符文：革命性協議引發比特幣生態系統的炒作與爭議

比特幣減半事件恰逢 Runes 首次亮相，這是一種新的比特幣可替代代幣協議。 Runes 引發了圍繞 memecoin 和比特幣進軍 DeFi 潛力的炒作。儘管最初熱情高漲，但符文仍因高額交易費用和缺乏盈利能力而受到批評，而比特幣礦工則發現與符文交易相關的費用收入激增。然而，支持者認為符文有潛力發展成為一種更通用的協議，增強比特幣的功能並促進其生態系統內更廣泛的採用。

The Rise and Impact of Runes: A Game-Changer for Bitcoin

符文的興起與影響：比特幣的遊戲規則改變者

The recent Bitcoin halving event, typically the sole focus of attention, shared the limelight with the much-anticipated debut of Runes, a groundbreaking fungible token protocol that swiftly stole the show. Runes' launch ignited an unprecedented wave of hype surrounding the potential for memecoins and, to a lesser extent, unveiled a novel avenue for harnessing the growing DeFi movement within the Bitcoin network.

最近的比特幣減半事件通常是唯一的焦點，而備受期待的 Runes 首次亮相也成為人們關注的焦點，這是一種突破性的可替代代幣協議，迅速搶盡風頭。 Runes 的推出引發了圍繞 memecoin 潛力的前所未有的炒作浪潮，並在較小程度上揭示了利用比特幣網路中不斷增長的 DeFi 運動的新途徑。

Despite initial enthusiasm, Runes has drawn its fair share of criticism for its role in escalating Bitcoin's transaction fees and its failure to generate substantial returns for most investors. On the day of the halving, Bitcoin fees soared to record highs, resulting in a windfall for miners despite a 50% reduction in block rewards. However, this surge in activity did not translate into profits for investors, as the top 50 Runes by number of holders had collectively declined by 30% on average by April 29, according to data from OKX. Two-thirds of these tokens (34 out of 50) were in the red.

儘管最初熱情高漲，但 Runes 因其在比特幣交易費用不斷上漲中所扮演的角色以及未能為大多數投資者帶來豐厚回報而受到了相當多的批評。減半當天，比特幣費用飆升至歷史新高，儘管區塊獎勵減少了 50%，但礦工還是獲得了意外之財。然而，這種活動的激增並沒有轉化為投資者的利潤，根據 OKX 的數據，截至 4 月 29 日，持有數量排名前 50 名的符文數量平均下降了 30%。其中三分之二（50 個中的 34 個）出現虧損。

Despite these setbacks, proponents maintain that it is premature to dismiss Runes, envisioning a future where enhancements to the protocol evolve its utility, facilitating improved trading experiences and broader adoption within the Bitcoin ecosystem. Investors have shared their firsthand trading experiences with Runes.

儘管遇到這些挫折，支持者仍然認為現在放棄 Runes 還為時過早，他們設想未來協議的增強會發展其效用，促進交易體驗的改善和比特幣生態系統內更廣泛的採用。投資者分享了他們使用符文進行交易的第一手經驗。

"I've been there when other protocols launched, and they all sucked in the first few days," said Quary, the pseudonymous founder of Bitcoin marketplace Magisat. "I see no reason not to be bullish [on Runes] in the medium or long term."

比特幣市場 Magisat 的化名創始人誇裡 (Quary) 表示：“其他協議推出時我也參與其中，但它們在最初幾天都表現不佳。” “從中期或長期來看，我認為沒有理由不看好[符文]。”

Unlocking New Horizons for Bitcoin

開啟比特幣新視野

Benjamin Charbit, CEO of metaverse firm Darewise Entertainment, hailed the hype surrounding Runes as "immense." A significant portion of the excitement stems from the potential for memecoins to onboard new retail users into the Bitcoin ecosystem.

