Hosted by: Odaily
Organized by: Loopy Lu
Recently, the popularity of Bitcoin ecological related projects and tokens continues. For newcomers to the Bitcoin ecosystem, the complicated operations on the chain, the unfriendly ease of use, and the insufficient liquidity all “dissuade” trust from joining.
The continuous improvement of infrastructure is expected to solve this problem for us. Not long ago, Odaily invited many big names from the Bitcoin ecosystem to hold an X Space event with the theme of Exploring the new Bitcoin ecosystem starting from Bitcoins first implemented liquidity pool. In Space, we are fortunate to invite veteran players and new players - OKX wallet and Bitcoin network DEX platform Orders Exchange, to discuss the future development potential of the Bitcoin ecosystem with a group of guests.
Guests participating this time include: Orders product manager Sam, Orders ambassador Rachel.T, OKX Web3 Wallet Bitcoin business leader Jason Wang, Web3 Youtuber Ah Chen, and Web3 blogger kongkong.
Orders Exchange is a new force in the Bitcoin ecosystem. The platform is the first BRC-20 trading platform built on the Bitcoin network. Orders not only has an on-chain order book trading system, but also creates an efficient liquidity pool. The application of PSBT technology improves transaction efficiency and security, enables Orders to conduct complex transactions, and opens up the imagination for a more interconnected and efficient Bitcoin DeFi ecosystem.
The following is a transcript of the community dialogue. Odaily has partially modified and edited the content:
Sam：Thanks to the organizer for the invitation, hello everyone. Im Sam from the Orders team. Welcome everyone to participate in this Space and thank you for your support.
Jason Wang：My name is Jason and I currently run the Bitcoin business at OKX Wallet. I am very happy to have the opportunity to discuss the current status and future of the Bitcoin ecosystem with everyone.
Rachel.T：Hi everyone, my name is Rachel. I have participated in Space where Orders was introduced many times before. I was an early participant in the Bitcoin sidechain MVC and an ambassador for Orders. I am very happy to participate in this Space to introduce the technical advantages of the Orders platform to everyone.
kongkong：I am kongkong. I have been engaged in venture capital in China and have been working in the VC industry for 6 years. I came into contact with cryptocurrency in 2018. Since then, I have focused on writing cryptocurrency-related research articles. After that, I entered Web3 full-time and made related investments. I also run my own social media and community, thank you all for your attention.
Achen:Hello everyone, my name is Achen. Currently I am mainly engaged in Youtube production and sharing some BTC related ecological content. I am very happy to communicate with all the teachers and learn from each other.
Odaily: The popularity of BRC-20 has aroused peoples longing for the Bitcoin ecosystem. So, as in-depth participants in this field, what expectations do the guests have for the Bitcoin ecosystem?
Sam：Orders has successfully launched the entire networks first fully decentralized order book trading system on the Bitcoin chain, as well as a DEX that has implemented a liquidity pool solution. Our team is composed of international members with rich experience in Bitcoin development. They have experienced the Ethereum-based DeFi era and witnessed the rise of many excellent projects.
We believe that Bitcoin’s decentralization, emerging nature and high security are the indispensable core of its ecosystem. Based on this core, the Bitcoin ecosystem we envision should be independent from third parties and extremely secure. In addition, we emphasize the interconnection between ecosystems to overcome the problem of data islands and ensure widespread visibility and support for transactions. Our products and plans are based on these concepts.
Jason Wang：As an in-depth participant in the Bitcoin ecosystem, we hope to witness and promote its more comprehensive development. We focus on exploring new solutions and directions to promote asset flows and improve the overall efficiency and user experience of the ecosystem. We believe that through innovation and collaboration, a more prosperous and efficient Bitcoin ecosystem can be achieved.
Rachel.T：I have been working in this industry for many years and have always firmly believed in the importance of decentralization. I expect the Bitcoin ecosystem to remain highly decentralized, both in terms of code and product design. The key is to avoid contract vulnerabilities and potential operational risks. In addition, I hope that Bitcoin projects can be more open-source and encourage common development within the industry, rather than competing for users solely around traffic pools. My ultimate vision is a Bitcoin ecosystem with lower fees and faster speeds, providing users with a better transaction experience.
Achen:From the perspective of the community and users, my expectation for the Bitcoin ecosystem is substantial progress rather than just chasing concepts. I tend to choose those leading protocols rather than niche projects, because history has proven that only truly usable things can leave lasting value to the ecosystem.
