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Happy Bitcoin Halving Eve! Want to unlock runes?
The same developers who launched Bitcoin Ordinals will soon introduce a new protocol called Runes that they plan to compete with the BRC-20 token standard. Since its announcement, the project has received a lot of attention with numerous projects preparing to release Runes in time for Bitcoin halving.
In particular, the meme coin PUPS soared ahead of its launch. But the rise did not come without controversy. There has been controversy over the project’s claim to be Bitcoin’s “first meme coin.”
As the half-life clock counts down, the pressure begins to mount. Now people are asking how they can get their hands on the shiny runes without receiving a reward.
Like a knight in shining armor, he is a pseudonymous NFT historian, Twitter personality, and host. Ordinal ShowLeonidas took to Twitter to share tips and tricks on rune mining.
Pay huge fees
Unfortunately this won’t be cheap.
Picture this: your rune is about to be minted, but the block decides to proceed without you. what’s the matter? Your transaction will be excluded from the block and your runes will remain unminted. However, you still lose transaction fees.
A few tips to craft your runes so they don’t break:
1. Bitcoin has a slow block time, so a lot can happen between blocks. If your runes are almost minted, you will have to pay a much higher fee than others to ensure the transaction goes smoothly.
For the most hyped Rune projects, missing a block or two can determine whether or not you participate. To combat this, leonidaswhich is leading the Runestone Ordinal and “pre-Rune” project, proposes that traders “pay significantly higher fees” to ensure that transactions are “squeezed out.”
It’s going to be a dog fight outside. Everyone will try to do the same thing as you. This means network costs will skyrocket, and unfortunately the highest bidder will always win. So be the highest bidder.
Be patient. If possible
Fees are expected to skyrocket as people flock to mint runes. So if you’re trying to create a project that you don’t think will sell out right away, wait.
For most traders, this is not a race. Go touch the grass, chat with your family, and make a cup of tea. Then, when you return, your network rates will be reduced.
“In North America, rates tend to be lower on weekends and late at night,” Leonidas said. twitter post. “You can put mints in a mempool for a low cost that can stay there for a few days.”
Bitcoin’s mempool, short for memory pool, is a backlog of transactions waiting to be confirmed by miners and added to the next block of the Bitcoin network. So if you’re not stressed about speed, Leonidas recommends traders get to the back of the queue and get their foot in the door.
This is especially relevant for projects with long mint periods.
For example, Casey Rodarmor, the creator of the Runes protocol, is launching a project called Uncommon•Goods. 4 year open mint. Therefore, Leonidas wrote, “You would have to be really stupid to issue it tomorrow on the highest fee day in Bitcoin history.”
Be careful before mining
When choosing which runes to mine, Leonidas suggests paying attention to the pre-mined amount set by the person etching the runes.
Etching is the process of creating runes and setting their properties. Once set, these properties cannot be changed, even in that etcher. The Etcher can allocate a certain percentage of runes to himself, called pre-mined.
“Think of pre-mining as the amount poured on your head after the runes come out,” Leonidas said on Twitter. “If it’s more than 10%, you’re being greedy.”
Instead, he suggests looking for projects with 5% pre-mining or no pre-mining at all.
Here are a few things to look for when choosing which runes to cast later today:
✅ Freemine is not greedy (less than 5%) ✅ Fewer than 100,000 transactions to issue ✅ Popular, clever and funny tickers
There is a lot of hype surrounding the launch of the Runes protocol. It would be easy to get caught up in the hype and waste your wallet by casting every rune you can get your dirty hands on. Instead, Leonidas recommends that traders try to calm their FOMO.
Leonidas suggests thinking in terms of market capitalization and analyzing each purchase.
“If it takes 100,000 mints to mint a rune and the fee for a single mint is $100, ask yourself if you would buy this rune on a DEX (decentralized exchange) with a market cap of $10 million,” he wrote. . “This is very important to understand and can help you make informed decisions.”
Edited by Stacy Elliott.
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