Bitmatrix Releases Automated Market Maker Mainnet Beta on Liquid

Bitmatrix, an automated market maker (AMM) protocol, has released its mainnet beta that will allow bitcoiners to create their own liquidity pool and perform trustless trades on the Liquid Network, according to a press release sent. at Bitcoin Magazine.

Image via press release

Users looking to create their own liquidity pools simply connect the Bitmatrix web interface to their Marina Wallet, select the desired pairs, provide an initial amount and click trade.

AMMs offer the useful utility of performing asset exchanges, in this case with liquid assets, as well as allowing users to connect and pool resources without the help 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 Bitmatrix will enable meaningful new use cases and bring more user adoption.”

In order to create an automatic trustless protocol, Bitmatrix leverages a series of Tapscript opcodes such as: transaction introspection, 64-bit arithmetic, and elliptic curve operations, also known as covenants.

Following the initial beta, Bitmatrix reduced its fees and increased concurrency from 8 to 32 slots, which means that each liquidity pool can handle up to 32 transactions per minute, and this volume is expected to increase with further stakes. up to date.

Additionally, the mainnet will be launching a new feature allowing for custom charges. Thus, users will be able to set fees between 0.01% and 1.00%, with the default fee being 0.25%.

“Moving forward, we look forward to hearing your feedback and rolling out a more optimized version with the new Simplicity smart contract language in Q4 2023,” Keceli added.

The Liquid Network is a layer 2 scaling solution that leverages a side chain to create a two-way link between BTC and Liquid assets. BTC is represented on the Liquid Network as L-BTC and is treated as equivalent in value to BTC.

Virginia C. Taylor