I see that the Bitcoin ecosystem is undergoing positive changes, and many excellent projects have been born from it. Bitcoin is not only digital gold, its potential is being gradually tapped. This is not only good for Bitcoin advocates, but also provides a new perspective for those who were once skeptical of Bitcoin. We are at the beginning of a bull market, and Bitcoin will lead the ecosystem to an explosion, just like Ethereum did. Therefore, I believe that the Bitcoin ecosystem provides unique opportunities for everyone, whether they are old players, new entrants or practitioners.
kongkong：I personally have very high expectations for the Bitcoin ecosystem. As an in-depth participant, I have observed the development of the BRC 20 market and the potential of the Bitcoin ecosystem. I hope to see more innovations and participants join this field to jointly promote the further growth of the Bitcoin ecosystem.
Odaily: According to what Orders just stated, the Bitcoin ecosystem will be a highly trustless, decentralized and interconnected ecosystem. As a unique ecological promoter in the industry, Orders has any relevant measures to promote the ecological development towards such expectations?
Sam：We have implemented a series of applications, most of which are developed around decentralization, trustlessness and high financial security. We realize that the entire ecosystem has shortcomings in user transaction efficiency, so we are working hard to improve this.
We agree with the win-win atmosphere, which is our core philosophy when building the Bitcoin ecosystem. Orders is exploring multiple protocols, such as our independently developed NIP protocol, which will enable the interconnection of orders between different exchanges. For example, an order created by a user on one exchange can be seen and filled on another exchange. We hope to build a harmonious and win-win Bitcoin ecosystem in this way.
We serve our users from three main aspects: improving transaction efficiency, focusing on user costs, and increasing token usage. We have developed a complete decentralized order book trading system that enables both buyers and sellers to complete transactions in a timely manner. In addition, we are also paying attention to how to solve the problems of high transaction costs and slow speed through second-layer solutions. We hope that our token is not just a medium of exchange, but has a wider range of uses, such as paying handling fees, serving as a threshold for launching a platform, and providing holding discounts, etc.
We also plan to support more features in the future, such as adding support for other protocols, adding engraving functions, etc., to create a more complete and comprehensive ecosystem. Our vision is to explore the boundaries of the Bitcoin ecosystem while ensuring that our users can enjoy an efficient and economical transaction experience.
Odaily: The Bitcoin ecosystem gives people a very rich space for imagination. How do the guests view such ecological expectations?
Jason Wang：The development of the Bitcoin ecosystem and the promotion of asset liquidity are crucial to the entire industry. As an in-depth participant in this field, I look forward to seeing a more active and interconnected ecosystem. We are working hard to explore new solutions to ensure that the Bitcoin ecosystem not only maintains its core value, but also adapts to growing market demands and user expectations.
kongkong：Since I started participating in BRC-20, I have great expectations for the development of the Bitcoin ecosystem. I believe that as more innovations are added, the ecosystem will become richer and more diverse. I hope to see more projects and participants work together to promote the development of this field, bringing better user experience and market efficiency.
Achen:As a participant in the Bitcoin ecosystem, I believe this is an area full of opportunities. The maturity and expansion of the Bitcoin ecosystem will bring more choices and opportunities to users. I look forward to seeing the Bitcoin ecosystem adapt to new market demands while maintaining its unique value and security.
Odaily: As a pioneer of Web3 wallet, OKX, what expectations do you have for future cooperation with Orders plug-in wallet? Can you tell us about the future layout of OKX wallet?
Jason：As the pioneer of Web3 wallet, OKX is very optimistic about the cooperation with Orders. We believe that this will jointly promote the development of the entire Bitcoin ecosystem. In the short term, we plan to quickly support the cooperation of the Orders plug-in wallet, which will be an important step for us to jointly build the Bitcoin ecosystem. As liquidity and market depth continue to improve, we will integrate these features into the OKX wallet. Such cooperation not only strengthens our service capabilities, but also provides users with a more diverse and efficient trading experience. We look forward to such cooperation bringing mutually beneficial results and bringing more innovation and opportunities to the Bitcoin ecosystem.
Odaily: Now that we have discussed the Bitcoin ecosystem from a macro perspective, why not take a micro perspective as an entry point and talk about some of the impacts of the development of the Bitcoin ecosystem on users?
