Space Summary
The Twitter Space Future of Runes ft. Founders & Top Contributors hosted by MagicEden. Delve into the Future of Runes with this insightful Twitter space event featuring founders and top contributors. The space focuses on the emerging trends and dynamics of digital collectibles, particularly in the NFT space. Key takeaways include the importance of community engagement, DeFi integration, cultural relevance, and partnerships in propelling the value and utility of digital assets like Runes. Explore how educational initiatives, NFT interoperability, and secondary markets are shaping the future of virtual economies. Discover the strategic insights shared on enhancing Rune investments and fostering a vibrant digital collectibles ecosystem.
For more spaces, visit the NFT page.
Space Statistics
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Questions
Q: What distinguishes Runes from other digital collectibles?
A: Runes offer unique storytelling elements and cultural significance that set them apart.
Q: How does Magic Eden foster community engagement?
A: Magic Eden promotes interactive experiences, events, and collaborations to engage its user base.
Q: Why are partnerships important in the digital collectibles market?
A: Partnerships bring new content, crossovers, and collaborations that enrich the digital collectibles ecosystem.
Q: What impact can DeFi integration have on Runes holders?
A: DeFi integration can offer opportunities for staking, lending, and earning passive income for Rune holders.
Q: How do secondary markets benefit Rune investors?
A: Secondary markets provide liquidity, price discovery, and trading opportunities for Rune holders.
Q: Why is education crucial for the digital collectibles space?
A: Educational initiatives help users understand the value, utility, and potential of digital collectibles like Runes.
Q: What role does NFT interoperability play in the Rune ecosystem?
A: NFT interoperability enables cross-platform compatibility and enhances the overall value of Runes.
Q: How does cultural relevance influence the value of digital collectibles?
A: Cultural relevance adds emotional value and authenticity to digital collectibles, making them more desirable.
Q: In what ways can Runes be used in virtual economies?
A: Runes can act as unique in-game assets, virtual currency, and collectibles within diverse virtual worlds.
Q: What future trends can we expect in the digital collectibles market?
A: Future trends may include enhanced gamification, augmented reality experiences, and increased DeFi integration in the digital collectibles space.
Highlights
Time: 00:09:45
The Rise of Runes in the Digital Collectibles Market Exploring how Runes are gaining popularity as unique digital assets.
Time: 00:25:18
Community Building and Engagement Strategies at Magic Eden Insights into how Magic Eden fosters a strong and interactive community.
Time: 00:35:50
DeFi Integration and Opportunities for Rune Holders Discussing the potential impact of DeFi features on Rune holders.
Time: 00:45:29
Partnerships and Collaborations Driving Innovation Exploring the role of partnerships in enhancing the value and experiences of digital collectibles like Runes.
Time: 00:55:10
Exploring Secondary Markets for Runes Trading Understanding the benefits and strategies for trading Runes in secondary markets.
Time: 01:05:42
Cultural Significance and Storytelling in Digital Collectibles Analyzing how cultural narratives and storytelling impact the desirability of digital collectibles.
Time: 01:15:19
NFT Interoperability Enhancing Rune Utility Examining how NFT interoperability expands the use cases and value of Runes in different platforms.
Time: 01:25:37
Educational Initiatives in the Digital Collectibles Space Highlighting the importance of education and awareness campaigns for digital collectibles adoption.
Time: 01:35:59
Future Trends and Innovations in the Rune Ecosystem Discussing potential future developments and trends shaping the evolving landscape of Rune investments.
Time: 01:45:28
Unlocking DeFi Opportunities for Rune Holders Exploring how integrating DeFi elements can offer additional financial benefits for Rune holders.
Key Takeaways
- Runes represent a growing digital collectible asset class.
- Community engagement is vital for the success of digital collectibles platforms like Magic Eden.
- Understanding the tokenomics and utility of Runes is crucial for investors.
- Partnerships and collaborations drive innovation and value in the digital collectibles market.
- Exploring secondary markets can offer new opportunities for trading and investment in Runes.
- Education and awareness campaigns play a key role in expanding the digital collectibles user base.
- Runes serve as unique assets in the evolving landscape of virtual economies.
- Innovative features like NFT interoperability enhance the utility and value of digital collectibles like Runes.
- Cultural relevance and storytelling can significantly impact the desirability of digital collectibles such as Runes.
- The integration of DeFi elements can unlock additional utility and financial opportunities for digital collectible holders.
Behind the Mic
Introduction
The ends of the be back to the black but I whistle open that is what is it's not translate somebody once again I gotta block my name ghdem but just because you know we. Don'T smell one leg. Nobody just some depths in the crack you put your. Hands and I do use. Just your hands wave up in the air and. Wave them all around like you're just. So pale. My bank I'm still on hit legit now look for ropes with.
Setting the Scene
GmgMgm how we doing, everyone? Good. Good to be here and hosting this space today. Hope everyone, hope the music was cool. Gave a little love to the dogs out there. I know we got a lot of dog action on rune, so it seemed kind of fitting and a lot of dog in the audience. It's a sunny day today, sun is orange and it's made of bitcoin. And yeah, we're gathered here today with some exciting guests of all kinds, dogs, cats, puppets, and we're going to talk the good word of runes, fungible tokens on bitcoin and all things past, present and future within them. So happy to have everyone here today. If you're new here to runes and just listening in, that's great. I'm sure you've seen the charts right now and all the social charge going on.
Market Update
No denying that runes are thriving at the moment. So, you know, those who did not fade it at its lowest are thriving too, which is many of the guests here on the stage. So if you're in those communities first we'll start with the classic, like retweet share, do your part, an orange pill. A friend today. and quick look at the market, maybe just for some spice, you know, looking at the volume the last seven days, billy cat on top leading the charge. I know there's a little friendly rivalry here, just looking at magic Eden, but, billy cat, we got doggo to the moon pops world piece, sasha the bitcoin cat and arcic in the top five here, but things are heating up. Friendly rivalries are driving a lot of fun going on and yeah, if you're new, it's simple. We'll say this.
Engagement Encouragement
If you like what you're hearing, set up a magician wallet. You can bridge all your altcoins instantly to bitcoin and just go to magician IO, click runes at the top and get started. Yeah, looking at the speakers today, yeah, we have some of the greatest, both some of my fellow colleagues at Magic Eden building away with me as well as some of the top contributors and project leads and just awesome people in the space that I would say have balls of steel. Like I said, we've made it through some tough times together and we're here to spread the good word. Yeah, the way I'm thinking, I think it'd be really helpful for people if we talk about, you know, kind of like the past, the present and the future of runes together because I think there's a lot to learn about the past, there's a lot to just discuss about the present and then there's a lot to talk about for the future of runes.
Introducing Participants
So, yeah, I think we could start maybe with some quick intros. Everyone on the stage is kind of really quick, you know, like kind of what you're repping, what your background is. I guess we could go to the right to my colleague Zed here. How's the ETH PFP going? But he's a rune. Runes, Maxi, don't. Don't worry. So, yeah, let's start with some intros and then can kick it off. Talking about kind of the past side of runes. Like, I get cooked so hard by the people on my team about this. I really got a. I really want to do something about it, guys. All right, nice to see everyone. Thanks, everyone for coming.
