Rune Kingdom, referred to as "Rune Dragon" below. Based on the recursive logic of the inscription, the dragon egg slowly hatches into a baby dragon, which is quite interesting. This time, let's delve into it together.

Essentially, Rune Dragon also belongs to the "Rune Pre-Mining" category of projects. The basic logic is: first, provide an Ordinals inscription as a mining certificate, and then conduct the so-called "mining" based on the holding quantity, duration, or other gameplay. When the Rnues protocol goes live, the mined runic tokens will be distributed to wallet addresses.

Author: PortalKay_

X/推: @portalkay_

1. Issuance Quantity

Total issuance: 10,000 pieces

Airdrop situation: Airdrop quantity: 9,000 pieces (90%);

Airdrop conditions: Wallets holding blue-chip Ordinals inscriptions (whether the official announcement is specific enough is unclear).

Team reserve: 1,000 pieces (10%)

2. Gameplay Explanation

2.1 Inscription Activation

Activation method: After obtaining the inscription, transfer it to your own wallet address once (if purchased from secondary markets such as ME, activation is not required).

Activation inquiry: Enter the inscription number on the webpage, and if the "ACTIVATED" status is displayed in green on the "Metaprotoco" details page, it means it has been activated.

Webpage:

https://ordiscan.com

2.2 Introduction to Rune Dragon

The Rune Dragon includes a total of 4 breeds (Othila, Anzus, Gebo, Fehu), corresponding to 4 different rarities. Below are the appearances of dragons at different levels for each breed.

Rune Dragon Upgrade

The Rune Dragon will automatically gain experience and level up as the Bitcoin blocks increase. The rule is simple: with each additional block, each dragon will automatically gain 1 EXP.

Since the Rune Dragon project starts counting from block 833,000, by the time of the halving at block 840,000, each dragon can accumulate a maximum of 7,000 EXP (in fact, even reaching the highest level of 30 only requires 3,900 EXP, as detailed in the table below).

When the EXP accumulates to a certain level, the dragon can be upgraded. For example: to upgrade from level 0 to level 1, 50 EXP is required, which corresponds to passing through 50 blocks; to upgrade from level 4 to level 5, 100 EXP is required, which requires passing through 100 blocks. The specific EXP required for each level upgrade and the cumulative EXP required up to that level are shown in the table below:

2.3 Rune Dragon Attributes

Rarity: The rarity of different breeds is the proportion of that breed among all Rune Dragons. The lower the proportion, the higher the rarity, and some other attributes will also be of higher quality. For example, 55% of all dragons are the most common Othila, while only 5% are the rarest Fehu (as shown in the table below).

Highest level: Dragons of different rarities can reach different maximum levels. For example, Othila can only reach level 20, but Fehu can reach level 30.

Maximum RMP: RMP (Rune Mining Power) refers to the mining ability of the runic tokens. This is the most core indicator of the Rune Dragon as a Runes inscription pre-mining project, directly related to the quantity of runic tokens on the Runes protocol that can be obtained in the end. For each Bitcoin block generated, a certain amount of RMP will be produced, and the RMP produced by dragons of different levels is different. For example, level 20 corresponds to 50 RMP per block, and level 30 corresponds to 70 RMP per block (as detailed in the RMP calculation in section 2.3).

Special skills and rewards: Apart from the most common Othila, the other 3 breeds of Rune Dragons have special skills. Specific details can be seen in the table below. After triggering the skill, additional RMP rewards can be obtained.

3. Mining Value RMP Calculation [Hardcore]

3.1 RMP Calculation for Each Level

As mentioned earlier, the most core indicator of the Rune Dragon as a Runes inscription pre-mining project is the mining ability RMP, which directly relates to the quantity of runic tokens on the Runes protocol that can be obtained in the end.

In the table below, I have provided the quantity of RMP that can be obtained per block at each level based on the official information.

