符文：革命性协议引发比特币生态系统的炒作和争议

比特币减半事件恰逢 Runes 首次亮相，这是一种新的比特币可替代代币协议。 Runes 引发了围绕 memecoin 和比特币进军 DeFi 潜力的炒作。尽管最初热情高涨，但符文仍因高额交易费用和缺乏盈利能力而受到批评，而比特币矿工则发现与符文交易相关的费用收入激增。然而，支持者认为符文有潜力发展成为一种更通用的协议，增强比特币的功能并促进其生态系统内更广泛的采用。

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

符文的兴起和影响：比特币的游戏规则改变者

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.

最近的比特币减半事件通常是唯一的关注焦点，而备受期待的 Runes 首次亮相也成为人们关注的焦点，这是一种突破性的可替代代币协议，迅速抢尽风头。 Runes 的推出引发了围绕 memecoin 潜力的前所未有的炒作浪潮，并在较小程度上揭示了利用比特币网络中不断增长的 DeFi 运动的新途径。

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.

尽管最初热情高涨，但 Runes 因其在比特币交易费用不断上涨中所扮演的角色以及未能为大多数投资者带来丰厚回报而受到了相当多的批评。减半当天，比特币费用飙升至历史新高，尽管区块奖励减少了 50%，但矿工还是获得了意外之财。然而，这种活动的激增并没有转化为投资者的利润，根据 OKX 的数据，截至 4 月 29 日，持有数量排名前 50 的符文数量平均下降了 30%。其中三分之二（50 个中的 34 个）出现亏损。

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.

尽管遇到这些挫折，支持者仍然认为现在放弃 Runes 还为时过早，他们设想未来协议的增强会发展其效用，促进交易体验的改善和比特币生态系统内更广泛的采用。投资者分享了他们使用符文进行交易的第一手经验。

"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."

比特币市场 Magisat 的化名创始人夸里 (Quary) 表示：“其他协议推出时我也参与其中，但它们在最初几天都表现不佳。” “从中期或长期来看，我认为没有理由不看好[符文]。”

Unlocking New Horizons for Bitcoin

开启比特币新视野

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 的首席执行官本杰明·查比特 (Benjamin Charbit) 称赞围绕符文的炒作是“巨大的”。令人兴奋的很大一部分源于模因币将新零售用户引入比特币生态系统的潜力。

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 拥有扩展比特币区块链功能的能力，使用户能够对各种现实世界资产进行代币化，包括房地产、股票、大宗商品，甚至稳定币等其他加密货币。这一功能为 DeFi 应用程序和比特币生态系统中的其他用例开辟了丰富的新可能性。

"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 界面可能不是最终版本，增强用户友好型应用程序和服务的前景充满希望。”

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.

虽然符文除了充当加密货币赌场之外，可能还有更务实的未来，但目前它主要被认为是模因币的避风港。根据 Rune Alpha 的数据，截至 4 月 29 日，符文持有者超过 349,000 个，占链上数据公司 IntoTheBlock 追踪的网络上活跃地址的近一半。

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 强调了比特币新地址近期的下降，已跌至两年来的最低水平。减半后，新地址暴跌至 267,000 个左右，并保持相对停滞，有一些峰值，这表明资深用户和投机者仍然主导着活动，而不是散户投资者。

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.

迈克·查韦斯（Mike Chavez），也被称为“Goodthings”，是一位热心的布道者，他强调了 Runes 早期基础设施相对于加密历史上任何其他可替代代币标准的优越性。正如 Chavez 指出的那样，Runes 从一开始就可以在加密钱包 Xverse 等应用程序上访问。

"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 首席执行官 Ken Liao 表示：“Runes 推出后，我们发现新用户数量大幅增加。” “BRC-20 代币也证明了人们想要比特币上的模因币。”

Runes and BRC-20: A Comparative Perspective

Runes 和 BRC-20：比较视角

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.

