculation mainly revolves around the Solana ecology and the Base ecology, and many on-chain 100x coin projects have emerged. In terms of macroeconomics, the U.S. stock market was closed for the Easter holiday, while the U.S. PCE (Personal Consumption Expenditures Price Index) inflation data was in line with expectations.
Market hot spots:
1.Solana ecological surge: The price of SOL rose sharply, returning to above 200 US dollars, which promoted the rise of Solana ecological project WIF, BOME, JUP, JTO, RAY and other currencies. It is worth noting that the market value of Jito and Jupiter projects on the Solana chain has exceeded that of similar projects Lido and Uniswap in the Ethereum ecosystem. In addition, the Meme project on the Solana chain is still active, especially the emergence of many cat memes.
2. Base chain attracts attention: Many Meme projects on the Base chain attracted most of the market's attention over the weekend, among which MFER increased 100 times in two days. Currently, the number of addresses on the Base chain has exceeded 5.5 million, and transaction volume has also reached a record high.
3. CORE rises: The price of public chain CORE has increased more than 5 times in a single week, and the market has a clear short squeeze.
4. Stablecoin protocol LQTY surged: The price of LQTY rose by more than 20% in a single day. Affected by the upcoming ETHNA project, the market bet on similar projects in advance.
5.LSDfi’s PENDLE hits a record high: PENDLE hits a record high again, and its TVL (Total Value Locked) also reached a record high. The re-staking track is still one of the most eye-catching stories in this bull market.
Market hot spots are concentrated in the fields of Solana ecology, Base ecology, and LSDfi. Pay close attention to these hot spots. Pigs will fly if you stand in the spotlight. The market situation is changeable. Adjust investment strategies in a timely manner and deal with market risks cautiously. We look forward to more outstanding friends joining the circle. , friends, go all the way!