Excitement and Background
I'm fucking really pumped about runes, man. I've been chilling runes on the timeline for fucking two weeks straight now and we've been cooking really hard on a bunch of stuff. Excited to share more about it. For those of you that haven't been part of the full runes history over the last seven, eight months, we can share a little bit about the origin story too because I think there's a lot of similarities with how the ordinals market played out. And I think it's worth talking about. But I'm excited just for context, the ones that I haven't met. A lot of familiar faces, but a bunch of people I haven't met before. So I'm one of the co founders of Magic Eden. Been working on bitcoin since we started this part of the business about almost two years now, 18 months.
Networking and Experience
Two years. And had the pleasure of working with Niall and make tokens fun over here and many of the legends in the audience. So thank you for having me fucking pumped. Let's go. I don't know if everyone, I mean, Leo, I'm going to hand it to you. I don't know if everyone's spaces is the same where it shows the same order, where I could just say go, right? But if not, yeah, Leo, maybe you know, you're the expert of Twitter spaces, but either way you could start. Yeah, it doesn't work like that, unfortunately. Everybody sees a different style so it won't work. But look, yeah, I mean, I'm Leonidas.
Flourishing Community
I have been in the trenches just like Magic Eden has since the early days, since basically all these guys on stage have, you know, ordinals came about and started a company or IO. It's an ordinals and runes explorer and you can mint runes through or IO now as well. And look. Helping to champion the free and fair movement with runestone and dog. And I host a Twitter space called the Ordinal show. So that's me, sweet farmer Joe. You want to, you want to cook it? Yes, sir. No. Glad to be up here with everyone kind of speaking, you know, love everyone else kind of pushing their own communities, their own ruins, you know. Myself, I guess I'm kind of like a web three native for better part of like four years now or so.
Personal Journey
So kind of seen it all from like the ethereum ecosystem post defi summer all the way to like, l two scaling was never like an NFT trader, but always kind of just was a lurker of them from the past, you know. I think I just missed that boat and didn't want to be yet again an unsuccessful trader buying everyone's tops. But ordinals kind of changed the game. Wherever I felt this resurgence or this creation of bitcoin as a true web three chain and we saw it start with ordinals. We saw it shortly thereafter with magic Eden kind of coming to ordinals as a platform and then we saw it in April with runes as like I would say right now, the dominant and I would say cleanest token standard on bitcoin and super excited that magic Eden is playing ball here.
Market Influence
Number one marketplace for these things. Sweet bongo. Yo, I'm Bongo. I work at hash links, the one and only bitcoin mining project alongside with aseeds. And I'm a humble billion dollar card community member. Thank you for having me, sweet Vincent. Hey, what's going on? Yeah, so, yeah, name is Vincent. I run a crypto YouTube channel called cryptolution. Been studying the space for quite some time now and have been completely fascinated with runes, specifically more with dog. Dog was what gave me the dog pill, gave me the orange pill and just fell in love with what was going on.
Research and Engagement
With everything built on bitcoin, with data and everything that I've just kind of studied. I'm kind of like now, I guess a runes analyst. I've just been completely infatuated with this whole scaling with fungible tokens on bitcoin and that scalability and just the interest in it knowing that there's a meme coin super cycle coming up and that's kind of the narrative in this bull cycle. So I'll mostly be talking a lot about dog today, but I am also very excited to talk about how the runes ecosystem is continuing to grow, but also how magic Eden is doing a great job leading the strongest horse in this game before decentralized companies or exchanges start getting involved. So very excited to be talking about this and thank you for having me up.
Investment and Community Focus
Sweet cocoan. Hey there. Thanks for having me. How's everyone doing? So I'm Kukulkan. I'm a partner at Buoyant Capital, which is a private equity fund which we specialize in high frequency trading. I'm a co founder of Lobo and pushing it with the Wolfpack also. We're the guys who donated the eight bitcoin and are the owners of the historical four mayor, which was done by the Leonidas, which great movement that he done. We wanted to support it and. Yeah, like, that's me.
Pivotal Moments
Yeah, it's one of the best stories. And obviously Runestone was a pivotal moment. Azan, what's up? What's up, brother? Honored to be here. So I'm Azan, I'm the founder of Luna Labs and founder of Sparky, Rune Dog. I guess on the bitcoin side, what Luna's, I guess known for is were massive sad hunters. Right in February when ordinal theory came out and we found like, pizza uncommon. That's in like the pizza ninjas collection. The oldest, basically the oldest thoughts on bitcoin as well are under our ownership as well. So that was our role in space. Honored to be here.
Community Contributions
Sweet. And last but not least, my man make tokens fun. The man making tokens fun on magic Eden. How we doing? What's good? What's good, everybody? My name is make tokens fun. Yeah, so I was actually Farmer Joe's intern for like, what was that, like two, three years? I leveraged that and some connections from Farmer Joe to work at a centralized exchange for a little bit. And then I've always been pretty big into nfts. Kind of saw like the mempool fees spiking at that centralized exchange pretty drastically around the time of like, ordinals launching.
Transition to Current Role
And so that's kind of like sparked my interest and then, yeah, started collecting some ordinals, probably, like, I guess, last summer. And then made my way over to magic eating because it was. It was so cool to see some on chain activity on bitcoin. I wanted to be a part of it. So really happy to be here now. And huge shout out to Farmer Joe for getting me. Yeah. Just to be clear, I did, in my reference check, say that you were one of the worst interns I've ever had. So I'm truly surprised that even extended the offer to you.
Discussing the Past and Future
I'm shocked. I'm shocked that he's here. What? What is that? What is this about? What's happening right now? Farmer Joe, you need to be very clear about. Do you want oat milk or almond milk in your coffee? You keep switching. Kept switching on me. Yeah, we know he left decentralized exchanges because they weren't listing runes quick enough. So, yeah, let's. Let's get into it. I think let's. Yeah. Like I said, let's go back.
Exploring Runes History
Let's start with the past. For those who don't know what kind of ruins where they came from, they were created by Casey Rodimore, the creator of Ordinals protocol. So initially, off the bat, everyone was super excited about these. They launched in the halving this year, back in April. I'm sure even if you're not deep in runes, maybe you remember pre runes, ordinals going absolutely nuts before, including many of these, like, runestone pups and everyone else who did pre runes. But, yeah, I mean, obviously we all had a thesis and strong conviction on runes early on from the magic Eden side.
Community Conviction
I know, like, were. Yeah, were thinking about it and there was obviously other fungible standards out there. BRC 20 was one of the first. But, yeah, everyone viewed runes differently one way or another. And I think, like, at the end of the day, what we all have mutually aligned here is that we just have crazy conviction on runes. And a lot of people can learn from that today because, you know, the market goes up and down. But, like, that never stopped us from shipping, that never stopped the people on the stage from showing up every day. So I want to kind of get to the why of that and kind of talk about each person's thesis or conviction on runes.
Thesis and Perspectives
I think maybe we'll start with, like, maybe z, if you could walk through, like, magic Eden's perspective. And then we can open up to all the creators here kind of what built their conviction and kind of just like, yeah. Walk through the beginning stories of how each of the tokens that you guys are related to how they launched and kind of. Yeah, like what made you show up every day during down times to get, you know, to keep building every day. So yeah, maybe we start with Z. Yeah, I'll share two takes. I know we've got a lot of people, so I'm going to not try and drag on. But the first take is more.
Belief in Runes and the Need for Championing
It's just there are people that actually believe in this thing and then we should also help champion it. And that's not easy to do because there continues to be many, many different types of fragmentation and new standards that get built, whether it's on like on bitcoin, l one, or a bunch of people experimenting on side chains and l two s. So I think it's important actually to build a bunch of that conviction into the one thing to the degree that makes sense. So we dove in, man. Ups and downs. Runes went very quiet for a long time. But we've seen this movie before. I mean, I shared a tweet the other day that was like, look at the first six months of ordinals and then look at the second six months of ordinals. I just think it's the same story, guys.
