tl;dr
Magic Eden, a leading cross-chain NFT marketplace, has launched its Runes platform to address early trading challenges around the tokens, aiming to consolidate trading tools and resources for BTC-based tokens in one venue. The platform offers two buying options, table view and swap view, for a custo...
Magic Eden Launches Runes Platform Magic Eden, a leading cross-chain NFT marketplace, has launched its Runes platform to address early trading challenges around the tokens, aiming to consolidate trading tools and resources for BTC-based tokens in one venue. The platform offers two buying options, table view and swap view, for a customizable and efficient buying experience. Additionally, a collaboration with Luminex is set to simplify the minting and trading of Runes. Early trends show projects securing low numbers in Rune etching, leading to decreased fees and increased participation, while the Runes narrative is influenced by memes and catchy ticker names.
As the impact on market volume and liquidity of the Runes platform remains to be seen, Magic Eden co-founder Zedd Yin has indicated that the platform will continue to evolve based on community feedback and needs.
Just days after the launch of Bitcoin’s buzzy Runes fungible token standard, leading cross-chain NFT marketplace Magic Eden has launched its promised Runes platform, aiming to ease some of the early headaches that traders have encountered around the tokens. As enthusiasts grapple with the complexities of new technology, some traders have griped about the frustrations of the bumpy minting and trading experience around Runes. Whether it's running a node, minting via Xverse on Luminex, or trading on Unisat, the steep learning curve is evident. Monday's launch of Magic Eden’s Runes platform, in beta, is the latest chapter in the company’s expanding embrace of the Bitcoin ecosystem. It has also arrived a day before its announced launch, which was originally scheduled for April 23.
Magic Eden isn’t new to the Bitcoin ecosystem; its early bet on the NFT-like Ordinals recently helped catapult the marketplace to the top of the rankings. Now it’s betting on Runes to continue that growth, with a move to consolidate trading tools and resources—and make it simpler for collectors and traders to manage their activities all in one venue.
“Having everything BTC-related in one place gives users an incredibly smooth experience. The current ecosystem is very fragmented; platforms for Ordinals, platforms for fungibles,” Magic Eden co-founder and COO Zedd Yin told Decrypt. “Being able to collect both in one place is going to streamline the process and give users a much better picture of everything they own and have collected on BTC.”
The team shared that the Runes marketplace will include two buying options for Bitcoin-based tokens: table view and swap view. The table view will give users the control to pick the lots and prices they want for a more customizable buying experience that’s superior to the card view typical of Bitcoin BRC-20 token purchases. “We will launch the swap view soon for users who want ultimate simplicity and efficiency,” he said of the upcoming alternative feature. “Just indicate the amount of BTC you’re willing to spend and the Rune you want to collect, and the platform will automatically find the best options.”
While users aren’t able to currently mint (or “etch”) Runes on Magic Eden, the team says this feature will also be coming soon. Luminex, a leading platform for minting and etching Runes, announced a collaboration with Magic Eden on Twitter on Monday.
The Magic Eden team said that Runes collecting is also currently ineligible for its Diamond rewards program, though that will also change. Another feature to expect is the ability to more easily split lots of Runes. However, users can currently send a portion of their Runes to themselves to split up their lots as needed.
Projects that jumped on the Runes trend early, in advance of the protocol launch, were able to secure very low numbers in Rune etching as they airdropped Runes to their Ordinals holders. For example, the CyberKongz Prometheans project was the second-ever Runes project minted, while Runestone secured the third Runes slot after the protocol launch for its Dog meme coin. Initially, high fees on the first day of Runes posed a challenge for creators looking to etch their own Runes collections—though some creators were willing to pay massive fees to secure one of the first projects minted on the protocol. However, these fees have since decreased dramatically, opening the door for increased participation.
Similar to the trends observed with memes on Solana and Ethereum, the narrative around Runes is being shaped by memes and catchy ticker names. The token Satoshi·Nakamoto, for example, has gained
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