元宇宙公司 Darewise Entertainment 的執行長 Benjamin Charbit 稱讚圍繞符文的炒作是「巨大的」。令人興奮的很大一部分源於模因幣將新零售用戶引入比特幣生態系統的潛力。

Runes possesses the ability to extend the functionality of the Bitcoin blockchain, enabling users to tokenize a wide range of real-world assets, including real estate, stocks, commodities, and even other cryptocurrencies such as stablecoins. This capability opens up a wealth of new possibilities for DeFi applications and other use cases within the Bitcoin ecosystem.

Runes 擁有擴展比特幣區塊鏈功能的能力，使用戶能夠對各種現實世界資產進行代幣化，包括房地產、股票、大宗商品，甚至穩定幣等其他加密貨幣。這項功能為 DeFi 應用程式和比特幣生態系統中的其他用例開闢了豐富的新可能性。

"Today's Runes interface is likely not the final iteration, with promising prospects for enhanced user-friendly applications and services on the horizon," said Charbit.

Charbit 表示：“今天的 Runes 介面可能不是最終版本，增強用戶友好型應用程式和服務的前景充滿希望。”

While Runes may have a more pragmatic future beyond serving as a crypto casino, it is primarily known as a haven for memecoins at present. As of April 29, there were over 349,000 Runes holders, according to data from Rune Alpha, representing nearly half of the active addresses on the network as tracked by on-chain data firm IntoTheBlock.

雖然符文除了充當加密貨幣賭場之外，可能還有更務實的未來，但目前它主要被認為是迷因幣的避風港。根據 Rune Alpha 的數據，截至 4 月 29 日，符文持有者超過 349,000 個，佔鏈上數據公司 IntoTheBlock 追蹤的網路上活躍地址的近一半。

Lucas Outumuro, head of research at IntoTheBlock, highlighted the recent decline in Bitcoin's new addresses, which had fallen to their lowest levels in two years. Post-halving, new addresses plummeted to around 267,000 and have remained relatively stagnant, with a few spikes, suggesting that veteran users and speculators still dominate activity rather than retail investors.

IntoTheBlock 研究主管 Lucas Outumuro 強調了比特幣新地址的近期下降，已跌至兩年來的最低水平。減半後，新地址暴跌至 267,000 個左右，並保持相對停滯，有一些峰值，這表明資深用戶和投機者仍然主導著活動，而不是散戶投資者。

Mike Chavez, also known as "Goodthings," an avid evangelist, emphasized the superiority of Runes' early infrastructure compared to any other fungible token standard in crypto history. As Chavez pointed out, Runes was accessible on applications like crypto wallet Xverse from the very beginning.

麥克·查維斯（Mike Chavez），也被稱為“Goodthings”，是一位熱心的佈道者，他強調了 Runes 早期基礎設施相對於加密歷史上任何其他可替代代幣標準的優越性。正如 Chavez 指出的那樣，Runes 從一開始就可以在加密錢包 Xverse 等應用程式上存取。

"We've seen a huge uptick in new users at the launch of Runes," said Ken Liao, CEO of Xverse. "BRC-20 tokens also proved that people want memecoins on Bitcoin."

Xverse 執行長 Ken Liao 表示：“Runes 推出後，我們發現新用戶數量大幅增加。” “BRC-20 代幣也證明了人們想要比特幣上的模因幣。”

Runes and BRC-20: A Comparative Perspective

Runes 與 BRC-20：比較視角

Despite its relative youth, BRC-20 was the dominant fungible token standard on Bitcoin prior to Runes. BRC-20s employ a complex structure that leverages Ordinals, Bitcoin's version of non-fungible tokens, requiring users to bundle BRC-20s into NFT-like assets for transactions. The process is cumbersome, leading Ordinals creator Casey Rodarmor to develop Runes as a more streamlined alternative.

儘管 BRC-20 相對年輕，但它是 Runes 之前比特幣的主要可替代代幣標準。 BRC-20 採用複雜的結構，利用 Ordinals（比特幣版本的不可替代代幣），要求用戶將 BRC-20 捆綁到類似 NFT 的資產中進行交易。這個過程很繁瑣，導致 Ordinals 的創作者 Casey Rodarmor 開發了 Runes 作為更簡化的替代方案。

Runes presents a more efficient approach to creating fungible tokens on the Bitcoin blockchain by addressing the issue of unspent transaction outputs (UTXOs) that often plague BRC-20 tokens. It initiates transactions by identifying unused UTXOs, repurposing these digital leftovers.

