Runes Casey Rodarmor's fungible token protocol for Bitcoin. Activated at the 2024 halving (April 2024). Architecturally cleaner than BRC-20 — uses Bitcoin's UTXO model directly. Mechanics A Rune's state is encoded in outputs called runestones : ( ) is the Rune protocol marker. The protocol message is varint-encoded, specifying: - Edicts — transfer instructions (rune ID, amount, output index). - Etching — issuance of new rune. - Pointer — default output for unspecified rune balances. Rune ID Identified by of the etching tx. E.g., = the 2nd Rune etched at block 840000. Etching (issuance) Mint M…