Todays Top Stories

Editor: @PhoenixxDown

RadFi Discovered: The Bitcoin AMM Hiding in Plain Sight

Late last night, Bitcoin builder, Mononaut, spotted something unusual: a Rune-adjacent protocol embedding arbitrary data into fake SegWit outputs.

Granted, yes, that’s a bit of a mouthful.

So, in simpler terms: normally, Bitcoin only lets you attach a small piece of extra data to a transaction using OP_RETURN. And you're only supposed to use one of those per transaction.

To get around that limit, this project used a trick. They hid extra data inside fake SegWit outputs that the Bitcoin network still accepts, even though it is not how SegWit is normally used.

Mononaut noticed the data was compactly encoded using LEB128 (same as Runestones) and involved multisig addresses, hinting at some kind of liquidity bridge or "Layer 2" system for Runes tokens.

Very soon after, Farmer Joe quoted the thread, pointing out that all the activity seemed tied to $PUPS tokens, suggesting a direct link to the PUPS ecosystem.

And right there in the replies, the answer was found. The Co-Founder of radFi put his hand up and said, "that would be us 👋🏼"

And so, the burning question….

What is RadFi?

RadFi is a new Automated Market Maker for Bitcoin and Bitcoin-native assets like Runes.

It operates completely on Bitcoin’s base layer, no sidechains, no bridges, everything happens directly on Bitcoin itself.

Here’s the basic idea:

• Liquidity Providers can deposit BTC and Runes tokens into pools to earn trading fees.

• Traders can swap tokens near-instantly, several times per block.

• Self-custody is built in: assets are stored in a two-party multisig wallet where both the user and radFi have to sign for anything to move, keeping user control intact.

How It Works (Without Getting Too Deep)

• RadFi nodes are always online quoting swap prices.

• Users can deposit funds and define the price range they want to trade in.

• Trading fees are split: two-thirds go to liquidity providers, one-third to radFi.

• Fee tiers are selectable, just like on Uniswap V3 (0.05% / 0.30% / 0.50% / 1.00%).

They also recently announced a "Strategic Reserve," kicking things off by using all revenue from the PUPS/BTC pool to buy and hold $PUPS. The platform was founded by a group of Bitcoin Puppets, so that explains the strong alignment with the token.

RadFi is the latest in a long line of Runes trading developments popping up in recent weeks and months. It’s a very exciting time to be holding assets on Bitcoin!

RadFi rightly points out that trading Bitcoin-native tokens until now has been clunky and slow compared to other ecosystems, and they are aiming to fix that, offering a faster, smoother experience without giving up self-custody or transparency.

It’s early days, and plenty still needs to be proven out, but radFi’s approach shows that Bitcoin’s base layer might be more flexible for asset trading than most people thought… if you're willing to get a bit creative like they did!

To learn more about radFi, check out their Overview document here.

Runes will soon be coming to Slingshot!

Make sure to sign up via our ExtraOrdinals referral link, or QR code, found below, and be all set for when they go live!

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Daily Bites: Today’s Top Articles

Todays Markets

Ordinals

Lots of interesting moves on the Ordinals chart today.

The biggest gainer of the day is Bitcoin Bro Bear, up 74%! Over the weekend they were scraping around the $35-$40 mark, and now they’re sitting just a little over $100.

The collection has a small-ish supply and is tied to one of the hottest rising Runes tokens with a strong community behind it. Sellers letting them go at $35 weren’t thinking this through at all.

In 6th, a new name pops up: BTCDomain — a domain system fully built on Bitcoin Mainnet. Most of the volume so far has come from one wallet collecting names linked to Mars. Maybe banking on Elon Musk taking an interest? It’s an interesting strategy. Let’s see if it pays off.

OG Runes

So... the Saturday prediction of a $MIM pump today didn’t come true, but honestly it’s looking pretty beautiful almost everywhere else.

$ODINDOG leads the day, up 40% as it plays catch-up to the price it’s been trading for on OdinFun. Some bargains have been floating around Magic Eden due to price discrepancies, something XOs have had a sharp eye on for a while now.

$BIP is gathering some nice momentum too, up 20% today down in 10th, and its counterpart in a lot of ways, $SAIKO, has stormed up into 3rd place with a 26% rise, now close to breaking the $1M market cap barrier again.

$BILLY is getting a lot of chatter in alpha groups lately, from what I hear, but it's finding some resistance just above 20 sats. What happens when it punches through?

And with all the $PUPS-based innovation popping up lately, these prices could be looking dirt cheap when we look back a few weeks or months from now. Just maybe.

OdinFun, FunkyBit, and Alkanes

$ODINDOG is now a dog’s whisker away from reclaiming its spot at the top, only about $600K in market cap behind OdinApe.

Those two, along with $BITCAT, have really broken away from the rest of the pack, with GoldBTC sitting way back in 4th at $2M.

Funky Monkey outdoes Grandmaster Funk on volume again, although the gap between them in market cap widened a little bit.

Just like on OdinFun, FunkyBit is showing clear leaders now, with the next OG token, $MISA, way back with only a $28K market cap.

Over on Alkanes, it’s all calm at the top. $DIESEL is comfortably in front with about $16M separating it from 2nd place, the first community-created token, $METHANE.

Sitting just out of the top 5 again is CheekyB, now in 8th at just under $300K market cap and up 29% today.

It’s arguably the most recognized token outside the top 2. Is a repricing incoming?

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