2023.11 brc20-swap updates
Today, we’ve rolled out an update to the ongoing experiment of brc20-swap, focusing on improvements in deposit and withdrawal processes, optimization of user experience, and enhancement of system stability.
In response to user feedback during the experimental phase, we’ve streamlined the withdrawal process, doubled the deposit limit, and fine-tuned various matching implementation details. These changes enable the system to better cater to user withdrawal needs.
With these improvements, we’ve lowered the access requirement for UniSat Points to participate from 1000 pts to 500 pts.
As the system continues to evolve, brc20-swap will gradually open up to a broader user base.
Under the current conditions, withdrawals for a given brc20 asset are subject to deposit limitations. Each user deposit contributes to fulfilling a specific withdrawal demand if possible. In cases of insufficient deposits, withdrawal operations may take longer than expected.
Some users have asked: Why not implement a storage address for funds, allowing withdrawals instantly from that address to meet user withdrawal needs?
This is because the operational mechanism of brc20-swap is practically decentralized, meaning the system does not hold user funds at all (similar to UniSat Marketplace). Using a single address to store funds poses risks such as attacks and key loss. The decentralized nature of the system, operating in a way that matches user demands, effectively reduces the risk of attacks.
Currently, only UniSat indexes and recognizes the status of brc20-swap. In the future, if other indexers identify the module status and business logic of the swap, the system’s operation will be significantly simplified: Users can execute the ‘withdraw’ command, instantly withdrawing from the module (essentially ‘re-mint’ the deposited brc20).
Moving forward, we are committed to:
- Providing APIs to more developers to increase system liquidity
We know some developers are creating automated trading tools and scripts. We aim to offer as much support as possible to enhance swap experience.
- Assisting brc-20 indexers in supporting the swap module if possible
As mentioned earlier, with more support from different indexers, withdrawals no longer require matching and can be completed instantly through direct ‘withdraw’ inscription (which effectively re-mint immediately).
- Collaborating with community projects that are creating valuable modules, aiding in their productization
It’s too early to reveal details about these products from different teams. We will strengthen our support and release further partnership announcements when appropriate.
- Expanding access to more brc-20 assets
We’ve noticed increased interests in certain brc20 assets recently. We will consider gradually offering support for these assets in near future, considering metrics from both community voting results and marketplace activities.
The touchable future
Innovations on bitcoin is never an easy journey. We’ve overcome numerous challenges, and more await us.
We remain clear-headed, unafraid of setbacks and failures, and committed to the relentless pursuit of innovation.
brc20-swap is just the beginning of a new world brought by brc-20. Over the next six months, expect more innovative products from us.
Through continuous contributions from developers and the community, Bitcoin has the opportunity to become a more robust, efficient, and prosperous system.