⛏️▣ ⛏Runes Intro
What are Runes & how does NiftySats use them?
In September of 2023, Casey Rodarmor (the creator of ordinals) announced that he would be creating a new fungible token standard on the Bitcoin Network called Runestone. His stated goal and intention with Runes is "to gut liquidity from all other token standards and blockchains", by providing an efficient means of creating and transacting fungible tokens directly on Bitcoin's layer 1 protocol, embedded in the UTXO (unspent transaction output) set.
In January of 2024, a new Runes project called RSIC Metaprotocol, built in stealth, surprised everyone by airdropping "RSICs" to over 9k of the most active community members in the ordinal space. This project set the new meta and took the space by storm, leading the Runes narrative, with incredible execution and advanced game theory.
The "Rune Specific Inscription Circuits (RSICs) function like digital miners (think bitcoin ASIC miners), that allowed holders to pre-mine the RSIC•GENESIS•RUNE, which later became the 1st large-scale rune airdrop in history, the day after the 2024 Bitcoin halving.
Shortly after the debut of RSIC, holders were invited to inscribe a "Boost File", that is able to speed up mining capabilities by doubling the rewards available for each block.
Our Entry Point
In an act of solidarity with the RSIC community, our founder Scr1be made our 1st installment, the BTC Slugs, a free mint to all those who boosted their RSIC within the first 48hrs (300 blocks) of availability.
NiftySats then designed it's own pre-rune plans for the BTCSlugs collection based on various traits of the BTCSlugs. We etched rune #993 as the protocol went live, and with the help of the RSIC team, delivered BITCOIN•COMICS as the 2nd runes airdrop in history, within days of the protocol being live.
The total supply of 210M BITCOIN•COMICS runes serves as an ecosystem asset to enable holders to customize the traits of their ordinal mints, beginning with our 3rd installment in the series, the SilkToads.
Being early to any new protocol comes with uncharted levels of friction and uncertainty. But what is certain, is that this new fungtilbe token standard on Bitcoin is here to stay, and NiftySats is excited to have etched its name into the history books on day 1.
After we complete the MaxiTurdles mint in Spring of 2024, we will prepare for the SilkToads mint, which will leverage these ecosystem runes to the fullest extent. Check back here in the coming weeks for more details about how that will work.
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