Author: Nancy, PANews
With the asset issuance trend of many L1 protocols such as Ordinals, Runes, RGB++, Stamp, Atomicals and PIPE, the assets on the Bitcoin chain have become increasingly rich, which also provides more room for innovative applications and business scenarios. However, due to the lack of improvement and popularization of infrastructure, Bitcoin ecological assets cannot achieve efficient and secure interoperability, and the significant reduction in capital utilization efficiency and actual utility also limits the large-scale commercial use of Bitcoin.
To address these market pain points, OpenStamp, the first SRC20 trading platform, recently launched the first Bitcoin full-protocol asset migration tool LeapX, which allows full-protocol assets on Bitcoin to migrate bidirectionally to RGB++ assets, gaining the ability to freely shuttle between L1 and L2 without trust, bringing more possibilities for the development of the Bitcoin ecosystem.
Unleash the liquidity of Bitcoin’s native assets and integrate RGB++ protocol capabilities with one click
With the high market heat and surging attention, the market size of Bitcoin ecological assets has risen sharply, becoming an important part of the crypto market that cannot be ignored.
For example, GeniiData data shows that as of May 27, there are more than 89,000 BRC20 standard tokens in the market, with a market value of US$3.66 billion, covering more than 650,000 on-chain addresses; Atomical Market data shows that there are currently more than 110 ARC20 tokens in the market, with a market value of more than US$110 million; OpenStamp data shows that the current number of SRC-20 tokens is about 136, with a market value of more than US$210 million.
Although Bitcoin assets have made a promising start, the overall scale is still far behind other crypto-segment tracks. The reason is that although protocols such as Ordinals have opened up the imagination of the programmability of the Bitcoin network, since its scripting language is not Turing complete, these assets are limited to turnover transactions and cannot unlock various complex application scenarios. The problem of asset non-interoperability has also caused the development of the Bitcoin ecosystem to be fragmented.
In order to break down the barriers between Bitcoin protocols and improve the overall weak status of the ecosystem, LeapX integrates the RGB++ protocol capabilities through the Bitcoin native asset protocol conversion function, thereby gaining the ability to freely jump between networks based on the UTXO model. RGB++ is a Bitcoin extension protocol based on RGB, which can bring Turing-complete contract extensions to Bitcoin assets and improve the efficiency and performance of transactions, while also being secure and censorship-resistant.
Currently, LeapX supports popular BTC assets such as SRC20, BRC20, ARC20, RUNES, etc. Users can use LeapX to Leap these assets into an equal number of RGB++ assets with one click, and obtain multiple asset advantages including non-interactive transfers, transaction folding, and no need for cross-chain and CKB interoperability, and participate in infrastructure and DeFi applications such as DEX, stablecoins, and lending protocols.
Using isomorphic binding to achieve trustless cross-chain, Bitcoin L2 and Solana are already supported
As the attention and transaction volume of the Bitcoin ecosystem grow day by day, building the application layer has become a key narrative, and L2s that carry BTCFi and unlock the liquidity of Bitcoin assets are competing to emerge.
From the perspective of technical implementation paths, they are mainly divided into side chains, Rollups, state channels, client verification, and multi-signature + EVM, which also makes each company have its own advantages in terms of security, nativeness, and decentralization. Among them, most Bitcoin L2 mainly bridges L1 assets through cross-chain bridges, such as multi-signature + Ethereum EVM as the mainstream approach, allowing users to deposit Bitcoin assets into multi-signature addresses for custody when crossing chains, and then mint the corresponding number of assets on the EVM chain. However, if this technical solution wants to support UTXO-based L1 assets, it must use a cross-chain bridge solution (such as locking + minting/destruction) to bridge L1 assets and achieve performance expansion, and it is facing market controversy about orthodoxy.
However, in the dark forest of encryption, cross-chain bridges have huge centralized risks. For example, Merlin's cross-chain solution has recently been controversial in the market due to issues such as the inability to unlock pledged assets, asset cross-chain congestion and limits, and B2 Network has been questioned for centralization because it is not allowed to use the self-built DA layer to verify security after adopting the ZK-Rollup solution. In addition, these cross-chain solutions will also cause asset losses to users due to centralized behaviors such as internal staff doing evil and improper operations by managers. For example, recently ZKasino forced its users to exchange ETH worth $33 million for its own platform currency, and such cases are everywhere. For Bitcoin L2, whether the project is decentralized enough and whether the assets are safe is the basis for gaining user trust, and it is also the key to its own survival and the long-term development of the ecosystem.
In contrast, LeapX implements "cross-chain" assets based on isomorphic binding technology, allowing users to circulate assets on L2 without taking on the risks brought by cross-chain bridges, and the introduction of this technology makes it more legitimate.
The isomorphic binding solution, known as the modified version of UTXO, was proposed by the public chain Nervos CKB. According to its founder Cipher, isomorphic binding uses the homology characteristics of the UTXO model to bind and map UTXO-based Bitcoin L1 protocol assets (including Runes, Atomicals, Taproot Assets, and Stamps, etc.) to the Cell of Nervos CKB, and uses the script constraints on the CKB chain and the Bitcoin chain to verify the correctness of state calculations and the validity of ownership changes, thereby bringing Turing-complete contract expansion and performance expansion to Bitcoin without cross-chain and loss of security. In other words, compared with other Bitcoin L2 solutions, LeapX's introduction of isomorphic binding technology can provide users with a safer, more convenient and richer asset management experience, while allowing L1 assets to participate in various L2 chain activities in a rejuvenated way, thereby further activating the liquidity of Bitcoin assets.
In addition, it is well known that the security of Bitcoin's PoW consensus mechanism has withstood the test of time for a long time, and isomorphic binding also relies on the public chain based on the PoW consensus mechanism, that is, the security and decentralization of Bitcoin L1 assets can be guaranteed to the greatest extent.
Currently, LeapX can support Bitcoin assets to access L2 that supports UTXO, such as CKB and OpenStamp's native Bitcoin L2 project ContinentX and even UTXO Stack chain. Not only that, LeapX also supports seamless connection between Bitcoin L1 assets and high-performance public chain Solana, the latter's extremely high traffic and prosperous ecology will provide more liquidity for Bitcoin assets. It is worth mentioning that LeapX will also provide airdrop rewards for the pledge and interaction of all cross-chain assets.
In short, as Bitcoin accelerates its integration with the mainstream market, the influx of a large amount of funds and resources will give the Bitcoin ecosystem more room for development, which also puts higher requirements on the interoperability of Bitcoin L1 assets. As tools such as LeapX solve users' demand for asset interoperability, they can help Bitcoin L1 assets become the core assets of the Bitcoin ecosystem while bringing more abundant and efficient innovative use cases to the Bitcoin ecosystem. The degree of asset security and decentralization, the efficiency and friendliness of transactions, etc. all greatly affect the ecological scale and value ceiling of Bitcoin.