Table link:

https://docs.bitknight.net/about-dragons/lvl-exp-and-rmp

Where "Blocks Experienced" refers to how many blocks need to be experienced at this level (after experiencing these blocks, the dragon will level up). Therefore, it can be concluded that the total RMP for this level = RMP per block × blocks experienced. For example, level 0 needs to experience 50 blocks to reach level 1, so a dragon at level 0 will continue for 50 blocks, and the total RMP that a level 0 dragon can obtain is 250.

"Accumulated RMP" refers to the total RMP that a dragon can normally obtain up to that level (excluding the RMP obtained from Boost and triggering skills). However, this "Accumulated RMP" calculation actually only applies to the Fehu breed, because only it can reach level 30, while other breeds can only reach level 20 or 25. Please refer to "2.4 Calculation of Maximum RMP for Dragons of Each Breed" for the maximum RMP that dragons of each breed can obtain.

Note: Since level 30 is the highest level, the number of blocks it will experience is calculated based on the final halving block at 840,000 blocks, that is, leveling up to level 30 requires 836,900 blocks, and up to block 840,000, a total of 840,000-836,900=3,100 blocks will be experienced. The corresponding "Total RMP for this level" is 70×3,100=217,000.

3.2 Regular RMP Calculation for Dragons of Each Breed

The calculation of the total RMP that dragons of each breed can obtain up to a certain level has been completed in section 2.3. Based on this, it is relatively simple to calculate the total RMP that dragons of each breed can obtain. The maximum accumulated RMP: the total RMP that dragons of this breed can obtain before reaching the highest level (i.e., level 19 for level 20). For example, Othila can obtain a total of 63,060 RMP before reaching level 20.

Highest Level to Halving RMP: First, determine the block height at which the highest level is reached, then subtract this block height from the halving block 840,000. This is the total number of blocks that a dragon at the highest level needs to experience from reaching the highest level to the halving. Then, multiply this number of blocks by the RMP per block at the highest level, which is the total RMP that a dragon at the highest level can obtain up to the halving block.

Sum of Regular RMP: Finally, add the "Accumulated RMP to the Highest Level" and "Highest Level to Halving RMP" to obtain the total RMP that a dragon can obtain under normal circumstances. Note that we have not yet considered the reward RMP generated by the skills of each dragon, as well as the Boost layer after using Bitcoin Knight.

3.3 Calculation of Maximum RMP for Dragons of Each Breed

Section 3.2 calculated the RMP values that dragons of different breeds can obtain under normal circumstances. In addition, there are two buffs that can increase RMP, but the use of Bitcoin Knight requires additional costs to purchase other inscriptions, so the additional effects of this part are not considered. The following only considers the RMP rewards generated by the skills of each dragon.

In section 2.3 "Rune Dragon Attributes," we know that, except for Othila, all other dragons have their own skills. The specific occurrence probability of the skills can be known, for example:

• Anzus's skill is "when the last digit of the inscription number is the same as the last digit of the current block hash," and since the last digit of the inscription number is 0-9, the average occurrence probability is 10%, meaning that there is a 10% chance that a block will reward Anzus with 166 RMP.
• Gebo's skill is "the last digit of the current block hash is even," meaning that there is a 50% chance that a block will reward Gebo with 200 RMP.
• Fehu is more complex because it has two skills, and according to DC management, if certain blocks simultaneously meet both conditions, Fehu can receive two rewards (200+166=366). Therefore, one Fehu can receive the total sum of Anzus + Gebo rewards.

"Estimated Total Reward": Probability of skill occurrence × total number of blocks experienced (840,000-833,000=7000) × reward amount; of course, the occurrence probability is only an ideal value, and in reality, it is not absolutely certain whether the last digit of the hash of the 7,000 blocks is the same as 10% of the inscription number, or whether 50% is even. It can only be estimated.

