Portrait of a rune caster: innovating, investing, and trying new things, which category are you?

In a recent phone conversation with Myra Wang, I talked about some of my views on rune casting users.

When doing user analysis, I think the most important step is user segmentation and user profiling. For people who cast runes, I tend to divide them into three types: new hunters, rune investors, and newbies.

The casting behavior characteristics and tool usage concerns of these three groups of people are described below.

Covers most potential targets. Through monitoring tools such as https://t.me/ybot_runes, they can learn the deployment and casting status of almost all popular runes at the first time. Whether it is an emerging local dog or a rune blue chip, these addresses will always have the highest number of mints.

2. Points of concern when using tools

Cost of use:

When "new hunters" choose casting tools, the most important thing they pay attention to is the cost of use. Due to the large number of castings, the accumulated service fees can become a considerable expense. In addition, participating in new ventures is highly risky, and most targets do not have very high profit margins. Therefore, users of large-volume castings are basically accompanied by the "brick arbitrage" behavior of high-frequency placing orders - that is, after making new ones at low cost, they immediately sell them with low-profit placing orders. If the cost of using tools is too high, this “brick arbitrage” model cannot be maintained.

In addition to the apparent "service fee", the tool usage cost is also affected by factors such as the way the casting order is generated, the usage logic of UTXO, and the flexibility of gas settings.

Operational Efficiency:

The second point of concern in “New Hunter Hunting” is operational efficiency. Because many new rune bids appear, the time to participate is very tight: some bids are small in number and will be completed within a few blocks; for some bids, if you miss a block, you will face a significantly increased gas in the next block, which will lead to Casting costs rise and are unprofitable. In addition to one-click operation and no need for secondary wallet signatures, the other operational efficiency is the broadcast speed of BTC transactions.

In addition, this type of user does not particularly care about the interactive ease of use of the tool. Because the operations are extremely frequent, new operations have long become muscle memory.

Rune Investor

1. Rune casting behavior

Number of castings: ≥ 10 times,

Casting targets: The casting targets of "Rune Investors" are concentrated in some blue-chip projects with a relatively high degree of consensus , for example: #0 UNCOMMON, COOK•THE•MEMPOOL, which was very popular at the time. This type of target has a relatively large number of participants, and there are always active transactions in the market.

2. Points of concern when using tools

"Rune investors" are relatively insensitive to tool service fees. Since most of the assets minted are blue-chip targets, you can look at the assets you hold from a longer-term perspective. Even if the current cost of mint is higher than the market price, it may still be profitable in the long run.

The requirements for operating efficiency are not high. Blue-chip projects with a high degree of consensus give users sufficient time to participate in casting. Users do not need to rush to complete the operation within a few blocks.

Higher requirements for tool ease of use. Since this type of users does not participate in new releases so frequently, they are not proficient in operation. If the tool is simpler and easier to understand, they can get started more quickly and reduce learning costs.

Newbies

1. Rune casting behavior

Number of castings: ＜10 times

Casting targets: Since they participate with a trying mentality, the targets chosen by “Newbies” may have strong randomness sex. Of course, there is a high probability that the number 0 will be the target to start trying, because any player looking for runes will recommend it to you: you should first use number 0 to practice your skills.

2. Points of concern when using tools

"Early adopters" are most concerned about asset security. Because I don’t know enough about the underlying logic of Bitcoin, I am very worried about whether my operations will cause asset losses, whether I will pay more than I should, and whether my wallet will be stolen? Therefore, to attract this type of users, reducing usage concerns may be the first priority.

Secondly, it may be the friendliness of the interactive experience and the ease of use of the product. Because I am not proficient in on-chain operations, I do not understand many basic concepts of Bitcoin transactions, such as: the minting amount of a single UTXO, runes occupying satoshis, etc. It is very important to express important casting-related information on the interface in the simplest and most understandable way (of course, this is not easy).

Okay,

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