php editor Yuzai brought a lively discussion about crypto asset protocols, and the OKX Web3 wallet launched new features to deepen the one-stop experience. This innovative move has aroused the interest of many institutions and users in the industry, and all parties have begun to debate the agreement. The security and convenience of encrypted assets have always attracted much attention. The upgrade of OKX Web3 wallet will provide users with more comprehensive and convenient digital asset management services, leading a new trend in industry development.
Author: 0xming
The failure of the 2012 attempt to introduce the concept of asset issuance into the Bitcoin network highlighted the significant advantages of Ethereum smart contracts. The token standard ERC-20 first proposed by Ethereum clearly defines the interface specifications of token contracts through smart contracts. This initiative simplifies and unifies token issuance standards and transaction frameworks, while promoting interoperability between different tokens. sex. The success of the ERC-20 standard has promoted the vigorous development of the Ethereum token economy, with more than 80% of projects choosing Ethereum as their underlying architecture.
Subsequently, the ERC-721 standard and the ERC-1155 standard introduced non-fungible tokens NFT, creating new assets that are different from the fungible tokens supported by the ERC-20 standard, providing a new platform for blockchain games. , on-chain identity, digital art and other fields to bring innovative genes. In addition, many asset protocols such as ERC-223 standard, ERC-884 standard, ERC-777 standard have appeared in the encryption industry, but most of them have been silent in the great wave of development of the encryption industry. Only ERC-20, ERC -721, and ERC-1155 standards, these few key asset protocols, have become important pillars in promoting the development of crypto assets.
2023 Bitcoin Inscription Asset Issuance Agreement BRC-20, ARC-20, SRC-20, Runes and DRC-20, as well as the token standard ERC-404 that explores the combination of Ethereum graphics and currency, trying to solve the NFT flow The birth of Solana's new token standard, Tiny SPL, etc., has broken the long-term dominance of Ethereum's ERC-20 and ERC-721 asset protocols in one fell swoop. Encrypted asset protocols are ushering in a hundred schools of thought, including inscriptions, graphics coins, tokens, and NFTs. assets are continuously enriched.
At the same time, users’ demand for diversified asset transactions has become increasingly strong, but the development of emerging assets in different public chains has exposed the backwardness and rudimentary nature of their infrastructure, which not only fails to meet the needs of users, but also intensifies the popularity of hot assets. Due to the fragmentation, it is difficult for small-scale narratives to resonate with the industry. In this context, OKX Web3 Wallet, which has strong technology accumulation, quickly responds to market hot spots and creates a one-stop trading experience based on user needs. It is becoming an indispensable and most advanced transaction in the market for Web3 users. Tools that essentially improve the above pain points.
With the support of ERC-721 and ERC-1155 standards, non-standard The homogeneous token NFT asset has brought a revolutionary concept to Ethereum. However, due to its indivisible and unique characteristics, it cannot be used for order book matching transactions like ERC-20 homogeneous tokens. It can only be the simplest of pending order transactions. Theoretically, as long as the market is large enough, NFT asset liquidity is not a big problem. However, due to its single narrative and solid gameplay model, NFT asset liquidity has been criticized and has become a constraint that hinders its further large-scale development.
NFT fragmentation protocols such as Fractional, Niftex, and Unicly have never stopped exploring NFT liquidity problems. They mainly fragment value NFTs into more low-value NFTs or ERC-20 Tokens. However, due to value confusion and There has never been an obvious breakthrough on issues such as the risks of relying on third-party agreements. Until recently, the ERC-20 and ERC-721 hybrid token standard ERC-404 came into being. It is a protocol with native liquidity and fragmentation, leading a new asset paradigm that combines Ethereum graphics and currency. Take Pandora, the first project built based on the ERC-404 standard, as an example. When users buy or sell PANDORA tokens, they will receive newly minted or destroyed Relicant NFTs at the same time, and the rarity will also change at any time. This innovative gameplay Opening up a new world of crypto assets.
The ERC-404 standard combines two tokens into one, but can be bought and sold separately at the same time. This means that while NFT maintains its original attributes, it can also be traded on DEX like a token. In order to better support more innovative asset protocols and quickly respond to user needs, OKX Web3 wallet is the first to support the ERC-404 standard. Users can trade ERC-404 tokens such as PANDORA on OKX DEX and add new Discover hot projects in the ERC-404 sector, and you can also conduct ERC404 NFT transactions such as Relicant NFT through the OKX NFT market, helping users earn money from the ERC404 ecosystem safely and conveniently.
The new token standard Tiny SPL born in the Solana ecosystem is similar to the ERC-404 standard. Its first Deez Nuts (DN) can be traded as NFT in the OKX NFT market or through the project's self-built AMM. As well as OKX DEX, etc. as token transactions, the metadata of Tiny SPL tokens are all stored on the chain, similar to Bitcoin Ordinals inscription assets. The current OKX Web3 wallet has developed into a wallet that supports the most comprehensive Solana ecological functions, the richest rewards, and the safest and most convenient user experience. Users can not only conduct cross-chain transactions on the Solana network through OKX DEX, participate in the mainstream protocol staking and lending of the Solana ecosystem through OKX DeFi, explore Solana NFT and inscription ecology through the OKX NFT market, and manage Solana assets through the OKX Web3 wallet, You can also explore and interact with Solana's popular DAPPs and more through the OKX Discover section, helping users quickly grasp the opportunities brought by Solana's new token standards such as Tiny SPL.
