Magic Eden, a cross-chain NFT marketplace, recently launched jumped to the top of the group Amid growing interest bitcoin ordinalIt announced plans to support the upcoming one on Friday. Rune Fungible Tokens standard Bitcoin.
“Ordinal numbers, rewards, runes. The future of BTC lies in Magic Eden.” The marketplace posted a tweet with a teaser video.
The Rune protocol is scheduled to launch on the Bitcoin mainnet as follows: half lifethis is Scheduled to open on April 20th. Halving is a quadrennial event built into the Bitcoin protocol that halves the number of BTC miners receive in return for supporting the network. This move slows the expansion of Bitcoin supply and also generally increases the price of the asset.
Runes is a fungible token standard from Bitcoin developer Casey Rodarmor, who created the Ordinals protocol for recording media on the Bitcoin blockchain.
Fungible tokens were experimentally available on Bitcoin last year. BRC-20 Token Standard Created on top of Ordinal, Runes is being introduced as a more efficient way to issue and trade tokens on Bitcoin.
“We believe Runes will further strengthen the Bitcoin ecosystem, opening up new builders and asset types previously only available on other layer 1 chains,” said Z Yin, co-founder and chief operating officer of Magic Eden. . decryption.
“We have long-term confidence in the underlying Bitcoin activity,” he continued. “Adding Runes to the existing Ordinals marketplace makes sense to double down on this ecosystem, which is already on track to hit $1 billion in 2024 alone.”
Earlier this year, Magic Eden diamond rewards program On all supported chains, including Bitcoin Solana, Ethereumand polygon. The initiative offers NFT traders points-like diamonds for both past and current transactions, but it’s not yet clear how those diamonds will benefit users.
However, in parallel with the Diamonds program, what Magic Eden calls an irreplaceable DAO will be operated independently by an external team.There are plans to launch fungible tokens called “NFTs.” These are awarded to users of specific open source trading and issuance protocols. All protocols released to date were created by Magic Eden.
With the launch of Diamond and growing interest in NFT tokens, interest in Bitcoin-based assets is growing as major cryptocurrencies enjoy popularity. Recent price surge to all-time highMagic Eden has quickly found new footing to become the top of all NFT marketplaces by trading volume.
decryption reported In early March, demand from Bitcoin Ordinals pushed Magic Eden to first place, accounting for 38% of the total NFT market volume in a 24-hour period, based on public blockchain data curated by analytics platform Tiexo.
The gap has widened further recently. In the last 24 hours, TEXO Magic Eden is responsible for over 52% of the chain’s total trading volume worth approximately $35.6 million, with Bitcoin Ordinals transactions accounting for approximately 69% of that tally.
Thursday is busy Start an ink project Bitcoin Ordinals appears to account for a significant portion of that volume, with $18.8 million worth of trading volume in the last 24 hours. Marketplace data.
Magic Eden has maintained the top spot over the past seven days, but Ethereum-centric market Blur has moved closer during that period. Magic Eden holds a market share of approximately 35.7% during the period, while Blur holds approximately 32%. Tensor has long been Magic Eden’s biggest rival in Solana. Launching our own TNSR token soonLast week, overall market share was around 7.5%.
Edited by Ryan Ozawa.
