Mine Labs is building RuneMine, infrastructure to scale the emerging Bitcoin economy via Solana.
RuneMine contracts have been live on Solana and Bitcoin mainnet since the halving in April 2024, earning protocol revenue at an annualized run rate of up to $2.6m ARR, in a limited phased rollout. Contrary to industry norms, we have taken a product first approach and delayed issuing a token until first establishing strong product market fit.
As the bridge expands to plug Solana into all emergent Bitcoin rollups and L2s, the time has come to put the protocol into the hands of our rapidly growing community via the governance token: MINE.
We beckon the Jupiter Cadets and to explore this LFG proposal and understand the opportunity that lies ahead.
Introduction
We are in the earliest stages of new forms of digital assets on Bitcoin - from Ordinals to metaprotocols like BRC20 and Runes, and BTC - all of which have limited use cases owing to the lack of infrastructure on Bitcoin mainnet.
The stage is set to compete for BTC and Bitcoin-derived assets off Bitcoin mainnet. Bitcoin Layer 2s offer a solution, as do custodial forms of BTC like WBTC and more recently, cbBTC by Coinbase.
To maintain its competitive advantage, Solana needs reliable, secure infrastructure to trustlessly onboard BTC and Bitcoin assets. Enter RuneMine. We’re building a new crosschain architecture to open the gate for trillions in digital assets to seamlessly move between Solana, Bitcoin L1, and L2s. An initial version of the bridge is bi-directionally live on mainnet and currently generating protocol revenue in a permissioned, phased rollout.
With an LFG launch, RuneMine lays the foundation for a future of Bitcoin on Solana, orchestrated by the MINE token. The LBP will be an exciting opportunity for the Jupiter community, giving them priority access to the token at an earlier stage and thus greater say in the direction of the protocol.
The launch of $MINE on LFG will be a special event for all communities involved as well as our dedicated RuneMine early supporters who have been with us from the start. Your unwavering support has been instrumental in our journey, and we are committed to continuing to build products that you love to use.
To foster inclusivity and accessibility, the LBP phase will be open to everyone, ensuring a broad distribution of $MINE tokens and allowing both early supporters and new participants to get involved. While the LBP welcomes all, we have tailor specific rewards and priorities to the Jupiter community and our most committed early backers, recognizing their contributions and active involvement in shaping the future of RuneMine.
The new generation of Bitcoin metaprotocol assets are a powerful conduit for value and culture exchange.
RuneMine holds Solana as the optimal layer for amplifying Bitcoins’s capabilities. By onboarding millions in Bitcoin assets to Solana and vice versa, we unlock unprecedented opportunities for liquidity, value exchange, and cultural integration. RuneMine connects these two worlds, propagating a unique blend of cultural richness and financial functionality. The chemistry is undeniable.
Appreciation for Community and Early Supporters
As RuneMine continues its rapid growth, we are dedicated to recognizing and rewarding those who have supported us during this initial explosive phase.
Exclusive LFG Vault Access for Dedicated Supporters: Active community participants and bridge users will have access to our LFG vault containing [6%] of the total $MINE token supply. This exclusive allocation provides our most loyal supporters with priority in the token launch, reflecting their early and steadfast commitment to RuneMine.
Airdrops for Jupiter Community Voters: We are allocating 5% of the total $MINE supply for airdrops to Jupiter community members who vote in favor of our proposal. This substantial allocation ensures that those who actively support our vision and contribute to our growth are rewarded, enhancing community engagement and strengthening our network.
Empowering the Jupiter DAO: To amplify the community’s role in governance, we are increasing the allocation for the Jupiter DAO to 1% of the total $MINE supply. This commitment supports decentralized decision-making and aligns with our goal of benefiting all stakeholders involved.
Airdrops for Leading Community Projects: An additional allocation of up to 2% of supply will be given to [REDACTED] communities that exemplify the core values of decentralized, community-focused chains like Solana and Bitcoin. These projects will be chosen based on their dedication to innovation, inclusivity, and driving growth of Solana and scaling of Bitcoin.
Through these strategic allocations, we are building a strong, engaged community that shares in our vision and success. By offering these rewards, we not only appreciate our early supporters but also foster ongoing participation and collaboration as we continue to lead and innovate within the SOLxBTC landscape.
Mine Labs Core Products
RuneMine by Mine Labs is building a full suite of applications to seamlessly move Bitcoin metaprotocol assets to and from Bitcoin and Solana. Further, we are building a bridge that allows SPL tokens to move to the rapidly growing ecosystem for Bitcoin L2s.
⯌ Building Bridges: RuneMine’s flagship bridge is a testament to our belief in the strength of SOL x BTC. We have built and launched the first and only Runes-Solana Bridge, audited twice by Halborn and currently entering a third audit by an additional company (TBA). Our bidirectional bridge, the first publicly-tested Runes <> Solana bridge to hit mainnet, officially facilitated the first Runes to bridge to Solana.