The emergence of Tiny SPL and ERC-404 standards has given NFT its own NFT-Fi attributes, but they are still in the experimental stage and there is a risk of failure. But this has laid a good foundation for the development of the combination of graphics and currency and opened up new ideas. Users will experience more new asset protocols in the fastest, most comprehensive and safest way through the OKX Web3 wallet.
The birth of the Ordinals protocol, full of innovation and experimentation, has officially opened the door for Bitcoin assets The beginning of the protocol evolution. The emergence of Bitcoin token standards such as BRC-20, ARC-20, SRC-20, Runes, and DRC-20 has inherited the ideal of "dyed coins" to realize asset issuance on the Bitcoin network, and has successfully achieved breakthroughs to transform Bitcoin into Moving from a purely peer-to-peer electronic cash system towards more possibilities and solving the problem of miners’ income after Bitcoin is mined.
Emerging asset protocols show the huge potential of the Bitcoin network ecology, and the inscription narrative explodes. The OKX NFT market was the first to respond to user needs and launched the OKX Ordinals market, quickly occupying the market.
According to Dune data, on January 30, OKX Ordinals accounted for 89.3% of the market, and the total transaction volume exceeded US$1 billion, becoming the industry's largest BRC20 inscription and BTC NFT trading market. The OKX Ordinals market is completely decentralized, free of platform service fees for interaction, and supports multiple functions such as one-stop transfer, transaction, and engraving of BRC-20 and BTC NFT. It has also launched a powerful inscription tool that supports batch engraving of users' single signatures. , BTC network engraving can engrave 1,200 transactions at a time, and EVM network engraving can automatically engrave 50 transactions at a time, which greatly simplifies the tedious steps and improves transaction efficiency.
In addition, the OKX Ordinals market also optimizes the UTXO spending order, further reduces user GAS, and avoids users from using encryption by encrypting PSBT signatures, disabling RBF transactions, and server broadcasts during the user's order placement and purchase processes. Malicious card due to low GAS. In terms of UTXO management, the OKX Ordinals market supports the function of preventing valid UTXO spending and intelligently canceling invalid UTXO. The platform can automatically identify worthless NFTs, as well as invalid BRC-20 and BRC20-S inscriptions, helping users to cancel their occupation with one click.
OKX Web3 wallet is gradually integrating inscription token standards such as ARC-20, SRC-20, Runes and DRC-20 to provide zero-fee inscription trading services for millions of users. Provide industry users with the first and most leading one-stop inscription ecological platform. For example, the current OKX Web3 wallet's support for inscription assets has been extended to the multi-chain inscription ecosystem. For example, the OKX NFT market has supported recursive inscriptions, cursed inscriptions, BRC-420 standards, Solana inscriptions, and Aptos inscription transactions. OKX Discover A new Ethscriptions area has been added to help users interact with popular Dapps in one stop, play with the inscription ecology, and more.
Although asset protocols such as BRC-20 are not the ultimate solution for the Bitcoin ecosystem, they promote the development of the Bitcoin network, maintain the security and legitimacy of Bitcoin assets, and enhance scalability. Although the innovations on Ethereum cannot be repeated on the Bitcoin network, the evolution of the Inscription Asset Protocol paradigm is like a Renaissance movement, writing a new narrative for the future of Bitcoin. The OKX Web3 wallet will be one of the most important infrastructures of the Bitcoin ecosystem.
In the encryption industry, everything can be "tokenized", and tokens represent It has proved the benefits, governance, identity, contribution, etc., and has become the core of project development and enhanced user participation. With thousands of tokens being issued based on various asset protocols every moment, diversified token standards have become very important. The birth of ERC-404, Tiny SPL and various types of XRC-20 have broken the inherent paradigm of ERC-20, ERC-721, and ERC-1155 token standards and pushed asset protocols into a new era. With the prosperity and development of public chains in the future and the emergence and evolution of more emerging asset protocols, more options will be provided for the issuance and value capture of tokens. The healthy development of the entire crypto ecosystem is crucial.
The current boundaries between assets such as inscriptions, coins, tokens, and NFTs have gradually blurred and moved toward integrated innovation, and are affected by the innovative demonstration effects of mainstream public chain asset protocols such as Bitcoin, Ethereum, and Solana. It has stimulated the acceleration of asset innovation in different public chains, causing the market to put forward higher and more urgent requirements for crypto trading tools. OKX Web3 wallet continues to deepen the one-stop optimal experience through technological innovation, DEX, DeFi, NFT market, Discover Each section has collaborative support and higher compatibility to adapt to changing user needs.
In particular, the OKX NFT market, OKX DEX and Discover sectors respond very quickly to user needs. Taking OKX DEX as an example, it is one of the most powerful DEX and cross-chain aggregators in the industry. It is now Aggregating more than 10 cross-chains, more than 20 public chains, more than 300 DEXs, etc., through X Routing intelligent routing, one transaction can use multiple DEXs at the same time, providing users with the best price, best liquidity and 0 transaction service fees , and also has functions such as DEX market section, limit order, KYT security detection, etc., which can basically meet the transaction needs of users’ mainstream and innovative homogeneous assets.
Several asset protocols are born every day in the encryption industry, and there are also Several asset protocols have died, and only a few asset protocols can stand out in the struggle. Carrying expectations for a simple and efficient future and gathering greater community consensus, the market needs to embrace this innovation cautiously and openly.
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