The competition among cryptocurrency asset protocols is fierce, and OKX Web3 wallet deepens the one-stop experience.

Source: OKX

In 2012, the failure of the "colored coin" concept attempting to issue assets on the Bitcoin network highlighted the huge advantage of Ethereum smart contracts. The earliest token standard on Ethereum, ERC-20, defined the interface specification of token contracts through smart contract functionality, simplifying and unifying the token issuance standard and transaction framework, while promoting interoperability between tokens. The success of the ERC-20 standard has driven the prosperity of the Ethereum token economy, with over 80% of projects using Ethereum as their underlying architecture.

Subsequently, the ERC-721 standard and ERC-1155 standard introduced non-fungible tokens (NFTs), creating new assets that are different from the homogeneous tokens supported by the ERC-20 standard, bringing innovative genes to fields such as blockchain games, on-chain identities, and digital art. In addition, the encryption industry has also seen many asset protocols such as the ERC-223 standard, ERC-884 standard, and ERC-777 standard, but most of them have remained silent in the wave of development in the encryption industry. Only a few key asset protocols such as ERC-20, ERC-721, and ERC-1155 have become important pillars driving the development of encrypted assets.

In 2023, the birth of Bitcoin inscription asset issuance protocols BRC-20, ARC-20, SRC-20, Runes, and DRC-20, as well as the exploration of token standards combining Ethereum's graph coins, ERC-404, and Solana's new token standard Tiny SPL, which attempts to solve the liquidity problem of NFTs, broke the long-term dominance of Ethereum's ERC-20 and ERC-721 asset protocols. The cryptographic asset protocols ushered in a hundred schools of thought, and assets such as inscriptions, graph coins, tokens, and NFTs continue to enrich. At the same time, the increasingly diverse asset trading needs of users have exposed the backwardness and simplicity of the infrastructure of different public chains' emerging assets. Not only can they not meet the needs of users, but they also exacerbate the fragmentation of hot assets. Small-scale narratives are difficult to resonate with the industry. Against this background, OKX Web3 wallet, with its strong technological accumulation, quickly responds to market hotspots, builds a one-stop trading experience from the perspective of user needs, and is becoming an indispensable and most advanced trading tool for Web3 users, fundamentally improving the above pain points.

ERC-404 and Tiny SPL Standards, Exploring New Paradigms for Combining Ethereum Tokens with Graph Coins

With the support of ERC-721 and ERC-1155 standards, non-fungible token (NFT) assets have brought revolutionary concepts to Ethereum. However, due to their indivisible and unique characteristics, they cannot be matched and traded like ERC-20 fungible tokens, but can only be traded in the simplest form of order book matching. In theory, as long as the market is large enough, the liquidity of NFT assets is not a problem. However, due to their single narrative and fixed gameplay, the liquidity of NFT assets has been criticized and has become a constraint on their further scale development.

Fractional, Niftex, Unicly and other NFT fractionalization protocols have never stopped exploring the liquidity problem of NFTs. The main goal is to fractionalize high-value NFTs or ERC-20 tokens into more low-value NFTs. However, due to issues such as value confusion and the risk of relying on third-party protocols, there has not been a significant breakthrough. Until recently, the ERC-404 mixed token standard of ERC-20 and ERC-721 emerged, which is a protocol with native liquidity and fractionalization, leading a new asset paradigm for Ethereum. Taking the first project built on the ERC-404 standard, Pandora, as an example, users will receive newly minted or destroyed Relicant NFTs when buying or selling PANDORA tokens, and the rarity will also change at any time. This innovative gameplay opens up a new world of encrypted assets.

The ERC-404 standard combines fungible and non-fungible tokens, allowing them to be bought and sold separately while maintaining the original properties of NFTs. This means that NFTs can be traded on DEXs like tokens. To better support innovative asset protocols and quickly respond to user needs, OKX Web3 Wallet is the first to support the ERC-404 standard. Users can trade PANDORA and other ERC-404 tokens on OKX DEX and discover hot projects through the new ERC-404 section. Users can also trade Relicant NFT and other ERC-404 NFTs on OKX NFT market, helping them to safely and conveniently explore the ERC-404 ecosystem.

The new token standard Tiny SPL in the Solana ecosystem is similar to the ERC-404 standard. The first token in its ecosystem, Deez Nuts (DN), can be traded as an NFT on the OKX NFT market, or as a token on the project's own AMM and OKX DEX. The metadata of Tiny SPL tokens is stored on the chain, similar to Bitcoin's Ordinals inscription assets. The current OKX Web3 wallet has developed into the most comprehensive, rewarding, secure and convenient wallet that supports Solana ecosystem functions. Users can not only conduct cross-chain transactions on the Solana network through OKX DEX, participate in mainstream protocol staking and borrowing in the Solana ecosystem through OKX DeFi, explore Solana NFT and inscription ecosystems through OKX NFT market, manage Solana assets through OKX Web3 wallet, but also explore and interact with popular Solana DAPPs through the OKX Discover section, helping users quickly seize the opportunities brought by new Solana token standards such as Tiny SPL.

Tiny SPL and ERC-404 standards have enabled NFTs to have NFT-Fi attributes, but both are still in the experimental stage and carry the risk of failure. However, this has laid a solid foundation for the development of the cryptocurrency industry and opened up new possibilities. Users can experience a faster, more comprehensive, and secure access to new asset protocols through the OKX Web3 wallet.