By adding the "Sum of Regular RMP" calculated in section 3.2 to this "Estimated Total Reward," we can obtain the theoretical maximum RMP that dragons of each breed can obtain, excluding the Bitcoin Knight bonus. The specific values are as shown in the table below:

Through the above table, we can intuitively assess the differences in value among dragons of different breeds. In comparison, Gebo's performance is the most outstanding. Although it has a 20% probability, the highest RMP it can obtain is only 12.5% lower than Fehu, which has a 5% probability.

4. Estimated Profit Analysis

4.1 Theoretical Maximum RMP

Through the analysis above, we have calculated the maximum RMP that dragons of different breeds can obtain. Since the quantity of dragons of each breed is fixed, it is easy to calculate the theoretical maximum RMP that all dragons can produce, as shown in the table below:

By adding the maximum RMP for dragons of the 4 breeds in the table above, we can obtain the theoretical maximum RMP that can be produced, which is 5,364,030,000 (53.64 billion).

4.2 Estimated Actual Maximum RMP

According to a tweet from Bitcoin Knight, as of block height 835,164, a total of 48% of the dragons have been activated. Since in the inactive state, although dragons will continue to level up normally, the generated RMP does not count. From block 833,000 where the dragons start to the final block 840,000, about 40% of the blocks have been passed. Assuming that all dragons will be activated by block 840,000, but because the RMP generated in the inactive state does not count, we need to consider the higher RMP that dragons at higher levels can obtain. Therefore, we assume that the RMP actually generated by all truly activated dragons accounts for 70% of the theoretical situation (note: this is a highly speculative assumption).

Details:

https://twitter.com/CKN_BIT/status/1769559524187500753

Estimated Actual Maximum RMP = Theoretical Maximum RMP × Activation Generation Ratio 60% = 5,364,030,000 × 70% = 3,754,821,000 (37.55 billion)

4.3 Estimated Market Value of Rune Kingdom Runic Tokens

In the "Rune Pre-Mining" project, Runestone currently has a total market value of approximately 4271 BTC (unit price ≈0.038 BTC). The total market value of Rune Kingdom inscriptions is only 15 BTC (calculated at a floor price of ≈0.0015 BTC, but in fact, there are differences in rarity among the runic dragons, so calculating based on the floor price will be lower). Even if we estimate the total market value at this lower 15 BTC, it is only 0.351% of the market value of one Runestone.

Eventually, Runestone will also release tokens on the Runes protocol. Assuming that this token is also one dragon on the Runes protocol, we will use the market value of the BRC-20 dragon token $ORDI (22,318.91 BTC) as the market value of Runestone inscriptions, and take the proportion of Rune Kingdom inscriptions to Runestone inscriptions as the proportion of the final runic token.

That is, Estimated Market Value of Rune Kingdom Runic Tokens = 22,318.91 BTC × 0.351% ≈ 78.34 BTC

4.4 Mining Value of Dragons of Each Breed

Through the above analysis, we have estimated the total market value of Rune Kingdom runic tokens to be 78.34 BTC. Subsequently, calculating the mining value generated by each runic dragon is very simple. We only need to divide the maximum RMP generated by one runic dragon by the "Estimated Actual Maximum RMP" and then multiply by the "Estimated Market Value of Runic Tokens" to obtain the specific values as shown in the table below:

Alright, the project analysis of the runic dragons ends here. Currently, the floor price of Rune Kingdom on MagicEden is 0.0015 BTC.

5. Official Information Channels

Whitepaper:

https://docs.bitknight.net/

Official Twitter:

https://twitter.com/CKN_BIT

MagicEden Collection:

https://magiceden.io/ordinals/marketplace/runekingdom

Project Introduction:

https://www.ord.io/63496557

Parent Inscriptions:

https://ordiscan.com/inscription/61278

https://ordiscan.com/inscription/233833

https://ordiscan.com/inscription/61577

Disclaimer: This article is for reference only and should not be used as legal, tax, investment, financial, or any other advice. It does not represent the position of RunesCC.

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