{"id":18325,"date":"2024-04-20T10:22:00","date_gmt":"2024-04-20T10:22:00","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=18325"},"modified":"2024-04-20T10:22:00","modified_gmt":"2024-04-20T10:22:00","slug":"why-bitcoins-runes-protocol-is-game-changing","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/why-bitcoins-runes-protocol-is-game-changing\/","title":{"rendered":"Why Bitcoin&#8217;s Runes Protocol is Game-Changing"},"content":{"rendered":"<p>With the release of the much-anticipated Runes protocol, <a href=\"https:\/\/coinengineer.net\/blog\/bitcoins-4th-halving-completed-the-crypto-world-enters-a-new-era\/\">Bitcoin\u2019s [BTC] fourth halving has come at last<\/a>.\u00a0The market analysts concur with Bitcoin Ordinals that the new protocol may breathe life into Bitcoin\u2019s popularity and bring with it new users.<\/p>\n<p>In a way similar to the ERC-20 standard of Ethereum, Runes is Bitcoin\u2019s next fungible token standard. This widens the scope of its utilization in the market of bitcoin-backed assets, including governance tokens and memecoins.<\/p>\n<p>In response to the forthcoming protocol, <a href=\"https:\/\/www.franklintempleton.com\/\">Franklin Templeton<\/a>, a manager of $1.5 trillion in assets, has made the following observation:In response to the forthcoming protocol, Franklin Templeton, a manager of $1.5 trillion in assets, has made the following observation: \u201cWe are excited to see if Runes can do for Bitcoin\u2019s fungible token and DeFi market what Ordinals did for Bitcoin\u2019s non-fungible token market.\u201d<\/p>\n<p>Looking at the broader picture, the release of Bitcoin Ordinals in December 2022 saw a massive surge. Soon after, the Bitcoin network traffic saw a burst, and fees also increased to the highest level.<\/p>\n<p>Casey Rodarmor created the Ordinals protocol for Bitcoin and the Runes protocol.\u00a0So, the question becomes: Does it have the ability to appreciate BTC in the manner that the Ordinals did?<\/p>\n<h2>How Will Bitcoin Maxis Respond to Runes?<\/h2>\n<p>The market capitalisation of Bitcoin Ordinals is now over $2 billion, and it is being celebrated as a \u2018cultural shift\u2019 in the Bitcoin network.\u00a0However, it should be indicated that the technique has often met with resistance. One of the Bitcoin developers, Dashjr, even termed ordinals and inscriptions \u201cspam\u201d on the network.<\/p>\n<p><span class=\"text-with-replacments\">Nevertheless, market analysts are optimistic regarding Runes\u2019 capability to underpin Bitcoin.<\/span><span class=\"text-with-replacments\">\u00a0Ansem, the crypto analyst, says Runes is one of the Bitcoin altcoins worth holding.<\/span> \u201cI\u2019m still heavily spot Solana + giga long Bitcoin, not via leverage, but via Bitcoin altcoins, I\u2019m fairly confident this is just standard bull market pullback &amp; we hold here. Runes summer.\u201d<\/p>\n<p><span class=\"text-with-replacments\">But some claim that Runes is just an element of the growing Bitcoin L2 ecosystem that can fight with Ethereum and Solana [SOL] and can also revolutionize the DeFi sector.<\/span><span class=\"text-with-replacments\"> Alliance DAO\u2019s Imran Khan is a BTC L2 fan who offers mentorship to crypto entrepreneurs.<\/span> According to him, <em>\u201cFor those that missed Eth defi summer 2020, I expect something similar with Bitcoin. The upcoming launch of Runes, L2s, memes\/ordinals, and defi protocols is the perfect storm brewing.\u201d<\/em><\/p>\n<p>Bear in mind that Casey Rodarmor, the man behind Ordinals and Runes, is unsure of how Bitcoin maxis will respond to Runes following the Bitcoin halving. According to his beliefs, <em>\u201cI don\u2019t want them (Bitcoin Maxis) to like Inscriptions or Runes, but I think they shouldn\u2019t care. Bitcoin is money for enemies.\u201d\u00a0<\/em><\/p>\n<p>The principal aim of Runes protocol is to enable the emergence of memecoins as well as the introduction of \u201cdegens\u201d to the Bitcoin network. It is very similar to the way Solana\u2019s network activity was initiated by mememania.<\/p>\n<p>What the community is going to do and whether the value of Bitcoin will rise after the halving is still an open question.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the release of the much-anticipated Runes protocol, Bitcoin\u2019s [BTC] fourth halving has come at last.\u00a0The market analysts concur with Bitcoin Ordinals that the new protocol may breathe life into Bitcoin\u2019s popularity and bring with it new users. In a way similar to the ERC-20 standard of Ethereum, Runes is Bitcoin\u2019s next fungible token standard.<\/p>\n","protected":false},"author":6,"featured_media":18326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1766,5490],"class_list":["post-18325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-btc","tag-rune-protocol"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Bitcoin&#039;s Runes Protocol is Game-Changing - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Stay ahead of the game with Bitcoin&#039;s Runes protocol. 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