Past Experiences and Current Optimism
Look at the first six months of the runes. We're catching a bid now. So I'm pretty pumped. And yeah, we've had a team on it the whole time, so we have, like, pm make tokens fun. Nick has been on it, darl over here. And we've had a team of like eight to 15 engineers just constantly trying to improve our product. So anyway, let me stop. But that's some of the history and sort of how we think about it. Just, just giga. Giga bullish. Sweet. Yeah. I mean, I think, yeah. Again, most of us probably echo the same sentiment, but, yeah, I would love to hear from some of, like, the creators and contributors.
Contributors and Their Commitment
Yeah. Like your. Your thesis on ruins from day one, why nothing's changed, why you've shown up in the trenches. I mean, I've seen Leonidas posts and I'm just like, holy. This guy was showing up every day for the dog army, even at the lowest. So would love to hear. Look, there's a hundred ways to answer this question, but fundamentally, you know, you don't fake. Casey Rodimore, I think, would be my number one piece of advice. Right? Like, this guy creates this NFT protocol on bitcoin. It's just an incredibly thoughtful, incredible primitive he created.
The Evolution of NFT Protocols
Like, in my opinion, just blows all other NFT primitives out of the water. And I totally got orange filled on that. And then he comes out with his fungible token standard. I mean, this is kind of a no brainer. 2024 is just running back 2023 with ordinals. The same people who faded ordinals are going to fade runes, the same people who flooded us are going to fud ruins. And at the end of the day, it's like, look, I'm a narrative driven investor, right? So to me, forget everything else. Forget all of the technical stuff. Like, go ask somebody, like, would you like to hold a meme coin on bitcoin? Would you like to hold an NFT stored on bitcoin?
Future Potential of Runes
The answer is like, yes. Like, it just. It's a very resounding yes. Like, if I have the choice of holding it on these various chains, I'm specifically talking, like, higher value assets. And I, especially the crypto native traders, they would much rather hold these assets on bitcoin. It's just a very much kind of no brainer for a lot of people. And when I think about dog, just as an example, or pops or Billy or any of these meme coins on bitcoin through the runes protocol, the way I think about it is these things will all eventually work their way onto centralized exchanges and we'll probably have some crazy crypto bull run over the next 18 months.
Retail Interest in Meme Coins
And at the peak of that, I believe that retail is going to want to buy meme coins on bitcoin. I think they're going to be presented with a choice on these exchanges, these hundreds of millions of users logging in and pressing buy on meme coins. I think they're going to have a choice of, do they want to hold the dog coin of ethereum? Do they want to hold the dog coin of elon musk? Do they want to hold the dog coin of Solana, the dog coin of tron? Or do they want to hold the dog coin of bitcoin? My belief is that the dog coin of bitcoin is the single strongest meme coin narrative ever created, and we'll have to see if that plays out right.
Technical and User Experience Challenges
Obviously, we've got a lot of work to do. On the user experience side, you guys have a team grinding away of very talented engineers, like improving the UX. I'm very excited to see what you guys end up coming out with. But bottom line, the narrative is just strong. Doing something on bitcoin is better than doing it on any other chain, in my opinion, especially if you're like the crypto native type of individual who really appreciates the provenance and immutability and I guess like history and legacy and scale of bitcoin and meme coins on bitcoin is just. The narrative is very strong, and people can come up with 100 reasons why they think meme coins on bitcoin won't happen.
Data-Driven Investment Strategies
But, yeah, the narrative is there and I think the narrative ultimately will prevail. Yeah. Anyone else feel free to just hop in. Vincent? Yeah, sorry, my bad. You know, for me, like, the most exciting part of just playing around on bitcoin is simply because it's on bitcoin and everything's kind of priced in bitcoin. You know, there's a lot of ways that traders, narrative traders, you know, on chain experimenters, you know, you can play on Monad, you can play on, you know, bear chain, but at the end of the day, like, you know, you're still kind of hindered by the fact that the base l one token or scaling token or whatever, that's kind of going to be the dominant asset on that chain.
Efforts to Keep Bitcoin Decentralized
And that is largely in the hands of VC's and early investors and so forth. So I think from a bitcoin perspective, we all kind of started here with things being priced in bitcoin being around since 2009. No VC's, no centralized entities really controlling the direction of it and ordinals kind of follows the ethos of bitcoin in a lot of ways. And similarly, runes, the tokenization standard to me was one that followed the ethos of that as well. So from like the puff story, it was just meant to be really kind of an experiment at the start. You know, BRC 20 tokens came out at that point in time. And, you know, I was just kind of tired of, you know, minting and inscribing a bunch of these tickers.
Innovation Through Experimentation
Like it was just random four letter jargon, basically. But there was never really like a memetic profile. There was never really a community around that token being built. It was just what's going to be the hottest four letter ticker for the next 48 hours. And ordnance that's, to me, weren't just to me, they're not just, I mean, they're not memetic meme coin communities. I mean, they're interesting tickers that have had a mass audience and have got their way to centralized exchange. But launching pups is like a BRC 20 token. I thought it would be kind of interesting to also experiment with doing the first fungible token airdrop on the ordinals BRC 20 token standard, kind of inspired by the distribution methodology of Bonk on Solana.
Challenges and Growth in the Ecosystem
And then this thing took seven or eight days to even mint out from the remaining 75%. For me, I'm just like, great. I'm happy to create the website, I'm happy to create social profiles for it, I'm happy to create the fundamentals for it. But if no one's really noticing for the first ten days, then I think I kind of failed. But then thereafter the bitcoin puppets shortly launched and it was kind of like a moment where I was anticipating the opium collection to grow just because I thought the community was massively funny and just largely memetic in nature. And it was like December or so of that, or like January or so of that.
Shaping the Future of Meme Coins
And I really just didn't want the BRC 20 token to die out in flames. And so I thought about this idea after Runestone had airdropped their ordinals. So in a lot of ways inspired by Runestone doing like ordinals collection to runes distribution model where we would increase the token supply by a memetic number and then distribute proportionally to the new collection holders to try and get everyone kind of behind the meme coin itself, I would say, in a lot of ways unify the community because it was just in the hands of, I would say at that point in time, mostly like ogs and some people that got airdrop or some people who bought it along the way.
Migration Challenges and Community Building
But yeah, obviously seeing the potential that runes as a token standard had, seeing the memetic energy that the community had, I think migrating from a BRC 20 to a runes token was challenging. And not everything was truly figured out at that moment in time, simply because there was no infrastructure partners to do so. But I was kind of betting on myself and the rest of the people that I know to figure this out much largely, like most teams try and figure things out. And so there's a migration from like a wrapped BRC 20. I mean, like, pups was the first token, I guess, bitcoin token that made its way to Solana, which I thought would beneficial from a trading experience distribution perspective.
Creating Seamless Migration Processes
And obviously having a BRC 20 token sit on Solana, the migration process needed to be seamless as well. But we've crafted a way that anyone on bitcoin can migrate to the roon, anyone on Solana can migrate to arun. It all comes back to the rune, and after November 5, it's simply just ruin meme coin and nothing more than that. So, yeah, look, I think the exciting part is simply that we're on bitcoin, that I'm able to be kind of vandalizing this chain a little bit, putting my imprint into it, but also kind of shaping in a lot of ways what this ecosystem really becomes.
