Morning Minute | Fungible Tokens on Bitcoin?

Morning Minute | Fungible Tokens on Bitcoin?

TylerD's Market Summary

Fungible tokens on Bitcoin - who says no? And a Blur farmer and a Wombat wreak havoc on the FriendTech market. Read on for more.

๐ŸŸ  Runes Brings Fungible Tokens to Bitcoin

Is a new fungible token protocol coming to Bitcoin?

Casey (@rodarmor) thinks it might, and laid out a blog post yesterday introducing how it could work.

Though he leads with the statement "I'm not sure creating a new fungible token protocol for Bitcoin is a good idea," he goes on to say the benefits likely outweigh the risks.

So he introduced Runes as a new fungible token protocol for Bitcoin.

The goal - to alleviate challenges in existing protocols like BRC-20 and RGB, which are complex, UTXO-unfriendly, and dependent on off-chain data.

The Details

Here's a quick TLDR of Casey's post:

  • Complexity and User Experience: Runes is envisaged to be a simple, user-friendly protocol, resolving the complexities and user inconveniences prevalent in existing protocols.
  • State Model: Runes promotes UTXO set minimization, harmonizing with Bitcoin’s infrastructure, and averting the formation of unwanted UTXOs.
  • Native Token Impact: Unlike some existing protocols, Runes doesn’t necessitate a native token for operations, eliminating cumbersome processes and fostering wider adoption.
  • UTXO-Based Protocol: Runes’ UTXO-based nature holds balances, allowing for an inclusion of any amount of any number of runes in a UTXO.

Now the important question - does Bitcoin need this? And should it exist?

Casey isn't sure, but that probably doesn't matter.

Development is likely already underway. Stay tuned to see how this develops and what the implications are.

๐Ÿ‘ฅ Friend Tech Trend Tracker

It was another green day in the Friend Tech market with TVL crossing $40M, volume up and a new cartel-focused (3,3) strategy.

Let's start with the numbers.

Here are some of the core Friend Tech metrics for 9/25 and their day-over-day change:

  • Return users: 7,472 -> 8,268 (+11%)
  • Daily Buy volume: $4.4M -> $4.56M (+4%)
  • Total Volume: $7.9M -> $8.3M (+5%)
  • TVL: $39.2M -> $40.69M* (+4%)
  • Highest key: Vombatus 7.22 -> 7.31 (+1%)

*9% of TVL is from self-buyers (down from a peak of 15%) per Slice Analytics' new dashboard.

So TVL from self-buyers continues to drop, now just ~$3.7M compared to a high over $5M. And that money is seemingly rotating back in to the ecosystem, likely via 3,3.

Vombatus continues to build his lead over Racer after showing signs of 3,3, now separated by 0.5 ETH (Vombatus at 7.31 and Racer at 6.8).

The top of the leaderboard now represents different metas:

  • Vombatus at 7.31 ETH (a bet on chaos)
  • Racer at 6.8 ETH (a bet on the FriendTech index)
  • Levi at 5.15 ETH (a bet on 3,3 and the "townhall")

And it looks like a new joiner is going to hit soon, with CBB surging 10% on the day to 4.4 ETH (a bet on farmers).

Just 2 days after announcing the "Central Bank Buyback (C,B,B) program," CBB introduced the "Cartel Buy Bank program" where the cartel members tied to CBB each executed a massive 3,3 with their holders.

The market reacted strongly, with each of the cartel members soaring 50%+ to the 0.7 ETH range (bitgoten leading at 0.91 ETH).

CBB is already making a major impact on FT, less than a week into his debut.

When will the other major Blur farmers take note and come over?

A few other trends and developments we saw:

  • New tool: Bread introduced his new portfolio manager in beta, including (3,3) obligations, bulk buying and selling, aggregated user data, discovery tools, profile pages and more
  • Recent "whale" FundPublic fell over 50% on the day to 0.75 ETH after concerns and red flags surfaced, shedding light on the risks of blindly chasing large depositors
  • Other notable winners on the day included:
    • mj23 +17% to 1.98 ETH after rotating from self-buying to 3,3
    • Levi +5% to 5.15 ETH, clearing the 5 ETH level
    • Several 3,3ers in the 0.3-0.4 ETH range who jumped 50% or more after deploying ETH

If you like this content, catch our morning Friend Tech show at 10 am ET.

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • Trading volume came in at $7.6M (4,800 ETH) on Monday, while the leaderboard chopped in a +/-2% range; Beef Brothko and the TradeAI projects led top movers
  • Jerks minted out Monday afternoon for 0.069 ETH and ran to 0.169 overnight, a quick +140% gain for minters
  • Sugartown Oras staking will go live on Wednesday, providing Oras holders with "Energy," which will be required to participate in community events and win prizes (Oras -9% to 0.27 ETH)
  • Bored Ape Yacht Club teased a new collab with fashion brand BAPE on Monday (with limited info)
  • Digital art platform Verse, will host William Mapan' "Intimacy," an exhibition showcasing two new generative art series called "Sketchbook A" and "Through Your Eyes" with a physical exhibition opening on Oct 3 in London
  • NBA Top Shot introduced "Run It Back Eras," starting with Run It Back packs focused on 2014-2019 that will include Aaron Gordon's Dunk Contest prowess, Dirk's final home game
  • Grant Yun teased a collab with Ledger featuring his iconic "Cow" artwork on their physical devices
  • NFT lending protocol Zharta amplified its pledge to responsible decentralization in its latest manifesto, deepening its vision for individual empowerment through financial sovereignty; Zharta has $1.2M in TVL and has facilitated $2.67M in loans at time of writing
  • DraftKings Reignmakers has seen 4 cards sell for over $10,000 in the past week, with a Josh Allen REIGNMAKER tier card the latest selling for $15,000 to rsbathla

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

  • The crypto market was up slightly; BTC +0.5% at $26,200; ETH +1% at $1,590; SOL -0.7% at $19.31
  • Michael Saylor's MicroStrategy announced it has acquired another 5,445 BTC for $147M, notching their holdings up to 158,245 BTC
  • BBC is releasing a new show about Sam-Bankman Fried called "Downfall of the Crypto King" 

๐Ÿš€ NFT Total Volume

  • BAYC (1,644 ETH, 23.77 ETH Floor)
  • MAYC (510 ETH, 4.75 ETH)
  • DeGods (485 ETH, 3.25 ETH)
  • Azuki (308 ETH, 3.81 ETH)
  • Pudgy Penguins (267 ETH, 4.65 ETH)

๐Ÿ“ˆ NFT Floor Price Increase

  • Beef Brothko (52%, 0.56 ETH Floor)
  • Memewhales (45%, 6.5 ETH)
  • AnarKey (33%, 15 ETH)
  • Pirate Nation (29%, 0.2  ETH)
  • Ether Avatar (28%, 0.14 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a busy day of drops, with too many to list.

The highlight is Fewo World, being in the works for 12+ months and finally making its debut. Mercedes-Benz NXT is back as well, along with a handful of other art mints.

For those who want to dive in, see the full list and more details from Swizzy's daily mint monitor

  • Mercedes-Benz NXT (11:00 a.m. ET)
  • Block Games (11:00 a.m. ET)
  • Fewo World (12:00 p.m. ET)
  • Yuga - Legends of the Mara (5:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email

For all volume and floor price data, see Lucky Trader's Project Rankings page.

For all upcoming mints, see Lucky Trader's NFT Calendar page.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.