Overview

A decentralized trading platform for BTC assets built on the Lightning Network, providing a secure, cost-effective, and fast BTC asset trading experience.

Objectives

1. BTC Purity: Assets remain on the BTC mainchain without altering any BTC consensus rules.

2. Security: Assets are never out of the user's control, with no third party having control over user assets.

3. Users can safely withdraw their assets at any time and under any circumstances.

4. Cost-effectiveness: Low transaction costs, aiming for less than 5% of on-chain transaction costs.

5. Speed: Fast transaction speeds, aiming for under 5 seconds.

We initially support Ordinals NFT and OrdX assets, with the technical prototype currently under development.

Background

The Ordinals protocol has opened the door for asset issuance on the BTC network, and the number of assets on BTC will continue to increase. This is an unstoppable trend. However, the high transaction costs and long confirmation times on the BTC mainnet are a reality we must accept. These issues hinder asset issuers from issuing high-quality assets on the BTC mainnet and discourage investors from allocating more funds into the BTC ecosystem. Without high-quality asset issuance on the BTC network and significant investment into the BTC ecosystem, the flourishing development of the BTC ecosystem will remain a dream, with progress being extremely slow.

To promote the development of the BTC ecosystem, we have been contemplating how to enable users to securely, cost-effectively, and swiftly trade BTC assets. Security, cost-effectiveness, and speed are our core objectives. We continue to explore technical solutions and learn from other industry solutions. If we do not have a technical solution that truly achieves these objectives, we would rather not proceed. Similarly, if a BTC Layer2 technical solution cannot achieve security, cost-effectiveness, and speed, it would be meaningless and valueless, and it would be better to stick with centralized exchanges (CEX), which at least provide cost-effective and optimal user experiences, albeit lacking in security. Of course, a Layer2 solution doesn't necessarily have to be decentralized; there are plenty of centralized Layer2 solutions available. However, that is not our aim.

Our research and exploration are ongoing, and we have reached some preliminary conclusions. The launch of the OrdX protocol is a crucial step in our technological progress. Once we complete the development of the OrdX protocol, we will devote all our efforts to building OLDEX. For further information, we will make announcements on our official Twitter account (@OrdX_Protocol). Stay tuned.