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➡️ #BitcoinStrategicReserveAct#
— On May 7, New Hampshire became the first U.S. state to include Bitcoin in its strategic reserves. The new HB 302 bill allows up to 5% of public funds to be invested in digital assets and precious metals with a market cap over $500B.
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— The Fed will announce its May rate decision on May 8. Despite pressure to cut, markets expect no change. How do you think this will impact the market?
✍️ Post with #Bitcoin
The three major narratives of the Bitcoin ecosystem: Runes 2.0: Alkanes & RSM, is the next ORDI emerging?
Prologue
Recently, the market capitalization of the $METHANE token in the calm #Bitcoin 生态泛起一丝涟漪，被认为开局即巅峰的 #Alkanes protocol surged from around 1M to over 10M in a short time, attracting the attention of many communities and KOLs who have joined the #Alkanes construction. Support from various tools continues to come in one after another, and the Bitcoin ecosystem hasn't been this lively in a long time, seemingly returning to the explosive era of Bitcoin ecosystem protocols in 2023. To date, $METHANE has stabilized above a market cap of 10 million and is referred to by the community as the next $ORDI. Such situations of doubling in a day are common on SOL and BSC, but in the current Bitcoin ecosystem environment, even the slightest ripple is like a thunderclap, stirring up countless noises. It's like a blind person suddenly seeing light, filled with beautiful expectations for the future.
I refer to the Alkanes protocol as Runes 2.0. Alkanes is built on the foundation of Runes and is a meta-protocol that introduces smart contracts to Bitcoin L1.
So under what circumstances was the Alkanes protocol born?
The matter needs to start with Runes...
Memory Mode
The Birth of Runes
Runes were first proposed by Casey @rodarmor (the founder of the Ordinal protocol) in September 2023 as an alternative to BRC20. BRC20 has been criticized for relying on JSON inscriptions, which lead to on-chain data redundancy, network congestion, and high gas fees. Runes utilize Bitcoin's UTXO model and the OP_RETURN opcode to design a more efficient and streamlined token issuance mechanism, aiming to improve performance and reduce the burden on the network.
Features
Development and****Impact
Current Situation and Challenges
By April 2025, the Rune ecosystem will have taken shape, with thousands of Rune tokens in circulation and some leading projects (such as #RSIC、#DOG) showing impressive market value performance. However, Runes still face challenges:
Application limitations: Similar to BRC20, Rune mainly stays at the "issuance + trading" level, lacking complex application scenarios.
Market competition: The DeFi and MEME ecosystems of chains like Ethereum and Solana are more mature, attracting significant funds and attention, and Rune needs to find a unique positioning.
Turning Point
At this time, Alkanes quietly went online on March 18, sparking heated discussions within the Bitcoin community.
What are Alkanes?
Alkanes is an application layer meta-protocol based on Bitcoin, designed to implement smart contract functionality on Bitcoin L1 through the Protorunes protocol and OP_RETURN outputs, supporting decentralized application (dApp) development.
Technical Implementation
Alkanes uses Rust to write smart contracts, compiles them into WebAssembly (WASM), and stores them in compressed file form on the Bitcoin blockchain through witness scripts, ensuring efficient deployment and execution.
Protocol Features
Building on the Runes and Ordinals protocols, Alkanes integrates the Metashrew indexer to provide verifiable on-chain state management and asset views, supporting complex trust protocols and state machines.
Advantages
No need to trust third parties, Alkanes utilizes the decentralized nature of Bitcoin to ensure the security and transparency of smart contracts, providing developers with flexible dApp building tools.
The launch of Alkanes sparked heated discussions, but the enthusiasm did not last long and was quickly submerged in the current situation, becoming a representation of reaching the peak as soon as it debuted. However, with the support of iDclub@idclub_ordMarketplace, it has been rejuvenated, igniting a blazing fire, subtly illuminating the Bitcoin ecosystem.
The curtain has quietly opened on the DeFi empire of the Bitcoin ecosystem, and the story is far from over.
The Runes2.0 plan is not solely from Alkanes.
In June 2024, Mikael@MikaelBTC proposed a programmable rune solution called RSM (Runes State Machine) @RSM_Runes, which was the only Runes protocol at the time, gaining immense popularity. The protocol's token $RSM reached a market value of tens of millions, could this be the next ORDI?
What is RSM?
#RSM是一个可编程符文解决方案，一个由Mikael @MikaelBTC 为Bitcoin L1上的 # Runes and Bitcoin, Runes 2.0, RunesFi and BTCFi's Turing complete state machine.
Technical Implementation
Smart contracts drive state management, with transactions triggering decentralized computations; the UTXO and state machine dual model is converted through burn2/burn3 and mint2/mint3; decentralized computations without custody; token nesting supports independent logic; DAO governance contract (Contract-001). RSM utilizes Bitcoin consensus to ensure security, and the modular design expands dApps development capabilities.
Protocol Features
The RSM protocol endows the Rune protocol with powerful programmability and DeFi potential through features such as Turing completeness, dual-model architecture, decentralized computation and governance, and token nesting. It balances the security and scalability of Bitcoin, supports the development of complex dApps, while maintaining decentralization and user control. Its openness and community-driven approach inject vitality into the Bitcoin Layer 1 ecosystem.
Advantages
The RSM protocol provides unique advantages to the Rune protocol through its powerful programmability, decentralized security, dual-model flexibility, modular scalability, community governance, Bitcoin compatibility, and open ecosystem. It significantly enhances the DeFi potential of Layer 1 while maintaining the core characteristics of Bitcoin, offering developers a flexible framework and users a secure and reliable experience.
Differences Between the Two Major Runes 2.0 Solutions
Alkanes: Alkanes are based on Runes but are an independent protocol, facing challenges in requiring support from mainstream trading markets in the Bitcoin ecosystem such as OKX@OKXWallet_CN, UniSat@unisat_wallet, Magic Eden@MEonBTC, etc.
RSM: RSM is a solution for programmable Runes, facing the challenge of convincing the founder of the Runes protocol, Casey@rodarmor, to adopt its solution and upgrade the original Runes protocol.
Epilogue
Although Alkanes and RSM are two different agreements, they both make a significant contribution to solving the liquidity issues in the Bitcoin ecosystem and addressing the challenges of decentralized DeFi.
Runes 2.0 will eventually explode, allowing the Bitcoin ecosystem to shine with dazzling brilliance.
Make Bitcoin Magic Again！！！