What are Runes?
Casey Rodarmor, the developer behind Ordinal, is building another novel innovation - a fungible token standard for Bitcoin called the Runes Protocol. As a meta-protocol, the Runes Protocol is not a token in itself, but to quote Casey in his podcast, “a place for people to create shitcoins on Bitcoin”.
Tokens created using this token standard are called Runes. Unlike BRC-20, Runes is a fungible token standard, meaning that each Rune is interchangeable. The best analogy here is the ERC-20 token on Ethereum. The Runes token standard is similar but simpler and was created for the Bitcoin network.
Will Runes replace BRC-20?
With a total market cap of $2.65 billion, BRC-20 has a massive market size on Bitcoin. The Runes narrative is driven primarily by speculators who are betting that Runes will replace BRC-20 and become the new widely used token standard on Bitcoin.
Pups ($PUPS)
This project has gained wide acceptance and is currently in the Pre-Runes phase.
Current supply: 10 million.
7.7 million tokens are available for purchase on @unisat_wallet or @JupiterExchange. These tokens will be used to purchase Pups Runes on April 20th.
2.3 million tokens will be airdropped to Rune Pup ordinal holders (available for purchase on ME). Rune Pups can destroy approximately 210 Pups.
When the total market value of Runes reaches 1,000,000,000, the tokens will be destroyed and redeemed at a ratio of 100:1
