Deep Dives
Staking Circle
Staking Circle
May 15, 2024
6 min read

Exploring Bitcoin w/ RunesTerminal

Exploring Bitcoin w/ RunesTerminal

RunesTerminal is making headway in the Bitcoin ecosystem by building infrastructure for the Runes Protocol, a new fungible token protocol on Bitcoin, which can be compared to ERC20, but for Bitcoin. With its main product, RunesPad, preparing for public testing, RunesTerminal is ready to provide tiered project involvement, utilizing the $RUNI token for platform interactions. With RunesPad and two other tools, RunesTerminal builds key infrastructure for the runes protocol.

For those interested in the convergence between Bitcoin and tokenization, as well as how RunesTerminal will improve Bitcoin's utility, the AMA's insights provide a thorough examination of RunesTerminal’s capabilities and potential. Stay tuned to see how RunesTerminal improves the Bitcoin landscape:

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  1. RunesTerminal Intro
  2. RunesTerminal Products
  3. Runes Token Utility
  4. Launchpad Details
  5. Development Challenges
  6. Roadmap and Future Plans
  7. Defi Protocols and Runes Standard

1. RunesTerminal Intro

  • Peddy presented RunesTerminal as a significant protocol developed for Bitcoin.

"I was very active right from the beginning of Runes protocol and when it got like started. And yeah, I'm doing a lot of research on Runes

  • RunesTerminal enables users to create fungible tokens on Bitcoin, similar to ERC20 tokens on Ethereum.

"So it's basically another fungible token standard on Bitcoin. So that means that anyone can create a fungible token on Bitcoin. Like we've seen ERC20 for Ethereum. We see like fungible tokens for Bitcoin as well. And this is just another fungible token protocol. Like there are some others like BRC20

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2. RunesTerminal Products

  • Runes Etcher became active at the halving block, block 840,000, for creating Runes tokens.

"And we are basically like having or building four products. One is a Runes Etcher. So when creating a Rune token, it's called etching a Rune. So basically. So you need a tool for doing this and it's called the Runes Etcher. So that's the first product and it's already live since like the halving block, at block 840,000

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  • Rune scanner, similar to a block explorer for Rune tokens, set to launch in the next weeks.

"Then there is like a rune scanner that will go live in the next weeks as well. It's like a block explorer, as you know, from Ethereum. But for rune tokens, you will see transactions like how many runes an address holds, etc. And you can follow all the transactions. That is the second one.

  • RunesPad, the main product, is a platform for Rune projects offering tiered participation based on the amount of $RUNI held.

"And the third product we have, and that is the core product, is the RunesPAd. This is basically a launchpad for Rune projects and with their tokens

3. Runes Token Utility

  • $RUNI token will be vital for using the RunesPad once it's operational.

"So the token's utility is basically linked to the launchpad that we will talk later on. So you need the token to interact with the launchpad"

  • $RUNI can be pre-mined or earned by holding an ordinal to qualify for an airdrop.

"But you can already pre-mine or farm the token by holding an ordinal. There you get an airdrop of our token. And yeah, that's one way to qualify.

4. Launchpad Details

  • Offers a trusted and non-trusted version for project launches.

"And for developers or people who want to build something, they can go to the launchpad and we will have like two versions of it. Like there is a trusted version and a non-trusted version.

  • The trusted version of RunesPad is for approved projects with criteria such as having a whitepaper.

"So the trusted version is. a version where like trusted projects, they launch there. So they are in touch with us. We advise them, we support them with marketing, etc. And they have to be like, have to have a white paper, etc, and have to fit some requirements.

  • Non-trusted version allows projects to set up launches without working with the Runes team.

"And then there is a non-trusted version of the Launchpad where people can just set up their own launch and they can just, yeah, do it without being in touch with us. They can just go to the Launchpad, and click set up a launch.

  • RunesPad will manage funds raised on the EVM side and distribute Rune tokens on the Bitcoin side.

"So by now there is no launchpad like this that has this approach like bridging, like or like that's not called bridging, but like getting the liquidity from the EVM side to the Bitcoin layer. There is no such solution with what we are building here with the launchpad.

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  • Participants will need an EVM-compliant wallet like MetaMask and a Bitcoin wallet for transactions.

"So yeah, the funds get raised on the EVM side and you need an EVM wallet, for example, MetaMask. And the token itself gets created on the Rune side.

5. Development Challenges

  • The Runes protocol became active three weeks ago, with the team having been working for about 4-5 months.

"So the Runes protocol, the protocol we built on, went live three weeks ago. So it's a very, very young technology. And yeah, we had like before that, we already started working, we've been building for like four or five months now. So it was quite some time.

  • Frequent code updates by the Ordinals inventor required continuous alterations by the Runes team.

"So the founder of the, or like the creator of the Ordinals protocol and of Ordinals is the same person that created the Runes protocol. And yeah, so once the protocol was not live, we faced some challenges regarding the code and coding everything because Casey, the creator of both protocols, He changed the code and then we had to adapt

6. Roadmap and Future Plans

  • RunesPad public testing phase recently started with selected testers; public testing anticipated in the forthcoming weeks.

"Our like test version went live. You can apply with the forms. I just pinned it in on the top. I hope it's okay. Please go ahead. It's basically for testers and we will select them and in the next stage there will also be a public test and where everyone can test the pad And etc.

  • Looking forward to the TGE for dispersing the $RUNI token.

"_We are pushing forward with the TGE, so distributing our token. And yeah, finally looking forward to the point of time where the... Launchpad goes live, like the final version, and everything works, and people can participate in new projects and new fundraises and get some exposure in other projects through the Launchpad.”

  • Planning a Runesbook, an exhaustive wiki for all things Runes.

"And the fourth one is like a runes book, like a tool or like a wiki for everything you need to know about runes, how it works, how it differs from other token standards, etc. Just like a wiki for runes.

7. Defi Protocols and Runes Standard

  • Since Runes operates on Bitcoin layer one, native staking is not currently possible.

"So there is no staking per se possible because the Rune itself, like the token itself, like as I just said, everyone can create a token and it's stored in the UTXO of Bitcoin. So you can't just stake it as you know it from other chains. But maybe there will be some possibilities with layer two.

  • Future staking solutions may involve partnerships with layer two projects, which are in consideration.

"Solution that we also like collaborating with, we're in touch with with some layer twos and also partnered with several and yeah i think like there will be solutions to stake your rune tokens in the future as well it just takes time because it cannot be done on the native chain

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