Explore the Runestone auction, the largest ordinal inscription in Bitcoin history, with a current bid of 0.26 BTC ($17,261.61). Proceeds cover Bitcoin network fees for the upcoming Runestone airdrop. Learn about the unique collaboration and the anticipated Runes protocol launch on Bitcoin.
The Engraved Cipher, the most substantial ordinal inscription by block size, is currently undergoing auction, as revealed by NFT historian Leonidas on Wednesday. According to Leonidas, the prevailing highest bid for the Engraved Cipher, standing at 63,140,674 inscriptions, amounts to 0.26 BTC, equivalent to approximately $17,261.61 on the Ord City marketplace.
All the proceeds from this auction, as stated by Leonidas, will be allocated to cover the Bitcoin network fees associated with the Engraved Cipher airdrop, benefiting Bitcoin miners in the process.
"There is no team allocation, pre-sale, etc., and the open-source eligibility algorithm was crafted to avoid favoring whales," emphasized Leonidas. "Engraved Cipher stands as a non-utility project, with its delegate inscriptions serving as collectible pieces of art, intended to be worn as badges of honor by those who displayed faith in the Ordinal protocol during its early stages."
The Engraved Cipher is now up for auction!
It holds the record as the largest Ordinal inscription ever, mined in the most extensive block in Bitcoin's history.
100% of the proceeds will contribute to covering Bitcoin network fees for the Engraved Cipher airdrop initiative.
The auction concludes on Friday at noon ET
→ https://t.co/AaoaC8ufC5 pic.twitter.com/PrwoGFZ1xL
— Leonidas (@LeonidasNFT) March 6, 2024
The Engraved Cipher auction is set to run until March 8, 2024, at noon.
The much-anticipated Engraved Cipher airdrop was initially disclosed in February. On Monday, the Engraved Cipher ordinal found its place on the Bitcoin blockchain, with the 3.97 MB project occupying two entire blocks on the network.
"It is one of only seven Ordinal inscriptions larger than 400,000 bytes (400 KB) and was created in collaboration with OrdinalsBot and Marathon Digital Holdings, who mined it in block 832,947," disclosed Leonidas. "This set the record for being the largest block in Bitcoin's history (3,991,547 bytes/3.991 MB)."
While the date of the Runestone airdrop event remains undisclosed, Leonidas assured that over 112,000 eligible Bitcoin addresses will receive the coveted Engraved Cipher ordinal inscription.
Latest Update on the Engraved Cipher Auction
Highest Bid: 0.26 BTC ($17,261.61)Time Remaining: 1 day 18 hours
Collateral requirement increased to 10% or 1 BTC to max bid.
The winning bidder has a 4-hour window on Friday to complete the full payment; otherwise, they risk forfeiting their collateral… pic.twitter.com/hrdAiTKj8G
— Leonidas (@LeonidasNFT) March 6, 2024
Post-halving, once the Runes protocol is operational on Bitcoin, Leonidas informed Decrypt that a Runes token will be airdropped to Engraved Cipher holders proportionally based on their accumulated Engraved Cipher inscriptions.
"The latter airdrop could be quite expensive due to Bitcoin network fees expected to surge after the halving, a significant variable. Some are anticipating sustained fees exceeding 1,000 sats/vB," Leonidas cautioned.
Leonidas added that The Runes protocol is set to go live on Bitcoin L1 at block 840,000, coinciding with the scheduled halving around April 20, 2024.
The artistic representation on the Engraved Cipher inscription was crafted by artist Léo Caillard, who, as per Leonidas, generously contributed the image to the Engraved Cipher project under a Creative Commons license.
"Engraved Cipher symbolizes humanity's enduring desire to create lasting marks and communicate with future generations," Leonidas reflected. "This endeavor transcends technical achievement, serving as a bridge between past, present, and future—a reminder that art, in all its forms, seeks to capture the ephemeral and make it eternal."