The Flippening: Runes Flip BRC20s

Runes market cap crosses $1.8B, surpassing BRC20 per Blockspace Media

Hi Bitcoin Builders,

This week, Blockspace Media shared a great post about the resurgence of Runes, a UTXO-based token protocol on Bitcoin.

Runes were introduced in April of this year. Until this week, their market cap has been below BRC20s, a separate token standard introduced before Runes.

Yes, this market cap is based on meme coins like $DOG. However, Runes do account for significant activity on Bitcoin.

As Blockspace notes, “Today Runes alone account for over half of the transactions on Bitcoin, and they are clearly in the driver’s seat for now for next-block fee demand.”

News:

• Bitlayer contributes a “manual SNARK verifier chunker to BitVM open source,” which they claim is the last missing piece of a complete BitVM implementation.

• Bitcoin Layer, Core (an EVM sidechain), introduces Dual Staking, allowing users to stake Bitcoin and CORE to maximize rewards.

• Bitfinity (a fast EVM for Bitcoin) launches on mainnet.

• The tokenized Bitcoin market continues to get shaken up: Coinbase delists WBTC.

• Shinobi writes, “How viable are BitVM Based Pegs” in Bitcoin Magazine.

Other:

• Bitcoin price closes in on $100k.

• SEC Commissioner Jaime Lizárraga plans to resign in January.

• SEC Chairman Gary Gensler to resign in January.

• MicroStrategy Bolsters Bitcoin Bet with $3B in Notes.