Engaging with the Ecosystem
And I think just working with really good teams, trying different products, being kind of a pro user of a lot of things on this chain. To me, that's like, you know, it's kind of like my daily blessing, really, that I can be almost feel like a core contributor of ordinals and runes without actually being a dev in any way, shape or form, but rather kind of a, I would say a power user in a lot of ways. Yeah. I feel like the cool part is it's like watching that HBO documentary like runes and ordinals weren't even mentioned yet, but I think in the future they will be.
The Future Recognition of Contributors
And, like, everyone who's contributing now will be included in some way or another. Like you might see. You might see dog Billy, like pups and everyone who knows on an HBO documentary in the future. I can't see hands because my Twitter space is messed up. So just feel free to be orderly, however. Yo, here, Vincent, coming in. Yeah, just to briefly just kind of catch up with the previous performance of runes. Let's just rewind back on April, when the bitcoin happening happened when runes had launched.
Market Interest and Performance Analysis
Yes, there was a huge spike of interest regarding people paying fees. We saw that runes was taking up majority of bitcoin transactions. Now that was amazing. But obviously there is that huge dip when it was just kind of dying down, less activity, and it was kind of quiet within runes. But all of a sudden, you know, say, for instance, dog and many other different runes were experiencing this parabolic run which took the rune ecosystem above $2 billion within 21 days.
Understanding Market Trends
That's, by the way, that's pretty extraordinary. That, to me proved that there, you know, is no friction. You know, people like to say like, oh, you know, the UX and UI is not, you know, easy for newcomers. But the thing is, that pump happened so fast. And to me, I think we're underestimating the people who understand how to buy sell trade runes. And I think it's, you know, due heavily to our experience buying ordinals, you know, using experts or magic Eden wallet to have exposure to that.
The Importance of Data in Trading
So I think pretty much we're really. Well, I'm sorry, really well trained into understanding how to buy that. So now that the runes ecosystem is kind of like in this consolidation phase, the most important thing I wanted to focus on was numbers. Numbers and data typically don't lie. You can focus on the price of certain things or what the news is saying, but that's all emotional in some certain way. But if you focus on just the data alone, just think about bitcoin in general, right?
Market Capitalization and Projections
It's 1.21.3 trillion at the time of this space. And if you account for, if runes were to make up just 1% of that's either 12 billion or 13 billion right now, runes totally is just $1 billion in market cap. Look at Shiba inu. Say, for instance, Shiba Inu is the number one meme coin so far on Ethereum. It makes up 2.5%, even up to 3% because it keeps fluctuating of Ethereum. And the same thing can be said around dog whiff hat on Solana.
Potential of Runes in the Market
So to me, if just the roon ecosystem just makes a 1% of bitcoins market cap, well, obviously the biggest play is all these different runes that are inscribed and people can have exposure to their different communities. But again, it's not oversaturated to me because there's so many different tokens on Ethereum. There's so many different tokens on Solana, I'm completely overwhelmed by it. But to know that bitcoin has the largest audience across the world based on what Coinmarketcap's core I quarterly three report had just shared with us.
Future Prospects and Market Adaptation
It's huge. It's the largest audience out there, and you can't forget that amount of liquidity is just waiting to be unlocked into these things. I know it's really popular in the west, and we talked about this yesterday in the ordinal show with Leonidas and hearing that the west is fully adopted, or not fully adopted, but is more familiar with runes, while the east isn't really too familiar and they're more into BRC twenties. I think right now we're just waiting for that technology, if it's coinbase, if it's binance, if it's any other platform, especially Magic Eden, who by the way, again, is doing a great job of having the best developers creating these tools.
Community Engagement and Future Developments
It's to me the biggest play by far. Knowing that we're in this meme coin super cycle, it’s just quite obvious that right now people are forming their communities within pups, billion dollar cat, dog and many others. But when I see these communities, I see these long term conviction holders. That's what bitcoiners are. They are all about seeing the long term. So when you're attracting this audience to something like meme coins on bitcoin, it to me makes all the sense in the world.
Weighing the Market's Future
Imagine if they allocate 0.05% or 0.1% of their portfolio into the roon ecosystem. Most of these other runes, especially smaller tier ones, are going to be in the million dollar range, and the top tier ones are going to be in the multibillion dollars range. To me, the bearish trend for all this is that if bitcoin hits 100,000, bringing up to, I'm sorry, 100,000 per bitcoin, bringing the market cap of bitcoin to $2.1 trillion. And if, say, for instance, roon makes up 1% of that, well, most of the data is telling me that right now the roons market cap should be at least $21 billion.
Market Insight and Projected Growth
So we have to keep this all in perspective if bitcoin continues its bull trend going on, since from, I think October through March is when I see the most bullish momentum with bitcoin. But to me, I just feel that right now the biggest play is runes. The numbers are telling me it's runes. And once decentralized exchanges start listing runes for spot trading, then that's where I become a little bit weird, because it's great for the ecosystem, but at the same time you know, it's putting tokens in a centralized way to these big players.
Exploiting Opportunities Before Centralization
And so I'm trying to inform everybody what's going on with runes right now because right now everybody has the opportunity to buy these things on a decentralized exchange such as magic Eden. Having exported to this before these centralized companies, entities, whales, possibly hedge funds, who knows, have exposure to runes. And add this as a meme coin asset class. And I think Leonidas explains this perfectly. But this is why I say study the past of runes because really playing out again right now as we speak, we're seeing the very similar cycle where we're starting the next new bull trend and all the data is showing us that we're going to golden cross from any of these different things.
Concluding Thoughts and Future Perspectives
So yeah, that's my perspective. If I can jump in there and back that up. Honestly, I love what you said and I agree. I feel like when sexes will start listing us as well, when we have like improper infrastructure built as well, like chart food teasing swaps today, right. That was pretty awesome. And I feel like once we have like swaps in place, I feel like it's more attractive to sexists to start listing runes like bigger ones like binance and stuff as well.
The Exciting Growth of Runes
But I wanted to talk about this, like just the future runes from both like a trader point of view and a founder point of view because I just like day one when runes came out, I jumped in a full force and I loved honestly the trading experience initially as well because there were just so many different runes, but they were like, there's like 25 different runes and you can see them building and constantly active and, you know, what you could invest into.
Diversification in Trading Environments
It's really easy for a, I guess a trader coming in my point of view, because on Solana I traded a lot. And like, there's 3000 coin launches a day, right? Whereas on bitcoin we're seeing three, four. And it was also easy to be able to identify, hey, like, which ones are solid and which ones aren't. And so I really liked, honestly, the way and for somebody that can't honestly is like Hasda a lot, just has a lot of bitcoin sitting around and they don't have time to like, shit coin trade every day, be in those trenches.
Investment Perspectives on Runes
Honestly, it's great. It's a great investment for them, honestly. It's a leverage bet on your bitcoin. That's just how I see runes. and so, and like you spoke about the, You spoke about, just like in general about, well, what I want to actually touch on is like the ordinals, right? Ordinals had a period right in the beginning where it spiked up and it dropped interest and right after that, like we saw infrastructure come in and it blew up, right?
The Comparison of Trends and Future Outlook
We had a massive ordinal bull run. I feel like we're in that same exact position now. And I see the charts being shared all over the place really backing this up on like where we are right now and where ordinals was. And I really believe especially the tease with moonshot and being able to have normies be able to pay and buy with like Apple card and like pay for coffee with like their runes. I mean, that's incredibly bullish.
