Please view our latest proposal at: Introducing Mine Labs - Bringing Trillions in Bitcoin Assets on Solana
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People may not realize how critical this point is for the Crypto Ecosystems across the globe. Interoperability with BitCoin is perhaps the most important step any token/blockchain can take this year. Will be watching this and many others over the coming months.
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Connection SOL to BTC sounds interesting. Can you provide more information on what benefits this will bring to SOL and BTC? BTW 62.5k followers on X in a month is impressive.
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Awesome to see! This should be great for the space by bringing multiple chains together.
We’re in the the early innings of a natural and friendly convergence between the Solana and Bitcoin ecosystems. There are a number of factors driving this:
- To date, less “head to head” competition as is seen in ETH vs BTC
- Solana and Bitcoin both having huge growth this market cycle
- Strong overlaps between the two communities, both degens as well as Ordinal/NFT collectors
Given Runes will be the dominant fungible token standard on Bitcoin mainnet, it’s we expect to see an explosion of Rune projects doing interesting things, primarily with memes and communities, but also with ‘RunesFi’, ie Runes DeFi.
Given the high fees on Bitcoin, users will want to experience the fun of trading and degen’ing on Bitcoin but also the speed and efficiency of Solana. As we’ve seen with the $pups token, projects can be wildly successful with liquidity on both Bitcoin and Solana. However, a good bridge is needed to enable this back and forth.
When Solana users want to play around on Bitcoin, then should be able to quickly and safely bridge over. But if fees are too high, they should be able to quickly bridge back.
A seamless UX between the two ecosystems will enable projects to give their users Solana’s speed and low cost while at the same time, Bitcoin’s security and trust.
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Anything bringing btc and sol together is a win for us and the sol ecosystem as a whole.
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LFG !!! BASC TO THE WORLD 
so happy to be here
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Bullish on this! Bitcoin is here to stay and Solana is the best
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This is going to be huge! BTC linking up with SOL is amazing progress even to back in 2021 we have come so far!
Everybody always said Ethereum will be the layer for online services and entertainment, however, Solana is showing that it is more likely to be the one which the future internet will be built on and adding BTC to that is even more proof! Huge win for crypto in general!
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Very bullish on this project. Great partnership with Stronghold. Goodluck with your application!
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Important Links
- Website: https://www.runemine.com/
- X/Twitter: https://twitter.com/rune_mine
- Docs: RuneMine | RuneMine
- Discord: RuneMine
- Deck: DocSend
Hi! thanks for the introduction! To be fair, the second i saw “Runes” i was in…mostly. I have been looking in that direction, but have no assets or even wallets connected to the Bitcoin Network…and less knowledge about what to do once i get there.
So as you can see, i am almost wholly ignorant of your processes or tech, or the platform you plan to bridge us to…so forgive any questions that seem simplistic.
The first question is: What in the devil is “canonical indexing” and how is it unique or revolutionary?
So Runes are NFT-adjacent, correct? i know inscriptions went up on ME and Tensor pretty quickly…i imagine Runes will come soon as well. How are you positioning yourselves to not be simply devoured in market share by those giants? or are they some of the partners your sharing your tech with?
and on that…maybe you can explain more about Runes, what they are, how they will benefit us (Jup) or our ecosystem as a whole? and what can i personally do with Runes besides trade them?
Are you guys enhancing them in any way? is there some special benefit you would offer above the competition?
About BTC:
I’m also curious as to how you are different than say Zeus, who also has a platform heavily connected to BTC. NOT that i would vote against anybody just because a niche is filling up fast…but is your goal for us to access BTC liquidity, or just Runes? what about Inscriptions? Does any of this share tech? Again, completely ignorant.
TOKENOMICS:
To be honest, I’m a bit leery about supporting any project that hasn’t clearly defined their tokenomics. I understand that certain things are up in the air right now, but there is definitely room to paint a broad picture. how much will be going to the team? are there any Angel investors that need to be satisfied? What kind of vesting schedule will be applied?
While i am definitely interested in the project, I’d love to get a bit more clarity on a few of the items mentioned though, before i can unleash my 200 JUP voting power!
Runes - SOL bridge. This cannot be understated. Unlocking liquidity for both chains bringing bitcoin and SOL closer together can only be a benefit.
Runemine has found a catalyst for growth of the ecosystem that even puts Solana at the forefront of the narrative of neighbour chains!
You would have my vote based on bridge alone.
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What does RuneMine do to make the Bitcoin network better, and how does it connect Bitcoin with Solana and create a new way to manage Bitcoin safely?
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Very interesting and a great development for the whole crypto industry
Will be reading this a few times to grasp the full concept
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Remarkable and a great match Sol/BTC 
Showing support all the way…
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Credit this guy for pointing the way. Cant wait
Thank you for your kind words. As many of our team have a background in the SOL space we are very glad for our partnership with Stronghold. It is important to support growing and innovative validators as this is how true decentralisation can be brought to Solana over time.
Additionally the support and expertise that this team have brought to RuneMine cannot be understated and we look forward to further exploring the potential technical synergies that validators such as Stronghold can bring to RuneMine and the realms of Runes.
Watch this space!
At RuneMine we could not agree more! Both from a technical stand point but also from a community perspective.
There has always been an amount of hostilities between BTC and ETH maxis but this is not something that we have experienced in the Solana community. Both chains are focused on largely different goals and that allows for a truly shared community with out the same sense of competition.
