By
Chimamanda U. Martha
May 15th, 2024
OKX Jumpstart highlighted that the mining period extends from 7:00 a.m. UTC on April 29, 2024, to 7:00 a.m. UTC on April 30, 2024.
OKX Jumpstart, one of the world’s leading centralized exchanges has announced the introduction of RUNECOIN (RSIC•GENESIS•RUNE) into its platform. This move marks the beginning of OKX Jumpstart’s journey into Bitcoin (BTC) staking.
OKX Begins RUNECOIN Mining
According to the official announcement, RUNECOIN mining on OKX Jumpstart will begin today, April 29 at 7:00 am. Upon commencement of the mining, holders of Bitcoin can stake BTC to mine RUNECOIN in return. Per the details, 367,500,000 RUNECOIN is available in the BTC staking pool, with the maximum BTC stake per individual set at 0.3 BTC.
OKX Jumpstart highlighted that the mining period extends from 7:00 a.m. UTC on April 29, 2024, to 7:00 a.m. UTC on April 30, 2024. Users must complete an identity verification to become eligible for this event. The platform noted that Mainland China, Hong Kong, and South Korea are among the jurisdictions that would not be eligible to mine RUNECOIN on OKX Jumpstart.
A unique catch of the project is that users can stake and unstake their BTC at any time. Eligible participants are advised to transfer BTC to their funding wallets before mining begins. The staked BTC will be frozen but can be unstaked whenever initiated. Unstaked BTC can be seen in the funding wallet of participants.
Runecoin has also revealed its collaboration with OKX Jumpstart in a post on the social media platform X. The platform expressed excitement for the partnership, acknowledging it as a milestone for the community.
We are joining @OKX Jumpstart. The ticker is $RUNECOIN.
This is a monumental achievement, marking the first listing of a Bitcoin rune on a leading exchange. This huge step aligns with Runecoin’s mission to bootstrap adoption, education and innovation of Ordinals, Runes and… pic.twitter.com/vBGZEduE4d
— Runecoin ▣⛏️ (@rune_coin) April 29, 2024
“This is not just a milestone for our community but a significant step forward for the entire Runes ecosystem. It opens the door for high-volume trading with low fees, fast execution, a smooth user experience, and a broad reach to global users,” Runecoin stated.
What Runecoin Represents
Built on the Rune Protocol, Runecoin is the first Pre-Rune airdropped to the early users of Ordinals. It provides a unique opportunity to engage with BTC, creating a user-centric ecosystem for the community. The token, “designed with intention and innovation,” boasts a total supply of 21 billion, similar to Bitcoin’s total supply.
Runecoin adds a ‘touch of luck’ echoing the symbolic number 8 as the 8th Rune etched on the Runes Protocol with the airdrop size of 888 Satoshis. As previously reported by Coinspeaker, Runes introduces a new concept to Bitcoin transactions that permits the etching, minting, and transfer of Bitcoin-native digital commodities on the blockchain.
In contrast to typical financial transfers, Runes carry additional information, ranging from simple messages to complex contract-like scripts. This technology works by using a method known as “transaction augmentation”. It permits users to embed arbitrary data into transaction outputs, all while leveraging the framework of Bitcoin.
Runecoin is part of the new asset class bringing enhanced utility to the Bitcoin network. Besides broader buyups, these assets are projected to contribute to the growth of BTC.