Recognizing the shared ethos between Solana and Bitcoin users, our bridge unlocks a wave of new users and liquidity between Bitcoin and Solana. RuneMine’s bridge enables seamless transfer of assets, empowering Solana users to tap into Bitcoin’s security and liquidity. This integration significantly enhances the utility and visibility of assets on both chains.
Certified by a rigorous audit from Halborn, a leading blockchain security firm with a track record of success protecting the most complex crosschain protocols, RuneMine heavily prioritizes security. Our successful testnet campaign, with over 2,000 participants, optimized the functionality and performance of the Runes-Solana Bridge.
⯌ Expanding Horizons: Beyond the Runes-Solana bridge, RuneMine has developed a bridge that allows SPL tokens to move between Solana and the explosive ecosystem of Bitcoin L2s. RuneMine will connect Solana with BTCfi, bringing Bitcoin assets, users, and attention to Solana.
By enabling SPL tokens to interact with Bitcoin’s Layer 2 solutions, RuneMine not only amplifies the utility of these tokens but also opens up new avenues for DeFi and broader cross chain blockchain integration. The integration of SPL tokens with Bitcoin L2s through RuneMine will facilitate an influx of liquidity and attract a new wave of Bitcoin users and assets to Solana.
Our team was excited to support THE•TICKER•IS•ELSA, as the first Rune to bridge to Solana as $ELSA, working closely with teams in the Jupiverse to ensure a smooth launch. Continuing on our trajectory, we have recently launched the much anticipated Runes <> SPL $PUPS bridge. With a growing list of Runes communities eager to bridge to Solana, RuneMine stands ready to usher in the next wave of utility to Bitcoin assets on Solana.
⯌ Decentralized Indexer: The backbone of our infrastructure and a first of its kind, providing users and developers with the essential historical data for a thriving ecosystem. Currently utilized by our platform and being rolled out to partners
⯌ Portfolio Tracker and Data Analytics - Built atop our indexer is a UI stack for users to track, explore and discover the Runes landscape. By providing this critical data, we aim to streamline the onboarding of users from more complete ecosystems and help new users avoid the pitfalls of navigating an emerging protocol.
⯌ Mine Market - Etch, Mint, Transfer, Collect, Speculate. Discover everything Runes has to offer directly on the Bitcoin blockchain. (Current release, launched on the Halving, enables etching and minting, UTXO and Runes splitting, and more features to follow).
Future Roadmap
Note - the Mine bridge and ancillary products are currently live, working, and generating protocol revenue without any token. From the outset we have taken a product-led marketing approach and will continue to lead with product. To that end, we’re sharing here the primary product roadmap for Mine Labs, split into three distinct phases.
These are outlined in detail below.
Phase 1: Evolution
Q4 2024 - Q1 2025
MPC/TSS decentralization with additional validators. Enhancing speed while maintaining security.
Evolution centers on growth and nurturing the seed planted to advance the Mine Bridge. Decentralization of the bridge will take place over a multistep, phased rollout with security and UX in mind. The current bridge software is run by a set of trusted nodes.
The Node Core Expansion will be split into two phases. Phase one begins with iteratively onboarding additional trusted node providers to grow the network of validators. Initial node selection will be based on a mix of reputation and staked based validation.
The approval process considers public reputation- / social capital-at-stake (as with Chainlink validators), as well as monetary stake in the form of BTC. This initial set of validators will run the bridge software, running their own RPC. They each index new bridge transfers, validate them, then sign with their private key that this transfer is valid (on the target chain) and when a majority of signatures is reached the bridge transfer will happen.
Phase 2: Odyssey
Q1-Q3 2025
Expand the validator set, connect Solana and Bitcoin to more ecosystems, and lay the groundwork for BitVM2-implementation.
Initially, more chains and routes will be added, such as the upcoming BTC L2 expansion to CoreChain, BitLayer, and Spider Chain. These integrations will facilitate both Runes <> BTC L2 and Solana <> BTC L2 connections, opening up a vast new realm of opportunities.
Phase 2, Odyssey, continues to expand the set of trusted validators, with an emphasis on connecting Solana and Bitcoin to additional ecosystems, and lays the groundwork for evolving the signing scheme with TSS. Current R&D efforts are underway around signature sharing solutions and specific implementation of Solana, followed by supported BTCL2s.
A mixed approach is taken to coordinate disparate validators both on and off-chain. Development efforts flex depending on the availability and compatibility of smart contracts on destination chains. Note that Bitcoin itself is by far the “trickiest” chain integrated in the Mine bridge; with two signing options being a multisig (current) and TSS.
