The famous DeFi analyst Ignas took to the X platform to explain how the BTCfi space is surging with activity. Reports show 21,000 Ordinal NFTs (RSICs) have been airdropped to Bitcoin OG wallets, currently boasting an individual value of $2,000. The RSIC holders are in for an additional treat as they stand to receive tokens from the Rune Protocol, a novel Bitcoin token standard poised to challenge the existing $ORDI and BRC20 standards.
The origin of this dates back to December 2022, when software developer Casey launched Ordinals. The protocol assigns unique serial numbers to each satoshi, allowing the attachment of data to these units. Initially popular for creating NFT-like assets on the Bitcoin blockchain, Ordinals witnessed a surge in popularity.
A pivotal moment occurred in March 2023 with the introduction of the BRC-20 protocol based on the Ordinals protocol by an anonymous developer @domodata. Similar to Ethereum’s ERC-20, BRC-20 facilitated token issuance on Bitcoin, leading to increased transactions and speculation, with $ORDI reaching a $1.2 billion market cap.
Following BRC-20, another developer, Denny, introduced several projects, including LooksOrdinal, TRAC token, Tap Protocol (a new version of BRC-20), and PipeBtc, a version of the Runes protocol. Despite the complexity, these initiatives represent a first attempt towards a unified ecosystem.
Addressing perceived limitations in Ordinals, another anonymous developer launched Atomicals protocol and ARC20 tokens. Atomicals employs Bitcoin’s UTXO model for minting tokens, aligning more closely with the technical principles of Bitcoin and placing less burden on the network.
In response to these developments, Bitcoin artist Casey proposed the Runes Protocol, which is also based on Bitcoin’s UTXOs. This protocol aims to provide a simpler and integrated approach to tokenization for Bitcoin, attracting more transaction fee revenue, developers, and users while preserving the integrity of the blockchain.
Fast forward to the present, the speculation surrounding the launch of the first RUNE token and its potential to surpass ORDI is gaining momentum. Rune claims to be the first with an airdrop campaign and token launch in April. However, RUNE token’s free airdrop of 21k RCIS Ordinals to Ordinal OG wallets has significantly altered the landscape.
The RSICs, each capable of mining RUNE tokens, have witnessed a surge of 170% in two days, reaching a market cap of USD 42 million. The race is on for the RUNE coin to establish itself as the primary Rune Protocol token and potentially achieve a $1.2 billion market cap for ORDI.
Recently, Crypto analyst Satoshi Talks unveiled a notable resurgence in Bitcoin’s influence within the NFT (Non-Fungible Token) space. The revelation indicated that Bitcoin’s Oracles surged, contributing to approximately 45% of the total volume of NFTs over the past week.
