LeapX enables a bidirectional leap of Bitcoin
native assets of all token standards to RGB++ assets, providing a
trustless, seamless transition between L1 and L2, unlocking
unlimited potential for the Bitcoin
Ecosystem.
SINGAPORE, May 27, 2024
/PRNewswire/ -- With the rise of protocols like Ordinals, Runes,
RGB++, Stamp, Atomicals, and PIPE, the Bitcoin network
has seen a proliferation of diverse assets, paving the way for
innovative applications and commercial scenarios. However, due to
underdeveloped and limited asset creation, Bitcoin
native assets struggle to achieve efficient and secure
interoperability, significantly hindering capital utilization and
large-scale commercial adoption.
To address these market challenges, SRC20's first trading
platform, OpenStamp, recently launched LeapX, the first
Bitcoin cross-protocol assets leap tool. LeapX enables
Bitcoin native assets of all token standards to
leap bidirectionally to RGB++ assets, achieving trustless
interoperability and seamless movement between L1 and L2, bringing
more possibilities to the Bitcoin ecosystem.
Unlocking Bitcoin Native Asset Liquidity with
RGB++ Protocol Integration
As market momentum picks up, the scale of the
Bitcoin ecosystem assets continue to grow
significantly, becoming an integral part of the crypto
market. For example, according to GeniiData, as of May 27, there are over 89,000 BRC20 tokens with a
market cap of $3.66 billion, covering
more than 650,000 on-chain addresses. Atomical Market reports over
110 ARC20 tokens with a market cap of $110
million, while OpenStamp indicates approximately 136 SRC-20
tokens with a market cap exceeding $210
million.
Despite promising growth, Bitcoin native assets
still lag behind other crypto sectors. Although
protocols like Ordinals have opened up possibilities on the
Bitcoin network, the lack of Turing Completeness in
their scripting languages restricts these assets to mere trading,
unable to unlock more complex application scenario. The
incompatible token standards and fragmented ecosystem hinder the
development of a cohesive Bitcoin ecosystem.
LeapX addresses these issues by integrating the RGB++ protocol
through Bitcoin native asset protocol conversion,
enabling a seamless leap across UTXO-based networks. RGB++ is a
Bitcoin extension protocol that offers Turing-Complete
contract functionality, enhancing transaction efficiency and
performance while ensuring security and censorship resistance.
LeapX currently supports BTC assets like SRC20, BRC20, ARC20,
and RUNES. Users can convert these assets to RGB++ assets with a
single click, gaining advantages such as non-interactive transfers,
transaction folding, and interoperability with CKB without
cross-chain requirements. These assets can then participate in
infrastructure and DeFi applications like DEXs,
stablecoins, and lending protocols.
Achieving Trustless Cross-Chain Interoperability via
Homomorphic Binding: Supporting Bitcoin L2 and
Solana
As interest and transaction volume in the Bitcoin
ecosystem grow, building the application layer has become a key
narrative, with Layer 2 solutions (L2s) like BTCFi emerging to
unlock Bitcoin asset liquidity.
From a technical perspective, the main approaches include
sidechains, rollups, state channels, client-side validation, and
multi-sig + EVM. Each approach has its own advantages in terms of
security, nativity, and decentralization. Most Bitcoin
L2s bridge L1 assets using cross-chain bridges, with multisig +
Ethereum EVM being a common method. This allows users
to deposit Bitcoin assets into a multi-sig address,
minting corresponding assets on the EVM chain. However, supporting
UTXO-based L1 assets requires cross-chain bridge solutions (such as
lock + mint/burn) to bridge L1 assets and achieve performance
expansion, facing market legitimacy concerns.
In the crypto "dark forest," cross-chain bridges
carry significant centralization
risks. For Bitcoin L2s, achieving sufficient decentralization and
ensuring asset security are fundamental to gaining user trust,
which is crucial for their survival and the liquidity of the
ecosystem.
In contrast, LeapX uses homomorphic binding technology to
achieve asset "cross-chain" transfers. This allows users to
circulate assets on L2 without the risks associated with
cross-chain bridges, enhancing its legitimacy.
The homomorphic binding solution, often referred to as a "modded
UTXO," was introduced by the public blockchain Nervos CKB.
According to its founder, Cipher, homomorphic binding leverages the
homogeneity of the UTXO model to bind and map UTXO-based
Bitcoin L1 protocol assets (including Runes,
Atomicals, Taproot Asset, and Stamps) onto Nervos CKB's Cells. It
uses script constraints on both the CKB and Bitcoin
chains to verify the correctness of state calculations and the
validity of ownership changes. This method brings Turing-complete
contract extensions and performance improvements to
Bitcoin without requiring cross-chain bridges or
compromising security. Compared to other Bitcoin L2
solutions, LeapX's homomorphic binding technology offers users a
safer, more convenient, and richer asset management experience. It
allows L1 assets to participate more integrally in various L2
activities, thereby further enhancing the liquidity of
Bitcoin assets.
Moreover, the security of Bitcoin's PoW consensus
mechanism is well-known and has stood the test of time. Homomorphic
binding also relies on a PoW-based public blockchain, ensuring
maximum security and decentralization for Bitcoin L1
assets.
Currently, LeapX supports Bitcoin assets on
UTXO-based L2s, such as CKB and OpenStamp's native
Bitcoin L2 project ContinentX, as well as the UTXO
Stack chain. Additionally, LeapX facilitates seamless integration
of Bitcoin L1 assets with high-performance blockchains
like Solana, whose high throughput and thriving
ecosystem will provide greater liquidity for Bitcoin
assets. Notably, LeapX will offer airdrop rewards for staking and
interacting with cross-chain assets.
As Bitcoin integrates more with mainstream markets,
the influx of capital and resources will drive the ecosystem's
development, increasing the demand for interoperable L1 assets.
Tools like LeapX address this need, enhancing Bitcoin
L1 assets as core components of the Bitcoin ecosystem
while enabling innovative and efficient use cases. Asset security,
decentralization, and transaction efficiency are crucial factors
determining the scale and value of the Bitcoin
ecosystem.
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SOURCE OpenStamp