Runes 提出了一種更有效的方法，透過解決經常困擾 BRC-20 代幣的未花費交易輸出 (UTXO) 問題，在比特幣區塊鏈上創建可替代代幣。它透過識別未使用的 UTXO 來啟動交易，重新利用這些數位剩餘物。

"Runes is an attractive option for investors seeking efficient token solutions but may not understand or wish to grapple with the complexities of creating NFT-like assets required by BRC-20s," said Jonathan Thomas, CEO of decentralized finance platform Blueberry Protocol. "As Runes gains traction, more users will gravitate towards it, recognizing the alternative it offers, allowing them to create tokens with the same ease as speculators, making Bitcoin's network more accessible."

去中心化金融平台Blueberry Protocol 執行長Jonathan Thomas 表示：「對於尋求高效代幣解決方案但可能不了解或不希望解決BRC-20 所需的類似NFT 資產的複雜性的投資者來說，Runes 是一個有吸引力的選擇。 “隨著符文越來越受歡迎，更多的用戶將被它所吸引，認識到它提供的替代方案，使他們能夠像投機者一樣輕鬆地創建代幣，從而使比特幣網絡更容易訪問。”

A Bitcoin Miner's Perspective on Fee Revenue

比特幣礦工對手續費收入的看法

Bitcoin's proof-of-work consensus mechanism tasks miners with solving complex algorithmic problems to validate transactions. They are rewarded in Bitcoin for their efforts. The halving event cut mining rewards from 6.25 Bitcoin to 3.125, effectively reducing miners' pay and typically resulting in some miners switching off their machines.

比特幣的工作量證明共識機制要求礦工解決複雜的演算法問題以驗證交易。他們的努力得到了比特幣獎勵。減半事件將挖礦獎勵從 6.25 比特幣削減至 3.125 比特幣，有效降低了礦工的工資，通常會導致一些礦工關閉機器。

However, in an unexpected twist, Bitcoin miners reaped higher earnings on halving day rather than experiencing losses. Miners enjoyed one of their most profitable weekends following the halving, raking in $107 million on April 20 alone. Remarkably, over 75% of that revenue came from transaction fees generated by Rodarmor's Runes and Ordinals, including the hunt for "Epic Sats."

然而，出人意料的是，比特幣礦工在減半日獲得了更高的收益，而不是遭受損失。減半後，礦工們度過了最賺錢的周末之一，光是 4 月 20 日就賺了 1.07 億美元。值得注意的是，超過 75% 的收入來自 Rodarmor 的符文和序數產生的交易費用，包括尋找「史詩衛星」。

"Bitcoin fees have declined since the initial release of Runes, but they remain two to three times higher than the week before," Outumuro explained. "Miners can anticipate continued revenue from Runes-related transaction fees, but it is likely to be cyclical. When the market is risk-on, revenue will exceed that of risk-off periods."

「自 Runes 首次發布以來，比特幣費用有所下降，但仍比前一周高出兩到三倍，」Outumuro 解釋道。 “礦工可以預期從符文相關的交易費用中獲得持續的收入，但這很可能是周期性的。當市場處於風險承受期時，收入將超過風險規避期。”

Quarry added that most fee spikes would originate from minting Runes rather than trading them. He identified Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z, the first Rune created after the genesis Rune (UNCOMMON•GOODS), as a primary culprit behind the exorbitant fees at halving, considering its staggering 1.1 million mints.

誇裡補充說，大多數費用飆升將源於符文的鑄造，而不是交易。他認為Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z（創世符文（UNCOMMON•GOODS）之後創建的第一個符文）是減半費用過高的罪魁禍首禍首，考慮到其薄荷糖數量達到驚人的 110 萬枚。

Trading activities could also contribute to fee spikes, albeit to a lesser extent, because "most of the heavy lifting will be passed to centralized exchanges where minimal to nonexistent on-chain activity occurs," he noted.

