OKX Marketplace is the First to Offer Zero-Fee Runes Trading

SINGAPORE, April 10, 2024 /PRNewswire/ -- OKX, a leading Web3 technology company, today announced its plans to add support for Runes, a new fungible token standard by Casey Rodarmor, a former Bitcoin developer and artist, upon the upcoming Bitcoin halving. This addition will enable users to create, mint, manage and trade Runes on OKX Marketplace, and makes OKX the first platform to offer zero-fee Runes trading on mobile.

The Runes inscription standard is a unique protocol that introduces a UTXO-based fungible token system into the Bitcoin network. It simplifies the creation and management of tokens, reduces blockchain bloat, and improves scalability, presenting a more streamlined and efficient alternative to traditional models like BRC-20. Notably, individuals in the Bitcoin community have started pre-mining Runes ahead of the protocol's mainnet launch. This has led to Ordinal collections recently outpacing the sales volume of popular ETH collections like Bored Ape Yacht Club, according to CryptoSlam.

The upcoming addition of Runes support on OKX Marketplace will enable users to trade top market cap Runes tokens. The first available token will be UNCOMMON.GOODS, a Runes token hardcoded into the Runes protocol. Other popular tokens will be added upon the protocol's mainnet launch.

OKX will also enable support for the 'etching' of Runes, a feature unique to the Runes protocol that enables users to deploy new tokens. This process involves creating and setting immutable properties for each Rune.

To mark the upcoming addition of Runes support, OKX has enhanced the prizes for its 'OKX Web3 Bitcoin Drop' campaign. This campaign, focused on increasing engagement in the Bitcoin network, now includes 1 Runestone in addition to the original 1 BTC prize. For further details on the campaign, click here.

This latest move by OKX aligns with its broader vision of driving innovation and pushing the boundaries of what's possible within the Bitcoin ecosystem. OKX recently expanded its offerings with the addition of Atomicals (ARC-20) and Stamps (SRC-20) support.

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About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

• OKX Wallet: The world's most powerful, secure and versatile crypto wallet which gives users access to over 85 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, 'written down' seed phrases. In addition, OKX Wallet's account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
• DEX: A multi-chain, cross-chain decentralized exchange aggregator of 400+ other DEXs and approximately 20 bridges, with 200,000+ coins and more than 20 blockchains supported.
• NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
• Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world's top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival and Olympian Scotty James.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

SOURCE OKX