BiFi new protocol UTXOSwap releases light paper and reaches strategic cooperation with CKB Eco Fund

ChainCatcher news, BiFi's new protocol UTXOSwap has released a light paper and plans to launch a public beta in late May. The UTXOSwap team won first place in the CKB ecosystem at the Bitcoin Devcon hackathon and has now reached a strategic cooperation with the CKB Eco Fund.

It is reported that UTXOSwap is a decentralized exchange (DEX) protocol based on CKB, aiming to define a new paradigm for Bitcoin Finance transactions. UTXOSwap adopts an intent-based trading model, leveraging the advantages of the UTXO programming model. It currently supports trading of RGB++ and CKB ecosystem assets, with plans to expand in the future to include other BTC ecosystem assets such as Ordinals and Runes.

UTXOSwap implements an intent-based hybrid trading model, supporting both automated market maker (AMM) mechanisms and off-chain order book matching. In addition, leveraging CKB's underlying technology, such as cryptographic source language and other chain-level designs, UTXOSwap offers advantages such as nearly 0 Gas for Swap transactions, the ability to pay with any token, support for user-defined AMM curves and fee rates, as well as Dapp native compatibility with multi-chain wallets and seamless operations for L1/L2.