Cross-chain NFT marketplace Magic Eden, which recently jumped to the top of the pack amid growing interest in Bitcoin ordinal numbersannounced Friday that it plans to support the upcoming one Runic replaceable token on by default Bitcoin.
“Ordinal numbers, rewards, runes. The future of BTC lies on Magic Eden,” the marketplace tweeted along with a teaser video.
The Rune Protocol will soon be launched on Bitcoin’s mainnet the halvingthat is is expected to take place on April 20. The halving is the quadrennial event baked into the Bitcoin protocol that awards half of BTC miners for supporting the network. This move slows Bitcoin’s growing supply and also typically increases the asset’s price.
Runes is a fungible token standard from Casey Rodarmor, the Bitcoin developer who created the Ordinals protocol for subscribing media to the Bitcoin blockchain.
Ordinal numbers, rewards, runes.
The future of BTC lies in Magic Eden. pic.twitter.com/5QZ4wTzQMI
— Magic Eden 🪄 (@MagicEden) March 29, 2024
While fungible tokens have been available on Bitcoin through experiment for the past year BRC-20 token standard Runes was created on top of Ordinals and is pitched as a more efficient way to store and trade tokens on Bitcoin.
“We believe Runes will strengthen the Bitcoin ecosystem even further, opening up a new wave of builders and asset types previously only possible on other layer 1 chains,” Magic Eden co-founder and Chief Operating Officer Z Yin said . Declutter.
“We have a long-term conviction about the native Bitcoin activity,” he continued. “It is a no-brainer for us to double down on this ecosystem by adding Runes to our existing Ordinals marketplace, which will reach $1 billion in volume by 2024 alone.”
Earlier this year, Magic Eden launched its Diamonds rewards program in all its supported chains, including Bitcoin, Solana, EthereumAnd Polygon. The initiative gives NFT merchants point-like diamonds for both past and pending transactions, although it’s still unclear exactly how these diamonds will benefit users.
However, parallel to the Diamonds program, the Non-Fungible DAO – which according to Magic Eden is independently managed by an external team –plans to launch a fungible token called “NFT” which will be granted to users of certain open-source trading and coin protocols. All such protocols revealed so far were created by Magic Eden.
Amid the launch of Diamonds and the NFT token teases, along with rising interest in Bitcoin-based assets amid the leading cryptocurrencies recent rise to unprecedented high pricesMagic Eden has quickly found a new footing to become the largest NFT marketplace by trading volume.
Declutter reported By early March, demand for Bitcoin had pushed Ordinals Magic Eden to the top of the pile, with a 38% share of the volume of the entire NFT market in a 24-hour span, based on public blockchain data compiled by analytics platform Tiexo .
That gap has only widened recently. In the last 24 hours, Tiexo reports that Magic Eden is responsible for more than 52% of the total trading volume across all chains worth approximately $35.6 million – and Bitcoin Ordinals transactions represent approximately 69% of that total.
Thursday is busy launch of the Ink project on Bitcoin Ordinals appears to comprise a large portion of that volume, with transaction volume worth $18.8 million in the past 24 hours per year. market data.
Over the past seven days, Magic Eden has remained at the top, but Ethereum-focused marketplace Blur has moved closer during that period. Magic Eden has a market share of around 35.7% during that period, while Blur is around 32%. Tensor, who has long been Magic Eden’s biggest rival on Solana and plans to be will soon debut its own TNSR tokenhas a total market share of approximately 7.5% in the past week.
Edited by Ryan Ozawa.