Amidst Price Weakness, Bitcoin Mania Continues with Ecosystem Expansion as New Runes Tokens & Games Launch

Published: May 07, 2024 at 7:17 am Updated: May 07, 2024 at 7:17 am

In Brief

BitBoy One is more than just a handheld gaming device; it also serves as a Bitcoin wallet with support for apps like Unisat and Xverse to manage assets. The Bitcoin-based gaming console further allows for minting tokens, farming airdrop rewards, and earning points simply by keeping the device running.

The cryptocurrency market is experiencing a downturn in activity as prices start to downtrend, following a strong start to 2024. Despite all the ongoing red in the market, Bitcoin’s price is holding its position above $60K for now, while the total crypto market capitalization is around $2.36 trillion. However, BTC seems to be on its way to breaking its seven-month winning streak.

While the price may not seem appealing, the market development surrounding Bitcoin is anything but stale.

For starters, a total of six spot Bitcoin and Ether ETFs have made their debut in Hong Kong, while Australia is all set to approve crypto ETFs as well before the year is over. So, while there has been a slowdown in demand for ETFs in the US, this may be compensated by the fresh demand in Asia and Australia.

However, what’s far more exciting than this institutional play right now is all that’s happening on-chain. Activity surrounding Bitcoin continues to ramp up as enthusiasts explore the trillion-dollar blockchain’s potential in terms of meme coins, GameFi, and decentralized finance (DeFi).

Compared to Ethereum, the development of DeFi on Bitcoin is relatively limited. For example, the total value locked (TVL) in Ethereum currently stands at $53.5 billion, while Bitcoin’s TVL is at $1.15 billion, according to DeFi Llama. Not only is Bitcoin trailing behind Ethereum, but it also lags significantly behind Tron ($8.1bln), BSC ($5.2bln), Solana ($3.6bln), and Ethereum L2 Arbitrum ($2.57bln). However, it’s on par with Base and Blast, each holding just over $1.4bln in TVL. Notably, the Bitcoin L2 solution, Merlin, has amassed over $1 billion in locked value. [check this number I thought they said 3bn]

Having said that, Bitcoin is currently leading in 7-day average fees, which come in at $9.8 billion, more than double Ethereum’s $4.48 billion, as per data provided by Cryptofees.

This surge in fees is the result of builders launching tokens, games, and protocols on Bitcoin to expand its ecosystem. One particular token that is currently leading this trend is the $GAMES Rune token.

The token was recently launched on centralized exchange (CEX) Gate.io, where it is listed as the top gainer. Trading at $0.798, having surged from around $0.15, the token has a fully diluted valuation of $16.6 mln. And according to CoinGecko, $GAMES (Rune #111 GAME·OF·BITCOIN) is one of the top Runes coin.

Runes is the latest token standard on Bitcoin. Launched during the recent halving event, it aims to simplify the creation of fungible tokens on the blockchain. According to Dune Analytics, since April 19th, the Runes token standard has generated 2,175 BTC in fees. At one point last week, Runes accounted for 81.3% of all transactions that took place on Bitcoin. Even now, this token standard is responsible for over 23% of Bitcoin fees.

Given that Runes is far more resource-efficient than its peers due to leveraging Bitcoin’s UTXO-based system for token creation, GAMES token utilizes the Runes protocol.

GAMES is the brainchild of z3th, the founder of Ordz Games, the first gaming project on Bitcoin. The project has garnered the largest gaming community on Bitcoin.

It features a series of inscriptions for retro games, with the team releasing different types of games each season. Players earn points by playing games, and the top performers are rewarded with a utility token based on their scores. The utility token co-exists on the Runes protocol as GAME·OF·BITCOIN, and BRC-20 as $ORDG, and is bridgeable between the two standards. This utility token is used to participate in future drops, obtain boosts, and trade in-game assets. To get started, players need a BTC Taproot wallet address.

Earlier this month, Ordz Games launched the phygital (physical and digital) device BitBoy One, which interacts with the GAMES token.

Given the vast and passionate community of Bitcoin Ordz Games, the initial batch of the BitBoy One was sold out in a matter of two minutes during public sale.

The BitBoy Genesis was a supply of 1000 limited editions, with each order including a digital NFT and a physical gaming device. The world’s 1st Web3 gaming device gives unlimited access to all Ordz Games, promises to run emulated classic handheld, console, and arcade games, and offers extra mining points to boost rewards.

With its device, Ordz Games aims to enhance the gaming experience and take the Bitcoin space forward, which is already growing at a rapid pace as both retail and institutions explore its vast potential.

Disclaimer

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About The Author

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.