We're happy to announce that we will soon add support for Runes, a new fungible token standard by Casey Rodarmor, a former Bitcoin developer and artist, upon the upcoming Bitcoin halving. This addition will enable users to create, mint, manage and trade Runes on our Marketplace, and makes us the first platform to offer zero-fee Runes trading on mobile.
The Runes inscription standard is a unique protocol that introduces a UTXO-based fungible token system into the Bitcoin network. It simplifies the creation and management of tokens, reduces blockchain bloat, and improves scalability, presenting a more streamlined and efficient alternative to traditional models like BRC-20. Notably, individuals in the Bitcoin community have started pre-mining Runes ahead of the protocol's mainnet launch. This has led to Ordinal collections recently outpacing the sales volume of popular ETH collections like Bored Ape Yacht Club, according to CryptoSlam.
The upcoming addition of Runes support on our Marketplace will enable users to trade top market cap Runes tokens. The first available token will be UNCOMMON.GOODS, a Runes token hardcoded into the Runes protocol. Other popular tokens will be added upon the protocol's mainnet launch. We will also enable support for the 'etching' of Runes, a feature unique to the Runes protocol that enables users to deploy new tokens. This process involves creating and setting immutable properties for each Rune.
To mark the upcoming addition of Runes support, we have enhanced the prizes for our ‘OKX Web3 Bitcoin Drop’ campaign. This campaign, focused on increasing engagement in the Bitcoin network, now includes 1 Runestone in addition to the original 1 BTC prize. For further details on the campaign, click here.
This latest move aligns with our broader vision of driving innovation and pushing the boundaries of what's possible within the Bitcoin ecosystem. We recently expanded our offerings with the addition of Atomicals (ARC-20) and Stamps (SRC-20) support.
