Bitcoin is at a critical moment in its development. More and more people realize that it is a waste for 1.3 trillion top assets to remain idle in wallets. As the user-investor-developer flywheel turns, the Bitcoin ecosystem has become the core narrative of this bull market. The NervosNetwork to be introduced today is a very eye-catching participant, and the recently upgraded RGB++Layer has great ambitions and will expand to all UTXO chains, opening up an unprecedented Bitcoin Finance (BTCFi) ecosystem!
The inscriptions and runes that have appeared in the past two years have raised Bitcoin fees to astonishing figures in the short term, and the prosperity of the Bitcoin ecosystem has become the general trend. However, due to the original intention of Bitcoin design, scalability and smart contract development face limitations, and various L2 Solutions came into being, and @NervosNetwork is one of them. By improving the UTXO model and launching the RGB++ protocol, it introduced Turing-complete smart contract functions to Bitcoin, significantly improving scalability and application potential.
CKB @NervosNetwork adopts the improved UTXO model Cell and uses CKB-VM to execute transactions and smart contracts. The Cell model is the core of CKB's data structure and can store and verify any data on the chain. RGB++ is an important tool for CKB to expand Bitcoin's capabilities. Through isomorphic binding, Bitcoin UTXO is mapped to CKB's Cells, achieving seamless integration with CKB, allowing the issuance of assets and the execution of complex smart contracts on Bitcoin.
When talking about @NervosNetwork, we have to mention its strong financing background. Investors include
@multicoincap , @polychaincap , @sequoia Sequoia Capital China Fund,
Top institutions such as @1kxnetwork, @ElectricCapital, @HashKey_Capital, @dragonfly_xyz, etc., have disclosed financing amounts exceeding 100 million US dollars!
Four days ago, @crypcipher, the founder of RGB++ and co-founder of CKB, announced that the original RGB++ protocol was officially upgraded to RGB++ Layer! On the basis of RGB++ guaranteeing Bitcoin's native security and providing programmability, RGB++ Layer further abstracts and expands, highlights the isomorphic binding with the UTXO model, breaks the coupling with the underlying consensus, and becomes an independent and universal UTXO smart contract layer.
After upgrading to RGB++ Layer, all Turing-complete UTXO chains in the future can be used as the DA layer of the RGB++ protocol. From the application level, not only the current CKB's RGB++ assets, but also the assets of any UTXO chain can enter the RGB++ ecosystem! In addition, RGB++ Layer will provide an independent blockchain browser that can view all assets and transactions on RGB++ Layer. Users only need to use the original BTC wallet to seamlessly use various DeFi applications on RGB++ Layer.
From a technical perspective, RGB++ Layer uses CKB as an indexer, which is safer than a centralized indexer and can call smart contracts, enhancing composability. As a standard, RGB++ clarifies how to write, combine, and use remarks on each UTXO chain. RGB++ Layer provides unified management and interoperability of status. In the future, based on the four conditions of UTXO, smart contracts, POW, and account abstraction, RGB++ Layer can use any chain as its indexer, and is expected to be built into a universal, cross-chain interoperable UTXO DeFi infrastructure, becoming a UTXO "financial port"!
As a universal asset issuance layer, RGB++ Layer can bring the following advantages:
① Various RGB++ assets, such as Coin (FT) and DOB (NFT), are uniformly abstracted and have Turing-complete programmability
②Issuance of assets based on smart contracts allows any assets on the UTXO chain, including inscriptions, runes, etc., to seamlessly enter the RGB++ ecosystem
③ Break the isolated island of assets, make BTC, CKB, BSV and other on-chain assets interoperable, and achieve decentralized aggregation
④ Based on the atomicity and cross-chain interoperability of UTXO, RGB++ Layer provides assets with secure cross-chain Leap without a bridge, bringing new possibilities to DeFi
⑤RGB++ Layer has the parallel advantages of UTXO and the global state of account abstraction, allowing various DeFi protocols to obtain native and efficient implementation of the BTC ecosystem
⑥RGB++ is bound to the "Lego design" of the UTXO chain, which can be combined to stimulate DeFi innovation, such as UTXO Lending, aggregated mining, NFT transactions, privacy transactions, etc.
RGB++ Layer's first DEX @UTXOSwap was launched on the mainnet simultaneously, and will serve as the core hub of RGB++ Layer, aggregating asset liquidity of various UTXO chains. In addition to the existing UTXO chains, UTXO Stack, a one-click chain-issuing platform founded by @crypcipher, can also collaborate with UTXOSwap to release BTC Layer2 with UTXO architecture and carry RGB++ Layer. UTXO Stack has also received investments from @OKX_Ventures, @ABCDELabs, @snzholding, etc.
In terms of @UTXOSwap applications, CKB, as Bitcoin's L2, carries the RGB++ Layer. Users can directly use their BTC wallet to view the assets they obtain on the RGB++ Layer/BTC on Mobit (@mobitapp), build pools and trade on Swap, and connect the RGB++ Layer to other UTXO chains in the same way. Users can also make UTXO Lego on the RGB++ Layer, lock the link intent by locking the target in the script, and execute all content in one block through batch transactions. For example, $Seal on Bitcoin can be jumped to $furSeal on Doge in one block, etc.
As the leading asset of RGB++, btckbseal’s community announced the development and operation of the first IBO (Initial Bitcoin Offering) tool platform in the Bitcoin ecosystem during the RGB++ Layer upgrade. This can be understood as the Launchpad for the entire RGB++ asset. Users can mine project tokens by locking $Seal. The IBO platform supports building pools directly on UTXOSwap through smart contracts. A series of asset issuance and Defi gameplay are all based on smart contracts, which brings great imagination space for the further realization of BTCFi and the continued prosperity of the BTC ecosystem! It also gives $Seal, an asset with a market value of less than 15 million US dollars, more growth potential! You should know that the market value of $Pizza is nearly 100 million US dollars, and the market value of $ORDI exceeds 800 million US dollars!
In the current asset issuance method, VC coins are facing the embarrassing situation of low circulation, high valuation, and community unwillingness to accept. The Fair Launch of the Bitcoin ecosystem, such as inscriptions and runes, although the assets can be 100% circulated, often lacks project teams or lacks motivation. There is no clear plan after the asset issuance, resulting in a large number of assets being "short-lived". The IBO model is a new attempt at a high circulation and low valuation model. It is led by the community and empowers community holders from the beginning. It can quickly achieve high circulation. The token distribution is also between the VC model and the Fair Launch model. It is led by the community and the project party is also motivated, providing a more balanced and sustainable token model!
The IBO platform is expected to be launched during the Nashville Bitcoin Conference (July 25-July 27). At that time, in addition to covering high-quality projects with financing in the Bitcoin ecosystem, it will also cover a wide range of UTXO ecosystems such as BCH and Dogecoin! BTCFi supported by smart contracts is about to be launched!
Summary: @NervosNetwork has expanded the usability of Bitcoin through RGB++, using a Bitcoin-native solution, and has stood out from many L2 solutions. It also has a luxurious financing lineup. The latest upgraded RGB++ Layer has opened up a new way to play in the Bitcoin ecosystem. Its use case @UTXOSwap can aggregate the asset liquidity of various UTXO chains. The IBO platform will create a new model of asset issuance that balances the community and the project party, leading the further development of BTCFi!
