OKX Adds Support for Fungible Token Standard Runes Following the Bitcoin Halving

OKX is pleased to announce that they’ve added support for Runes, a new fungible token standard by Casey Rodarmor, a former Bitcoin developer and artist, following the recent Bitcoin halving.

With this addition, OKX users can now reportedly “create, mint, manage and trade Runes on our Marketplace.”

In the wake of the Bitcoin halving, OXX claim they are the first platform “to offer zero-fee Runes trading on mobile.”

As part of this launch, the initial Runes tokens “available to trade on their OKX Marketplace include UNCOMMON.GOODS, PUPS and WZRD.”

Runes stands out in “an era characterized by the proliferation of digital tokens due to its unique UTXO-based structure.”

This inscription standard has been integrated into the Bitcoin network, “simplifying the creation and management of tokens. It offers a streamlined alternative to traditional models, reducing blockchain bloat and significantly improving scalability.”

Before implementing Runes support, their Web3 team at OKX hosted “an X Spaces session alongside Pups, NODES and WorldPeaceBitcoin for a Q&A called ‘Pre-Halving Power Hour.’

The X Spaces session focused on Runes “as the ‘next biggest thing on Bitcoin,’ highlighting our commitment at OKX to shaping the future of the Runes ecosystem alongside key projects.”

In celebration of this new addition, OKX also recently “enhanced the prizes for their Bitcoin halving-themed ‘OKX Web3 Bitcoin Drop’ campaign.”

This campaign, focused “on increasing engagement on the Bitcoin network, now includes 1 Runestone in addition to the original 1 BTC prize.”

OKX’s introduction of Runes support aligns with their broader vision at OKX of driving innovation and pushing “the boundaries of what’s possible within the Bitcoin ecosystem.”

OKX also notes that they recently expanded their offerings “with the addition of Atomicals (ARC-20) and Stamps (SRC-20) support.”

In a separate update, OKX has also commented on the recent Bitcoin halving event.

Lennix Lai from OKX notes:

“The halving is a significant event that underscores the technological strength and resiliency of Bitcoin. As a fundamental feature of Bitcoin’s design, the halving mechanism means that the block reward will be cut in half, slowing the introduction of the remaining coins that can be mined and released into the market. The big picture is this: out of the maximum supply of 21 million, about 1.35 million bitcoin are left to be mined between now and the final halving in the year 2140.”

They added:

“Notably, this halving is set against the backdrop of a rapidly evolving market landscape. Since the previous halving event, we’ve seen significant developments including an influx of institutional investors, the development of more advanced trading infrastructure, and a growing mainstream acceptance of cryptocurrencies. These factors have collectively worked towards creating an optimistic environment for Bitcoin, and its price has appreciated significantly in recent months.”

They also shared:

“In theory, a reduction in the supply of new bitcoin should create a bullish sentiment in the market. Taking stock of the market landscape today, however, I think that it’s likely that the halving has been priced-in for a few months. The BTC funding rate at OKX has flattened over the past week, implying that traders’ sentiment has softened from bullish to more normalized expectations. The funding rate for altcoins has also recently trended negative, implying leveraged longs has been downsized or liquidated. Crypto traders appear to be reducing their risk exposure in light of geopolitical uncertainty and revised expectations on rate cuts from central banks. Short term volatility is likely.”

They further noted:

“Zooming out, though, events such as the halving, increased investor understanding of the asset through media coverage, and the introduction of ETFs and other mainstream crypto events have made Bitcoin’s scarcity more apparent to investors. This understanding has been further facilitated by notable financial institutions like BlackRock, Fidelity and ARK Invest, which have provided easy access to Bitcoin, leading to substantial inflows over time.”

They also mentioned:

“Despite the potential short-term fluctuations, the Bitcoin halving serves as a reminder of the cryptocurrency’s resilience. The halving mechanism, hard-coded into Bitcoin’s protocol, ensures a predictable and transparent supply schedule, setting it apart from traditional fiat currencies. As the crypto industry continues to mature, the significance of the Bitcoin halving extends beyond its immediate impact on price. It represents a testament to the robustness of the cryptocurrency’s economic model and its ability to withstand the test of time.”

They concluded:

“While the halving may not be the sole driver of Bitcoin’s price in the short term, it remains a crucial component of the cryptocurrency’s long-term value proposition. As the industry continues to innovate and adapt, the Bitcoin halving will serve as a benchmark for the resilience and staying power of cryptocurrencies…. It is evident that regulators in many countries are beginning to develop frameworks for user protection and crypto technology access, which are key elements for the growth of regional crypto hubs. As regulations advance, Bitcoin and other cryptocurrencies’ utility and adoption will continue to grow and accelerate, pointing to a bright future for the sector.”



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