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Our Marketplace is the First to Offer Zero-Fee Runes Trading

OKX Learn

Published on Apr 11, 2024

Updated on Apr 25, 2024

2 min read

We're happy to announce that we will soon add support for Runes, a new fungible token standard by Casey Rodarmor, a former Bitcoin developer and artist, upon the upcoming Bitcoin halving. This addition will enable users to create, mint, manage and trade Runes on our Marketplace, and makes us the first platform to offer zero-fee Runes trading on mobile.

The Runes inscription standard is a unique protocol that introduces a UTXO-based fungible token system into the Bitcoin network. It simplifies the creation and management of tokens, reduces blockchain bloat, and improves scalability, presenting a more streamlined and efficient alternative to traditional models like BRC-20. Notably, individuals in the Bitcoin community have started pre-mining Runes ahead of the protocol's mainnet launch. This has led to Ordinal collections recently outpacing the sales volume of popular ETH collections like Bored Ape Yacht Club, according to CryptoSlam.

The upcoming addition of Runes support on our Marketplace will enable users to trade top market cap Runes tokens. The first available token will be UNCOMMON.GOODS, a Runes token hardcoded into the Runes protocol. Other popular tokens will be added upon the protocol's mainnet launch. We will also enable support for the 'etching' of Runes, a feature unique to the Runes protocol that enables users to deploy new tokens. This process involves creating and setting immutable properties for each Rune.

To mark the upcoming addition of Runes support, we have enhanced the prizes for our ‘OKX Web3 Bitcoin Drop’ campaign. This campaign, focused on increasing engagement in the Bitcoin network, now includes 1 Runestone in addition to the original 1 BTC prize. For further details on the campaign, click here.

This latest move aligns with our broader vision of driving innovation and pushing the boundaries of what's possible within the Bitcoin ecosystem. We recently expanded our offerings with the addition of Atomicals (ARC-20) and Stamps (SRC-20) support.

Disclaimer

This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
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