This is not to say that we are opposed to any ETH users joining this movement (we welcome it) but just that Solana is the obvious choice in our eyes.
We actually envision a future where the Bitcoin blockchain becomes the centre focal point which connects all users and chains and belive that Runes will play a vital roll in creating these networks and pathways.
And SOL x BTC is the perfect catalyst to ignite this flame.
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Hi Loothore,
Thank you for the great questions and never apologise for asking for more information. DYOR is the most important skill when it comes to navigating crypto and who better to ask than the builders themselves.
1. What in the devil is “canonical indexing”?
Well, to start, what you must first understand is that all Runes are stored within UTXOs and the record of transactions of these Runes are committed to the Bitcoin network each block. This means that to transfer Runes you send a Bitcoin transaction containing an “OP_RETURN” (containing the information of how many Runes you would like to send and which out bound UTXOs you would them to be in).
This information is stored on the Bitcoin blockchain, immutable and forever, but is not observed by the usual Bitcoin nodes. Hence there is the need for additional indexers to read this information and translate it to wallets, marketplaces and any other front end UI that wishes to allow users to to interact with Runes.
However, indexing has never been very straightforward, particularly when it came to the likes of BRC-20. This was because the initial release was only of a Spec with no reference implementation (unlike what was released for Runes before launch). On top of this, BRC-20 was built atop of the Ordinals protocol inheriting inconvenient complexities. This led to some major issues around centralization and closed source implementations of indexers making them sometimes unreliable, hard to upgrade and not developer friendly.
Many projects looking to expand into Runes in the present gold-rush-like growth, have chosen to take these already complex and imperfect indexers and try to adapt them for a new token standard which does not require much of the design choices and trade offs that have had to be made to do so.
In comparison, RuneMine has built our indexer from the ground up, specific to Runes and with the ability to truly be decentralized down the line. It was built with a lot of inspiration taken from the paper written by Domo (Founder of BRC-20) and the team at Nubit which can be found here: Modular Indexer: Fully User-Verified Execution Layer for Meta-Protocols on Bitcoin - General - Layer1 Foundation
TL;DR Our indexer is built from the ground up for Runes and not adapted from the previous BRC-20 designs. It allows for less complexity, simplified upgrades and the capability to decentralize down the line. Providing crucial infrastructure for the growing and likely dominant token standard built on Bitcoin.
2. How are we positioning ourselves to not be devoured by giants in the space?
As mentioned previously, we are building the crucial infra for this ecosystem and we are already in discussions with wallets and other major players to integrate our implementations. We have had a wave of interest from trading bots all the way up to major L2s and centralised exchanges to integrate our tech into their platforms. From our indexer and the screeners that we are building on top to relay this information, to our bridges, many projects will require what we are building for a functioning and seamless experience trading and interacting with Runes on Bitcoin.
We expect some major announcements coming on this front in the near future as we continue to work in collaboration with well known names!
3. How will Runes benefit JUP holders?
We believe Runes will emerge as the unified token standard on Bitcoin, much like ERC-20 on Ethereum. Created by the founder of Ordinals, Runes is simple, efficient and, likely most importantly, coveted by communities far and wide. This exposure and enthusiasm is what is required to get a new protocol off the ground and something Solana users know very well.
As with a new token standard there are many benefits that will emerge, from the initial “meme” phase which draws degens in to try and make their x100s, to the devs that then follow that money and build out the important tech that will found the basis for the future of DeFi on Bitcoin.
Runes provides a way for communities to get re-intrested in Bitcoin and explore the possibilities of new reward mechanisms (Staking/Points) or for individual users to simply Etch/Mint a new Rune for what ever reason they see fit. The possibilities are truly endless, but the sooner strong connections are established between chains and communities such as Solana the better the tooling will be for these ecosystems to interact - benefitting early users.
By voting for RuneMine you will help to propagate a flourishing relationship between BTC and SOL and encourage the deployment of cross chain technologies and community incentives that will benefit all involved.
4. How do we differentiate to Zeus and others?
As you alluded to in your initial question, this is a rapidly growing space and with over $1T in locked value on the Bitcoin network there is room for many projects with similar focuses to grow and thrive and we expect there to be many more joining our ranks in the near future so this is not something that we see as a direct conflict.
Having said that, we are a Runes focused project building out tooling and infra for Runes. We aim to connect much more than SOL to Runes but we see a particularly prosperous relationship here and hence why our focus is keenly on the Solana Community. The tooling we are building is completely different to Zeus with the exception of the SOL<>BTC bridge and we are even exploring possible integrations of their tech into our suite. We have already started to form a good relationship on this front and will be working alongside Zeus to further this space and not in competition with them.
The pie is huge and we are building bridges both technically and metaphorically.
5. Tokenomics
As long term market participants ourselves, we thoroughly appreciate the importance of this question and full tokenomics will be released prior to voting.
As a very fast growing and wildly dedicated team we have been moving at lightning speed. The entire project has been bootstrapped by the team up until this point and are only in the early rounds of discussion with regards to investment. We have a base design for tokenomics but this will be subject to small changes right now. All info will be made publicly available soon^tm.
I hope these answers have been helpful to yourself and the rest of the JUP community, and we welcome all JUP holders queries! Thanks.
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