What we are doing represents a revolutionary technological upgrade. We all know that BTC is not Turing complete, and its ecosystem has a significant gap compared to EVM.
I.There are some issues the BTC ecosystem currently faces:
- Poor user experience and incomplete ecosystem tools.
- Low liquidity for BRC20 and other tokens, along with inadequate protocols within the BTC ecosystem.
- Difficulty in developing BTC Layer2 technology, resulting in a lack of successful implementation similar to ETH Layer2.
To address these problems, we have made enhancements to BTC Layer2:
- Full compatibility with the EVM virtual machine, using BTC as the Layer2 transaction fee for EVM. This supports mainstream EVM ecosystem wallets such as Metamask and development tools for the surrounding EVM ecosystem.
- Deployment of Uniswap-like AMM DEX and derivatives trading protocols similar to GMX, facilitating the circulation of BRC20 tokens and BTC.
- Adoption of Taproot + on-chain light node model, enabling fully decentralized BTC cross-chain transactions. Taproot’s distributed keys and POS nodes are bound to achieve decentralized cross-chain transactions from EVM to BTC network. Cross-chain transactions from BTC to EVM Layer2 follow a light node model.
Important considerations for migrating SoSwap from the SherpaX test network to the ChainX mainnet:
- Due to SherpaX being a test network, it cannot adequately support the on-chain value of SoSwap. Therefore, it has been decided to discontinue this test network.
- SoSwap will be launched on the ChainX EVM, allowing users to directly use BTC as gas fees. It will establish popular #BRC20 trading pairs such as ORDI/BTC, SATS/BTC, and more.
- So token will undergo a snapshot and be exchanged at a 1:1 ratio for OmniBTC’s OB token in the future.
- Mini points are loyalty points on the MiniXchain consortium chain, which users can withdraw across chains to the MiniX Chain.
- Tokens such as PCX/DOT/KSM/XBTC can be withdrawn to their respective native chains.
- SherpaX will be suspended on July 1st. In case of asset-related issues, we can provide assistance. You can submit an issue/ticket on ChainX Discord.
Since 2018, ChainX has aimed to become the most influential BTC Layer2 solution. We have dedicated our efforts to the research and expansion of BTC cross-chain technology. We have made significant technological advancements and learned valuable lessons.
This is our confidence.
We apologize for our past poor market operations and failure to unite the community. However, we are back now, along with the BTC ecosystem. We hope to build an outstanding BTC Layer2 community.
This upgrade represents a revolutionary step in formally connecting the BTC network with its community. We apologize for any inconvenience caused to users and seek the understanding of the community.
After all, the future of BTC Layer2 is here, and we need everyone in the community to join us in building the best BTC Layer2 ecosystem and community:)
Source code for this upgrade: ChainX v5.0.0 (Use BTC as ChainX-EVM gas).