Bitcoin’s new Runes fungible token standard debuted alongside the quadrennial halving event, bringing unprecedented demand that skyrocketed network fees to unprecedented levels. This frenzy caught the attention of Gate.io, a Cayman Islands-based exchange, which promptly listed three early Runes tokens: SATOSHI•NAKAMOTO, MEME•ECONOMICS, and WANKO•MANKO•RUNES.
While WANKO•MANKO•RUNES may stand out with its name, the other tokens share a commonality—they are among the first 10 tokens etched via the Runes protocol. This rush to launch Runes tokens post-protocol debut led to exorbitant Bitcoin network fees, motivating creators to vie for early slots to lend their projects credibility and appeal.
The narrative of early tokens commanding higher value echoes the Ordinals’ pattern on Bitcoin last year. This pattern, coupled with rapid minting and sufficient funding to cover network fees, attracts exchanges seeking to add these tokens to their platforms. Social media buzz speculates that the initial 10 Runes tokens, including WANKO•MANKO•RUNES, are prime targets for exchanges.
However, the uniqueness of WANKO•MANKO•RUNES, inspired by a story from Runes protocol creator Casey Rodarmor, has already attracted attention despite not adhering to the trend. Other prominent Runes tokens include Rodarmor’s uncapped UNCOMMON•GOODS and DOG•GO•TO•THE•MOON, set for an airdrop associated with the Runestone Ordinals project.
Centralized exchanges play a pivotal role in legitimizing assets, bridging them from the decentralized crypto realm to mainstream audiences. Notable platforms like Coinbase and Binance, with the latter’s recent tweet hinting at Runes interest, often dictate market trends. Gate.io, renowned for being at the forefront of digital asset trends, is leading the Runes charge, mirroring its ORDI success last year.
Runes represents a new standard for Bitcoin tokens, distinct from Ordinals’ NFT-like assets. While Ordinals introduced NFTs on the Bitcoin blockchain, Runes focuses on non-unique tokens for exchange, akin to Ethereum and Solana’s crypto ecosystems. Runes’ efficiency and potential broad appeal hint at a transformative future for Bitcoin-based tokens, especially if more centralized exchanges adopt the standard.
