AlkimiyaAlkimiya: Infrastructure for Synthetic Blockspace
“From this, he inferred a profound principle: that the whole of nature was greater than the sum of its parts, each component interacting with others in complex ways to sustain the balance and harmony of the whole.” – Ibn Tufayl, Hayy ibn Yaqzan Overview Alkimiya is a pioneering blockspace resource protocol that serves as the backbone for powering predictable transaction fee experiences across service providers and end users. At its core, Alkimiya is a peer-to-peer markets protocol that enable...
AlkimiyaEthereum Blockspace: Who Gets What and Why
“Market that can operate freely is like a wheel that can turn freely: it needs an axle and well-oiled bearings. How to provide that axle and keep those bearings well oiled is what market design is about.”― Alvin E. Roth, Who Gets What — and Why: The New Economics of Matchmaking and Market DesignOutlineOverview of the blockspace marketThe supply side: the structure of Ethereum miningThe supply side: the Ethereum mining cyclesThe demand side: the time value of blockspaceThe demand side: congest...
AlkimiyaConsensus Capital Markets
“He who controls the spice controls the universe.” - Frank Herbert, Dune Saneel Sreeni Leo ZhangIntroduction:Commodities are basic raw materials that serve as the basis for the production of everyday goods and services. The history of commodities is a reflection of civilization itself. Humans waged wars against each other to seek control over the most important resources; from rice, to metals, to spices, to oil. As more aspects of the global economy and daily activities migrate to the cryptoe...
Alkimiya is a decentralized blockspace markets protocol.
AlkimiyaAlkimiya: Infrastructure for Synthetic Blockspace
“From this, he inferred a profound principle: that the whole of nature was greater than the sum of its parts, each component interacting with others in complex ways to sustain the balance and harmony of the whole.” – Ibn Tufayl, Hayy ibn Yaqzan Overview Alkimiya is a pioneering blockspace resource protocol that serves as the backbone for powering predictable transaction fee experiences across service providers and end users. At its core, Alkimiya is a peer-to-peer markets protocol that enable...
AlkimiyaEthereum Blockspace: Who Gets What and Why
“Market that can operate freely is like a wheel that can turn freely: it needs an axle and well-oiled bearings. How to provide that axle and keep those bearings well oiled is what market design is about.”― Alvin E. Roth, Who Gets What — and Why: The New Economics of Matchmaking and Market DesignOutlineOverview of the blockspace marketThe supply side: the structure of Ethereum miningThe supply side: the Ethereum mining cyclesThe demand side: the time value of blockspaceThe demand side: congest...
AlkimiyaConsensus Capital Markets
“He who controls the spice controls the universe.” - Frank Herbert, Dune Saneel Sreeni Leo ZhangIntroduction:Commodities are basic raw materials that serve as the basis for the production of everyday goods and services. The history of commodities is a reflection of civilization itself. Humans waged wars against each other to seek control over the most important resources; from rice, to metals, to spices, to oil. As more aspects of the global economy and daily activities migrate to the cryptoe...
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Alkimiya is a decentralized blockspace markets protocol.
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Bitcoin transaction feerate can be highly unpredictable. During off-peak hours, they might be as low as 1 sat per byte, but during peak demand, fees can soar into the hundreds of sats for priority transactions.
BTC•FEERATE•RUNES is an innovative Rune collection designed to tokenize BTC transaction fees. It is the first Rune to have its value tied directly to feerate, allowing users to periodically "bank" feerate and mitigate the impact of rising costs. Traders are able to take advantage of on-chain events such as Babylon Cap-1 launch, Magic Eden airdrop, and popular Rune mints.
In August 2024, the launch of Babylon’s Bitcoin Staking Program - Phase 1 caused a 90x spike in BTC transaction fees, jumping from approximately 8 sat/vB to 717 sat/vB within a single block. Successful stakers spent a total of 53.405 BTC ($3.4m) in fees while unsuccessful stakers spent an additional 4.723 BTC ($0.35m) to unbond their transactions.
In October 2024, Runes activity surged once again, leading to over 150 BTC ($13.5m) spent in fees. This was due to a number of Runes mints including but not limited to $PUPS, $FRIDGE, $YOURMOM, $POOKA, $CYPHER. During this period, 74.336 BTC ($6.7m) was traded on Alkimiya with PnLs seeing a high of ~315%.
We’ve created a community-based Feerate Alpha Events calendar where everyone can submit information about on-chain events. If an event has been verified by Traders on Discord, they will be marked as “Verified by Community”.
Heard of an upcoming hyped event and think it will affect feerate? Submit an event!
Have an opposing view of a submitted event? Talk about it in our Discord server!
The redemption value of BTC•FEERATE•RUNES tracks the average BTC network feerate in real-time. When the feerate spikes, your BTC•FEERATE•RUNES increases in value, which partially offsets the transaction fees you spend during congestions.