Upcoming Developments for User Engagement
As soon as that comes out, that's going to be really big for runes as well. So I mean, the future looks really bright to be honest, because of all these amazing things that magic and you guys are working on. I mean, you're getting the web two audience, you're making web three audience happy with swaps. I mean, I think that, I mean, it's perfect.
Managing Challenges and Risks in Token Launches
There is one concern I want to bring up with runes that I feel like not many people mention is that the day that we launched Sparky Rune dog, we actually were trying to buy our own room, mint our own room, and unfortunately the gas went up so high that we spent $30,000 for 0.5% of supply. You know what I mean? That's one of the concerns with founders is you need to have supply. You need, you need to.
Community Trust and Project Development
I feel like if you're really doing a true good room launch, you need to be able to have big bags and come into the space and be able to buy up your own room so you can really effectively, properly pay people and be able to do things with it. And so you can do a pre mine, of course, but I'm in all these different chats and as soon as they see even two to 4% pre mine, everyone freaks out and they're like, no, this is a good one.
Evolving Community Perspectives
Maybe that will change as, you know, as the, everything develops. But yeah, just had that point of view as well. But I completely agree right now, before this actually goes to Dexs or, excuse me, goes on sexes, this is an incredibly great opportunity to buy at lower market caps. Yes, the user experience isn't great, but that's good, right, for us because we're so early.
Final Thoughts on Early Investments
So yeah, I guess that's what I would say from my point of view. Yo, is on. What's good? What's good. I think I was hanging out with you in Nashville for a while, actually. Probably. Which party, bro? Yeah, were hanging out. Yeah, the magic Eden ones. But they're like, just in general, but yeah, man, good to hear from you.
Chicken Trading on Solana
So I think. So the problem you pointed out, I do a lot of chicken trading on Solana, too. And I don't know, there was something that happens pretty often these days is those kind of trenches have become pretty PvP instead of PvE. And to give a very clear example of that happening this week, there was this meme of the dolphin, and no one knew the dolphins name. And so, like, on pumpfont, instantly there's like ten different coins for the dolphin. Like, it's name. Like, go look up the ticker. Hanbao on deck screener. And then, like, someone's like, oh, this is the dolphin's name. This isn't the dolphin's name. Just like, so many coins get created so quickly, you get vamped on all the different chains.
Costs and Value of Rune Creation
And I think ultimately, like, people sometimes think of it as, like, a bad thing that creating rune is expensive or, like, time, or, like, time intensive, and, like, it costs a decent bit of money. But ultimately, there is, like, an upside to that as well. And the upside is, like, it's less pvP. Like, it's like, people got to be invested. People got to put time and energy and effort into it. But then at the same time, there's no. There's no repeat tickers. So, like, from the. It's kind of tougher from the creator side of things. But that at least creates a good filter for buyers because then buyers don't got to worry about these vamp tokens. They don't got to worry about, you know, like, basically all the. All the problems that just, like, instant and rapid token creation have kind of cost in other ecosystems.
Building for Bitcoin Ecosystem
So it gets me bullish. Those are. Those are things that need to be. Need to be addressed, though, like the. The expense of it. I saw you have your hand raised, so I wanted to throw it back to you. Hey, Google Khan here. So, yeah, I agree with everyone's perspective. I think that everyone has really good viewpoints. I just wanted to add that for us, the conviction is all around the narrative behind bitcoin's new ecosystem. What's more bullish than having an ecosystem on top of bitcoin? Right. And so that's for us really something that we want to support and that we wanted to be part of. I mean, we discovered ordinals back when it started, were not at the beginning, maybe three months into ordinals, so we started looking into all these ecosystems, started building our portfolios.
Engagement with Runes Protocol
We were kind of in the shadows. And one thing, like, just as a background so you can understand where I'm coming from, I partnered with buoyant capital around two years ago. I opened a development department here, so I've been in charge of everything there. So when I started seeing the runes protocol being built by Casey for us, it was like, really interesting. And we wanted to challenge ourselves to build something for this ecosystem and build something that could push the space. And, well, there's a whole story behind this. We saw Leonidas, not to throw him close, but he was, he did an amazing thing with the. All the airdrop of the runestones and all that stuff. So we wanted to support that. We really made a dj move going for eight bitcoin for the four mega runestone.
Future of Runes and Bitcoin
But it actually gave us the spotlight to build Lobo and be able to create this. And, yeah, like I was saying, for us, like, runes make a perfect sense to be one of the most bullish narratives in the whole space. And I believe that it's only a matter of time until we are seeing tier one exchanges listing runes. We will see probably maybe in the upcoming months seeing the top runes getting listed. And from there on, it will open the door for every other rune who is ready to be listed. So, after all, I've been saying this multiple times, that one thing that I believe that we need in this ecosystem are success stories from people doing great things and doing big profit, because those success stories just drive attention into the space.
Importance of Bitcoin for Ecosystem Growth
So, yeah, just to go back to your question, like, what is your conviction is basically that we want to support this ecosystem because we believe that this will drive more people into bitcoin. And after all, like, if bitcoin thrives, the whole space will thrive. Whole crypto space. Like, the whole crypto ecosystem will thrive. So, yeah, that's one thing that drives us to build lobo and continue, like, showing up every day to just, like, maintain the presence and keep pushing the space. I mean, we've been able, luckily, to be in different, in real life events, talking about rooms, and spoke with some of you in Nashville also.
Community Engagement and Building
And, I mean, the vibe feels really great. Like, people on bitcoin are really different and everyone can see that. So, yeah, that for us, basically, it's all part of just pushing and building bitcoin and the future of bitcoin. And I think that's really bullish. Hey folks, Jack here. I'm co founders with Zed. Just joined the space actually I've just been kind of quietly listening and playing some catch up, but just like really fascinating conversation. Really glad to be here to learn from everyone. I had a question. Just because centralized exchanges got mentioned so much, I'm curious to hear from the creators and projects here.
Talking to Exchanges About Listings
What's the experience been like talking to exchanges about listings and the context behind that is BRC twenties. I felt like a bunch of the exchanges were pretty quick to support. So what's the dynamic like? Are they like still trying to understand the runes tech they haven't built indexing or is it just like a purely commercial thing? I'm curious to learn a bit more. Yeah, I can chime in a little bit there. I mean, centralized exchanges, at least the tier ones, try not to talk about this too much as to not reveal kind of their ambitions or kind of intentions. In a lot of ways they're also quite hard to reach, generally speaking.
Black Box Process of Listings
And listings still are kind of a black box process that they don't really disclose to the public or like pre hype things until they actually get it off the ground. You know, I think publicly speaking Kraken and others have been quite vocal as to like, why they're slower movers. And I think a lot of it just comes down to supporting a new token standard in a way that aligns with their business security model. And trust is certainly like a big factor or a big impact in their decisions. And because there's so many ongoing priorities for exchanges and maybe kind of the limited amount of volume that they see for runes and possibly like, you know, the precedent of BRC 20 being disrupted by a new token standard, I think this time about they're going to be slower movers and you know, it's only been, you know, what has it been like four months or so since we, five months now since the actual token standard went live.
