A new world on the chain: How to seamlessly navigate the Bitcoin ecosystem through the OKX Web3 wallet?

Author: 0xming

For decades, the value storage significance of the Bitcoin network has outweighed its application development significance, but this stereotype was broken last year. After Domo released the token standard BRC-20 on the Ordinals protocol, the Bitcoin network gradually evolved from a peer-to-peer electronic cash system into new forces such as various XRC-20 protocols and Layer 2 networks. Since then, the trust machine of Bitcoin, which carries the largest consensus in the crypto world, has shaken off the dust and slowly started, paving the way for a new on-chain world.

Moreover, with the opening of a new macroeconomic and industry technology cycle, the arrival of the halving narrative, and the approval of Bitcoin spot ETFs, various favorable factors have greatly enhanced the attractiveness and accessibility of Bitcoin, leading to a rising trend in the Bitcoin ecosystem. However, the early infrastructure planning and construction of the Bitcoin ecosystem are very lagging, showing characteristics of fragmentation and inconsistency, and user demand urgently needs to be met after the explosion of BRC-20 inscribed assets, with few development teams able to respond quickly and comprehensively to this demand.

For example, during the current narrative phase of asset issuance for BRC-20, ARC-20, SRC-20, etc., various temporary delivery wallets and trading market functions are relatively simple and singular, with liquidity dispersed. Against this backdrop, as an early and steadfast builder of the Bitcoin ecosystem, the OKX Web3 wallet team has quickly responded to user needs with years of technical accumulation and innovative spirit, leading the integration of various asset protocols such as BRC-20, ARC-20, SRC-20, and fully supporting the Bitcoin ecosystem in collaboration with NFT, DEX, DeFi, and Discover sectors, helping users enjoy safer and more convenient experiences with better prices and liquidity while seamlessly engaging with the Bitcoin ecosystem.

This article will start from the user's perspective, teaching step-by-step how to easily explore the new on-chain world of Bitcoin through the super practical and secure features of the OKX Web3 wallet product, following the processes of acquiring, trading, exploring Bitcoin assets, and diverse gameplay.

1. Acquiring and Trading Bitcoin and Network Assets

Acquiring Bitcoin

For users who do not have Bitcoin assets in their Web3 wallets, they can enter the OKX Web3 wallet homepage and select the receive function to quickly and securely deposit from their OKX exchange account. They can choose different address formats such as Taproot, Legacy, Nested Segwit, and Native Segwit to receive Bitcoin based on their actual situation. Alternatively, they can also cross-chain exchange existing assets like ETH and USDT into Bitcoin through the OKX DEX sector.

Trading Inscribed Assets and BTC NFTs

Users who own Bitcoin can trade other assets on the Bitcoin network. Bitcoin network assets are divided into inscribed assets and BTC NFTs, which can be simply compared to ERC-20 assets and NFTs on the Ethereum network. Among them, Bitcoin inscriptions vary according to different XRC-20 token standards such as BRC-20, ARC-20, and SRC-20. As the largest inscription market in the industry, users can purchase and list BRC-20, ARC-20, and other assets through the OKX inscription market without platform service fees, enjoying a smooth trading experience. Additionally, BTC NFTs can be traded through the OKX NFT market.

Furthermore, the current OKX Web3 wallet supports users in viewing and transferring SRC-20 assets. In the future, the OKX Web3 wallet will soon launch support for the DRC-20 protocol, among others.

Bulk Purchase and Bulk Transfer

For users looking to purchase a large number of assets, they can use the bulk purchase and bulk transfer features in the OKX Web3 wallet Ordinals market to simultaneously buy BRC-20 inscriptions and BTC NFTs, with a maximum of 10 orders per transaction, eliminating cumbersome steps and improving trading efficiency.

Bulk Inscription

Users can use the bulk inscription feature for free at the OKX Ordinals market inscription center without importing private keys. A single signature is all that is needed for bulk inscription, with the Bitcoin network currently supporting up to 1200 inscriptions per transaction, while EVM network inscriptions allow for 50 automatic inscriptions per transaction without the need to import private keys, making it safer and more convenient.

