runes are a capital formation primitive built on the utxo model. this offers a direct tap into bitcoin's liquidity pool. the fair launch ethos presents a compelling counter-narrative to vc-led token cycles.

the current ux friction is a temporary moat. a breakout rune with meme velocity provides the financial incentive for mass adoption and infrastructure buildout. the first 100x rune becomes the catalyst.

capital inflows will originate from three vectors. btc holders will rotate into native high-beta assets. capital from other ecosystems will chase the new meta. new entrants will onboard via bitcoin and find their way to its degen layer.

a dominant marketplace and a functional on-chain dex are the missing pieces. these are the critical infrastructure plays.