0xDogeSwap: A cross-protocol inscription aggregation trading platform on the Doge chain
1. Development trends of the inscription market
In early 2023, the Bitcoin Ordinals inscription market rose rapidly, driving market attention to BRC-20 and other series of inscription applications.
Data shows that the total number of Bitcoin Ordinals minted has exceeded 43 million, and the current total transaction fee is as high as 3,000 BTC (approximately $120 million). At the same time, the number of BRC-20 asset types has exceeded 100, showing a trend of diversification. At the same time, Turing-complete systems such as Ethereum, Solana and Polygon have emerged and become a new value depression in the inscription track. With the listing of Ordinals on Binance, the early and niche field of inscriptions has gradually become mainstream.
In addition to the above trends, Doge, as a completely decentralized community, also launched the inscription asset protocol of Doge Chain - the mintage of Dogecoin exceeded millions after the release of the DRC-20 protocol, and Dogecoin processed more than 2 million transactions in a single day. Trading, the current DRC-20 market has also become a closely watched part of the crypto market.
2. The inscription asset protocol on the Doge chain
Currently, Dogecoin has inscriptions of two different protocol standards: Doginals and Cardinals, and DRC-20 has 3 different versions of indexers. The data and standards are not common between different versions, and the indexed DRC-20 tokens are also different. . Doginals was released in February 2023. This is the earliest release and the closest version to the original standard of Bitcoin Ordinals.
Cardinals was released in May 2023. The Cardinals team made secondary development of the code based on Ordinals, so that Cardinals DRC-20 tokens can be further confirmed, optimized the problem of BRC-20 wasting UTXO, and released DRC-20 -Swap protocol to implement Swap function, etc. Cardinals has a broad user consensus scale and is supported by Doge’s established platform and OG. It is currently the version mainly supported by the community.
1. Unique advantages of DRC-20 protocol
The DRC-20 protocol inherits the technical features of BRC-20 and carries out innovative upgrades to achieve a higher degree of decentralization and improve transaction efficiency. These include:
Adopting the UTXO model to support the creation of unique and innovative token concepts, the DRC-20 protocol has a wide user base, and investors and users in the ecosystem are extremely active;
As DRC-20 rapidly grows and embraces wider adoption, it will promote a cultural shift within the crypto meme community.
The DRC-20 protocol ensures the absolute security of assets by putting the ledger on the chain and using the POW mechanism;
DRC-20 standard transactions are faster and have lower fees, promoting encryption innovation and increasing market interest, injecting new vitality into the encryption industry;
2. DRC-20 protocol ecosystem
Doginals Exchange/Wallet
address:https://drc-20.org/
Dogi, the first inscription of the dog chain’s first protocol doginal, was deployed by foreign programmer apezord on March 11. The initial mint cost was 0.1 DOGE, and the current total market value is more than $60 million.
Cardinals Exchange/Wallet
address:https://unielon.com
DRC-20 Major volume and liquidity exchange. Among them, the two coins with the highest market capitalization and liquidity in the Cardinals DRC-20 market are Unix and Cardi. Unix (Unielon’s platform currency), the current price is $0.0021, and the market value is more than $20 million. Cardi, the meme token of the Cardinals protocol, is similar to BRC 20’s ordi, with a current price of $0.38033 and a current market value of approximately $8 million.
As the DRC-20 market continues to show strong momentum and continues to attract the attention of users and market capital, it is noteworthy that Dogmi and Unix are supported by exchanges respectively. Among them, the Gate exchange supports dogmi, and the Cardinals protocol has won the first place. With the support of the local exchange OKX, the OKX Web3 wallet will be directly launched next.
3. What is 0x DogeSwap?
Twitter:https://twitter.com/0x doge_0x
Telegram：https://t.me/official_0xDoge_Inscriptions
The booming market for inscriptions on dog chains has brought a positive flywheel effect to the crypto industry, highlighting the urgent need for efficient cross-chain transactions with the DRC-20 protocol. In the context of this market boom, 0x DogeSwap has emerged as a cross-protocol inscription asset aggregation Swap based on DogeChain. It is a permission-free cross-chain protocol launched by Doge. 0x DogeSwap is unique in that it seamlessly integrates transaction liquidity between different blockchain network protocols, building a massive cross-chain transaction aggregator across networks, platforms, and assets. The platform is not only expected to facilitate the transfer of inscriptions between different protocols, but also aims to make liquidity in the Dogechain ecosystem more unified and provide users with a more streamlined and convenient trading experience.