UTXO Release and Asset Burn Warning Function

Some abandoned inscriptions may occupy UTXOs, causing part of the user's BTC balance to be unavailable. For example, even when the wallet has sufficient Bitcoin assets, users may be prompted that they cannot proceed with normal transfers or Gas payments. In this case, users can manually select worthless NFTs and invalid BRC-20 and BRC20-S inscriptions through the OKX Web3 wallet's UTXO management function to release the occupation.

Additionally, to ensure the safety of user assets, the OKX Web3 wallet is the first multi-chain wallet to implement Bitcoin asset isolation, providing a secondary reminder when users transfer Bitcoin assets to minimize the risk of asset burns. However, it is worth noting that when linking and jumping to third-party DApps through the OKX Web3 wallet, asset isolation is currently not supported. Users can update the OKX APP or OKX Web3 plugin wallet to the latest version to experience this feature immediately.

2. Exploring Bitcoin Ecosystem DApps and Diverse Gameplay

Discovering and Interacting with Popular Bitcoin Ecosystem Projects

For users who want to quickly explore the Bitcoin ecosystem but do not know how to start or which projects to participate in, they can quickly discover and interact with the Bitcoin ecosystem through the Discover section of the OKX Web3 wallet, uncovering on-chain opportunities.

For instance, the OKX Web3 wallet has taken the lead in supporting the community's popular Rune Alpha protocol in the rune track, allowing users to view and manage Rune Alpha protocol assets and check Rune Stone airdrop queries through the OKX Web3 wallet. In the future, the OKX Web3 wallet will also support the Runes protocol. Additionally, the OKX Web3 wallet has promptly responded to community users' interaction needs for the Nostr Assets protocol in the Lightning Network track and launched the Nostr Assets bulk transfer tool. Through rapid product iteration, the OKX Web3 wallet helps users explore new on-chain applications for Bitcoin at the first opportunity.

Obtaining Whitelist Qualifications and Other Benefits

Whether new users or seasoned on-chain users, they can participate in the exclusive primary issuance platform Drops section of the OKX NFT market, not only participating in the issuance of quality NFT assets at preferential prices but also obtaining exclusive whitelist qualifications from project parties by completing designated tasks, better seizing profit opportunities. For example, from February 28 to March 6, 2024, the first 100,000 users participating in the Bitcoin staking protocol Babylon testnet staking activity through the OKX Web3 wallet plugin will receive a limited-time Pioneer Pass whitelist qualification.

Exploring Bitcoin Layer 2 Networks

The OKX Web3 wallet has now integrated with networks like Merlin Chain and B², allowing users to switch to the Merlin Chain network with one click without manual configuration for managing corresponding currencies. Additionally, users can discover and interact with DApps in the Merlin Chain network within the Discover section of the OKX Web3 wallet.

3. Diversified Yield Scenarios for Bitcoin

On-Chain Staking for Bitcoin

For users who already own Bitcoin, they can use the DeFi section of the OKX Web3 wallet's one-stop on-chain investment platform to stake their Bitcoin assets on-chain, earning on-chain yields with lower Gas fees. They can also participate in the irregular interest rate activities launched by OKX DeFi to increase yield scenarios, among other options.

OKX Web3 Wallet Strengthens Infrastructure, Helping Users Better Explore the Bitcoin Ecosystem

Limited by design intentions, community consensus, and various factors, although Bitcoin still cannot fully replicate the various customizations and diverse gameplay of the Ethereum network, its pioneering transformation is exciting enough to reach more possibilities. Bitcoin has developed a new narrative beyond halving, and its impact on miners and the Bitcoin network is diminishing with the arrival of the smart narrative. Driven by the smart narrative, how to quickly respond to market demands and launch convenient and secure products has become a proposition for industry builders.

As one of the earliest and steadfast builders of Bitcoin, the OKX Web3 wallet has overcome technical challenges and increased costs, starting from supporting asset protocols like BRC-20, building the largest decentralized market, and becoming the first Web3 wallet to fully support XRC-20. Furthermore, by collaborating across various sectors such as DEX, NFT market, and Discover, it has created a one-stop infrastructure product for the Bitcoin smart era, quickly responding to user needs while demonstrating its effect and leading the construction of Bitcoin infrastructure.

With the launch of traditional brokerages, Bitcoin has gained the attention of the world's largest liquidity financial markets, showcasing vast potential. In this era, users only need to find and choose safe, convenient, and comprehensive tools like the OKX Web3 wallet to improve efficiency and gather treasures from the sea.