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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
For the next 10 days, I’m going to be dropping threads on the current state of ordinals, starting today with the Pre-Runes projects 🧵
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
With the Bitcoin halving rapidly approaching, I’m starting with Runes related collections, so that you all have time to place your bets on this space. I also believe that we may see a dip in Ordinals over the next 2 weeks, as people start to collect liquidity. As always, not financial advice and do your own research!
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
What is Runes? Runes are the fungible tokens (think memecoins or other tokens) protocol that is being launched by the same dev who built the Ordinals protocol, Casey Rodamor. Currently, BRC-20 is the leading token standard on Bitcoin, but it’s not the best experience and has congested the chain at times.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
Casey took it upon himself to create a better protocol, which he has promised to release on the same block as the BTC halving. This thread will dig into the leading “Pre-Rune” collections that will allow for airdrop or claim of Runes post-halving.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
1. RSIC The RSIC “miners” were airdropped for free to holders of early ordinal collections. Some say this was a “fair drop,” while others claim it only went to “whales.” Once activated, these inscriptions started accumulating points to the wallet that held them.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
RSICs could be sold at any time (floor got as high as around .15 BTC) and the accumulated points stay with the wallet. Any future points would be accumulated by the new buyer. These points will be airdropped as the RSIC token once Runes are live.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
Much debate has happened on the game theory for when you should or shouldn’t sell a RSIC and whether it will continue to have utility after the halving. The one thing that is known is that 15% of the total rune supply will be raffled off to holders who hold through the halving.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
2. Runestone A response to RSIC from an early fudder, Runestone was billed as the true fair drop, going for free to any wallet that held at least 3 inscriptions on Bitcoin block 826,600, approximately one year after Ordinals launched.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
Of course, many whales hold inscriptions in multiple wallets, so many received more than one Runestone. We do not yet know what a Runestone earns each holder, but the project aims to be the largest memecoin on Bitcoin.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
3. The Guardian Runes Another free airdrop, Guardian Runes has three mining tiers, Keepers, Sentinels, and Guardians. Keepers were airdropped, Sentinels were gifted and/or sold to holders with 2+ Keepers, and Sentinels given to founders and influencers from other major Ordinals projects.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
They are currently in the midst of “Chapter 2” where they are offering incentives to current holders in anticipation of the release of their v2 collection.
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
4. Rune Mania Miner Yet again, a free airdrop! Rune Mania features the most sophisticated mining dashboard website compared to the other projects (others just have an API into your Ordiscan page).
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Evan (POAP Guy @ Farcon) 🧾 pfp
Evan (POAP Guy @ Farcon) 🧾
@evangreenberg
They are also getting prepared for their Phase 2 mint, which will be airdropped to holders and then sold via collabs with other projects and to the public.
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