Each unit of BTC•FEERATE•RUNES is backed by 1vB of LONG position on Alkimiya pools, which tracks the average weekly median BTC feerate per block.
Users can freely buy or sell BTC•FEERATE•RUNES on any regular Runes platform. If the secondary market prices diverge significantly from the tracked feerate, an arbitrage opportunity is created.
Users can redeem BTC•FEERATE•RUNES for the underlying BTC, the payoff calculation is:
Payoff = min(Cap, max(0, (Avg(Median_Feerate of all blocks in POOL) - Floor))) * # BTC•FEERATE * (1 - Claim_Fees)
The estimated redemption payoff is regularly updated in a dedicated channel (#btc•feerate•runes) on our Discord server, so that users can check before making their decision.
Redemptions are processed from the ongoing pool with the most activity at the time of the Claim Request.
Claim Fees: 5%
Minimal Claim Size: 10,000 BTC•FEERATE•RUNES (10k vB)
You can redeem your BTC•FEERATE•RUNES via our official page.
Alkimiya, a pioneering blockspace markets protocol that enables users to directly trade Bitcoin transaction fees. By using Alkimiya’s innovative tool, users can trade, hedge against, and capture the value of highly volatile Bitcoin transaction fees, which can swing dramatically from 20x to 500x within a single week. This primitive is also designed to capture the value of most on-chain activities that contribute to increased transaction fees.
Visit our Docs to learn how Alkimiya works; or
Check out our BTC Fee Handbook to learn to trade on Alkimiya.
Bitcoin transaction feerate can be highly unpredictable. During off-peak hours, they might be as low as 1 sat per byte, but during peak demand, fees can soar into the hundreds of sats for priority transactions.
BTC•FEERATE•RUNES is an innovative Rune collection designed to tokenize BTC transaction fees. It is the first Rune to have its value tied directly to feerate, allowing users to periodically "bank" feerate and mitigate the impact of rising costs. Traders are able to take advantage of on-chain events such as Babylon Cap-1 launch, Magic Eden airdrop, and popular Rune mints.
In August 2024, the launch of Babylon’s Bitcoin Staking Program - Phase 1 caused a 90x spike in BTC transaction fees, jumping from approximately 8 sat/vB to 717 sat/vB within a single block. Successful stakers spent a total of 53.405 BTC ($3.4m) in fees while unsuccessful stakers spent an additional 4.723 BTC ($0.35m) to unbond their transactions.
In October 2024, Runes activity surged once again, leading to over 150 BTC ($13.5m) spent in fees. This was due to a number of Runes mints including but not limited to $PUPS, $FRIDGE, $YOURMOM, $POOKA, $CYPHER. During this period, 74.336 BTC ($6.7m) was traded on Alkimiya with PnLs seeing a high of ~315%.
We’ve created a community-based Feerate Alpha Events calendar where everyone can submit information about on-chain events. If an event has been verified by Traders on Discord, they will be marked as “Verified by Community”.
Heard of an upcoming hyped event and think it will affect feerate? Submit an event!
Have an opposing view of a submitted event? Talk about it in our Discord server!
The redemption value of BTC•FEERATE•RUNES tracks the average BTC network feerate in real-time. When the feerate spikes, your BTC•FEERATE•RUNES increases in value, which partially offsets the transaction fees you spend during congestions.
Each unit of BTC•FEERATE•RUNES is backed by 1vB of LONG position on Alkimiya pools, which tracks the average weekly median BTC feerate per block.
Users can freely buy or sell BTC•FEERATE•RUNES on any regular Runes platform. If the secondary market prices diverge significantly from the tracked feerate, an arbitrage opportunity is created.
Users can redeem BTC•FEERATE•RUNES for the underlying BTC, the payoff calculation is:
Payoff = min(Cap, max(0, (Avg(Median_Feerate of all blocks in POOL) - Floor))) * # BTC•FEERATE * (1 - Claim_Fees)
The estimated redemption payoff is regularly updated in a dedicated channel (#btc•feerate•runes) on our Discord server, so that users can check before making their decision.
Redemptions are processed from the ongoing pool with the most activity at the time of the Claim Request.
Claim Fees: 5%
Minimal Claim Size: 10,000 BTC•FEERATE•RUNES (10k vB)
You can redeem your BTC•FEERATE•RUNES via our official page.
Alkimiya, a pioneering blockspace markets protocol that enables users to directly trade Bitcoin transaction fees. By using Alkimiya’s innovative tool, users can trade, hedge against, and capture the value of highly volatile Bitcoin transaction fees, which can swing dramatically from 20x to 500x within a single week. This primitive is also designed to capture the value of most on-chain activities that contribute to increased transaction fees.
Visit our Docs to learn how Alkimiya works; or
Check out our BTC Fee Handbook to learn to trade on Alkimiya.
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