Understanding Orders.Exchange Bitcoin Ecological DEX in One Article

12/18/2023·1years ago

In recent days, the most eye-catching event is undoubtedly the strong price surge of BRC20 ecological tokens. With the listing of Bitcoin inscription Sats on Binance on December 12th, the market value doubled on the same day, and the price surged by over 330% in seven days. In addition to Sats, other inscription ecological tokens such as Rats, SNHT, MAXI, and BEAR have also experienced a wave of increases. Many people believe that this is the second spring of BRC20, especially ORD in the first week of December broke through the $1 billion market value threshold, achieving an important milestone and providing its holders with an impressive 850% monthly return. At the same time, Ordinals inscription cumulative fee income has exceeded $140 million.

With the hot trend of Bitcoin on-chain tokens, the first decentralized exchange on the Bitcoin chain, Orders.Exchange, will start a free airdrop activity on Gate.io Startup on December 20th. Under the backdrop of this wave of token price surges, this timing is undoubtedly very favorable. Today, let's understand Orders.Exchange together, whether the RDEX token has specific investment potential, and how to participate in the free airdrop activity.

What is Orders.Exchange?

Orders.Exchange is a new force in the Bitcoin ecosystem. Orders is the first DEX that operates entirely on the Bitcoin network, with its order book running entirely on the Bitcoin network. Orders aims to witness a trustless ORDERBOOK DEX, liquidity pool, SWAP DEX, and LaunchPad, fully leveraging the potential of Bitcoin Layer 1, supported by the ordinal protocol, PSBT technology, Bitcoin script, and the revolutionary Nostr protocol.

Orders not only cleverly adopts the NFT gameplay of blur, presenting the current complex and difficult-to-trade BRC20 tokens in an on-chain DEX system; Orders combines liquidity mining, order book, and buy/sell mechanism (Ask & Bid) to interconnect the internal structure of the DEX platform, creating a three-dimensional platform; In the interconnection structure of the Bitcoin ecosystem and the Orders ecosystem, the project token RDEX token has practical application value, and the simplest trading pair currently has excellent liquidity; Orders has a simple and user-friendly user interface, very similar to the blur gameplay, easy to use for both new users and players familiar with blur; The development team behind Orders is composed of international members with rich experience in Bitcoin development, who have experienced the DeFi era based on Ethereum and witnessed the rise of many excellent projects. It is said to be an early contributor from the MVC blockchain, always focusing on the Bitcoin sidechain. The PSBT liquidity pool design of Orders, compatibility with MVC and Nostr protocols, etc., all reflect the strong technical strength of its team.

Orders has already landed its first liquidity pool. With the vigorous development of the Bitcoin chain ecosystem, it has practical landing scenarios and usage needs. Other infrastructure is also gradually being completed. Let's take a look at Orders' upcoming plans:

2023Q4:

NOSTR protocol release (already released)
Launch of RDEX token on CEX
Support for more wallets to meet the diverse needs of more users 2024Q1:
Launch of LaunchPad and Inscribe functions to expand the user base of orders, meet the needs of more users, and expand the use of RDEX tokens as the first practical tool for BRC20 tokens
Support for the buying and selling orders of Ordinals NFTs, supporting ASK and BID order types of NFT transactions, enhancing platform capabilities, meeting the trading needs of different users, and improving trading efficiency
Comprehensive support for MVC-Ordinals, providing comprehensive support for the MVC-ORD plan, aiming to explore new possibilities in the BTC-Fi environment. This phase aims to strengthen Orders as a multi-functional platform for centralized financial activities, focusing mainly on the Bitcoin ecosystem. In addition, this phase aims to address the major pain points of high fees and low transaction speeds on the Bitcoin mainnet
Launch of cross-chain bridges for seamless exchange of Ordinals assets between Bitcoin's mainnet and its second layer MVC 2024 and beyond: Expand partnerships and establish an interconnected DEX network. Utilize the Nostr protocol to expand partnerships and seek cooperation with well-known DEXs (such as OKX and Unisat) to achieve interoperability. Through integration with the Nostr protocol, BRC20 token and Ordinals NFT orders can circulate between different DEXs. This allows orders created on a single platform to be executed on other exchanges, improving trading efficiency.

