Bitmatrix, an automated market maker (AMM) protocol, has released its mainnet beta, which will allow bitcoiners to create their own liquidity pool and conduct trusted swaps on the Liquid Network, according to a press release sent to Bitcoin Magazine became.
Image via press release
Users wishing to create their own liquidity pools just need to connect the Bitmatrix web interface to their Marina wallet, select the pairs they want, specify an initial amount and click trade.
AMMs provide the useful utility of performing asset swaps, in this case involving liquid assets, and allow users to connect and pool resources without the support of centralized entities.
“After rigorous testing, we are confident that we have found the most optimal design to bring AMMs to Liquid and the Bitcoin ecosystem,” said Burak Keceli, Founder of Bitmatrix. “We hope that BitMatrix will enable some new meaningful use cases and bring more user adoption.”
To create a trusted automated protocol, Bitmatrix leverages a set of Tapscript opcodes such as: transaction introspection, 64-bit arithmetic, and elliptic curve operations, also known as covenants.
After the first beta, Bitmatrix reduced their fees and increased concurrency from 8 to 32 slots, meaning each liquidity pool can process up to 32 trades per minute, and this volume is expected to increase with further updates.
In addition, the mainnet will introduce a new feature that will allow for custom fees. Therefore, users can set fees between 0.01% and 1.00%, with the default fee being 0.25%.
“For the future, we look forward to hearing your feedback and introducing a more optimized version with the new smart contracting language Simplicity in Q4 2023,” added Keceli.
The Liquid network is a Layer 2 scaling solution that leverages a sidechain to create a 2-way connection between BTC and Liquid assets. BTC is represented as L-BTC on the Liquid Network and is treated as equivalent to BTC.
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