On February 8, 2025, the REE mainnet, the world's first Bitcoin programmability expansion protocol developed by Omnity Network, officially launched. Alongside it, the Bitcoin mainnet rune AMM DEX -- RichSwap, built on the REE protocol, was also launched, enabling second-level transactions on the Bitcoin mainnet without the need for cross-chain assets, and it is completely decentralized.
This marks a revolutionary change in the Bitcoin ecosystem, as the Bitcoin mainnet has for the first time gained true decentralized, fully on-chain, Turing-complete smart contract capabilities without the need for cross-chain solutions.
REE (Runes Exchange Environment) combined with the liquidity hub RichSwap will solidify the foundation for more outstanding Bitcoin ecosystem teams on the Bitcoin mainnet, paving the way for innovation in BTCFi.
Omnity's Three-Stage Rocket
Why has the Omnity team opened up a new battlefield for innovation in the Bitcoin mainnet's programmability expansion protocol while achieving remarkable results with the Bitcoin cross-chain protocol Omnity Hub?
"If the Bitcoin layer one lacks vitality, then the layer two will only become drier. With REE, BTCFi based on the Bitcoin mainnet can complete the four-year development journey of Ethereum DeFi in just one year.
Louis, Founder @Omnity Network"
In fact, since the explosion of the Bitcoin ecosystem, there have been two major bottlenecks that need to be addressed: "transaction throughput performance" and "programmability."
As a leading infrastructure project in the Bitcoin ecosystem, Omnity formulated a "three-stage rocket" development plan early on:
- Build a cross-chain interoperability protocol, Omnity Hub: Providing the industry with a truly decentralized, fully on-chain cross-chain interoperability protocol urgently needed for BTC Layer2; Omnity Hub will go live on the mainnet on April 20, 2024, and is already open source.
"Recently popular projects like odin.fun and several BTCFi teams that have not yet officially launched have chosen to use Omnity Hub: supporting cross-chain transactions for BTC, runes, and BRC20, and connecting to mainstream Layer1s like Solana, Ton, Sui, ICP, and Osmosis, as well as dozens of EVM chains like Base, achieving cross-chain interoperability for etching, minting, transferring, and burning. The current cross-chain TVL is nearly $4 million."
Develop the programmability expansion protocol REE, granting the Bitcoin mainnet Turing-complete smart contract capabilities, compatible with mainstream UTXO-based asset standards. REE will be open-sourced and available for free use after completing audits.
Create the REE demonstration application RichSwap, a truly decentralized AMM DEX on the Bitcoin mainnet, aimed at becoming the liquidity hub of the BTCFi ecosystem and accelerating the liquidity bootstrap of other BTCFi applications.
REE: Turing-Complete Non-Cross-Chain Bitcoin Execution Layer
REE (Runes Exchange Environment) successfully combines Bitcoin's native transaction mechanism with public chain smart contracts. With smart contract capabilities, it can support various BTCFi scenarios, essentially becoming a universal DeFi execution layer for the Bitcoin mainnet, a platform that allows synchronization and combination between various BTCFi protocols.
The Essence of Programmability Expansion Lies in DPS (Decentralized PSBT Signing)
PSBT (Partially Signed Bitcoin Transaction) is a universal data standard used in the Bitcoin ecosystem for years to coordinate multi-party transactions. PSBT requires both buyers and sellers to sign each input one by one, but since the outputs of PSBT transactions are predetermined, it is only suitable for order-type transactions: if you want to buy 10 runes of $Dog but there is only a sell order for 100 $Dog, the buyer cannot complete the transaction no matter how much money they offer. This greatly hinders the liquidity of BTCFi.
DPS (Decentralized PSBT Signing) introduces smart contracts as the counterparty for users, dynamically constructing PSBTs for transactions as needed. The smart contract, acting as the counterparty, is always online to match the UTXOs required for the transaction, and finally, the smart contract controls the private key to complete the PSBT signing, providing great flexibility suitable for any DeFi scenario.
The Key to Improving Transaction Performance Lies in the "Optimistic Execution, Batch Settlement" Strategy
RichSwap can achieve a 100-fold increase in transaction speed compared to the Bitcoin mainnet due to the "optimistic execution, batch settlement" transaction strategy adopted by the REE execution layer.
Optimistic Execution: When you buy rune $DOG on RichSwap, it shows that the transaction is completed within 15 seconds, even though the transaction has not yet entered the Bitcoin block. However, REE has already performed repeated validations and can optimistically recognize it as valid, allowing the user to immediately use the transaction output to initiate the next transaction, such as adding LP with the newly purchased $DOG.
Batch Settlement: The second operation of adding LP relies on the first purchase of the $DOG transaction, which belongs to parent-child transactions in the Bitcoin mempool. When the next Bitcoin block is created, both transactions will be packaged together. Although the mempool accepts a maximum of 25 parent-child transaction connections, which is the settlement limit for each pool, it is not the limit for REE: based on the REE Exchange-Pool model, each Exchange can manage multiple independently running pools, and if greater throughput is needed, new pools can be added.
Transactions submitted to the mempool may be cleared under extremely special circumstances, requiring a rollback. This involves the "Exchange-Pool model" and the design of the Pool's state chain structure created by REE. Interested developers can refer to the "REE White Paper", along with the upcoming open-source demonstration application RichSwap, to understand its code implementation logic.
RichSwap: The First True AMM DEX on the Bitcoin Mainnet
As the first application of the REE ecosystem, RichSwap is a truly decentralized rune AMM DEX built on the Bitcoin mainnet, capable of confirming transactions within 5 seconds, with the entire transaction lifecycle on-chain and no off-chain dependencies, even achieving zero MEV attacks.
We believe RichSwap can gain recognition from Bitcoin Native Degens, adding liquidity pools while ensuring security, increasing the overall liquidity speed of the ecosystem, becoming the liquidity hub of BTCFi, and helping subsequent projects launch liquidity more quickly.
Currently, Omnity Network is building a fast, simple, low-cost, and fully on-chain BTCFi infrastructure through three core products: the Bitcoin smart contract platform REE, the liquidity hub RichSwap, and the cross-chain protocol Omnity Hub, injecting unprecedented vitality into the Bitcoin network.
We believe that with the participation of more BTCFi developers, Bitcoin will truly become the settlement layer of the global economy and a fertile ground for digital financial innovation.
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