The creators of Bioniq, a market for Bitcoin– based antiques, released Odin.fun Thursday– intending to revitalize a lukewarm Runes meme coin market by matching Solana‘s exceptionally popular Pump.fun token launchpad.
Letting users introduce Bitcoin-based meme coins in such a way that parallels the popular Solana app, Odin.fun was created around speed, Bioniq CEO and co-founder Bob Bodily informed Decrypt The platform includes two-second deal finality, according to a news release, making sure that traders aren’t lingering for meme coins to strike (or leave) their wallets.
” Meme coins require to be traded at the speed of light,” Bodily stated. “There’s something about the degen mindset where you need to have the ability to offer your position instantly since individuals overbuy insane things, and as they’re viewing the chart, they get distressed.”
Released along with Bitcoin’s so-called quadrennial halving by Casey Rodarmor in 2015, Runes are successfully Bitcoin-based meme coins. They include technical peculiarities compared to meme coins released on Solana or Ethereum, nevertheless, due to Bitcoin’s absence of clever agreements.
On the NFT market Magic Eden, which started supporting Runes at launch, users should negotiate Runes in batches. Rather of having the ability to define a particular amount of Runes, a purchaser, for instance, would need to discover an offer amongst a series of lots that sellers have actually noted.
On top of that, Runes deals are typically constrained by Bitcoin’s block times, where a fresh set of validated deals is included onto Bitcoin’s blockchain every 10 minutes.
most bullish runes news considering that pre-runes
— Udi|BIP-420 (@udiWertheimer) January 30, 2025
The friction related to Runes has drawn unfavorable chatter online. Runes saw a flurry of activity at launch, representing 81% of Bitcoin’s network activity, however interest has actually subsided
Over the previous week, significant Runes have actually dealt with pressure, as the cost of jobs like canine • GO • TO • THE • MOON and PUPPY • WORLD • PEACE have actually fallen by 10% each, per Magic Eden
” The recently and a half or two, there’s been a great deal of chaos in the neighborhood,” Bodily stated. “You have a truly great fungible token requirement on Bitcoin– it’s still truly rough around the edges.”
On The Other Hand, Pump.fun has actually become a juggernaut on Solana, protecting countless dollars in costs amidst a limitless tsunami of meme coins. The platform’s simpleness made it possible for anybody, even kids, to introduce a meme coin for just a couple of dollars worth of crypto.
Like Pump.fun, Runes developed through Odin.fun at first trade on a “ bonding curve” That implies a Rune’s cost will increase along a predefined curve up until a market cap of one Bitcoin is reached, and the token then shifts over to Odin.fun’s integrated automated market maker
Bioniq started establishing Odin.fun 3 months earlier, and Bodily stated the platform’s secret sauce come down to Dfinity’s Web Computer System ( ICP). Bioniq tapped ICP’s blockchain network to successfully develop an “under-the-hood” app-chain for Odin.fun called Valhalla, Bodily stated, allowing a quicker and smoother trading experience than Bitcoin’s blockchain can provide alone.
Odin.fun likewise intends to provide a smooth trading experience by using so-called session secrets, which get rid of the requirement for users to validate every deal they make.
Presently in beta, Bodily stated that around 200 users are checking Odin.fun. So, while it might stagnate the needle on Runes-related activity instantly, a complete launch is set for Monday.
Modified by Andrew Hayward
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