Bitcoin in the Decentralized Finance (DeFi) space noted stellar growth earlier this year when the network witnessed the arrival of the BRC-20 standard
. Akin to Ethereum’s ERC-20 standard, BRC-20 allowed the creation of fungible tokens on the network through the Ordinals protocol. However, the creator of the protocol is now suggesting a new standard in place of BRC-20.Bitcoin Ordinals’ developer, Casey Rodarmor, published a post on September 25 highlighting the potential alternative to the BRC-20 token standard called “Runes”. The need for Runes, according to Rodarmor, arose from the need to eliminate the UTXO proliferation caused by BRC-20.
To deal with this, Runes balances would be designed to be held on UTXOs, allowing a single Unspent Transaction Output to hold any amount of any number of Runes. This way, the UTXO proliferation can be responsibly managed in return, creating a fungible token protocol that might bring significant transaction fee revenue, developer mindshare, and users to Bitcoin.
Rodarmor claimed that such a protocol would very easily fit into Bitcoin’s native UTXO model. He added, “Such a scheme might draw users from other schemes with worse on-chain footprints, and bring developer and user mindshare to Bitcoin, encouraging them to adopt Bitcoin itself.”Bitcoin Ordinals peaked around May this year but started to lose ground sometime towards the beginning of June. The marketplaces began losing daily users, and at the time of writing, over 93% of the unique daily users had disappeared.
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