Cross-chain NFT marketplace Magic Eden recently launched rose to the top of the pack As interest in bitcoin ordinal numberon Friday announced plans for future support. rune replacement token standard on Bitcoin.
“Ordinals, Rewards, Runes. The future of BTC is in Magic Eden,” the marketplace tweeted along with a teaser video.
Rune protocol is set to launch on Bitcoin mainnet as follows half-life,In other words Scheduled to be held on April 20th. Halving is a quadrennial event built into the Bitcoin protocol that halves the amount of money BTC miners receive to support the network. This move slows the expansion of Bitcoin supply and typically also pushes up the asset's price.
Runes is an alternative token standard from Casey Rodarmor, the Bitcoin developer who created the Ordinals protocol for writing media to the Bitcoin blockchain.
Fungible tokens became available for Bitcoin last year through an experimental token, but BRC-20 token standard Built on top of Ordinals, Runes is pitched as a more efficient way to mint and trade tokens in Bitcoin.
“We believe Rune will further strengthen the Bitcoin ecosystem and open up a new wave of builders and asset types that were previously only possible on other layer 1 chains,” said Magic Eden Co-Founder and CEO Executive Director Z. Ying said. Decryption.
“We have long-term confidence in native Bitcoin activity,” he continued. “By adding Runes to the existing Ordinals marketplace, it is a no-brainer to double down on this ecosystem. This market is expected to reach $1 billion in circulation in 2024 alone. I am.”
Earlier this year, Magic Eden diamond rewards program Across all supported chains, including Bitcoin. Solana, Ethereumand polygon. The initiative will reward NFT traders with points-like diamonds for both past and ongoing transactions, although it is still unclear exactly how these diamonds will benefit users. is.
However, parallel to the Diamonds program is the Non-Fungible DAO (which Magic Eden says is independently run by an external team).Plans to launch alternative token called “NFT” This is awarded to users of certain open source trading and minting protocols. All such protocols that have come to light to date were created by Magic Eden.
Amid the launch of Diamond and the teasing of NFT tokens, interest in Bitcoin-based assets is growing among major cryptocurrencies. Recent prices have soared to all-time highsMagic Eden quickly found new footing to become the top of the overall NFT market by trading volume.
Decryption report In early March, Bitcoin Ordinal demand propelled Magic Eden to the top, with a 38% share of the total 24-hour NFT market volume, based on public blockchain data curated by analytics platform Tiexo. Obtained.
The gap has only widened recently. Over the past 24 hours. Tiexo According to a report, Magic Eden accounts for over 52% of the total transaction volume across the chain, worth approximately $35.6 million, while Bitcoin Ordinal transactions account for approximately 69% of that total.
Thursday is lively Launching the Ink project Bitcoin Ordinals appears to be making up the majority of its trading volume, with trading volume worth $18.8 million over the past 24 hours. Marketplace data.
Magic Eden has held the top spot for the past seven days, but Ethereum-centric marketplace Blur has closed in on the gap during that period. Magic Eden's market share during this period was approximately 35.7% and Blur's approximately 32%. Tensor has long been Magic Eden's biggest competitor in Solana. We will be debuting our own TNSR token soonthe total market share last week was about 7.5%.
Edited by Ryan Ozawa.