Rachel.T：I think the Bitcoin ecosystem has begun to exhibit a smart contract-like experience, especially on the Orders platform. Although Bitcoin itself does not support smart contracts, users can experience a richer ecosystem through second-layer solutions and some protocols. This change is similar to the development path of Ethereum, but is implemented on a completely different technical architecture. I believe that the Bitcoin ecosystem will breed more innovations, especially before and after the Bitcoin halving, and more underlying and fringe projects are expected to emerge. This is a significant impact for users and deserves attention.
Achen:For users, the Bitcoin ecosystem provides many opportunities. Early Bitcoin users can enjoy value-added dividends just by holding Bitcoin. If the value of Bitcoin can be further released, prejudice against it will be reduced and more people will be attracted to join the ecosystem. In addition to being a payment and store of value, Bitcoin has more practical value. For miners, ecological development means higher profits. Ordinary users can make money by paying attention to new projects and trends in the ecosystem, especially during the Bitcoin bull market.
kongkong：The development of the Bitcoin ecosystem is good for those who hold Bitcoin because it attracts more participants and awareness. This strengthens Bitcoin’s consensus and has a positive impact on its value. The development of the ecosystem also increases on-chain fees and increases miners’ profits, which is a long-term benefit to the security of the Bitcoin network. For ordinary users, many people focus on the opportunity to make money. Projects like BRC-20 have demonstrated a clear wealth effect, attracting new users. This trend may lead to more speculative opportunities, especially during bull markets. The Bitcoin ecosystem provides a variety of investment opportunities for people with different risk appetites.
Odaily: As the only platform party among the guests this time, how do you think about the future development of the Bitcoin ecosystem? And how to put it into practice?
Sam：As a platform side of the Bitcoin ecosystem, we attach great importance to liquidity issues. It is currently holding events, cooperating with popular communities, and listing on CEX, etc., aiming to improve the liquidity and depth of assets from multiple dimensions. Although it is still early days for our market capitalization, the potential is huge. Our current market capitalization is only around US$6 million, and we are still a very young asset.
The vision of Orders, from a macro perspective, is to explore the boundaries of the Bitcoin ecosystem. At the micro level, we will provide users with better services from three perspectives.
The first is to improve transaction efficiency. We have developed a comprehensive decentralized order trading system designed to meet the needs of buyers and sellers. For buyers, the system supports quick transactions; but for sellers, there are transaction uncertainties and delays. To solve these problems, we create an environment where buyers can close deals in a timely manner and sellers can sell quickly.
Secondly, the Nostr protocol increases the exposure of user orders and creates an interconnected Bitcoin ecosystem. This design allows users orders on different platforms to flow to each other, improving the possibility and efficiency of transactions.
Third, we focus on reducing users’ transaction costs. In view of the limitations of the Bitcoin supply chain itself, we actively explore suitable second-layer solutions and cooperate with major global platforms to solve the problems of high cost and low speed. In addition, Orders will integrate first- and second-layer solutions in the future to become a comprehensive digital asset trading platform.
Orders is working hard to become a more complete and comprehensive platform that meets the needs of users in Bitcoin transactions and ecosystem interaction. We hope to increase the uses for users to hold tokens, including paying fees, serving as a starting pad and holding currency discounts, etc. We are discussing and validating these new directions internally and will announce them to users in subsequent iterations.
Odaily: Orders is currently holding a Bitcoin first-mining event. What is the specific status of the event?
Sam: As everyone knows, Orders’ liquidity service has actually been implemented. As an Orders platform, we hope everyone can experience and share their experience, so we planned this event.
The total amount of rewards for this event is 1 million RDEX tokens, and 100,000 RDEX tokens are planned to be distributed every day for 10 days. 20,000 of them will be awarded to users who provide two-way liquidity, but only if the liquidity is not used within 24 hours. On the next day, rewards will be distributed based on the proportion of the total value of the liquidity pool injected by users.
In addition, 40,000 tokens will be awarded to users who have fully used the two-way liquidity, also in proportion to the value.
The remaining 40,000 coins will be awarded to users who conduct transactions, whether as buyers (takers) or sellers (makers), and rewards will be distributed according to the proportion of handling fees generated in their transactions. We invite friends who are interested in this to participate in the experience before the end of the event. This is the first liquidity pool established based on the Bitcoin mainnet.
In addition, we have other activities, such as inviting users, community members and followers to share their experience on Twitter, and participants will also have the opportunity to receive rewards. For specific details, you can check out my Twitter, which is OrdersOfficial Twitter account. thank you all.