Phase 3: Ascension
Q3-Q4 2025
Full transition to BitVM2-based bridging solution.
The third and final phase of the Mine Bridge Core Expansion, Ascension, is the transition from a trusted network of validators to a BitVM2-based bridging solution.
We begin with a bridge implementation of the BitVM-based bridge scheme, based on the design of Linus et al. The Mine bridge will then evolve to a Modular Hybrid-VM architecture, first supporting the SolVM and later additional VMs. The final implementation of the BitVM2 scheme-based bridge will include a waiting period to context bridge transfer transactions, with efforts to build liquidity on all integrated chains for improved transfer times and better UX for users.
The Mine BitVM bridge will make use of recent BitVM2 innovations to administer a light client bridge directly on Bitcoin mainnet. The innovation here revolves around the peg out mechanism. First, bridge operators transfer BTC to withdrawing users then reclaim the BTC from BitVM. Then, BitVM checks whether there is a matching peg-out on Bitcoin for every burn transition on a Bitcoin “L2” (ie, Solana). Last, assuming the check returns a positive, the Operator is refunded BTC.
With permissionless, trustless BTC and Bitcoin assets moving seamlessly from L1 to Solana in a decentralized manner, Solana will cement itself as the dominant Layer 2 solution for everything Bitcoin.
bitSOL: The First Solana Liquid Stated Token (LST) on Bitcoin
In conjunction with our Solana-Bitcoin bridge deployment, we’re launching bitSOL, a pioneering Liquid Staking Token (LST) that brings the power of Solana’s staking to the Bitcoin ecosystem.
BitSOL will establish itself as the first SOL-pegged asset within Bitcoin L2, utilizing RuneMine’s bridging technology, Sanctum’s innovative LST capabilities, and Stronghold’s high-performance Solana validation.
This trusted and stable SOL derivative will serve as a critical yield-bearing asset, offering users predictable returns while fostering deeper integration between Solana and Bitcoin’s expanding DeFi ecosystems.
Beyond yield, bitSOL will function as the de facto transfer rail for value between SOL and BTC L2, facilitating seamless, efficient cross-chain liquidity and driving widespread adoption.
Team
Mine Labs is powered by a rapidly-paced, global team, with nine full time team members. Together, we combine the expertise of two full stack developers, one front end dev, and two UTXO Bitcoin developers - an uncommon mix of talent. United by a user-centric approach to building and a shared belief in the pivotal role that Solana will play in indirectly scaling Bitcoin, we specialize in cross-chain interoperability and connectivity.
Will | Co-Founder
Graduated magna cum laude from a Tier 1 Ivy university in the U.S. Early Tiger 21 member. Led early growth at cybersecurity startups Varonis and Snyk, managing cross-disciplinary product teams of over 80 full time employees. Founded multiple martech and fintech businesses prior to crypto, scaled via strategic private equity and M&A. Advisor and core contributor to top 50 crypto projects (CMC), with emphasis on early DeFi and cross-chain protocols.
Fred (Yuaseru) | Co-Founder
Based in Canada, I’m a pragmatic and minimalist full stack developer. 5+ years working in web3, and many years prior in web2. Working with Golang, Rust, JavaScript and Solidity and several backend database languages. Building the future by day and studying the past by night. Deeply passionate about the art and craft of software development. Avid learner of any and every corner of computer science while progressing towards mastery. I like taking on the impossible and doing it quickly and intensely.
Patryk | UTXO Architect
Passionate Bitcoin developer, built several prototype solutions for enterprises using blockchain technology on Polygon. Experienced full stack developer working in both EVM and Bitcoin ecosystems, with expertise in Next.js, TypeScript, Solidity, HardHat, Polygon, GraphQL, and PostgreSQL. I do my best work alone but enjoy leading teams of great engineers, and have led agile teams across multiple organizations. Currently working on RuneMine’s novel bridge architecture.
Michael | Senior Full Stack Developer
12+ years of experience developing robust web-based applications and specializes in building web applications using modern test-driven development practices. My experience ranges from working in development teams, delivering complex projects on time, to running a digital department. “Not your typical dev!” My creativity and communication skills have allowed me to work harmoniously with clients and other service providers in a variety of ecosystems.
Lester | Senior Blockchain Dev
Skilled full stack & blockchain developer with expertise in designing, developing, and deploying dApps and blockchain solutions. I excel in looking for proficiencies in a wide range of programming languages, frameworks, and tools, specializing in Solidity, TypeScript, Angular, and React. Cumulative 8+ years experience with databases/standards from BigQuery to Firebase to MongoDB. My focus is building the RuneMine Runes-canonical modular indexer.
