Ecological construction is advancing rapidly, reviewing the RGB++ project that is in a value gap

Author: Golem, Odaily Planet Daily

RGB++ is an extension protocol based on RGB, which technically also utilizes one-time seals and client validation to manage state changes and transaction verification. Unlike the RGB protocol that requires users to run client validation for transactions, RGB++ maps Bitcoin UTXOs to Nervos CKB's Cells through isomorphic binding, allowing Nervos CKB to directly serve as the DA layer. Although it sacrifices some privacy, it brings Turing-complete contract extensions and performance enhancements to Bitcoin without the need for cross-chain transactions and without compromising security.

Due to its superior design and the market FOMO triggered by the first asset Seal issuance, the Hong Kong conference in April seemed to become a preaching ground for the RGB++ protocol, with people fearing they might miss the future wealth train that RGB++ represents. However, time has passed, and just one month later, the enthusiasm for the RGB++ protocol has waned, with the floor price of the leading asset Seal dropping over 70% from its peak, and trading volume has also shrunk.

Is the RGB++ protocol a flash in the pan, or is it building strength in the trough? The degree of ecological construction is the best test standard. Below, Odaily Planet Daily will review RGB++ ecological projects from the perspectives of wallets, DEXs, infrastructure, entertainment, and tools, aiming to present the current state of ecological development after the protocol's launch.

Wallets

JoyID

JoyID is a multi-chain, cross-platform wallet built on Nervos CKB. It allows users to create and use wallets using biometrics without the need for passwords or mnemonic phrases. It is also the first wallet to support RGB++ assets, enabling users to transfer RGB++ assets on the Bitcoin mainnet and trade RGB++ assets on the second layer of Nervos CKB using its built-in DEX.

REI Wallet

REI Wallet is a native browser extension wallet for Nervos CKB, which is now compatible with the RGB++ protocol. It released a testnet version on April 25, and while it currently supports the mainnet, it is reportedly still in testing.

DEX

HueHub

HueHub is the first launch platform and decentralized exchange based on RGB++ assets on the Bitcoin mainnet, allowing users to fairly issue and mint RGB++ assets and trade on the mainnet. HueHub supports connections to mainstream Bitcoin wallets like JoyID, Unisat, and OKX.

Omiga

Omiga is the first decentralized exchange based on RGB++ assets on the second layer of Nervos CKB. Originally established as an inscription project on Nervos CKB, it chose to contribute to the RGB++ ecosystem when the protocol became popular. The platform now supports bulk purchasing functionality.

Nomadland

Nomadland is a Bitcoin service provider that supports RGB++ assets. It is currently developing a trading market for RGB++ assets, with AMM swap functionality expected to launch in mid-May. Additionally, Nomadland has developed an RGB++ plugin wallet that supports free two-way leaps of RGB++ assets on the BTC mainnet and the second layer of Nervos CKB.

UTXOSwap

UTXOSwap is a decentralized exchange (DEX) protocol based on the BTC ecosystem, aiming to provide users with a better trading experience through intent-based trading. Its main features include merging the advantages of order books and AMM, higher trading efficiency, and lower trading gas fees. UTXOSwap will initially support trading of RGB++ and CKB ecosystem assets, with plans to support other BTC ecosystem assets like Ordinals and Runes in the future. However, it has only released a white paper and is expected to conduct public testing at the end of May.

Infrastructure

UTXO Stack

UTXO Stack, launched by blockchain software development company CELL Studio, is a RAAS (Rollup as a Service) in the Bitcoin ecosystem, similar to the OP Stack in the Ethereum ecosystem. It helps developers issue BTC Layer 2 based on the UTXO architecture with one click. It is natively compatible with the RGB++ protocol, allowing assets to be seamlessly transferred between BTC and isomorphic UTXO chains without the need for cross-chain bridges. Additionally, it integrates the Restaking concept proposed by EigenLayer, allowing the security of isomorphic chains to be guaranteed through staking BTC, CKB, and other assets.

UTXO Stack has completed seed round financing, led by ABCDE Capital and SNZ Holding, with participation from OKX Ventures, Waterdrip Capital, and others, though the amount has not been disclosed.

Stablecoins

Stable++

Stable++ is the first over-collateralized stablecoin issued based on the RGB++ protocol. It issues the stablecoin USDPP through over-collateralization of BTC and CKB, utilizing the Leap feature of the RGB++ protocol, allowing USDPP to circulate freely on the Bitcoin blockchain and other UTXO isomorphic chains. The Stable++ team members mainly come from Google, Stanford University, and the University of California, Berkeley, and they have received investment from the CKB ecosystem fund Eco Fund.

Entertainment

World 3

World 3 is a Bitcoin autonomous world based on the RGB++ protocol and digital objects (DOB). World 3 will use the Bitcoin mainnet as the asset control layer for digital objects and Nervos CKB as the DA layer and smart contract layer, bridging Bitcoin and other ecological chains.

The team plans to airdrop DOB on the BTC mainnet and gradually open interactive testing scenarios based on DOB. World 3 has previously secured $6 million in funding, with investments from companies like Animoca Brands, Dapper Labs, EVG, and Com 2 uS.

SilentBerry

SilentBerry is a Web3 digital music distribution platform based on the RGB++ protocol, providing a one-stop ecological service for the issuance, investment, and revenue distribution of digital music assets. The FT asset $Berry will be issued on the BTC mainnet, with a total supply of 66 million, each worth 10,000 $Berry, totaling 6,600 pieces, while NFT assets will be issued on Nervos CKB and other blockchain ecosystems.

Currently, the product has not yet launched, but it is expected to officially launch the SilentBerry platform in May-June.

DID

.bit

.bit is a decentralized identity protocol under d.id, which announced support for the RGB++ protocol on April 15, enabling .bit to operate on the BTC network. Currently, .bit supports binding and resolving Bitcoin addresses, allowing direct transfers of Bitcoin and RGB++ assets through .bit. Additionally, .bit plans to create a multi-chain DID based on the Bitcoin blockchain, spanning other chain ecosystems.

Governance

Metaforo

Metaforo is an established decentralized community governance protocol founded in 2021. On May 9, it announced support for the RGB++ protocol, allowing users to participate in decentralized community governance using CKB or RGB++ assets for voting or snapshots. The first asset on RGB++, $seal, is the first to connect to the Metaforo protocol for voting governance in the RGB++ community.

Tools

CKB Explorer

CKB Explorer is a browser for the Nervos CKB blockchain, allowing users to understand the operational data of the Nervos CKB network and view RGB++ assets and related transactions.

Haste

Haste is a community-developed RGB++ asset manager. Wallets that do not support the RGB++ protocol, such as OKX Wallet and Unisat, can use this manager to transfer RGB++ assets.

Summary

In summary, despite the decline in market enthusiasm, the construction of the RGB++ ecosystem has not stagnated. Key ecological components such as wallets, DEXs, and infrastructure are being steadily developed. From the launch of the protocol concept in February to the mainnet launch in April, multiple projects have already filled the ecological gaps in just a few months, which is relatively rapid development among the many asset protocols in the Bitcoin ecosystem.

However, the RGB++ protocol is not without controversy, as some community members criticize it for riding on the RGB protocol concept and express concerns about its excessive reliance on Nervos CKB. RGB protocol founder Maxim Orlovsky has also stated that RGB++ has no relation to RGB.