A total of 1,365 Bitcoins (equivalent to IDR 1.5 trillion at current prices) simply disappeared after the user tried to mint the Rune 777 LEEROY•JENKINS in Runes which was deemed invalid.

Runes is a token standard protocol that allows the issuance of fungible tokens on the Bitcoin network. This protocol provides a more efficient way for users to create such tokens.

Also read: Getting to Know Runes, a New Protocol on the Bitcoin Network

Mint Deemed Invalid

According to data from Ord.io on Wednesday (5/6/2024), the mint activity on Rune 777 LEEROY-JENKINS caused a spike in Bitcoin network fees of up to 150 sat/vB, which resulted in 1,365 BTC wasted on invalid mints.

User X with the name LeonidasNFT explained that Runes functions like an auction. If a user's transaction is not mined before the mint window closes, they will lose their funds and not earn those mints.

Even though at the time a user sets a fee for their order it looks like the mint will be valid, this does not guarantee that Bitcoin network fees will not increase before the next block is mined. This increase in fees can cause other transactions to be prioritized over transactions made by users.

“If you fail to include your transaction in a block, you will lose BTC and not receive Runes. "That's how this protocol works," said Leonidas.

The name LEEROY JENKINS comes from the iconic character in the online game World of Warcraft created by Ben Schulz. Data from Ord.io shows that LEEROY•JENKINS has a maximum supply of 69.4 million tokens.

source: coinvestasi.com