If you are an active member of the crypto community on X, formerly Twitter, then you’re aware that Bitcoin halving was not the only major event that happened on April 20th, 2024. That day, Bitcoin Runes were launched at block number 840,000. But what is Runes? Well, it is a protocol developed by Bitcoin developer Casey Rodarmor to facilitate the creation of fungible tokens like meme coins on Bitcoin.
It is worth mentioning that all tokens launched on Bitcoin via Rodarmor’s protocol are referred to as Runes. These tokens significantly rallied when they launched but have since slowed down. Analysts are optimistic that Runes will gain massive traction when major exchanges like Coinbase and Binance list them. For now, however, it is difficult for many crypto users to handle these digital tokens.
If you wish to get started with Runes, then this guide is a must-read. We will walk you through the process of etching, minting, and trading Runes. So stick around!
Where Do You Mint/Etch Runes?
One of the popular and reliable platforms for etching and minting Runes is Luminex. Etching is the process of creating a new fungible token on the Bitcoin blockchain using Runes. Minting, on the other hand, involves buying Runes during the initial sale. While the cost of minting tokens on Luminex is considerably high, the protocol offers a convenient way for Bitcoin users to get their hands on Runes.
Once you visit the Luminex platform, choose the Rune you want to mint and enter the number of tokens to be minted. Two options are available in the minting functionality: Auto-split and Pre-split. If You have not split your UTXOs (Unspent Transaction Output), your minting option should be Auto-split, which usually takes longer than the Pre-split option.
Why Must UTXOs Split?
It is impossible to mint Runes using a whole BTC. Therefore, you must split it into small UTXOs to be enable to mint a Rune. Also, you should factor in the expected gas fees for your Runes to be minted in time when splitting your BTC into UTXOs. Note that if you select “Fast” as your preferred transaction speed, the minting process will complete quickly, but you will pay higher gas fees.
Besides Luminex, other platforms available for etching and minting Runes include Magic Runes, Unisat, and Xverse. These three protocols charge lower fees than Luminex.
When minting Runes, tracking your transactions in the mempool is advisable. This allows you to adjust your gas fees where necessary to ensure your transactions are prioritized and completed quickly.
Where to Research Runes and Monitor Data
GeniiData is among the recommended platforms for tracking Runes data. It allows you to monitor the volume, minted tokens, and holder count of a particular Rune. What’s more, GeniiData comes with a minting functionality.
GeniiData rivals include BTC Tool, Ordstuff, and Ordiscan.
Etching Runes
Do you want to create your own Rune? You can do so by clicking the “Etch” button on the Luminex platform and providing the details of your Rune, such as name, symbol, and tokens to be minted, and setting a limit on the number of tokens each holder can mint per transaction. Note that the name of your Rune token must not exceed 28 characters.
After submitting the details, specify the speed of your transaction and ensure you have enough BTC to pay for gas fees. Track the etching process in the mempool. Depending on the selected speed, your Rune token can take up to an hour to be etched.
Where to Trade Runes
Several marketplaces now support the trading of Runes. Magic Eden, for example, rolled out its Runes trading platform a few weeks ago. Unisat, known for listing BRC-20 tokens, has started supporting Runes. Finally, for those who want to trade Runes at cheap fees, make Cube Exchange your top choice.
So, where do you store your Runes? You can keep these tokens in reliable Bitcoin Wallets like Leather, Unisat, and Xverse.
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