Xverse, a leading Bitcoin wallet, has announced that it will support the upcoming Runes protocol, a new standard for fungible tokens on Bitcoin.
Xverse, a leading Bitcoin wallet, has announced that it will support the upcoming Runes protocol, a new standard for fungible tokens on Bitcoin. Xverse has added testnet support for Runes, allowing users to interact with Runes tokens and apps on testnet. The wallet will support Runes on mainnet as soon as the protocol is deployed.
Runes, developed by Ordinals protocol creator Casey Rodarmor, aims to provide a more efficient way to mint and transact fungible tokens on Bitcoin. The protocol is set to launch on Bitcoin's mainnet alongside the halving event in April.
"We're very excited to be the first wallet that offers full support for the highly anticipated Runes protocol," said Xverse founder and CEO Ken Liao. "With this testnet support launch, builders can start testing their Runes apps and seed the growth of a new Bitcoin layer-1 ecosystem."
The BRC-20 token standard, which is built on top of the Ordinals protocol, has gained significant traction in the past year. However, it has faced challenges such as network congestion and inconsistencies between token indexers. Runes, on the other hand, claims to offer a more efficient and elegant solution. The protocol does not require an indexer and is designed to be more scalable than BRC-20.
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