Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
UniSat: Most of the development work of L1 Swap has been completed, and Fractal Swap is planned to be launched in September and introduce an incentiv

UniSat: Most of the development work of L1 Swap has been completed, and Fractal Swap is planned to be launched in September and introduce an incentiv

Odaily2024/07/07 15:24
By:Odaily
Odaily News According to official news, UniSat released important updates related to its Swap product. Over the past six months, the team has been committed to working with L1F to promote the standardization of L1 ( Bitcoin mainnet) brc20-swap, making it part of the brc-20 standard upgrade. Due to the need to coordinate between multiple teams, the standardization process of swap has been longer than expected. The team is actively seeking ways to improve this situation and increase delivery certainty. After extensive testing over the past year and a half, the team has preliminarily verified that the product can operate normally on the Bitcoin mainnet. Most of the engineering work for the swap module has been completed, and the remaining work mainly includes: - Assisting indexers other than UniSat Indexer to effectively identify and calculate inscriptions related to the swap module; - Ensure that the calculations submitted by UniSat match those of other teams through hash verification to avoid accounting differences. These tasks are being carried out in an orderly manner, and it is expected that this feature will be launched on the mainnet soon. The official will coordinate and communicate with L1F to finally determine the time for launching the Bitcoin mainnet. In addition to advancing the standardization of swap, the team has also made progress in systematically scaling Bitcoin through an approach called Fractal Bitcoin. Given the current progress, the team is very confident that Fractal Bitcoin will be delivered in September. On Fractal Bitcoin, the official will provide a swap product, Fractal Swap, with the same functionality as the mainnet swap module, to ensure that 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. The release date of Swap on L1 is yet to be further confirmed, and Fractal Swap is scheduled to go live in September. Given the difference in the certainty of the release dates of the two products, the official will provide a green channel for early participants. From the first day of launch, both Fractal Swap and Swap on L1 will support frictionless mainnet withdrawals. In addition, Fractal Swap will implement a competitive rollup mechanism that allows users to package their rollup results into the sorter and earn transaction fees (brc-20 sats) generated by all transactions in the rollup. This process is similar to miners submitting packaged transactions to the network and receiving block rewards. The official will release more details about this incentive model in the near future.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Institutions are looking for ‘1000x’ opportunities in crypto: Coinbase

Coinbase Institutional’s David Duong looked at how crypto performed in January and explains where crypto’s growing

Blockworks2025/01/29 19:44

Sei Foundation launches $65 million DeSci venture fund 'Sapien Capital'

Sei Foundation has launched Sapien Capital, a $65 million venture fund to back DeSci startups building on its Layer 1 Sei blockchain.The foundation has fully committed the $65 million, with no external capital involved, Justin Barlow told The Block.

The Block2025/01/29 18:55

The Daily: Trump Media approves Truth.Fi launch and crypto investments, Robinhood teases bitcoin futures trading and more

Trump Media & Technology Group has launched a fintech venture called Truth.Fi, aiming to invest up to $250 million in bitcoin, similar cryptocurrencies or crypto-related securities, ETFs and other financial assets.Popular retail platform Robinhood teased the launch of bitcoin, ether, oil and gold futures trading on Wednesday alongside S&P 500, USD and EUR futures, facilitated by the CME Group.

The Block2025/01/29 18:55