All kinds of XRC-20 are online, and the Bitcoin ecological asset protocol is in full swing

The birth of the innovative and experimental Ordinals protocol officially kicked off the evolution of Bitcoin asset protocols. The emergence of Bitcoin token standards such as BRC-20, ARC-20, SRC-20, Runes, and DRC-20 inherited the ideal of "colored coins" in the Bitcoin network to realize asset issuance and successfully made breakthroughs. This has led Bitcoin to develop towards more possibilities and solved the problem of miners' income after Bitcoin mining is completed.

The emerging asset protocol demonstrates the huge potential of the Bitcoin network ecosystem, and the inscription narrative is booming. OKX NFT market was the first to respond to user needs and launched the OKX Ordinals market, quickly completing its place in the market. According to Dune data, on January 30th, the OKX Ordinals market accounted for 89.3% of the market share, with a total transaction volume exceeding 1 billion US dollars, becoming the industry's largest BRC20 inscription and BTC NFT trading market. The OKX Ordinals market is completely decentralized, with interactive platform service fees waived, and supports one-stop transfer, trading, inscription of BRC-20 and BTC NFT, and other functions. It has also launched powerful inscription tools, supporting users to sign and inscribe in batches with a single signature. BTC network inscription can inscribe 1200 transactions at a time, and EVM network inscription can automatically inscribe 50 transactions at a time, greatly simplifying the cumbersome steps and improving transaction efficiency. In addition, the OKX Ordinals market further reduces user GAS by optimizing UTXO spending order, and avoids users being maliciously blocked by low GAS during the process of placing orders and purchasing through encrypted PSBT signatures, disabling RBF transactions, and server-side broadcasting. In terms of UTXO management, the OKX Ordinals market supports effective UTXO spending prevention and intelligent release of invalid UTXO functions. The platform can automatically identify NFTs with no value, as well as invalid BRC-20 and BRC20-S inscriptions, helping users to release them with one click.

OKX Web3 Wallet is gradually integrating ARC-20, SRC-20, Runes, and DRC-20 token standards, providing zero-fee token trading services for millions of users and offering the first and most advanced one-stop token ecosystem platform for industry users. For example, the current support for token assets in the OKX Web3 Wallet has expanded to multi-chain token ecosystems, such as recursive tokens, cursed tokens, BRC-420 standards, Solana tokens, and Aptos token trading in the OKX NFT market. OKX Discover has added an Ethscriptions section to help users interact with popular Dapps and explore the token ecosystem in one place, and more.

Although asset protocols like BRC-20 are not the ultimate solution for the Bitcoin ecosystem, they have driven the development of the Bitcoin network, maintaining the security and legitimacy of Bitcoin assets while enhancing scalability. While it is not possible to replicate the innovation on Ethereum in the Bitcoin network, the evolution of the inscription asset protocol paradigm is like a Renaissance movement, writing a new narrative for the future of Bitcoin. And the OKX Web3 wallet will be one of the most important infrastructure in the Bitcoin ecosystem.

Asset Protocol Enters a New Era, OKX Web3 Wallet Deepens One-Stop Experience

In the encryption industry, everything can be "tokenized", and tokens represent proof of income, governance, identity, contribution, etc., becoming the core of project development and enhancing user participation. Thousands of tokens are issued based on various asset protocols every moment, and diverse token standards become very important. The birth of ERC-404, Tiny SPL, and various XRC-20 tokens breaks the inherent paradigm of ERC-20, ERC-721, and ERC-1155 token standards, and promotes asset protocols into a new era. With the prosperous development of future public chains and the emergence and evolution of more emerging asset protocols, more choices will be provided for token issuance and value capture, and the healthy development of the entire encryption ecosystem is crucial.

The boundaries between current assets such as inscriptions, graphic coins, tokens, NFTs, etc. have gradually blurred and moved towards integrated innovation. Influenced by the innovative demonstration effect of mainstream public chain asset protocols such as Bitcoin, Ethereum, Solana, etc., the innovation of assets on different public chains has been accelerated, leading to higher and more urgent requirements for encrypted transaction tools in the market. The OKX Web3 wallet continuously deepens the one-stop optimal experience through technological innovation, and supports and has higher compatibility with DEX, DeFi, NFT markets, and Discover sections to meet the ever-changing user needs.

Especially in the OKX NFT market, OKX DEX, and Discover section, the response speed to user needs is very fast. Taking OKX DEX as an example, it is one of the most powerful DEX and cross-chain aggregators in the industry, aggregating more than 10 cross-chains, 20 public chains, and 300 DEXs. Through X Routing intelligent routing, a transaction can simultaneously use multiple DEXs, providing users with the best price, optimal liquidity, and zero transaction fees. It also has DEX market sections, limit orders, KYT security checks, and other functions, which can basically meet the trading needs of users for mainstream and innovative homogeneous assets.

The encryption industry sees the birth and death of several asset protocols every day, with only a few managing to stand out amidst the struggle. These protocols carry the expectation of a simple and efficient future, and gather greater community consensus. The market needs to cautiously and openly embrace this innovation.

This article is from a submission and does not represent the views of BlockBeats.

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