Runestone Airdrop - Bitcoin Ordinals Project 101

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In September 2023, Bitcoin Ordinals protocol creator Casey Rodarmor announced the creation of another Bitcoin-based NFT protocol, Runes.
Marathon Digital’s Slipstream and Ordinalsbot collaboratively mined the largest-ever Bitcoin block, which is almost 4,000 kilobytes, that exclusively consists of a Bitcoin Ordinals inscription.
Leonidas then revealed that they would be auctioning the largest ordinal inscription mined by block size to be used to pay for the airdrop’s network fees. The winning bid was at 8 $BTC.

Runestone, a recently-emerged Bitcoin Ordinals project led by a pseudonym named Leonidas, has confirmed that it will soon host an airdrop.

However, before the airdrop campaign, Leonidas also revealed that they would be auctioning “The Runestone,” which is the largest ordinal inscription mined by block size. The proceeds will be used to pay the network fees that the airdrop will need.

Runestone: A Brief Overview

In September 2023, Bitcoin Ordinals protocol creator Casey Rodarmor announced the creation of another Bitcoin-based non-fungible token (NFT) protocol, Runes. The Bitcoin Ordinals allow the Bitcoin version of NFTs , dubbed as “digital artifacts,” on the Bitcoin network.

Read: What is Ordinals Bitcoin NFT | NFTs on Bitcoin Sparks Debate

According to Rodarmor, while the Bitcoin Ordinals protocol has provided a platform for issuing NFT-like assets on the Bitcoin blockchain through the BRC-20 standard, it has flaws too, like clogging the network and increasing the fees.

The Runestone is going up for auction!

It’s the largest Ordinal inscription ever, mined in the largest block in Bitcoin history.

100% of proceeds go to covering Bitcoin network fees for the Runestone airdrop initiative.

Lot closes Friday at noon ET

→ https://t.co/AaoaC8ufC5 pic.twitter.com/PrwoGFZ1xL

— Leonidas (@LeonidasNFT) March 6, 2024

This is because the protocol has “undesirable consequences” of Unspent Transaction Output (UTXO) proliferation on Bitcoin, as per the creator, whereas in Runes, token balances will be held by UTXOs, and each transaction output can “contain any amount of any number of runes.”

Technically, a UTXO is the amount of $BTC remaining after a transaction is executed.

“Rune works better than BRC-20 as far as fungible tokens go. It’s more lightweight and malleable. More easily transferred and swapped,” an Ordinals marketplace spokesperson said in an interview.

In short, the Rune protocol is expected to be a UTXO-based alternative to the existing BRC-20 token standard.

Moreover, the introduction of the Runes Protocol also caused the existence of a new Bitcoin-based project, the Runestone. It seeks to highlight the importance of decentralization and community participation in the Bitcoin network.

“It’s a decentralized, 100% volunteer effort—I tweeted the idea last month to do a massive airdrop to reward the year one Ordinals community. There is no team allocation, no entity behind it, no utility, and no roadmap,” Leonidas explained in an interview.

The Runestone Airdrop

Months passed by until a milestone was recorded—Marathon Digital’s Slipstream and Ordinalsbot collaboratively mined the largest-ever Bitcoin block, which is almost 4,000 kilobytes, that exclusively consists of a Bitcoin Ordinals inscription. For comparison, a single Bitcoin block is only 1,000 kilobytes.

And though the Runestone project is set to reward ‌users of the Runes protocol, the community has speculated for a more-assured airdrop campaign.

Leonidas then confirmed that they would be opening an auction activity for The Runestone in Ord City. The auction concluded on March 8, 2024, and the winning bid was from a certain Buoyant Cap, which costs 8 $BTC or more than half a million dollars.

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“Runestone is the largest Ordinals airdrop ever, and it mined the two largest inscriptions ever in the two largest transactions ever in the two largest blocks in Bitcoin’s history,” the Runestone leader stressed.

As of this writing, the full details of the Runestone airdrop are still undisclosed, but a number of hints have already been given by Leonidas:

“Runestone is a non-utility project, and The Runestone and its delegate inscriptions that point to it are collectible pieces of art that are intended to be worn as badges of honor for those who showed up and believed in the Ordinal protocol when nobody else did.”

The only way to have been eligible for a Runestone was to show up in the first year of Ordinals when nobody believed in this movement.

If you are getting one it is because you earned it.

Wear it as a badge of honor.

Airdrop farmers are out of luck. pic.twitter.com/jgEiRuElF6

— Leonidas (@LeonidasNFT) March 4, 2024

The community is also speculating that to be able to be eligible for this campaign, participants must hold at least three inscriptions, not including inscriptions with file types starting with either “text/plain” or “application/json.”

More than 112,000 wallets are said to be eligible. To check eligibility, go to https://www.okx.com/web3/toolkit/btc-airdrop.

“Runestone symbolizes the enduring desire of humanity to make marks that last beyond their lifetimes and to communicate with future generations. This endeavor was more than a technical achievement. It is a bridge between past, present, and future, a reminder that art, in all its forms, seeks to capture the ephemeral and make it eternal,” Leonidas concluded.

This article is published on BitPinas: Runestone Airdrop – Bitcoin Ordinals Project 101

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