Jeff | Director of Business Development
Bootstrapped an outsourced software development services agency to 250 people in 3 years. Skilled in in-depth research, product ideation and strategy around complex blockchain concepts. Led growth and technical operations roles for multiple Web3 startups. Experienced investor and active participant in numerous investment DAOs. Directly responsible for TVL onboarding and portfolio management. First principles approach to tokenomics, token design, and strategic business development. 1st honors Class Engineering degree. Kaizen.
Kiki | Director of Community and Content
Storyteller and content weaver, centered on making complex ideas digestible. LLB, events curator and 5+ years in digital media and Web3 community building, my specialty is connecting meaningfully with my audience. Seasoned degen, meme dabbler.
Early Supporters and Partners
Backed by some of the best in the industry, RuneMine has built strong connections with protocols and teams across both Solana and Bitcoin ecosystems. These range from exchanges, infra providers, dapps, wallets, and many more.
As we continue to expand RuneMine’s presence and product offerings, we look forward to onboarding many more of the best and brightest partners in the industry. Our strategy includes actively collaborating with innovative projects that share our vision for enhancing cross-chain interoperability and DeFi capabilities. We will continue to form alliances that leverage cutting-edge technology and industry expertise, ensuring that our users benefit from seamless integration and top-tier services.
Mine Labs + Jupiter
Our mission is to connect the next generation of Bitcoin assets to the Solana ecosystem. Expanding utility and reaching the most active and cultured users in the blockchain space. By connecting Solana to BTCfi through our infrastructure, we aim to onboard significant Bitcoin assets, users, and attention to Solana.
We believe that Solana presents an important opportunity to onboard Bitcoin assets and thus help act as an L2 to Bitcoin mainnet, and we are building the necessary tooling and infrastructure to make these assets as accessible as possible to both Solana and Bitcoin natives.
As our partners like Pups have shown, there is a genuine demand for multi-chain assets. RuneMine is dedicated to driving forward this inclusive model. We are launching on Solana to leverage its superior user experience and active community. Once the network is fully ready, we plan to migrate into a multi-chain asset through our cross-chain bridge, creating a truly interconnected community and network.
We aim to set a precedent that encourages other meta protocol projects to launch their tokens on Solana, thereby sharing in the network effects and driving collective growth.
Working collaboratively with Jupiverse teams, we brought the first Runes to Solana with many more to follow imminently. We’re proud to have forged a strong network as we grow SOLxBTC together.
Having already partnered with core SOL DeFi OGs, such as Mango Markets, we’re advancing our mission to unlock new liquidity and trading opportunities for Bitcoin assets on Solana, and leverage top-tier Solana infrastructure to expand our SOLxBTC bridge network and further grow our cross-chain communities of SOL-BTC users.
In addition we’ve established partnerships with infra projects, such as Stronghold Solana Validator to continue to expand our technical capacity and web of support. Our partnerships are bi-directional with collaborative exploration into deepening the symbiosis across chains.
RuneMine has been working collaboratively with Sol-based communities to further strengthen our SOL community and provide them access to everything RuneMine as part of our OG supporters.
Following the successful launch of our Etch/Mint and Transfer functionality, running seamlessly on our backend infrastructure, and with our Runes-Solana Bridge now live bringing the first Runes to Solana, we believe that RuneMine is ready for its Token Generation Event (TGE). We would be honored to be considered for inclusion in the next round of voting!
We deeply value our community and are committed to rewarding those who support us. Your vote for RuneMine not only helps us grow but also strengthens our bond with the community. We look forward to recognizing and rewarding those who stand with us.
$MINE Token
- Launch: Late Q4 2024
- Total supply: 1 billion
- Tokenomics: TBA
The Vision
A new dawn is coming and Bitcoin is back with a vengeance. We see a future where SOLxBTC materializes, multiple blockchains converge and integrate to maximise the benefits of their varying architectures. We plan to not only continue to extend our reach into the Solana ecosystem but also to the broader Bitcoin metaprotocol space building the fundamental infra to create a synergistic environment for all users alike. We want to set a precedent of unity and collaboration, encouraging others to follow our lead and expand this space and its capabilities as a whole.
We commit to exploring additional Solana x BTC integrations through our partnerships and developers.
Watch this space
RuneMine’s biggest hurdle is that of the nascence of the space we are building in and we aim to overcome this by onboarding users and developers from Solana to continue the growth of the Bitcoin network, while utilizing the efficiency of Solana for our own token.
As a team we strive to be an authentic presence in this space, and show up every day.
Build and Expand both in Tech and Community
Many projects experience pitfalls during their token launch due to poor tokenomics, vesting schedules and timing.
With a collective of over 30 years in industry, we have done it all from a retail and project standpoint. Nonetheless, we also have a top tier board of advisors and incubators to help guide us through this process. Our soon-to-be finalized vesting schedule and tokenomics leave for a great growth trajectory and we look forward to sharing them with you all.
