The founder of Ordinals Protocol has released new runes. Does it meet expectations?

Written by: Cookie

If you are familiar with the Runes protocol, you should know that Rune 0 "UNCOMMON•GOODS", which is the first rune to be etched (deployed) after the Runes protocol went online, was created by Casey. However, this rune is "limited in time and unlimited in quantity", and the casting period is as long as 4 years, which makes it difficult to form short-term speculation space.

However, last week, Casey made another move. This time, he etched a new rune called "MEMENTO•MORI" on the No. 0 inscription, with a total of 100 million (100,000 pieces). Among them, half of the total, or 50 million (50,000), has been airdropped at Bitcoin block height 868113. The airdrop targets users who subscribe to the Bitcoin podcast "Hell Money" and submit the airdrop address. The podcast is co-hosted by Casey and Erin Redwing.

According to Casey and Erin in the Hell Money podcast, "MEMENTO•MORI" is not an accidental idea. First of all, before the Rune Protocol was launched, Casey proposed an idea to hard-code the first 10 runes (in layman's terms, the first 10 runes are directly deployed). Although this idea was not implemented in the end, "MEMENTO•MORI" was one of the 10 runes considered at the time.

"MEMENTO•MORI" is a Latin phrase, which means "remember that you will die", reminding people to think about the brevity of life and the inevitability of death, encouraging them to face the finiteness of life in their daily lives, so that people can cherish the present more and live a meaningful life, rather than just indulging in material or fame. The rune was finally etched on the inscription No. 0 in the image of a "skull", which also corresponds to the theme and even the horror atmosphere of Halloween.

Inscription No. 0

Another motivation for issuing this rune is that Casey and Erin regard the subscribers of the Hell Money Podcast as a community that supports them. They have been very grateful for the subscribers' support for the Hell Money Podcast for a long time and want to do something for the subscribers, so 50% of the total amount is airdropped to the subscribers without reservation.

The remaining 50% will be minted at block height 868186. The block height was originally expected to be reached at 13:00-14:00 Beijing time, but because the specific time will fluctuate with the speed of Bitcoin network block production, the casting finally started unexpectedly at 10:30 in the morning. The 4-digit miner fee rate expected by most market players may be because the casting started in advance without sufficient response, and the time interval between the six blocks after the start of casting was quite short, with an average of only a terrifying 4.5 minutes.

According to the display on Magic Eden, the total market value of the rune has reached 14 million US dollars. According to the data of satosea.xyz, the average miner fee rate (cost) for casting the rune is about 584.5 sats/vb (420 US dollars per piece). This is the first rune deployed by Casey that can really make the market hype. Does this market value meet your expectations?