4. Why do you need 0x DogeSwap?
The introduction of BRC-20 and Bitcoin inscription has triggered a global casting boom. Major mainstream public chains have broken out of the circle and innovated, and have successively launched various inscription protocols and ecological inscription projects. Ethereums inscription protocol - Ethscriptions, the inscription market POLS Market on the Polygon chain, Solanas inscriptions (Sols, Lamp), Avalanche inscriptions (AVAV), etc. are emerging one after another. The fragmentation of the public chain has led to poor liquidity in the inscription market, making it difficult to achieve effective circulation of assets. This situation makes Inscription transactions face problems with cross-chain transactions. Users often need to operate on different chains, which increases the overall complexity. In this landscape, efficient cross-protocol transactions for the inscription market have become crucial.
1. Transformation and innovation of inscription trading paradigm
Traditional inscription trading faces a series of challenges, including high transaction costs, inefficient asset liquidity, and complex operational processes. 0x DogeSwap has achieved a paradigm shift in inscription trading with its advanced features and innovative methods. Technically, it adopts the DRC-20 protocol, which effectively solves the pain points in previous inscription transactions. The introduction of the DRC-20 protocol makes cross-chain transactions more efficient and convenient, providing users with an unprecedented transaction experience. It breaks the traditional paradigm and creates a more open and seamless inscription asset trading environment for global users.
2. Improve the convenience of inscription cross-protocol transactions, reduce wear and tear and improve timeliness
0x DogeSwap is not only a trading platform, but also a pioneer in cross-protocol transactions that provide users with convenience, reduce wear and tear, and improve timeliness. The core idea is to make it easier for users to trade inscribed assets across protocols by simplifying the entire transaction process. Through intelligent routing algorithms, 0x DogeSwap selects the optimal path during transactions, reducing transaction slippage and improving transaction timeliness. This convenient design allows users to save more time and effort when conducting inscription cross-protocol transactions, and focus more on asset management and value-added.
0x DogeSwap plays a key role in the DRC-20 ecosystem, creating a natural bridge for the circulation of inscribed assets between the Cardinals Protocol and the Doginal Protocol on the DOGE network through its unique advantages. It promotes the seamless integration of tokens on DRC-20 with existing blockchain infrastructure, laying the foundation for wider blockchain interoperability. In the future, 0x DogeSwap will further expand its services and provide inscription cross-chain aggregation transactions for multiple public chains. By promoting innovation, 0x DogeSwap injects new vitality into Inscription trading, will achieve outstanding changes in the Inscription cross-protocol trading paradigm, and make outstanding contributions to the security and long-term sustainability of the Inscription track.
5. Features and advantages of 0x DogeSwap platform
1) Advanced technology
The technical architecture of 0x DogeSwap mainly relies on the Doge chain Cardinals protocol, which creates inscriptions by recording rich data rather than smart contracts. This innovation has faster transaction speeds and lower transaction costs than Bitcoin, and provides a great foundation for blockchain technology and its Apps bring new perspectives. At the same time, 0x DogeSwap uses the powerful functions of the Doge chain to realize the aggregation of inscription asset transactions.
2) Low transaction costs
0x DogeSwap is committed to providing a user-friendly Inscription asset trading experience, an important aspect of which is low transaction costs. By optimizing the transaction process and adopting efficient protocols, transaction costs are reduced, allowing users to conduct cross-chain inscription asset transactions more economically.
3) Easy to operate
In order to ensure widespread user participation, we focus on a simple and easy-to-use operation interface. The operation steps of cross-chain transactions are simplified, allowing users to complete transactions easily and quickly, improving the overall transaction experience and lowering the threshold for participation.
4) Multi-ecological liquidity aggregation
As a cross-protocol Inscription liquidity aggregation platform, integrating liquidity from the L1/L2 ecosystem, DRC-20 Inscription, Lightning Network and various other parts. It provides users with a more convenient and in-depth global asset trading ecosystem.
5) Convenient access to investor network
By partnering with 0x DogeSwap, projects can easily gain access to a network of potential investors. Formulate investment strategies, automatically analyze market data and trends, provide users with the most competitive pricing, reduce slippage, and effectively increase user trading profits.
6) Comprehensive support to help project success
Promote innovation and widespread use of cultural assets on the Doge network by promoting the growth of projects within the DRC-20 ecosystem. 0x Dogeswap leads the development direction of the inscription asset ecology with its core advantages.
6. Future Outlook
As the inscription market ushered in a new round of explosion, 0x DogeSwap, as a pioneer in the cross-protocol inscription aggregation trading market, will continue to expand and support more inscription asset markets to provide users with a broader and more convenient trading experience.
UniSwap has led the wave in the DEX field, and 0x DogeSwap, as an early adopter of cross-protocol inscription aggregation transactions, will continue to lead the new trend of multi-protocol inscription aggregation transactions and is expected to establish its position in the inscription track. Through continuous innovation, we will expand to support more assets and ecological networks, while providing users with more possibilities, helping the inscription market develop in a broader direction and integrate with multiple encryption fields.