Community Building and Sustainable Tokens
And it takes a while to build token communities or even tokens of sustainable nature and value in communities. You know, there's been some kind of conversations with some tier ones that say that they don't want to be known as like a meme, coin listing exchange, you know, even if it was to be viewed relatively, you know, positively. You know, I think some of them want to list something real before they list something as a meme. So I think it really depends on who you're talking to. I think as far as the ones that have supported runes, we see them publicly speaking. OKX has supported runes Gate and maxi being the bigger, I would say the tier one, tier two exchanges.
Challenges for Centralized Exchanges
So I think it's all coming. The challenge obviously is they're in the business of collecting listing fees and of course having a token supply that is entirely distributed by bit listing fee, such as a million dollars or so or a tier one listing fee or supply agreement fee to binance, for example, for three to 5% of your supply is just not in the scope of what is actually able to happen. So these meme coins kind of challenge their traditional business model of collecting revenues in a lot of ways. And so it's really a case of they gotta, they just have to adapt or someone else is gonna do it. Is my position on this?
Excitement Around Runes
Yeah, I actually, I mean, I think that's what's so exciting about runes too. It's like we're really pushing the borders here. You have like Leo and Vincent and everyone tweeting every day at these centralized exchanges like list us without the listing fee. So like if that gets done without a listing fee, I mean that would be insane. But I also. Yeah, and Jack, I kind of wanted you to share some insight too of like the magic Eden vision. Right. Like where we're going, what the on chain economy will look like. Will this disrupt the system or kind of, yeah.
Future of Magic Eden and Runes
Like what do you envision web three kind of looks like for fungibles in the future with this problem. Yeah, happy to talk about that. And then maybe just slightly to riff off on the previous point. Yeah, I think that's very insightful that there is like some kind of disruption to the centralized exchanges like business model or like basically some inconsistency and then they also have like technical inertia. Right. This for the standard. I just feel like, you know, just with all of the excitement that's on this space and you know, everyone who's true believers here, I really feel the sense of one, we're on the right side of history and then two, we're so close because kind of just like how I see this playing out is like one tier, one exchange will list and then everyone else will be forced to list.
The Game Theory of Listings
It's just like the game theory in a sense. So, man, we just need one. So fuck. And I'm sure, and I'm sure we'll get it and then the whole space is really going to open up. Yeah. Then to your question. Yeah. Around like the vision for magic. You know, I think, you know where we've had a lot of success on nfts in terms of extending to multiple chains. It really helped us. Like, we did not have that like clarity of like how to do this or even whether it was the right thing to do a few years ago and we bumped into a lot of nails along the way.
Learnings from NFTs and Token Trading
But coming out of that we had a lot of learnings on how to do cross chain and why it's really valuable. So that came from the NFT side and then on the token side we are basically applying the same learning. So we are very interested in extending token trading and in our mobile app you can do that right now. And we also want to extend that, like support runes, of course, and then also extend that to different chains. Then to your question about, I think this is all somewhat converging, like centralized exchange.
Monikers Supporting Multiple Chains
All of these kind of topics is basically one of the monikers that we have inside the company is all chains or assets. We want to support multiple chains. We also want to support different asset types, whether it's nfts or fungible tokens. Really, our way of thinking about it is probably the next version of magic. Eden will look like an on chain version of coinbase or on chain version of Binance, where there's a different categories of assets that can be traded and transacted. And we become our version of saying that is like the home of crypto or the home of web three, where we become more like a financial hub for users with multiple touchpoints.
Disruption Through Permissionless Innovation
And I actually think that is quite disruptive because we are permissionless. We support the latest, most frontier innovations and then if you want to talk to us, get supported. Have your assets being traded. Yeah, like, there's no fucking listing fees or any rubbish like that. You know, it's just permissionless. And we allow creatives to get their innovations out there to the users in like the easiest and most seamless way possible. So yeah, that's a bit of the thoughts on our side. And we're looking to support more and we're all in on runes and we love all of the energy that's here.
Respect for Creators
We have absolutely huge respect for all the creators and projects that's making this work. That's the future I'm excited about because I will never recommend anyone to go to a centralized exchange. We saw what happened last cycle with FTS. If you preach bitcoin, you don't pre centralize exchanges. I understand the monetary incentive to get. There, but at the end of the. Day on chain, it's what matter and that's what we're looking for. Bullish on me. Yeah, just kind of backing up bongo right there.
Importance of Decentralized Platforms
I just feel that right now, sticking with the decentralized aspect, especially using magic Eden as the main platform, is such a huge benefit for everybody just because I think it's important to have custody of your funds compared to centralized exchanges who hold onto those tokens on behalf of you know, and that's another reminder for people to just, you know, store their assets on cold storage if possible. I have so many conversations with people who have literally thousands of dollars into these tokens connecting their wallet, magic Eden, yet they haven't stored on cold storage.
Precautions and Future of Centralized Exchanges
And so I just have to remind everybody, figure that out if you can, because if, or not if, but when the boom does happen, you know, it'll be too late for these centralized exchanges. I think they're. If I were a centralized exchange, I'd be looking at what magic Eden is doing, seeing how much trading volume is happening there, what the demand is and what the community is. And right now, as you can tell, it's very bullish in terms of community sentiment. And right now, I would be looking at the metrics of magic Eden because for me, you guys have done such a great job of not just creating the tools, but connecting with that community.
Impact of Magic Eden on Runes
I don't think, I seriously don't think that runes would be in the spotlight today if it wasn't for magic Eden providing these tools for us and having spaces like this for us. So, you know, shout out to Jack and Zed for really just, you know, and the whole team for just really creating this atmosphere for us and putting us back into the spotlight. Yeah. What a legend. What a legend. Vincent, thanks so much, man.
Onboarding through Centralized Exchanges
I wanted to, hey, I wanted to say something as well, while we're on the centralized exchange topic, man, one thing that I find pretty interesting, and we talk about this at magic even too, this whole, if you look at the market structure from, let's say like five years ago, four years ago, and all through NFTs and Defi summer, all of that going back to the beginnings of on chain activity on Ethereum, it's always been you're on board through a centralized exchange. You buy crypto there and then you have to send it out into a general non custodial wallethead.
Reliance on Centralized Exchanges
So that whole experience has relied on a centralized exchange to be right in the middle of that flow, and then it relies on a very difficult experience of trying to download this non custodial wallet and write your seed phrase down and everything. So that's almost like, because of the way that worked, there is a heavy reliance on the centralized exchange being the primary touchpoint and center point for the whole of the crypto industry. And the other piece of all the slice of disruption that I'll just add to what the guys were saying before is that going forward, that actually does not need to be true anymore.
Future of Wallets and User Experience
And it's already starting to not be true. And you look at all of the stuff that's being built, all the new Dapps today, they all get built with like embedded wallets, right? And if you look, if you download magic Eden wallet today, you don't have to, we don't stick the seed phrase right in front of you. And what we are building as well in the background, people don't come see this because we're cooking it, but we're going to have embedded wallet all across the dapp. So like on every chain. So imagine embedded wallet on bitcoin.
Seamless Transactions Through Embedded Wallets
You can just come in, you have a fiat on ramp top up through moonpay, something like that, and then you're just good to go. You can just buy your room, buy your ordinal, you don't need to go through a coinbase or some exchange like that to then send it out into a non custodial wallet. Right. That thing is a thing of the past. So I just feel that with all this conversation about listing fees and all of that, it's like, okay, on that side we're moving to long tail assets, all chains, all assets, not permissionless.
