Runestone, the largest block size of the standard text, is up for auction, NFT historian Leonides said on Wednesday. According to Leonidas, the current highest bid for Runestone text 63,140,674 is 0.26 BTC, $17,261.61 on the Ord City marketplace.
Leonidas said all proceeds from this auction will cover the Bitcoin network fees associated with the Runestone airdrop and go to Bitcoin miners.
“There is no group allocation, pre-sale, etc., and the open source eligibility algorithm is designed not to favor whales,” Leonidas said. “The Runestone is a non-utility project, and The Runestone and its Envoys are a collection of artifacts intended to be worn as badges of honor for those who believed in and believed in common protocol that no one else did,” he said.
The runestone auction will run until March 8, 2024 at noon.
The highly anticipated Runestone Airdrop was first announced back in February. On Monday, the Runestone ritual was written onto the Bitcoin blockchain. The 3.97 MB project took two full blocks on the network.
“It is one of seven ordinals larger than 400,000 bytes (400 KB) and was created in collaboration with OrdinalsBot and Marathon Digital Holdings, who mined block 832,947,” he said. “It holds the record for being the largest block in Bitcoin history (3,991,547 bytes/3.991 MB).”
Although Leonidas did not provide a date for the event, the upcoming Runestone Weather will see more than 112,000 eligible Bitcoin addresses receive Runestone plain text.
After the release of the Runes protocol on Bitcoin, Leonidas told Decrypt that the Runestone token will be distributed to Runestone owners in proportion to how many Runestone texts they contain.
“The latter airdrop could be very expensive because Bitcoin network fees are expected to increase after the halving, which is the main variable. Some people are aiming for more than 1,000 sats/vB for the next fee,” Leonidas said.
Leonidas added that the Runes protocol will be halved in Bitcoin L1 at block 840,000 in 2018. It is scheduled to happen around April 20, 2024.
The art on the runestone text was created by artist Léo Caillard, who says Leonidas donated the image to the runestone project under a Creative Commons license.
“[Runestone] According to Leonidas, it shows humanity's enduring desire to make symbols that last beyond their lifetime and to communicate with future generations. “This experiment was more than a technical achievement. It's a bridge between past, present and future, a reminder that art, in all its forms, seeks to capture and immortalize time.
Edited by Ryan Ozawa.
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