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Magic Eden Debuts Bitcoin Runes Platform Ahead of Schedule

Magic Eden launches early a new Bitcoin Runes platform, allowing BTC swaps and purchases using a Magic Eden wallet.
By Kelvin Munene Murithi
April 23, 2024
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Highlights

  • Magic Eden's Bitcoin Runes platform launches early, enhancing BTC fungibility.
  • Platform introduces Swaps View, streamlining BTC for Runes purchases.
  • Magic Eden's daily volume hits $23.42 million with Bitcoin Ordinals market.

Magic Eden, a prominent player in the NFT marketplace, has introduced its latest innovation—a platform for Bitcoin Runes. Scheduled for release on April 23, 2024, the platform was released earlier, according to a company representative. Among the features of this new update is the possibility of transferring BTC and buying Runes and Ordinals directly with your Magic Eden wallet.

Bitcoin Runes are a development stage in the operation principle of the Bitcoin network and are based on the idea proposed by Bitcoin Ordinals. Ordinals encode metadata in the form of images or text onto the smallest units of BTC, which are satoshis. Runes further developed this idea to produce fungible tokens on Bitcoin, which would add more value to the network for digital asset management.

Understanding Bitcoin Runes and Ordinals

Bitcoin Runes are a development stage in the operation principle of the Bitcoin network and are based on the idea proposed by Bitcoin Ordinals. Ordinal metadata, including images or texts, are ascribed to the smallest units of BTC, known as satoshis. Runes further developed this idea to produce fungible tokens on Bitcoin, which would add more value to the network for digital asset management.

The next generation of Magic Eden’s platform includes support for these innovations while stressing security and reliability. Adopting the Unspent Transaction Output (UTXO) model for on-chain data storage, Runes is able to leverage Bitcoin’s strong security architecture, hence reducing the threat of weaknesses. This method guarantees that the system is built on a firm base of security and stability.

Expansion and Support for Multiple Blockchains

Magic Eden has been active in expanding its services to several blockchain ecosystems. Predominantly Solana-centric, the marketplace has been enriched with functionality to support Ethereum, Polygon, and now Bitcoin. The inclusion of the Bitcoin Runes site is another part of Magic Eden’s plan to broaden its scope of services and attract different types of clients.

Moreover, Magic Eden released a Bitcoin NFT marketplace in March 2023 aimed at supporting Ordinals by enabling trading and management of these unique digital assets. The trading volume in the marketplace has been noteworthy, with $23.42 million daily transactions pointing to the rising interest and market prospects of Bitcoin-based NFTs.

Read Also: Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor's in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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