MotoswapBTC Mini-Summit

from Moto swap we have taga from oil and sandrew here we have Chad master from Moto as well and CB Spears who is a giga Chad in the Bitcoin space I'm sitting next to Chad himself so true yeah uh yeah and so we're here today to talk about Moto swap uh and meta protocols on bitcoin because they've really caused a huge Revolution on bitcoin over the past one year so yeah I'm Danny plan View uh I'm the founder of moto swap I've been in crypto for about 10 years I started mining Dogecoin in middle school and just was a Bitcoin user casually after that uh during defi summer I discovered the beautiful world of ethereum and uh from that point on pretty much didn't look at Bitcoin anymore um until ordinals which really really challenged my personal view of what Bitcoin and what blockchains are and it just hooked me in a way that crypto really really hasn't ever done before uh so Bitcoin most people think of it like digital gold but this is not correct uh Bitcoin you can buy or you can hold you can send and that's about it but on top of Bitcoin we now have these things called meta protocols and ordinals which allow you to do really cool stuff and play some games on bitcoin uh kind of breaking the the mold of what it's been seen as before so just to explain a bit uh ordinals can be really any kind of data that you're putting on bitcoin uh they can be jpegs like nfts like we have here on this side uh this is a little Bitcoin shroom they also can be any kind of data so you can have meta protocols that create tokens and The Meta protocol field looks like this so right here you have a CBR C20 which is a type of meta protocol token and you can deploy things you can have metadata that specifies the tick and the amount of tokens the decimals uh you can also mint these tokens and you can even do the meta protocol actions on top of an image like you have here uh yeah so there's some some cool little ways there's a little feature called xmail within cbrc that allows you to send tokens and a little message kind of like an email so it's it's a really new type of games you can play on bitcoin uh just to explain what meta Protocols are specifically they are kind of like offchain games that you play with onchain signals uh so have this little diagram here explaining the stack uh you have Bitcoin at the bottom and within Bitcoin you have blocks that contain utxos which are transactions and some of these transactions have these ordinal inscription data uh those inscriptions are viewed and indexed by What's called the ordinal client the ordinal client builds up a database of numbered inscriptions in order of the first to the latest and on top of the ordinal stack you have a meta protocol indexer which looks at the ordinal client and executes the actions of certain specific meta protocol inscription commands uh so it's this really cool combination of the blockchain as a base layer for broadcasting signals and then we basically have the rest of the internet to build on top of that blockchain layer kind of ignoring the rules and limitations of the underlying blockchain even like Bitcoin uh so cbc2 is the specific meta protocol that we use at Moto swap uh we actually created this meta protocol as well uh it looks like this you have a ticker you can have amounts you can send them Etc uh it's a lot more lightweight and a lot more modular than the current leading meta protocol on bitcoin which is called brc2 20 uh it's about 50 times lighter in terms of the database and a lot more modular like swapping and transferring um and also staking which is pretty cool uh Moto swap here is basically as close of an experiences you can get to Unis swap on ethereum but on Bitcoin now so the user sends their desired command as an inscription on bitcoin uh this can be a swap it can be an add LP remove LP a lock LP it's etc etc uh and then all of the actual State execution of this meta protocol is done offchain it's just signaled onchain on bitcoin uh so to show you a little video here doesn't look like it's working so I'll play it here this is what the experience of using Moto swap looks like you connect your wallet choose the two tokens that you want to swap with just like on Unis swap you input the amount of token that you want to swap your output is decided by the algorithm of x x yal k and then you simply send your operation it crafts it can uh view the actual transaction here your Bitcoin is a little bit slower than ethereum as you can see takes around 10 minutes per block uh this is on the test net right now uh so and then uh you can also add liquidity to a pool which is pretty cool choose two tokens Moto and full is the two tokens we used you it's had slippage as well just like on Unis swap and voila there you go uh for the sake of the video we skipped the the confirmation time so we don't have to sit up here for 10 minutes uh you can also lock liquidity which is really cool uh that's a very very important part to having an amm is securing liquidity for users um so once you lock that liquidity you can't withdraw it for the certain amount of blocks uh until the one that you set has passed and you can see here we skipped the the waiting for the block time uh 10 minutes is not so fun but uh the balance of our tokens are 1,100 Moto less than the uh desired amount that we started with and you can see here the liquidity is also locked and we now have the full Modo pair which we are 100% holders of because it was uh not there before so we are really trying to create create the closest experience to Unis swap but on bitcoin because it's really just totally mindblowing for anyone who use Bitcoin as digital gold uh we have a swap model a fee model for UNIS swap swaps which is a little bit different from Unis swap itself uh it's 1% instead of the normal. 