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The Runestone, featuring the biggest inscription by block size, is attracting lots of bids in its ongoing auction. Currently standing at the highest bid for the Runestone inscription 63,140,674 on the Ord City market is 0.32 BTC, or $21,358.88.
All of the proceeds from this auction will cover the Bitcoin network fees associated with the Runestone airdrop and go to Bitcoin miners.
Twitter user Leonidas emphasized that it would be done through an entrusted smart contract and Egbern protocol without any team allocation or pre-sale involvement. The Runestone is considered a non-utility project, with its inscriptions serving as collectable art pieces, symbolizing early support for the Ordinal protocol.
The Runestone auction is scheduled to conclude on March 8, 2024, marking a significant milestone in the Ordinal community.
The highly anticipated Runestone airdrop, announced in February, is generating excitement as over 112,000 eligible Bitcoin addresses await their Runestone ordinal inscriptions.
Leonidas disclosed that post-halving, once the Runes protocol is active on Bitcoin, Runes tokens will be distributed to Runestone holders based on their inscription holdings. The protocol’s launch on Bitcoin L1 at block 840,000, coinciding with the halving around April 20, 2024, marks a significant milestone for participants.
The art featured on the Runestone inscription was created by artist Léo Caillard, who donated the image to the Runestone project under a Creative Commons license, according to Leonidas.
As the auction nears its conclusion, the Runestone’s significance as a symbol of the early adoption of the Ordinal protocol continues to captivate collectors and enthusiasts alike.
Also Read: U.S. Court to Auction $131M in Silk Road Bitcoin
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