Bitcoin’s upcoming “Runes” token standard will help bridge the gap between Bitcoin and Ethereum in the decentralized finance (DeFi) space, according to asset manager Franklin Templeton. In a fact sheet released on Twitter, Franklin Templeton explained that Runes introduces a new token standard on Bitcoin layer 1 that improves upon existing fungible token standards. Previously, Bitcoin lacked the ability to mint tokens on its main blockchain, which limited its participation in applications like NFTs, stablecoins, and DeFi. However, with the emergence of Ordinals in early 2023, Bitcoin NFTs became possible. Now, with the introduction of Runes by Casey Rordamor, Bitcoin aims to be more efficient and compatible with the lightning network, potentially closing the gap in market cap between Bitcoin’s fungible tokens and other blockchains like Ethereum.
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Runes Will “Close The Gap” Between Bitcoin and Ethereum: Franklin Templeton
