FluidTokens, a company based in Switzerland specializing in decentralized finance (DeFi), has introduced the first decentralized exchange (DEX) dedicated to Runes. This cutting-edge platform is designed to function on both the Bitcoin and Cardano blockchains, providing users with a fresh approach to engaging with meme coins through DeFi services.
FluidTokens’ latest DEX offers a specialized space for the trading and liquidity of Runes, a novel form of digital asset gaining popularity within the crypto community. Created by Casey Rodarmor, the genius behind the renowned Ordinals protocol on Bitcoin, Runes aim to enhance the Bitcoin ecosystem by enabling the creation and exchange of meme coins directly on the blockchain.
Launched on April 20, coinciding with the Bitcoin halving event, the Runes protocol sparked excitement in the crypto market, leading to a surge in activity, increased transaction fees, and unprecedented profits for Bitcoin miners, who earned a staggering $107 million in the first week alone.
Different from other Bitcoin-based protocols like BRC-20, the Runes protocol emphasizes simplicity and accessibility. By integrating this protocol into their decentralized exchange, FluidTokens aims to streamline the trading of meme coins, making it more convenient and efficient for users. This advancement is crucial as it allows users to leverage the security and transparency of the Bitcoin blockchain.
At the heart of FluidTokens’ mission is the goal to bridge the gap between traditional finance and DeFi by developing a user-centric DeFi ecosystem that supports Runes and seamlessly integrates with major Bitcoin wallets.
Matteo Coppola, CEO and Co-Founder of Fluid Tokens, expressed their excitement in unveiling the first 100% permissionless lending protocol supporting Runes and Ordinals, alongside major BTC wallets. He highlighted their innovative BitWeave technology, enabling this lending protocol to operate independently without relying on any centralized entity or a second layer.
Coppola also revealed that they are working on additional DeFi services that will directly function on the Bitcoin Layer.
Despite the initial excitement surrounding the Runes protocol prior to the halving event, activity levels have fluctuated. While there was a peak in activity post-launch, with thousands of etchings occurring within a short period, activity has since decreased significantly. The decline in Runes creation and transactions, along with reduced fees, indicate a shift in interest.
Data from Dune Analytics suggests a slowdown in Ordinal inscriptions since April 20, with daily inscriptions dropping below 35,000. While there was considerable enthusiasm initially, interest seems to have waned following the Bitcoin halving and the launch of the Runes protocol.