The Shift in Crypto Market Dynamics
That shit's going to win. And then you look at the user experience, it's also going to win on this side because you don't need to go through and do a two step, process to like send your money into an orchestrated wallet. Right. So I just feel like the setup for us and what we're trying to build here is hopefully it. Yeah, it's like, not to say that we want to just, you know, not to like, comment about like exchanges not being important because they've done a huge amount for crypto.
The Future of Decentralization
But it's like, it just doesn't need to be that way going forward. And I think we're excited for that future. And it's beautiful that's coming to a reality through bitcoin where people do appreciate decentralization and it's just, it's the ethos of bitcoin and now it's coming alive with magic, heathen and runes. Yeah. Plus one, man, I, if I may, just like wax poetic slightly like, man.
Right Side of History
Like just I have this really deep sense of like just fuck, we're all on the right side of history here. Like, everyone in this space, I really fucking feel it. And, like, you know, building in crypto is just fucking crazy, right? It's like ups and downs and you're like, yo, wait, is this like a fad or my fading? Am I mid curbing it? Or, like, you know, what's real, what's not? And then. But at the same time, man, if you just zoom out, like, just think about it, in five years time, you know, everything that everyone just said on this face is going to come true.
The Potential of Bitcoin Ecosystem
Like, of course it's going to be a fucking huge defi ecosystem. Of course it's going to be a huge meme coin ecosystem on bitcoin. Of course there's going to be, like, thriving dabs on bitcoin. And of course, like, permissionless is going to win like that. Like, those kind of thoughts really help. Like, help me. And I think help us at Mashedon. Like, try to see the. See the noise, see through the noise, right? See for the long term.
Excitement About the Future
So, dude, fucking on the right side of history, man. Like, this space gets you so fucking pumped. Yeah, this is. It's all going to happen. It's all going to happen. Can we talk about the future now and Billy to abili? Yeah, so when. When is Billy going to. Billy, when is dog going to the moon? As far. As soon as you enable swaps. We've been waiting. Well, yeah, maybe we can maybe make token small.
Future of Swaps and User Experience
We can talk about a little bit of, like, I guess it's like the present but the future kind of like what we spoke about, but like the present day, as in building on l one kind of where we're at, you know, what swaps looks like where ruins is currently in our ecosystem. And, yeah, I'd love to know, like. When sniping is going to be fixed, too, because, like, that's a big part of, like, the user experience that I think a lot of people are anticipating to. To be solved. Especially when you have, like, high volatility in price within the mempool. It's still, you know, a massive, still a lot of people issue.
Issues with Order Management
I know there's been some, like, updates that allow you to see if your order has been replaced and allows you to, like, fee bump, live within the ten minute block time, which I think is helpful for a lot of ways, but, you know, most people don't necessarily sit around and just, you know, pup and wait until the ten minute block time gets confirmed. I got you farmer. So around the end of October is when we're sequencing this RBF solve and then also swaps to come out. And just to explain that for everyone a little bit more clearly, we wanted to push swaps a while ago because obviously getting swaps out the door, I think, is the UX that's going to bring people into this market over from other chains like on Solana and ETH lot selection.
Addressing the Sniping Problem
Ultimately, it's really not that hard, but it is visually different and it makes the market different enough that I think people have hesitancy or there's a little bit of friction. So we wanted to push swaps really early. However, there's a problem that basically the mempool sniping issue. And as you know, if you do a sweep right now, if any single one of those items, whether it's on ordinals or runes, any single one of those gets sniped, your entire order kind of falls apart. So before we could solve swap, we had to dig really deep and basically think through how we could solve this sniping problem.
Infrastructure Rewrites for Marketplace Operations
So over the summer, more details are going to come out soon, but we basically rewrote the entire infrastructure for how our marketplace operates on the backend. Each trade, it's still fully decentralized, but what it's going to enable us to do is to really, one, to stop people from coming in and rbfing you and taking your stuff. But then number two, it's gonna allow these big sweeps to go through despite, you know, like, if people are trying to be malicious in different ways. But anyways, to answer your question, long story short, it's been a long time coming and RBF goes out around the end of October and swaps very shortly after.
Preparing Users for Upcoming Features
It just had to kind of be sequenced like that. Because if we did swaps first, the swap, the experience just would have been awful. Like people would have been RBF warning still and orders would have been failing. So that's the answer there. I think Narl can actually, he has a better view of the timeline for when we're making announcements on the technicalities and stuff like that. Yeah, we definitely plan to. I mean, it's innovative, right? Like we have to balance building on bitcoin, l one, honoring the ethos of bitcoin not going custodial or centralized, and also a good user experience.
Explaining Innovations and User Experience
I know it was very deeply thought out and innovative. So definitely want to shine light to the technical side of it as well as just letting users know what to expect out of it and just timelines and everything. We'll definitely put that all out before it goes live and you can prepare. We could discuss about it. We'll spit Alpha in your space, farmer Joe. It's fine. And yeah, that should be soon because like he said, it's supposed to go live towards the end of the month, so we'll have that going out soon before that.
Mobile Team Improvements
And last, one last bullish announcement. The nice thing about being at a broader crypto company where there's a lot going on, is our mobile team has been working very hard to make the onboarding experience a little bit better. So we talked about Fiat a lot and like, on ramping Fiat via mobile. So having teams working on that combined with our team working on swaps leads to a place where we gotta put everything together and it's gonna take a lot of time to put everything together.
Expected Rollout of Features
So, like, you might see stuff roll out on a web first and then like, hit mobile at a different point in time. But at the end of the day, I think that the vision for what we want to do is all these different teams that are working on different things is kind of coming into focus and coalescence in a single spot. More to come soon. I actually had a question for Jack. Jack, recently you gave a speech and I don't know if it was a token 2049 or some other event, but offering the ability to swap different digital assets, that's within the platform of Magic Eden.
Context on Runes and Swapping
And one of the examples that you showed was dog rune token in exchange for something else. I want to get, I just want to get more insight on that because maybe you can give a little bit more context of what we could expect to come because bitcoin has such a large market cap and such runes becoming the next new meta, the cycle. Do you think that runes is going to be possibly one of the things that people would swap for, say, for instance, nfts on different chains? Or do you think that people are going to funnel their different assets and other chains to the bitcoin assets such as oral nose and runes?
Motivations Behind Integrating Runes
What was the intention behind that? Why even integrate runes into swapping for other digital assets? I want to understand that motivation, what you think could happen in the future. Yeah, thank you for that question, man, and thank you for picking that up. I felt like we actually put a lot of effort to put that little Easter egg in and not a lot of people picked that up. So I felt a little like, miffed afterwards. But, yeah, I don't promise to everyone this way.
The Vision for Runes
It's not like a tee up or anything, but yeah, thank you. Thank you for the question. Look, I think here's our vision for it. I think that a couple of things. Number one, I think very excited for this rune meta. I think because the attention, because of the frontierness of the technology, the innovation, I actually think that runes is going to be one of the big winners on the cycle. A lot of capital, new users are going to come in and we imagine we're going to try to do our bit just to make the experience more seamless and to facilitate the ease of that process.
Addressing Chain Maximalism
So that's number one. Number two, one of our thesis for magic Eden from very early days is this thing that's related to growing the pie. And growing the pie is really. And making, growing the pie and making crypto easier for everyone. These are some really core tenets that we have. And something that I've always felt is like, man, sometimes this chain maximalism that we have in different chains, and especially like, so like our genesis chain, there's like some very vehement communities there.