他指出，交易活動也可能導致費用飆升，儘管程度較小，因為「大部分繁重的工作將轉移到中心化交易所，而鏈上活動很少甚至不存在」。

Less than a week after its inception, the Runes project DOG•GO•TO•THE•MOON by Leonidas, co-founder of Ordinals explorer Ord.io, became available for trading on the exchange Gate.io. However, not all trading activities will take place off-chain, as more decentralized exchanges for Runes are expected to emerge.

啟動不到一周，Ordinals 瀏覽器 Ord.io 聯合創始人 Leonidas 的符文項目 DOG•GO•TO•THE•MOON 就可以在 Gate.io 交易所進行交易。然而，並非所有交易活動都會在鏈下進行，因為預計會出現更多去中心化的符文交易。

Runes: Beyond Memecoins

符文：超越模因幣

While the initial iterations of Runes are largely dominated by memecoin experiments, they are not the end game. According to Franklin Templeton, an investment firm managing $1.6 trillion in assets, Runes positions Bitcoin to compete effectively in the fungible token markets of Ethereum and Solana.

雖然符文的最初迭代主要由模因幣實驗主導，但它們並不是最終的遊戲。據管理 1.6 兆美元資產的投資公司富蘭克林鄧普頓 (Franklin Templeton) 稱，Runes 使比特幣能夠在以太坊和 Solana 的可替代代幣市場中有效競爭。

Runes improves upon the BRC-20 approach by minimizing the accumulation of UTXOs. Excessive UTXOs can strain the network and increase fees, but Runes streamlines the process, ensuring smoother blockchain operation.

Runes 透過最小化 UTXO 的累積改進了 BRC-20 方法。過多的 UTXO 可能會使網路緊張並增加費用，但 Runes 簡化了流程，確保區塊鏈運行更順暢。

"This approach minimizes bloating the blockchain with excess data," said Thomas of Blueberry Protocol. "This method also enables embedding multiple token transfers within a single transaction, which naturally reduces the number of transactions and data nodes required for processing."

Blueberry Protocol 的 Thomas 表示：“這種方法可以最大限度地減少區塊鏈因數據過多而導致的膨脹。” “這種方法還可以在單一交易中嵌入多個代幣傳輸，這自然會減少處理所需的交易和資料節點的數量。”

Sal added, "It would be a mistake to write off Runes at this juncture."

薩爾補充道：“在這個時候取消符文是錯誤的。”

An efficient, fungible token standard is crucial for DeFi, enabling a vast array of financial services on-chain. Ethereum, the dominant blockchain for DeFi with over $54 billion in total value locked, hosts a wide range of decentralized services, including decentralized exchanges and lending and borrowing platforms. These use cases are facilitated by fungible tokens such as stablecoins.

高效、可替代的代幣標準對於 DeFi 至關重要，它可以實現大量的鏈上金融服務。以太坊是 DeFi 的主導區塊鏈，鎖定的總價值超過 540 億美元，提供廣泛的去中心化服務，包括去中心化交易所以及借貸平台。這些用例是由穩定幣等可替代代幣推動的。

"Runes remains a pivotal trendsetter, especially as more memecoins and innovative projects inject utility into their Rune tokens," said Charbit, adding that Opal plans to incorporate utilities such as governance and in-game currency mechanics into its tokens.

Charbit 表示：「Runes 仍然是關鍵的潮流引領者，尤其是隨著越來越多的迷因幣和創新項目為其Rune 代幣注入實用性。」他補充說，Opal 計劃將治理和遊戲內貨幣機制等實用程式納入其代幣中。

According to Liao of Xverse, general users may not yet fully appreciate the potential of Runes, as only the "basic infrastructure" is currently operational. "However, the underlying protocol has improvements that could significantly enhance trading and other applications in the future," said Liao.

Xverse 的 Liao 表示，普通用戶可能還沒有完全意識到 Runes 的潛力，因為目前只有「基礎設施」在運作。 「然而，底層協議的改進可以顯著增強未來的交易和其他應用程序，」廖說。