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Ordinals developer Leonidas: It is recommended to grasp the Runes minting fee and timing and estimate the market value in advance

Ordinals developer Leonidas: It is recommended to grasp the Runes minting fee and timing and estimate the market value in advance

CointimeCointime2024/04/19 13:31
By:Cointime

Leonidas, the developer of the Ordinals protocol, shared some advice on Runes casting on the X platform, aimed at helping participants avoid risks and participate wisely in Runes casting. Leonidas pointed out that due to the slow block time of Bitcoin, when a Rune is about to be cast, users need to pay significantly higher transaction fees than others to ensure that the transaction is confirmed quickly. Otherwise, not only will the casting fail, but the transaction fees will also be lost. The Mempool should be viewed as an auction, where the highest bidder's transaction will be prioritized for confirmation. In addition, it is wiser to cast during a period of lower transaction fees if it is expected that the Rune will not be cast quickly. Furthermore, it is necessary to carefully understand the casting mechanism before casting. Taking UNCOMMON•GOODS initiated by Casey as an example, its casting window lasts for 4 years, and participating in it during the current period of historically high Bitcoin fees is undoubtedly unwise. Leonidas also reminded to pay attention to the pre-casting volume of the Rune issuer, where usually more than 10% is considered greedy behavior and around 5% is more reasonable. He suggested that casting Rune should be treated as a purchase and the market value should be estimated in advance.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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