Integrating ARC-20 and other multi-protocol standards into the inscription market, what new progress has been made in OKX’s Bitcoin ecosystem construction?
Original author: 0x Fat
Bitcoin is entering a new era.
According to data from Coinglass, the total asset management scale of Bitcoin ETFs has reached US$56.113 billion. As of yesterday, companiesmarketcap data showed that the market value of Bitcoin has risen to US$1.398 trillion, surpassing silver and becoming the eighth largest asset in the world by market value.
Previously, the total market value of USDT also exceeded a record high. According to CoinGecko data, the total market value of USDT exceeded US$100 billion and is now at US$100.5 billion. As the crypto market continues to rise, and the Bitcoin halving narrative and inscription innovation are injecting momentum into the market, the Bitcoin ecosystem around asset issuance standards, expansion protocols, cross-chain protocols and other sectors is in full bloom.
As an early supporter of Bitcoin ecological construction, OKX Web3 has taken a further step in the construction of asset issuance standards. Officials have recently announced support for NFT and ARC 20 token transactions of the Atomics protocol, and have also upgraded the Ordinals market to an inscription market.
This article will take readers to quickly understand the newly upgraded inscription market of OKX Web3 wallet, and sort out OKX’s Bitcoin ecological construction map.
1. The original Ordinal market has been upgraded to the Inscription market to help users play with the Inscription ecology in one stop
To understand ARC 20, you must first understand the Atomics protocol.
The Atomics protocol is a protocol built on the Bitcoin network. On the Bitcoin network, through the Atomics protocol, digital items (NFTs, such as native digital NFTs, game NFTs, digital identities, domain names, social networks, etc.) can be created, transferred, and upgraded, and interchangeable tokens can also be created. Token. That is, through the Atomicalas protocol, non-interchangeable NFTs can be generated on the Bitcoin network, and interchangeable tokens can also be generated. This fungible token is the ARC-20 token.
According to the ARC-20 protocol, each issued token requires a corresponding number of sats UTXO as support, which means that each token is bound to 1 satoshi, ensuring that the value of each token will not be less than 1 satoshi. In addition, when minting tokens, the ARC-20 standard adopts a proof-of-work mechanism similar to Bitcoin, requiring the use of computing power to calculate the prefix as a necessary condition for minting the token. In the future, ARC-20 and Atomics will bring new opportunities for Bitcoin in asset management and asset issuance.
The OKX Web3 team has previously announced that it will integrate the innovative multi-standard inscription protocol. The currently independently developed ARC-20 self-developed market has been integrated into the inscription market, alongside the Ordinasl market, to support users to view and transfer related assets on the display page. , as well as the take order and place order functions of related assets, users can see it as long as they open the APP.
Up to now, the OKX Web3 inscription ecology has been connected to inscription protocols such as BRC-20, SRC-20, ARC-20, Rune Alpha, etc., and the inscription market has supported BRC-20, ARC-20 tokens and NFT related asset transactions. Users can use the OKX Web3 wallet to explore and play with popular inscription ecosystems such as Bitcoin in one stop. The relevant person in charge said that in the future, they will pay attention to market popularity and user needs to improve the ecological construction of Inscriptions.
2. Systematically understand the progress of OKX Web3 Bitcoin ecological construction
The development of the Bitcoin ecosystem has always been affected by network scalability issues. If developers want to build applications on it, they need better expansion solutions. Based on this, application innovation in the ecosystem is rare. But starting last year, the birth of the Oridinals protocol and the BRC-20 token standard brought about the craze of inscriptions, and also made people turn their attention to the asset issuance protocol on Bitcoin again, with the emergence of Atomics, Runes, BTC Stamps, Taproot Diversified asset issuance protocols such as Assets have also produced ARC-20, SRC-20, ORC-20, etc.
In essence, Inscription Track has brought a new model of fair launch to the market, which has brought huge attention to the Bitcoin ecosystem. At the same time, it has also attracted renewed attention to the Bitcoin ecosystem.
Due to the dilemma of Bitcoins scalability and transaction confirmation time, if the ecosystem is to develop in the long term, expansion is a problem that all developers in the Bitcoin ecosystem need to face head-on. In terms of improving the scalability of Bitcoin, there are currently two main development routes. One is on-chain expansion, which is optimized on Bitcoin Layer 1; the other is off-chain expansion, which is commonly understood as Layer 2. In addition to asset issuance protocols and expansion plans, more and more projects are beginning to emerge in the infrastructure field, such as wallets that support inscriptions, decentralized indexers, cross-chain bridges, launchpad, etc., which are all flourishing.
The OKX Web3 team has been continuously working on the first-level asset issuance protocol and application layer infrastructure construction. It was the first to support the Ordinals market and achieve great results.
As early as July last year, the OKX Web3 Ordinals market has become the Marketplace with the largest trading volume of BRC 20 tokens. Now with the continuous development of the Bitcoin ecosystem, the OKX Web3 team has developed almost everything from wallet tools, browsers, trading markets, protocol standards, and cross-border Chain Bridge and Bitcoin Layer 2 are continuing to build the Bitcoin ecosystem in all aspects. On the one hand, OKX DEX has supported Bitcoin cross-chain transactions in its early days. In terms of the second-layer expansion plan, OKX Web3 is also gradually supporting the access of related projects, such as Babylon, Merlin, B², etc.
Of course, as an investment fund under OKX, OKX Ventures is committed to funding the innovative development of the Bitcoin ecosystem. It has currently invested in B² Network, Bitmap Tech, Babylon, bitSmiley, alexGo, Portal Defi and other projects. According to previous reports, OKX Ventures will continue to invest US$10 million to support new entrepreneurs in the BTC ecosystem, accelerate the improvement of blockchain technology, and provide services and resources to help partners develop together.
In fact, in addition to leading the infrastructure construction of the Bitcoin ecosystem, OKX Web3 Wallet has also invested time and energy in the construction of the Ethereum EVM ecosystem and Solana and other hotspot ecosystems in the past one to two years, and has improved the infrastructure. At the same time, it also integrates popular ecological applications. They have always been putting into practice creating a convenient one-stop Web3 entrance for users. Just like when supporting the construction of the Bitcoin ecosystem, OKXs Chief Innovation Officer Jason Lau said, User needs are the first criterion that OKX refers to when making value judgments, and user needs are the first driving force for OKX to insist on product innovation.
