With the trend of new Bitcoin asset issuance protocols such as Ordinals, Runes, Stamps, Atomicals and RGB++, the types of assets on the Bitcoin chain are enriched, providing more opportunities for subsequent application scenarios. The development of infrastructure construction is a necessary condition to determine how far these protocols can go. LeapX is a new Bitcoin full-protocol asset transition tool launched by OpenStamp. Let’s start with the Stamps protocol to learn about this new tool, LeapX.
Introduction to BTC STAMPS
BTC STAMPS is a new protocol that enables true "blockchain art" by permanently storing image data in base64-encoded form in transaction outputs on the Bitcoin blockchain. The protocol encodes the binary content of the image as a base64 string and broadcasts it as part of the transaction description via the Counterparty protocol. Due to string length, Counterparty uses naked multisig by default, splitting the data into outputs and avoiding the use of limited and prunable OP_RETURNs, thus ensuring that the data cannot be pruned from a full node. Generally use 24x24 pixel PNG or GIF images with 8-bit color depth, suitable for pixel art.
Compared to Bitcoin Ordinals, which uses witness data and data that can be pruned, the Bitcoin STAMPS protocol embeds digital artwork data in UTXO to ensure that the data cannot be pruned, thereby maintaining data integrity. Bitcoin STAMPS also supports higher image resolutions and flexible file sizes, but this may also increase transaction costs. The protocol uses two standards, SRC-20 and SRC-721, which provide different functions in data embedding and the creation of high-quality images. Bitcoin STAMPS provides a more flexible and secure way to embed digital art into the Bitcoin blockchain.
What is the SRC protocol
SRC-20
The SRC-20 token standard is a new token standard implemented on the Bitcoin blockchain that uses Bitcoin stamp technology to embed data into Bitcoin transactions, thereby enabling the creation of exchangeable assets on the Bitcoin network. This token standard is similar to Ethereum's ERC-20 and Bitcoin's BRC-20, both of which are technical specifications for creating and managing tokens. The birth of the SRC-20 standard is based on the BTC Stamps protocol, which is not derived from the Ordinal project, but competes with Ordinal as an independent protocol. After the update at block height 796,000, SRC20 transactions no longer rely on Counterparty, but are encoded directly on BTC, which optimizes transaction size and reduces costs. SRC20 transactions need to be signed by the address with the token balance and broadcast to the BTC network to ensure the authenticity of ownership.
SRC-721
SRC-721 is a standard built on top of the Bitcoin blockchain for creating and managing NFTs. This standard uses the Bitcoin Stamps protocol to store image data, breaking down the image into multiple layers through layered storage technology, with each layer using an indexed color palette to reduce file size. This approach allows for the creation of detailed NFT artwork while reducing storage costs and transaction fees. The design of the SRC-721 standard allows multiple layers to be merged into a single NFT, making it possible to create high-quality images without incurring high fees. This standard is an extension of the SRC-20 standard of Counterparty, an open protocol based on Bitcoin, specifically for the creation and management of NFTs.
Unlike BRC-20 tokens, which use the Bitcoin ordinal protocol to store data in the witness data of transactions, the data of SRC-20 tokens is stored on UTXOs, ensuring that the data cannot be pruned, guaranteeing its permanence and immutability. Only one transaction is required during the minting process of SRC-20 tokens, compared to two transactions required for BRC-20, which is more convenient to operate when the network is congested. Although SRC-20 allows flexible data storage, larger data sizes increase transaction fees, but BRC-20 imposes restrictions on data size to ensure standard transaction costs.
New protocol tool LeapX
OpenStamp is a one-stop trading and minting platform that also provides tools such as transaction accelerators and UTXO splitting. In March this year, it completed its seed round of financing with a valuation of US$50 million, led by Animoca Ventures. At the same time, OpenStamp also has its own second-layer network @ContinentxL2, which is built on CKB (Nervos) technology.
LeapX is a full-protocol asset migration tool that supports the rapid conversion of assets on the Bitcoin mainnet to protocol assets such as RGB++ and BTC L2, achieving seamless and trustless conversion and shuttle between L1 and L2. OpenStamp believes that the ultimate fate of layer-one assets should not be limited to MEME, but should become core assets like Bitcoin. LeapX is committed to breaking down barriers between protocols so that all layer-one assets can more natively participate in the benefits and applications of L2 and become true core assets. Currently, LeapX supports Bitcoin assets to access L2 that supports UTXO, such as CKB and OpenStamp's native Bitcoin L2 project ContinentX and UTXO Stack chain. In addition, LeapX also supports seamless connection between Bitcoin L1 assets and high-performance public chain Solana, using its extremely high traffic and prosperous ecology to provide more liquidity for Bitcoin assets.
way of participation
LeapX Tutorial
Step 1: Open the official website, click LeapX, and connect your wallet;
Step 2: Select the current asset and network, as well as the target's network address information;
Step 3: BRC-20 assets need to be engraved first and turned into Available;
Step 4: After confirming the gas fee on the chain, you can start leaping. You can also refer to the information such as handling fees;
Step 5: Points will be earned after each success. RGB++ assets can be listed and sold on the market.
Airdrop Event BULLX
BULLX is an experiment by LeapX to break down all the barriers of protocol assets in the BTC ecosystem, and it is also the ultimate demonstration of LeapX's capabilities. BULLX is not affiliated with any specific protocol. Through LeapX, BULLX can freely jump between all Bitcoin asset protocols (SRC-20, BRC-20, ARC-20, RUNES, RGB++). When its status is RGB++ asset, it can also freely jump to L2 based on the UTXO model.
The total supply of BULLX is 21 million, all in circulation. 90% of this will be airdropped directly to the most active and valuable addresses in each protocol (SRC-20, BRC-20, ARC-20, RUNES, RGB++), as well as loyal OpenStamp users. The remaining 10% will be allocated to joint airdrops with OKX and other partners. The project airdrops on the RUNES protocol (BULLX•BULLX•BULLX), and OpenStamp has already opened the SRC-20 and RGB++ markets for BULLX.
Future Outlook
LeapX launched by OpenStamp provides a trading platform for assets of different protocols on the first layer of Bitcoin, enabling them to share resources and equally access richer ecological applications on the second layer. At the same time, it eliminates users and liquidity between protocols, integrates users and liquidity of different protocols, and greatly improves the efficiency of Bitcoin ecological construction, thereby bringing more resources and opportunities at the asset protocol and the entire ecosystem level. It is still in the testing and trial stage, and we hope to increase more liquidity and protocol entry in the future, integrate Bitcoin resources, and make the Bitcoin ecosystem more prosperous.
