DIGIVESTASI - A total of 1,365 Bitcoins (equivalent to Rp1.5 trillion at current prices) were lost after users attempted to mint Rune 777 LEEROY-JENKINS on Runes, which turned out to be invalid.

Runes is a standard token protocol that allows for the issuance of redeemable tokens on the Bitcoin network, providing a more efficient way for users to create such tokens.

Mint Considered Invalid
According to data from Ord.io on Wednesday (5/6/2024), minting activity on Rune 777 LEEROY-JENKINS caused a spike in Bitcoin network fees up to 150 sat/vB, leading to 1,365 BTC being wasted on an invalid mint.

An X user named LeonidasNFT explained that Runes operates like an auction. If a user's transaction is not mined before the mint window closes, they will lose their funds and not receive the mint.

Even though it seemed like the mint would be valid when users set the fee for their orders, this does not guarantee that Bitcoin network fees will not rise before the next block is mined. Such a rise in fees could cause other transactions to be prioritized over the user's transaction.

"If you fail to get your transaction into the block, you will lose BTC and not receive the Rune. That's how this protocol works," said Leonidas.

The name LEEROY JENKINS originates from an iconic character in the online game World of Warcraft created by Ben Schulz. Data from Ord.io shows that LEEROY-JENKINS has a maximum supply of 69.4 million tokens.

The token has 1,472 holders and has completed 57,850 mints.

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