Creating a Seamless Experience in Crypto
I actually feel like sometimes that's actually a function of the technology and a function of the tools. It's actually some. There is a sense of like sentimentality of users on these chains which give them that maximalism behavior. But actually it's also because the fucking tools and the technology and the experience of traversing, going to different communities, going to different chains to check out the innovations that are on different chains is so hard. That actually then creates the siloed effect that we have.
Magic Eden's Commitment to User Experience
And that siloed effect then leads to some of the behaviors that we see. So we at magic Eden being like product first, trying to build good technologies for the space. What we actually just want to do is actually make that easier. Just make that easier. So then to your point, like, why do we have ruins to SMBs actually, like Solana monkey business, you know, as a. As an Easter egg? Well, we are actually, we are laying the foundations to that today.
Bridging Digital Assets with Runes
If you use our mobile app, you can easily bridge from Sol to BTC, east to BTC. Actually, those are one of the most popular routes that we see and we're very glad to see that. And then the next step for us is, yeah, then we are going to put runes and rune swaps into that same UI. Make sure that you can swap runes for BTC, all of that. And then, hey, if you put a couple of these nice things together, like rub them together, right?
The Future of NFT Swaps
Like magic stones together, then I think we can do exactly what's actually on the UI. We could then do runes to the Solana NFT, we can then create those routes. And that is actually in line with our vision of just make crypto easier for everyone. If we make it easy for people to discover the content, innovations and communities on different chains, then actually I think that will allow us, as an overall ecosystem, rise above some of the chain maximalisms, chain maximalism that we see today.
Mainstream Adoption of Innovative Swaps
So, yeah, those are some thoughts. You know, I actually love that answer because when I saw that announcement that you made on stage, the first thing I thought of was, wouldn't it be amazing if someone like, swapped their blue chip NFt, if it's bored apes or crypto punk for dog, like, that would be historic. And once that does happen, I can imagine like DJ news and all these news outlets say, oh my gosh, the first swap of an NFT blue chip for this amount of runes made this historical price record trade.
The Excitement Around NFT Swaps
And I can see that catching a lot of headwind within, you know, the media outlets and stuff. So, yeah, I really want to see that happen. Especially, you know, if someone can swap it with dog, that'd be great. By the way, dog is up 16% while bitcoin is decoupling. Just want to put that out there. Hey. Hey, guys. How's it going? I love what you're doing.
Engaging with the Community
Overdose here with magic Eden. Like my first time when I found out about runestones and Arcic and all of those, first place that I learned that you could purchase it is magic Eden. So very amazing on that. And I'm sure, just like myself, there's many other people that when they hear ordinals or when they hear runes, like the first place that they get referred to as Magic Eden. But that, all of that stuff I'm sure you guys already talked about, it's amazing. Love to be part of your guys's.
Discussion on Non-Custodial Swaps
Community, but I'm not sure if I. Missed it or not. I wanted to know. I did see somewhere earlier on today something about non custodial swaps. Has that been discussed already? Do we know. Do we know some information? Information? How would. How would that work? Is that some are rune swaps? Maybe that's.
Clarifications on Non-Custodial Swaps
What's that? Or no? Yeah, yeah. I believe it said, like, I can't remember exactly where I saw it, but it said non custodial. Non custodial swaps. And I was just, I was charged tease today. What was that? I'm sorry. Chart food teased non custodial swaps today on his twitter. I think maybe that's where you saw it.
Upcoming Features and Community Engagement
Oh, yeah, probably. Probably. And what does that even pertain to magic Eden? Or was that something that doesn't have anything to do with what's gonna get introduced in a couple of weeks? Yeah, yeah, I think. I think yeah, I didn't know which trait you're talking about. Yeah, I think it's referring probably to the swaps that are upcoming soon. That Zed actually put out a pretty good write up as to like, what to expect there.
Improving User Experience
I don't know if you saw it, Vito. I pinned it here, next to bongos Bongo's funny news tweet. but yeah, it's coming out soon. and pretty much, yeah, it's going to allow you to fluidly swap between bitcoin to runes to bitcoin, vice versa, and make the Ux just super simple. We're hoping to onboard meme coin traders from other chains that are familiar with that ux.
Plans for Liquidity and User Participation
So yeah, it's going to be like pretty much v one will be the next step, moving in, kind of tapping into our current runes bids and just building up liquidity more there and then. Yeah, just creating like a nice front end ux for those swaps. Awesome, awesome. And any plans for us regular users to provide liquidity or is that still in the works? I'd say it's in the works.
Community Contributions to Liquidity
Thinking about what we can do to keep getting more depth in the liquidity. We're tracking it pretty good and thoroughly daily. And yeah, definitely want folks to be excited to provide bitcoin side liquidity so that swaps are as smooth as possible. So yeah, we're definitely looking at all that tracking, how it's all building up. I think the top runes are doing pretty well and then, which I think probably we'll see the most swaps initially.
Future of Community Engagement
But yeah, it's pretty fun stuff and I know we've spoken about it, so your insight's always helpful with that too. Awesome. Yeah, and it would be cool to along with some type of accumulating some type of fee from bitcoin or dog, for example, by providing liquidity. It would be cool to have the magic diamonds, of course, as liquidity points, something around those lines.
Wrap Up and Conclusion
Damn good thing we got Jack here. You could, he could approve it. All right. I gave the thumbs up, man. Fucking twisting my arm here, guys. Anyway, I was actually going to say I need a drop for a meeting, but it's been a pleasure, y'all, and thank you so much for the support. We really appreciate it. If you have any feedback on how we can improve, please keep it coming.
Final Acknowledgments
Thanks, everyone. Sweet. Yeah, I was going to say, I think. I mean, we could probably wrap up. I think we're at an hour and a half, unless any crazy pressing dots comments. If not, can close out. I'll give it, like, 10 seconds for. Said, I've been thinking about your PFP, and I think a bitcoin shroom will.
Fun Close with a Joke
Be perfect for you. So go ahead and spend two bitcoin on that. Wait, Bongo? Is that a gift? Bongo? Yo, come on, bro. Yeah, Bongo. Does Billy have glasses for Azuki's? If they don't, we're gonna roll it out soon. They are in the. They're listening, so get on it, Billy.
Wrap Up and Closing Remarks
Yeah, get on it, Dilly. Yo, zed, you gotta get a bitcoin shroom. That'd be so sick. Or Jack, someone needs to get one on the team. That'd be so cool. All right, I'm gonna. I'm gonna. I'll take a look. All right, guys, take a look. Yeah. If not, can you at least commit to putting Billy glasses on your zookee or something? I love how good the way this is talked about is like, come on, guys, cover that shit up.
Final Comments on the Discussion
That's basically what I'm hearing from the. From the crowd here. Breaking set. Commits to put on Billy glasses. Man, bongo is dangerous, bro. Get this guy out of here. All right? I mean, yeah, if nothing else, I think we've been around for a bit, so let's. Let's wrap it up. I heard my music was not playing well on the intro, so maybe I won't do music this time around, but, yeah, thanks to everyone joining in.
Commitment to Community Engagement
Definitely want to keep. Keep cooking these out. I don't know if anyone else has closing remarks. Z tokens creators. I know you'll say. Bye, dog. Bye, Billy. Bye bye. Claim function coming soon on Magic Eden, when we start releasing the plushies, so. Keep an eye out for that. And, Bongo, when you get a chance, check out the collection.
Integration of Community Elements
Like, we definitely went and added Billy glasses to some of the dogs in the actual PFP collection as a tribute to another community, ran a successful rune project. Can I. Can I play the closing, son?
