Launch of ARC-20 Market: A quick look at the OKX Web3 Bitcoin ecological construction landscape

Bitcoin is entering a new era.

According to data from Coinglass, the total asset management scale of Bitcoin ETFs has reached 56.113 billion U.S. dollars. As of yesterday, companiesmarketcap data showed that the market value of Bitcoin has risen to 1.398 trillion. The U.S. dollar has surpassed silver to become the eighth-largest asset in the world by market capitalization.

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. The official has recently announced support for NFT and ARC20 of the Atomics protocol. Token trading, while also upgrading the Ordinals market to the Inscription market.

This article will take readers to quickly understand the newly upgraded inscription market of OKX Web3 wallet, and sort out OKX'sBitcoin ecological construction map.

1. The original Ordinalmarket has been upgraded to the inscription market to help users One-stop fun with the inscription ecology

To understand ARC20, you must first understand the Atomics protocol.

Atomics protocol is a protocol built on the Bitcoin network. On the Bitcoin network, through the Atomics protocol, you can create (Mint), transfer and upgrade digital items (NFT, such as native digital NFT, game NFT, digital identity, domain name, social network, etc.), and you can also create interchangeable tokens. 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 issuance of a 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 sat. In addition, when minting tokens, the ARC-20 standard adopts a proof-of-work mechanism similar to Bitcoin, which requires the use of computing power to calculate the prefix as a necessary condition for minting this 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. , parallel to the Ordinasl market, supports users to view and transfer related assets on the display page, as well as the taker and pending 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 BRC-20, SRC-20, ARC-20, Rune Alpha and other inscription protocols, 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. Systematic understanding OKX Web3 Bitcoin ecological construction progress

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 solutions. Expansion solutions, based on this, there are few application innovations in the ecosystem. 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.

Essentially speaking, 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 , also caused people to pay renewed attention to the Bitcoin ecosystem.

Due to the dilemma of Bitcoin's 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 Layer1; the other is off-chain expansion, which is commonly understood as Layer2. 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.

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 BRC20 tokens. Now with the continuous development of the Bitcoin ecosystem, OKX Web3 The team continues to build the Bitcoin ecosystem in almost all aspects including wallet tools, browsers, trading markets, protocol standards, cross-chain bridges, and Bitcoin Layer 2. 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 in supporting new entrepreneurs in the BTC ecosystem, accelerating the improvement of blockchain technology, while providing services and resources to help partners develop together.

In fact, in addition to leading the infrastructure construction of the Bitcoin ecosystem, the OKX Web3 wallet has played an important role in the Ethereum EVM ecosystem and Solana in the past one to two years. They have also invested time and energy in the construction of other hot-spot ecosystems. While improving the infrastructure, they have also integrated the popular applications of the ecosystem. They have always put it into practice by creating a convenient one-stop Web3 entrance for users. Just like when supporting the construction of the Bitcoin ecosystem, OKX's 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."