In a significant announcement, UniSat revealed the schedule for their eagerly awaited brc20-swap release. Pencil in your calendar folks: this Tuesday, Sep 26, 2023, is when this technological marvel makes its debut on the Bitcoin testnet. With a planned testnet period of 5-7 days, this is UniSat’s attempt to add another feather to its cap of innovations. After launching on the testnet, UniSat aims to observe the system for roughly a week. If all goes well, brace yourselves for the activation on the mainnet. While a testnet environment does not fully replicate the complexities and user behaviors of a live environment, it provides critical insight into the platform’s functionality and security.
Now, what about those providing liquidity? The answer is a resounding yes. UniSat offers two types of rewards for these generous souls: a share of the swap service fee and staking of LP Tokens. Moreover, UniSat has introduced a farming mechanism that allows third-party developers to set up their staking models. In doing so, additional rewards for specific swap pairs can be dangled like a carrot. For those who love to dwell on the technical nitty-gritty, brc20 modules bring in a new level of flexibility and adaptability. These modules function in a ‘black module’ mode initially, which means that they are not recognized by indexers, preserving the system’s sanctity. Only when the major indexers—namely Alex, Domo, Hiro, OKX, and UniSat—give their stamp of approval do these modules get upgraded to ‘white module’ status. This means more protocols, more blockchains, and more domains can be supported without meddling with the core brc-20 protocol.
When in ‘black module’ status, direct withdrawals are a no-go, ensuring that the entire system doesn’t collapse into chaos. However, UniSat has its users covered. While you can trade assets in existing marketplaces, there’s also a built-in mechanism to ensure smooth withdrawals. If a user submits a withdrawal request, it automatically gets coupled with an incoming deposit, facilitating simultaneous deposit and withdrawal actions. One of the major issues plaguing Bitcoin is congestion. UniSat’s sequencer is designed to bundle thousands of operations and then write them into the Bitcoin mainnet. And not just swaps—the sequencer is agile enough to be extended for future advanced operations. That’s right, UniSat aims to be the Swiss Army knife of Bitcoin operations.
No single entity can decide which modules get accepted and which don’t. The collective decision-making of indexers adds another layer of decentralization to the ecosystem. If an indexer doesn’t keep pace with the evolving features, it runs the risk of being overshadowed or, in extreme cases, orphaned. It’s not just a technological leap for Bitcoin but a dynamic shift in the governance of brc-20. The journey into the future looks promising, and UniSat, with its progressive outlook, is well-positioned to play a key role in this revolutionary landscape.
