With the trend of new Bitcoin asset issuance protocols such as Ordinals, Runes, Stamps, Atomicals, and RGB++, the variety of assets on the Bitcoin chain has enriched the opportunities for future application scenarios. The development of infrastructure is the necessary condition for determining how far these protocols can go. LeapX is a new Bitcoin full-protocol asset leap tool launched by OpenStamp. Let's start by understanding LeapX through the Stamps protocol.

BTC STAMPS Introduction

BTC STAMPS is a new protocol that achieves true "blockchain art" by permanently storing image data in base64 encoding format within the transaction outputs of the Bitcoin blockchain. This protocol encodes the binary content of images into base64 strings and broadcasts them as part of the transaction description via the Counterparty protocol. Due to the string length, Counterparty defaults to using bare multisig, splitting the data into outputs to avoid using the limited and prunable OP_RETURN, thus ensuring that the data cannot be pruned from full nodes. Generally, 24x24 pixel images with an 8-bit color depth in PNG or GIF format are used, suitable for pixel art.

Compared to Bitcoin Ordinals, which use witness data that can be pruned, the Bitcoin STAMPS protocol ensures that data cannot be pruned by embedding digital artwork data in UTXOs, thus maintaining data integrity. Bitcoin STAMPS also supports higher image resolutions and flexible file sizes, but this may increase transaction costs. The protocol utilizes two standards, SRC-20 and SRC-721, which provide different functionalities in terms of data embedding and high-quality image creation. Bitcoin STAMPS offers 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 type of token standard implemented on the Bitcoin blockchain that utilizes Bitcoin stamp technology to embed data within Bitcoin transactions, thereby enabling the creation of fungible 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 directly encoded on BTC, optimizing transaction size and reducing costs. SRC20 transactions need to be signed by addresses with token balances and broadcast to the BTC network to ensure the authenticity of ownership.

SRC-721

SRC-721 is a standard built on the Bitcoin blockchain for creating and managing NFTs. This standard uses the Bitcoin Stamps protocol to store image data, employing a layered storage technique that breaks images into multiple layers, each using an indexed color palette to reduce file size. This method allows for the creation of detailed NFT artworks while lowering storage costs and transaction fees. The design of the SRC-721 standard allows multiple layers to be combined into a single NFT, making it possible to create high-quality images without incurring high costs. This standard is an extension of the SRC-20 standard based on the open protocol Counterparty, specifically targeting the creation and management of NFTs.

Unlike BRC-20 tokens that use the Bitcoin ordinal protocol to store data in the transaction's witness data, SRC-20 token data is stored in UTXOs, ensuring that the data cannot be pruned, thus guaranteeing its permanence and immutability. The minting process of SRC-20 tokens requires only one transaction, compared to BRC-20 which requires two transactions, making it more convenient during network congestion. Although SRC-20 allows for flexible data storage, larger data sizes will increase transaction fees, while BRC-20 imposes limits 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 of this year, it completed a seed round of financing with a valuation of $50 million, led by Animoca Ventures. At the same time, OpenStamp has its own Layer 2 network @ContinentxL2, built on CKB (Nervos) technology.

LeapX is a full-protocol asset leap tool that supports the rapid conversion of assets on the Bitcoin mainnet into protocol assets like RGB++ and BTC L2, achieving seamless and trustless transitions between L1 and L2. OpenStamp believes that the ultimate fate of Layer 1 assets should not be limited to MEME but should become core assets like Bitcoin. LeapX aims to break down barriers between protocols, allowing all Layer 1 assets to participate more naturally in L2's benefits and applications, becoming true core assets. Currently, LeapX has supported Bitcoin asset access to UTXO-supporting L2s, such as CKB and OpenStamp's native Bitcoin L2 project ContinentX, as well as UTXO Stack chain. In addition, LeapX also supports seamless linking of Bitcoin L1 assets with the high-performance public chain Solana, leveraging its high traffic and thriving ecosystem to provide more liquidity for Bitcoin assets.

Participation Method

LeapX Tutorial

Step 1: Open the official website, click on LeapX, and connect your wallet;

Step 2: Select the current asset and network, as well as the target network address information;

Step 3: For BRC-20 assets, you need to engrave them first to become Available;

Step 4: Confirm the gas fee on the chain, and you can start the leap; you can also refer to information such as transaction fees;

Step 5: After each successful transaction, you will earn points, and for RGB++ assets, you can list them on the market for sale.

Airdrop Event BULLX

BULLX is an experiment by LeapX to break down all protocol asset barriers within the BTC ecosystem, and it is also the ultimate showcase of LeapX's functionality. BULLX is not affiliated with any specific protocol. Through LeapX, BULLX can freely jump between all asset protocols on Bitcoin (SRC-20, BRC-20, ARC-20, RUNES, RGB++). When its status is RGB++ asset, it can also freely leap to L2 based on the UTXO model.

The total supply of BULLX is 21 million, all in circulation. Of this, 90% will be directly airdropped to the most active and valuable addresses in various protocols (SRC-20, BRC-20, ARC-20, RUNES, RGB++) and loyal OpenStamp users. The remaining 10% will be allocated to joint airdrop activities with OKX and other partners. The project is conducting airdrops on the RUNES protocol (BULLX•BULLX•BULLX), and OpenStamp has already opened the SRC-20 and RGB++ markets for BULLX.

Future Outlook

The launch of LeapX by OpenStamp provides a trading platform for assets of different protocols on Bitcoin Layer 1, enabling them to share resources and equally access richer ecological applications on Layer 2, while eliminating user and liquidity barriers between protocols, integrating users and liquidity from different protocols, significantly enhancing the efficiency of Bitcoin ecosystem construction, and thereby bringing more resources and opportunities at the asset protocol and overall ecosystem level. Currently, it is still in the testing phase, and we hope to increase more liquidity and protocol access in the future, integrating Bitcoin's resources to make the Bitcoin ecosystem more prosperous.