Sam, the product manager of Orders, said in an interview, "We serve our users in three main aspects: improving trading efficiency, focusing on user costs, and increasing token usage. In addition, we are also focusing on how to solve the problem of high trading costs and slow speeds through Layer 2 solutions. We hope that our tokens are not just a medium of exchange, but have a wider range of uses, such as paying fees, serving as a threshold for launching platforms, and providing holding discounts." Orders' future plans will support more features, such as adding support for other protocols, and adding engraving features, to create a more complete and comprehensive ecosystem.

Token Economics

RDEX token is the platform token of Orders, mainly used to reward early users of Orders and incentivize users providing liquidity. RDEX token has no initial issuance or private placement, and was all created for free in the early stages. It can currently be purchased directly on Orders, Unisat, and OKX wallets.

Total supply: 100,000,000 (100 million) tokens, format: BRC-20

Allocation is as follows:

45%: Liquidity rewards
40%: Rewards for early users through various airdrop activities
10%: Team and early contributors
4%: CEX and order liquidity
1%: Initial RDEX liquidity pool

Relevant economic scenarios of RDEX token:

Transaction fees generated by BID orders will be used to repurchase RDEX tokens listed on the order and burn them. Exchanged and burned at a frequency of once every 48 blocks.
RDEX tokens may be used to pay platform service fees (in progress)
RDEX tokens can be used as entry thresholds for LaunchPad (in progress)
Holding RDEX tokens may provide fee discounts (in progress)

62,500 RDEX tokens are used as liquidity pool rewards daily

From its economic model, the acquisition of RDEX tokens is mainly divided into two parts: early participation rewards and liquidity participation rewards. Since the early participation rewards have ended, to obtain more RDEX tokens, users can actively participate in the liquidity pool to earn rewards.

Orders' PSBT liquidity pool is the first liquidity pool solution independently developed by Orders, based on the Bitcoin native network, with characteristics such as risk-free, decentralized, and fully based on the BTC mainnet. The liquidity added by users will always remain in the user's wallet before being used, and the user has absolute control over it; after being used, it will be transferred to a multi-signature address managed jointly by the user and the exchange, to be released by the user.

Orders will use every 144 blocks as a statistical interval. The total value of liquidity used within the interval divided by the total value of a single user's liquidity will yield the user's used liquidity ratio, and RDEX tokens will be distributed as rewards based on this. RDEX tokens will be linearly released at a rate of 62,500 tokens per day. It is worth noting that adding liquidity on Orders and earning RDEX tokens after releasing liquidity can earn RDEX tokens, but if not claimed for more than 3 days, the reward will decrease daily from the fourth day until it reaches zero.

Orders will use the transaction fees generated by BRC20 token trading pairs (excluding RDEX tokens) to repurchase and burn RDEX tokens listed for sale on Orders every day, achieving a deflationary model. At the same time, to keep the Orders Pool in a healthy operating state in the long term, the RDEX tokens in the reward portion of the Orders Pool will be unlocked in a linear release mode. RDEX token release plan:

Initial liquidity pool quantity: 1,000,000
RDEX token liquidity reward quantity: 45,000,000
Linear release months: 24
Monthly release amount: 1,875,000
Daily release amount: 62,500

Airdrop Information

Start time: 16:00 on December 20, 2023 - 16:00 on December 21, 2023 (UTC+8) (treated equally for 24 hours)

Start trading: 20:00 on December 21, 2023 (UTC+8)

The trading pair opened this time is: RDEX/USDT

Subscription price: 0 USDT (free)

Total subscription amount: 193,548.387 RDEX

Unlock method: 100% unlock

Participation conditions: Each real-name user can only subscribe once.

Conclusion

From an objective perspective, Orders has attracted attention as the first DEX built on Bitcoin for Bitcoin. After observing for nearly a month, the project's beta has smoothly transitioned to the official version, and the execution and completion of the Roadmap have been basically realized. The biggest highlight of this project is its practicality. It is not only in strong demand as a DEX, but its token RDEX also has usage scenarios and value, making it meaningful.

The IEO free airdrop activity in cooperation with Gate this time is not to be missed. Whether it is possible to rise again based on the BRC20 market background after obtaining the tokens, or to continuously earn token rewards by participating in its liquidity, both are good choices at present. The risk point of the project may still lie in the token distribution, and there is a risk of dumping in the future, so everyone needs to make investment choices carefully.