The launch did not reach the "US$1 billion market value" target, what are the catalysts for the next wave of Rune hype?
Original author: Ignas｜DeFi Research
Original translation: 0xFacai, BlockBeats
Editor's note: On May 20, Casey, founder of Ordinals, posted a message on the X platform in response to the fact that the market value of Runes did not reach $1 billion: "Sorry, guys, it's over. Please pay attention to the next Hell Money podcast, where I will commit seppuku, and then Erin will behead me to end my pain." (Hell Money podcast is a Bitcoin-related podcast recorded by Casey) Before that, Casey joked that if "the market value of Runes ecosystem does not reach $1 billion within a month of its launch, he will commit seppuku himself."
Since the beginning of the year, Runes has been one of the most watched narratives and protocols in the Bitcoin ecosystem, but after Runes went online, its market performance has not been as expected. But despite this, well-known crypto KOLs and researchers have turned more optimistic about Runes at this time. What is his reason? What are the catalysts after the Runes market?
The following is the original text of Ignas:
The launch of the Runes protocol ended up being a "buy news, sell news" event. However, despite this, the Runes community is still strong, and the team focused on BTCFi is also continuing to build. I believe that it will take a little spark to ignite the fire of Runes hype again. Here are some potential catalysts in the future:
1. List on CEX
The first short-term catalyst is the listing of Runes tokens on mainstream CEX. Kraken and Binance have recently released research reports on Runes. Kraken even hinted that Runes will be listed on their trading platform.
2.BTC Soft Fork
Currently, the trading experience of Runes is not much different from BRC20 (although Magic Eden has made some UI improvements). But Bitcoin soft forks like OP_CAT (or hype based on this) can bring major improvements to Bitcoin L2, smart contracts, and all BTCFi spaces.
3. Runes USDC/USDT
Another catalyst for BTCFi growth could be the launch of USDC or USDT in Runes on Bitcoin. Circle/Tether could pre-mine trillions of Rune tokens and issue/redeem them on demand. The demand for stablecoins in the Bitcoin ecosystem is low at the moment, but will increase as dApps such as Bitcoin AMM, lending, etc. improve their user experience.
Besides these, there are many other new catalysts for FOMO that will eventually appear in unexpected places. I was previously pessimistic about the launch of the Runes protocol, but now, I am increasingly bullish on Runes.
I am waiting for the fifth wave of BTCFi. I believe it will come soon, as narratives based on technological innovations tend to set off multiple waves, and BTCFi is one of the hottest zero-to-one innovations in this cycle.
「Original link」
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After the US stock market plummeted, "Wood Sister" Cathie Wood said: The more the market worries, the more optimistic I become, the bull market is not over
As the Nasdaq falls into a correction zone, Cathie Wood ("Sister Wood") stated that the prevailing market anxiety actually makes her more confident in the continuation of the bull market. She attributes this correction to pressures in the bond market and controversies over AI capital expenditures, but emphasizes that the technological revolution is still ongoing. She also revealed that ARK has used the opportunity to increase its holdings in high-conviction positions such as SpaceX, and expects the stock market to perform well through 2027.
After the "Black Week" for tech stocks, Wall Street calls for "bottom fishing"
Morgan Stanley has made it clear that "the next two to three weeks are the time to increase positions." Ed Yardeni characterizes the current downturn as a "correction" rather than the bursting of a bubble. Major Wall Street institutions have an average year-end target for the S&P 500 of 7,973 points. However, most strategists believe that the direction of AI policy remains the largest variable.
CoreWeave writes to Texas governor-elect seeking "data center consultation"
In this open letter, Michael Intrator stated that CoreWeave "strongly supports" Hinojosa's principled position that the growth of data centers must benefit the people of Texas. "We welcome the opportunity to work with your transition team to responsibly advance approved projects and to establish clear and lasting standards for future developments," he said.
Crypto prices
More
