Exposure to $PUPS (Runes) can be acquired through two assets:

$PUPS (BRC-20), which will receive 77% of the supply.

Rune Pups (Inscriptions), which will receive 23% of the supply. 🧵

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Effectively, there is no dilution, as **ALL** assets eligible to receive $PUPS (Runes) are already being traded. Arbitrage opportunities may be there once in a while, but the BRC-20 token and the expected allocation for Rune Pups have mostly been trading at comparable values.

$PUPS (BRC-20) can also be traded on Solana, thanks to a bridge (check to @PupsToken for the contract address). Owners of the bridged $PUPS would need to bridge back to Bitcoin and undergo the burn/claim process to receive their $PUPS (Runes).

The total supply of Runes will be 1,000,000,000, which will significantly impact (positively) unit bias. To receive $PUPS (Runes), holders will need to burn their BRC-20 or Rune Pups to claim.