Over the past six months, we have been dedicated to advancing the standardization of brc20-swap on Layer 1 (the Bitcoin mainnet) in collaboration with L1F, making it a part of the brc-20 standard upgrade. Due to the coordination required among multiple teams, the standardization process for swap has taken longer than we anticipated. We are actively seeking ways to improve this situation and enhance delivery certainty.
Swap on Layer 1
UniSat has invested significant effort and innovation into the swap product. Through extensive testing during the past year and a half, we have preliminarily validated that this product can function correctly on the Bitcoin mainnet.
With most of the engineering works for the swap module completed, the remaining work primarily involves:
- Assisting indexers other than UniSat Indexer to effectively recognize and calculate inscriptions related to the swap module.
- Ensuring that our submitted calculations match those from other teams via hash verification to avoid accounting discrepancies.
These tasks are being methodically advanced under the coordination of L1F. We believe the launch of the swap module on the mainnet is not far off. We will coordinate and communicate with L1F to finalize the launch timing on Bitcoin mainnet. We respect the substantial efforts L1F has made and fully support their timeline for this brc-20 upgrade.
Swap on Fractal Bitcoin
For those following UniSat’s recent developments, you might be aware that, in addition to advancing the standardization of swap, we have also made significant progress on our way to scale and extend bitcoin systematically with an approach named Fractal Bitcoin. Given the current progress, we are pretty confident about delivering Fractal Bitcoin in September.
On Fractal Bitcoin, we will deliver a swap product identical in functionality to the mainnet swap module — Fractal Swap, ensuring projects on Fractal Bitcoin have good liquidity from the start. In subsequent iterations, BTC and other mainnet assets can also exist on Fractal Bitcoin as brc-20 wrapped assets, providing greater flexibility.
Product Delivery & Integration
Through the effective integration of wallet, explorer, and swap products, UniSat aims to provide a seamless and consistent experience for both Bitcoin mainnet and Fractal Bitcoin. From a user perspective, the key differences (that Fractal Swap delivers) are faster confirmations and lower overall fees on Fractal. The similarities of them are that both are based on the brc-20 protocol and use brc-20 sats as the gas fee.
Early Swap Participation & Green Channel
Since last year, UniSat’s early users have actively participated in the testing of the swap and have provided us with a wealth of constructive feedback. We extend our heartfelt thanks for their continuous support.
While the launch date for Swap on L1 is still pending further confirmation, Fractal Swap is a product entirely settled within our timeframe and is scheduled to go live in September. Considering the difference in the certainty of release dates between these two products, we will offer a green channel for these early participants. When Fractal Swap goes live, they can choose to immediately transfer their assets from the early swap tests to Fractal Swap through this green channel. Alternatively, they can continue to wait for the swap standardization process on the mainnet (if it has not been finalized by then). Please note that both Fractal Swap and Swap on L1 will support friction-less mainnet withdrawals from day one.
Swap Rollup Incentive Model
Fractal Swap will implement a competitive rollup mechanism, which allows our users to package their rollup results to the sequencer, earning the transaction fees (brc-20 sats) generated by all transactions within the rollup. This process is similar to miners submitting packaged transactions to the network and receiving block rewards.
We will release more details about this incentive model in the near future.
Please follow the official X accounts of UniSat and Fractal Bitcoin for the latest updates.
UniSat Team
2024.07
