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"Rune" is about to be released, will the inscription carnival continue?

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The new governance structure may be driving Inscription's rise.

Yesterday, Bitcoin exceeded US$72,000, hitting record highs on the same day, and the rest of the crypto industry rose in turn. The previous Nvidia conference, GDC Game Developers Conference, led to general gains in the AI and gaming sectors. Today, it is Inscription’s turn to see general gains.

According toDune data shows that the cumulative fees for minting inscriptions on the Bitcoin NFT protocol Ordinals continue to rise. As of the time of writing, the cumulative fee income has reached 6321.8 BTC, approximately US$432,540,749. The total number of minted inscriptions has currently exceeded 62.316 million. .

According to tradingview data, ORDI The price rose to $81.68, a 24-hour increase of 12.43%, and is currently experiencing a correction.

As the first inscribed token of BRC-20, the rise of ORDI has driven the general rise of the BRC-20 sector, among which MICE has increased by 18.9% in 24 hours, and SATS has increased by 24 hours. The increase reached 14.25%; RATS increased by 10.9% in 24 hours; BTCS increased by 16.23% in 24 hours.

The Rune Agreement is coming

Due to Casey's dissatisfaction with BRC-20, in September 2023, Casey released the concept of a new FT protocol Runestone, namely "Rune". Rune is native to Bitcoin’s Unspent Transaction Output (UTXO) model. This minimizes the generation of “junk” UTXOs, allowing for more responsible UTXO management and a smaller on-chain footprint.

On December 16 last year, Casey announced at the Taipei Blockchain Week event that the Runes protocol would be launched on the mainnet in late April. As the consensus of the Runes protocol grows stronger, the value of assets has been realized in advance. As of the time of writing, according to Whales Market data, the highest transaction price of Runestone OTC has reached the US$1,300 range.

Currently, the Rune Protocol has not yet been officially launched, and Casey himself has tweeted that the first 10 "Rune" Tokens It may be "hard-coded", that is, it will not be open for deployment but written directly in the code. The first 10 "Rune" Tokens will be fair and open to casting, and there will be no pre-mining/pre-distribution.

But as the release of Runestone is just around the corner, the date when the "Rune" protocol plans to go online on the mainnet (Bitcoin halving) is getting closer and closer, " The "Rune" project has received more and more attention. How long can the general rise in the price of "Rune" last?

Layer 1 Foundation launches new BRC20 governance structure

On March 11, by BRC20 The Layer 1 Foundation (L1F), led by creator domo, announced the organization of a new BRC20 governance structure, including the appointment of several leading BRC20 indexers as collaborators.

Designing a fair and resilient governance structure for an index-based protocol (not connected to the blockchain consensus mechanism) is a daunting task mission, and will have flaws. In response, governance resolutions and procedural standards for BRC20 development were established, and several leading indexers and BRC20 stakeholders were asked to publicly commit to upholding these principles, including Hiro, ALEX, Oyl, Allium, UTXO Management. At the same time, Unisat and BestinSlot will serve as joint main maintainers of the BRC20 protocol in the future.

In addition to supporting BRC20, L1F aims to provide public tools, educational resources, and open forums to open source developers building various meta-protocols on Bitcoin .