Last Saturday, on the day when the Runes protocol went live, many FUD posts about Runes appeared. In fact, the FUD is not a big deal, it just shows that the popularity of Runes is extremely high, naturally attracting a lot of attention. However, most of the FUD seems a bit nonsensical, so I would like to provide some explanations.

Overall, the content of the FUD about Runes can mainly be divided into two categories:

1️⃣ FUD about the Runes protocol settings;

2️⃣ FUD about the value of the Rune assets.

Author: Portal_Kay

X/推: @portal_kay

FUD about the Runes Protocol Settings

1. Does Rune make asset issuance more centralized?

After the protocol went live on the morning of April 20th, the most discussed topic was the first 10 Runes. However, after everyone had finished reading through them, it seemed like it was difficult to get started because either the project team had pre-mined 100% or reserved a large portion for themselves. Doesn't this mean that it has reverted to the era of centralized issuance?

My view on this issue is: 【It's not more centralized, but rather more diverse】.

The first 10 Runes only have 0, which is completely fair and without reservation, coded by Casey himself. The others have different degrees of reservation. This is not a problem with the Runes protocol, but rather the choice of the deployers.

After experiencing BRC-20 and various BRC-XXX protocols in the BTC ecosystem, Casey actually learned from the experiences of various protocols (especially BRC-20) and gradually optimized the Runes protocol to its final form. Runes initially planned for two types of issuance methods: Fixed Cap and Fair Launch. In a later upgrade, deployers were allowed to reserve a premine quota based on Fair Launch.

Therefore, the Runes protocol can support a more diverse asset issuance scenario:

1️⃣ Issuing meme coins, 100% Fair Mint, all based on community consensus;

2️⃣ Project teams issuing project governance tokens, distributed to investors, ecosystems, and various stakeholders according to token economics planning;

3️⃣ Reward tokens for a project, 100% pre-mined and airdropped to the community users;

4️⃣ Project teams and community co-building projects, with the project team reserving a portion for operational needs, and the remaining portion Fair Minted by the community.

5️⃣ …

In fact, I think that asset issuance driven by project teams will be an inevitable trend for ecosystem development. It is actually a very low probability for truly ownerless tokens to continue running. How many tokens can rely solely on the natural consensus of the community? In more common situations, isn't it the case that a project team is diligently building, ultimately allowing the project to have a sustainable narrative and the value of the assets to gradually rise?

2. Other FUD about the Rune token

The characters are so long, who can remember them?

When I first learned about the Runes protocol, I also thought that this setting was not good. But on the one hand, the length of the name is not the fundamental issue, and after getting a little familiar with it, I adapted; on the other hand, long characters can also have their own unique gameplay. Don't believe it? Just look at this ORDINALS•ARE•DEAD that even Leonidas tweeted.

Runes must be sold one by one, what's the difference from NFT?

In fact, the Runes protocol itself supports very convenient operations for assets, it's just that the protocol has just come out, and various trading platforms have not had time to develop support. Casey also specifically tweeted to explain some differences between Rune trading and BRC-20 token trading. From the tweet, it can be seen that Runes can support the transfer of any quantity, and it is not necessary to list the entire token.

Casey's tweet: Differences between Rune trading and BRC-20 token trading

https://twitter.com/rodarmor/status/1781984102713028783

FUD about the value of Rune assets

1. The Runes that cost 2000 gas to mint, are they now in big losses?

On the first day of the protocol going live, there was a screenshot of the OKX Runes market that was widely circulated. Then, KOLs who tweeted would accompany it with a few mocking phrases like "Is this what you want from Runes?" "2000 gas and you only minted this?" However, the statistical method of this screenshot is actually incorrect. OK probably got the starting prices of these newly listed Runes wrong, which resulted in the calculation of the price change being incorrect.

So, are those who participated in minting Runes on April 20th all losing money? Below are a few targets that were deployed and had good returns on the first day (Note: "Unisat transaction price" is a relatively moderate price). Of course, this does not mean that blindly minting all Runes projects after they are released can make money. Ultimately, solid research is still needed to find good targets.

In fact, this type of FUD mainly stems from two reasons:

1️⃣ The poster mainly holds BRC-20 or EVM ecosystem assets. Seeing the hype around Runes, a large amount of traffic and funds are attracted to it, so they instinctively start to reject it. This type of FUD can basically be ignored because their interests are there, and this is not something that can be reasoned with.

2️⃣ Human nature naturally rejects new things. The Runes protocol is a new thing for many people. If they haven't looked at some information before, it will naturally be unfamiliar to them. People naturally have a rejection of unfamiliar things, which is understandable. However, as crypto players, rejecting new things often means missing out on money-making opportunities.

What are people really FUDing about?

After organizing the above FUD content, I suddenly felt that these might all just be superficial. So fundamentally, what are people really FUDing about? I guess, what people are really FUDing about is 【the excessive issuance of assets without a fresh narrative】!

After experiencing the wave of BTC assets driven by BRC-20 over the past year, people are no longer willing to FOMO for assets with no new ideas. After all, a bunch of Ordinals small pictures went to zero, various BRC-20 inscriptions that were once hyped have disappeared, and there are not many memorable BRC-XXX protocol assets. In the end, people have come to understand that air is still air, and most of it will eventually return to zero.

And currently, the BTC ecosystem is in such an awkward period, where there are strong consensus asset protocols, but the landing applications have not yet emerged. Asset protocols are ultimately just a medium for carrying value, and it is only when assets flow in DeFi, GameFi, and other landing applications that they have a certain practical value.

However, all signs indicate that this awkward period should end soon. Various applications are in the early stages of birth, and now it's like the dawn before the outbreak of the BTC ecosystem… Please give the BTC ecosystem a little patience.

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