尽管 BRC-20 相对年轻，但它是 Runes 之前比特币的主要可替代代币标准。 BRC-20 采用复杂的结构，利用 Ordinals（比特币版本的不可替代代币），要求用户将 BRC-20 捆绑到类似 NFT 的资产中进行交易。这个过程很繁琐，导致 Ordinals 的创造者 Casey Rodarmor 开发了 Runes 作为一种更简化的替代方案。

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 提出了一种更有效的方法，通过解决经常困扰 BRC-20 代币的未花费交易输出 (UTXO) 问题，在比特币区块链上创建可替代代币。它通过识别未使用的 UTXO 来启动交易，重新利用这些数字剩余物。

"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 首席执行官 Jonathan Thomas 表示：“对于寻求高效代币解决方案但可能不了解或不希望解决 BRC-20 所需的类似 NFT 资产的复杂性的投资者来说，Runes 是一个有吸引力的选择。” “随着符文越来越受欢迎，更多的用户将被它所吸引，认识到它提供的替代方案，使他们能够像投机者一样轻松地创建代币，从而使比特币网络更容易访问。”

A Bitcoin Miner's Perspective on Fee Revenue

比特币矿工对手续费收入的看法

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.

比特币的工作量证明共识机制要求矿工解决复杂的算法问题以验证交易。他们的努力得到了比特币奖励。减半事件将挖矿奖励从 6.25 比特币削减至 3.125 比特币，有效降低了矿工的工资，通常会导致一些矿工关闭机器。

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，比特币矿工在减半日获得了更高的收益，而不是遭受损失。减半后，矿工们度过了最赚钱的周末之一，仅 4 月 20 日就赚了 1.07 亿美元。值得注意的是，超过 75% 的收入来自 Rodarmor 的符文和序数产生的交易费用，包括寻找“史诗卫星”。

"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 首次发布以来，比特币费用有所下降，但仍比前一周高出两到三倍，”Outumuro 解释道。 “矿工可以预期从符文相关的交易费用中获得持续的收入，但这很可能是周期性的。当市场处于风险承受期时，收入将超过风险规避期。”

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.

夸里补充说，大多数费用飙升将源于符文的铸造，而不是交易。他认为 Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z（创世符文（UNCOMMON•GOODS）之后创建的第一个符文）是减半费用过高的罪魁祸首，考虑到其薄荷糖数量达到惊人的 110 万枚。

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，交易活动也可能导致费用飙升，尽管程度较小，因为“大部分繁重的工作将转移到中心化交易所，而链上活动很少甚至不存在”。

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.

启动不到一周，Ordinals 浏览器 Ord.io 联合创始人 Leonidas 的符文项目 DOG•GO•TO•THE•MOON 就可以在 Gate.io 交易所进行交易。然而，并非所有交易活动都会在链下进行，因为预计会出现更多去中心化的符文交易。

Runes: Beyond Memecoins

符文：超越模因币

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.

虽然符文的最初迭代主要由模因币实验主导，但它们并不是最终的游戏。据管理着 1.6 万亿美元资产的投资公司富兰克林邓普顿 (Franklin Templeton) 称，Runes 使比特币能够在以太坊和 Solana 的可替代代币市场中有效竞争。

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 通过最小化 UTXO 的积累改进了 BRC-20 方法。过多的 UTXO 可能会使网络紧张并增加费用，但 Runes 简化了流程，确保区块链运行更顺畅。

"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：“这种方法可以最大限度地减少区块链因数据过多而导致的膨胀。” “这种方法还可以在单​​个交易中嵌入多个代币传输，这自然会减少处理所需的交易和数据节点的数量。”

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

萨尔补充道：“在这个时候取消符文是错误的。”

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、可替代的代币标准对于 DeFi 至关重要，它可以实现大量的链上金融服务。以太坊是 DeFi 的主导区块链，锁定的总价值超过 540 亿美元，提供广泛的去中心化服务，包括去中心化交易所以及借贷平台。这些用例是由稳定币等可替代代币推动的。

"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 仍然是关键的潮流引领者，尤其是随着越来越多的模因币和创新项目为其 Rune 代币注入实用性。”他补充说，Opal 计划将治理和游戏内货币机制等实用程序纳入其代币中。

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，普通用户可能还没有完全意识到 Runes 的潜力，因为目前只有“基础设施”在运行。 “然而，底层协议的改进可以显着增强未来的交易和其他应用程序，”廖说。