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brc20-swap test launched to enhance the liquidity of Ordinals assets
BRC20-Swap Launch: A New Chapter in Liquidity Improvement and Ecological Development
As the Ordinals ecosystem continues to develop, the liquidity of its assets has been a focal point of industry attention. In July 2023, a platform that integrates inscription, trading, and wallet functionalities announced the upcoming launch of brc20-swap, aimed at enhancing the liquidity of ecosystem assets. The product officially entered the testing phase on October 30.
This article will delve into the development history, product model, and its impact on the future of brc20-swap.
The Evolution of brc20-swap
On September 20, 2023, the platform issued early access invitations for brc20-swap to 620 eligible addresses. These addresses include active community members and holders of specific passes.
On October 10th, the official announcement was made regarding the mainnet launch schedule and related details of brc20-swap. They distributed a commemorative inscription called brc20-swap Prime Access to community users for free through various channels, allowing holders to participate in the early testing of the product.
In terms of transaction fees, brc20-swap adopts a fee standard similar to that of a well-known DEX, charging all participants a service fee of 0.3%. About 1/6 of this is collected by the platform, while the remaining 5/6 is distributed to liquidity providers of each trading pair. It is worth noting that brc20-swap uses the brc20 asset "sats" as the transaction fee.
On October 30th, the official announcement listed 14 assets initially supported by brc20-swap. The selection of these assets was based on trading activity and volume over the past 30 days. Following the release of this news, there was a significant increase in the prices of the related assets.
Product Model Analysis
The functions of brc20-swap include trading, liquidity pools, and data overview, with an overall architecture similar to DEX on EVM chains. Users need to recharge assets to the brc20-swap module by "inscribe TRANSFER" before trading, and the recharge confirmation requires 3 block times.
This product is implemented with modular expansion, with each module existing independently. This design has the following advantages:
However, this expansion model also has a drawback: users cannot freely withdraw their assets. The platform improves this issue by dynamically adjusting, meaning that when others deposit assets in amounts greater than the withdrawal demand, users can withdraw their assets. This practice avoids arbitrary issuance but also somewhat restricts the liquidity and convenience of the assets.
As users' understanding and acceptance of the black module increase, along with the recognition from more indexers, the product will gradually transition from the black module to the white module, achieving a consensus upgrade. At that time, users will be able to freely deposit and withdraw assets.
In addition, considering that the brc20 protocol and the entire Ordinals ecosystem are still in the early stages, the platform's modular operating architecture provides opportunities for more service providers to participate, helping to achieve the decentralization of indexing.
Future Outlook
As the first native trading platform in the Ordinals ecosystem, brc20-swap's launch marks an important step forward for the entire ecosystem in improving Liquidity. This not only helps to expand the capacity for incoming funds but also creates conditions for attracting large amounts of capital.
The platform also announced that a portion of the fees will be donated to the foundation involved in the development of the brc20 protocol to promote further optimization and standardization of the protocol. At the same time, the platform is committed to open-sourcing the complete documentation and verification source code of brc20-swap to facilitate support for early indexers.
These measures reflect the platform's commitment to collaborating with all parties in the ecosystem for mutual development. Given the relatively short development time of the Ordinals ecosystem, it is crucial for all parties to work together to expand the market pie and achieve win-win outcomes for the long-term development of the entire ecosystem.