23 February, 2024

UniSat Wallet’s New brc20-Swap Faces Inquiry From OKX CEO

7 months ago

11 Dec, 2023

OKX CEO Star Xu recently questioned UniSat Wallet’s new brc20-Swap that was unveiled earlier today. UniSat, the online Bitcoin inscription wallet for ordinals, claimed that its latest product was the first ever Ordinals native swap that was built on the Bitcoin mainnet and utilized the brc20 protocol as its underlying asset infrastructure.

UniSat Wallet took to Twitter earlier today to announce the new brc20-swap:

UniSat told its followers that the brc20-swap was not a cross-chain EVM-based or a Layer-2 product. Rather, it was inscription based and operated within the boundaries of the Bitcoin blockchain. The inscription wallet claimed that the swap harnessed the power of ordinals. According to UniSat, the swap demonstrated the potential of extending brc20.

UniSat Wallet began developing a native swap for Bitcoin two months ago when Bitcoin Ordinals were at their peak. The inscription wallet stated that instead of building brc20 marketplaces like others in the space, it chose to explore new territories. After addressing the congestion problem on the network and developing prototypes, UniSat designed a brc20-swap.

According to UniSat, the brc20-swap was designed to be technically compatible with existing brc20 variations. Developers can reportedly deploy a service instance of brc20-swap independently, similar to deploying and minting a classic brc20. The UniSat team stated that it would assess the advantages and risks associated with the product.

UniSat told its followers on Twitter that it would provide the source code, APIs, and relevant documents to help anyone who’s looking to build their swap. The inscription wallet added that it would send inviting inscriptions to users for participation in the experimental testing phase of brc20-swap.

Star Xu responded to UniSat Wallet’s brc20-swap announcement on Twitter and asked if it was a centralized swap. In a warning to users, Xu stated that self-custody would be crucial in the future, amid a rising crackdown on centralized exchanges and swaps.