What Are the Catalysts for the Next Wave of Hype for Runes, Given It Hasn't Yet Reached the "$1 Billion Market Cap" Target?
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What Are the Catalysts for the Next Wave of Hype for Runes, Given It Hasn't Yet Reached the "$1 Billion Market Cap" Target?
Previously, Ignas was pessimistic about the launch of the Runes protocol, but now his optimism toward Runes is growing day by day.
Navigating Web3 tides with focused insightsAuthor: Ignas
Translation: 0xFacai, BlockBeats
Editor's Note: On May 20, Casey, the creator of Ordinals, posted on X responding to the Rune market cap not reaching $1 billion: "Sorry guys, it's over. Tune in to the next episode of Hell Money podcast, where I'll perform seppuku, and then Erin will behead me to end my suffering." (Hell Money podcast is a Bitcoin-related podcast recorded by Casey.) Previously, Casey had joked that if the Runes ecosystem failed to reach a $1 billion market cap within one month of launch, he would commit ritual suicide.
Since the beginning of the year, Runes has been one of the most watched narratives and protocols in the Bitcoin ecosystem. However, after its launch, its market performance has fallen short of expectations. Despite this, a well-known crypto KOL and researcher has now become more bullish on Runes—what are his reasons? And what catalysts could drive the Rune market forward?
Below is the original article by Ignas:
The launch of the Runes protocol ultimately turned into a classic "buy the rumor, sell the news" event. Nevertheless, the Runes community remains strong, and teams focused on BTCFi continue building. I believe it just takes a small spark to reignite the hype around Runes. Here are some potential future catalysts:
1. Listing on CEXs
The first short-term catalyst is the listing of Runes tokens on major centralized exchanges (CEXs). Both Kraken and Binance have recently published research reports on Runes. Kraken even hinted that Runes might be listed on their trading platform.
2. Bitcoin Soft Fork
Currently, the trading experience for Runes isn't much different from BRC-20 (although Magic Eden has made some UI improvements). However, a Bitcoin soft fork such as OP_CAT—or speculation around it—could bring significant enhancements to Bitcoin L2s, smart contracts, and the entire BTCFi space.
3. Rune-based USDC/USDT
Another potential catalyst for BTCFi growth could be the launch of USDC or USDT on Bitcoin via the Runes protocol. Circle or Tether could pre-mine trillions of Rune tokens and issue/redeem them on demand. While demand for stablecoins in the Bitcoin ecosystem is currently low, it will likely increase as Bitcoin AMMs, lending platforms, and other dApps improve user experience.
Beyond these, many other FOMO-inducing catalysts may emerge from unexpected places. I was initially pessimistic about the rollout of the Runes protocol, but now my bullishness on Runes grows stronger by the day.
I'm waiting for the fifth wave of BTCFi. I believe it's coming soon, because narratives driven by technological innovation tend to unfold in multiple waves—and BTCFi is one of the hottest zero-to-one innovations in this cycle.
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Ignas | DeFi Research
