Bitcoin’s fourth halving has occurred, bringing with it the much-anticipated Runes protocol. Similar to how ERC-20 works for Ethereum, Runes is Bitcoin’s new standard for fungible tokens. This means it allows for a wide range of assets, from meme coins to governance tokens, to be created on the Bitcoin network.
Franklin Templeton, a big investment company with $1.5 trillion in assets, recently shared their thoughts on the new protocol: “We are excited to see if Runes can do for Bitcoin’s fungible token and DeFi market what Ordinals did for Bitcoin’s non-fungible token market.”
Casey Rodarmor, the developer behind Bitcoin Ordinals, is also the brain behind the Runes protocol. So, the big question is: can Runes replicate the success of Bitcoin Ordinals and boost the value of BTC even further?
Bitcoin Ordinals have become a big deal in the Bitcoin world, valued at over $2 billion. This is a big change for Bitcoin. But only some are happy about it. One Bitcoin developer, Dashjr, thinks Runes are just causing problems on the network.
Others see Runes as a new way for Bitcoin to work, like a second layer that could improve decentralized finance (DeFi). One person, Imran Khan, thinks Bitcoin could have its own version of the DeFi craze that Ethereum had in 2020. He thinks Runes, along with other new things for Bitcoin, will make this happen.
The creator of Runes, Casey Rodarmor, isn’t sure how hardcore Bitcoin fans will feel about it. But he thinks they shouldn’t care. He says Bitcoin is for everyone, even people who don’t like it.
Also Read: Bitcoin Mining Stocks Spikes Ahead of Halving Event Frenzy