3% 6% of that goes to liquidity providers which is two times more than Unis Swap and then we also have a revenue sharing model for xmoto stakers you can stake your moto token just like sushi and 4% of every swap goes to the staking pool yeah basically Moto uh Bitcoin without meta protocols is just gold it's just can't really do much with it it's data it's very cool but Bitcoin with meta protocols can be a whole new world of games uh and even Casino so that is what we are here to talk about that's Moto swap thanks for joining us up here guys thank you yeah so I think probably being at an eth convention it's probably on anyone who's not familiar with the Bitcoin meta protocol game or even ordinals in general um why something like this might be necessary or interesting on bitcoin and again for me personally uh again we've always always sort of seen Bitcoin is like the the dinosaur chain obviously ethereum is the place where you can play all of the cool games games and when we say games we mean Financial tools um fungible asset markets non-fungible asset markets but Bitcoin has a ton of stagnant liquidity and a ton of users that have been onboarded into crypto for a very long time and have never really had anything to do with the crypto that they hold and providing these games even if they're less optimized uh than ethereum still provides a lot of value and it's the same thing as like um any new L2 that might launch any new blockchain that might launch there's obviously pros and cons versus ethereum but the biggest sell of doing this stuff on bitcoin is that it's a completely untapped Market it's also the most decentralized blockchain and it's the least censorable blockchain so you have the ability to do a lot of the you know again obviously defi is the big term for ethereum but ethereum as a you know concept and as a blockchain is not the most decentralized blockchain uh that exists so you're trading off a little bit of um the speed of ethereum for extra decentralization and on top of that opening that new again you may call it a casino but opening that new place for people to play games called a playground if you will um has immense value so that's sort of what we saw with um you know ordinals came out a year and a half ago uh and it was a slow run to get to where we are now and it's still in a pretty primitive stage so something like this is an example of how you can abstract The ethereum Experience onto Bitcoin uh in a way that is understandable for the users and in a way that provides a lot of opportunity for Builders developers projects and uh investors to come in and play around make some money and have some fun yes yeah so uh we would love to just kind of dig into the current state of what Bitcoin meta Protocols are consisting of uh there's the main meta protocol which is called brc2 uh brc2 was created just about one year ago and it was a very very cool experiment it's a$6 billion Doll Market which is crazy uh to grow from nothing to six bill in one year but it's inherently very limited uh just based on the way that meta protocols work like we said you use Bitcoin as kind of your underlying stack for uh Communications layer if you will say uh where you're sending your signals for the actions that you want to do but the actual execution of all these actions are happening offchain and currently there's no way for these offchain indexers to really communicate with each other and so the kind of the first proposal of brc2 which only allowed for deploying tokens minting tokens and transferring is the only way that brc2 tokens can exist those are the only three things you can do because the state of these indexers is very very fractured with no communication no uh way to upgrade within basically find consensus yeah it's tough because it is a fungible asset standard but there's no way to trade it in a familiar way to any other fungible asset standards on any other blockchain right uh the way you trade current existing meta protocol tokens on bitcoin is basically listing them on a Marketplace like their nfts and we've been laughing ly referring to them as uh fungible nfts so um but it's a super inefficient Market because there's no way to deploy LP in open trading on any one of these meta protocol tokens which of course to the ethereum user is a super familiar experience but the ordinal Market has expanded uh massively into a ton of Emerging Markets like China and has onboarded a lot of uh people where their first experience is actually using these ordinals so a lot of people aren't even familiar with the standard ethereum experience of you know again using Unis swap to a lot of people in the ordinal space uh they've never actually even used something like Unis swap so there's a lot of I guess new ground that hasn't been covered and that's where we're trying to bridge that gap between the way things currently are and move move things in a way that makes sense towards the future exactly yeah and uh kind of one of the main people who are working on this consensus model of uh indexers and Distributing this in a correct way is actually tag here with oil and sandrew uh maybe let you intro a little bit about what you guys are doing um yeah great uh awesome awesome to awesome to be here um little intro myself my name is Alec uh I'm a CEO I'm the CEO at oil Dynamics and also we kind of have two businesses one is sandrew um it's a Bitcoin fully expressive Bitcoin RPC product um and then it has uh to your point a uh indexing product called metre that allows developers to build meta protocols and have a playground to build meta protocols and is a wasm VM uh framework open source framework to scaffold indexers um these two things work really well together and I'll kind of take a step back and kind of why we started oil um we actually started oil at eth Denver last year and um yeah which is which is kind of crazy kind of kind of insane um but weeks before E Denver um you previously I was at uh at bitow and bybit and helping with helping them with kind of venture and and their product lab um and worked on the ethereum side for for many years and um saw ordinals pop up and I you know since I you know read the Bitcoin white paper heard about ethereum when I saw ordinals I got that that sense that I got again you know eight plus years ago that this is going to dramatically change the landscape and so I dove back into Bitcoin and what's happening and what I what I learned is that you know ordinals themselves you have you know fully onchain assets and they're attached to satoshis and it's inscribed to satosi and so for the implications of that I think a Bitcoin is like sediment where it's the most robust and resilient blockchain also the most liquid has the you know best Global brand but the brand is now changing and it slow slowly changing um you know we now have the ETF but uh to your point right it's was digital gold or gold for nerds or attached to you know environment issues or attached to Silk Road um you know it's it has this origin story of Satoshi but now with orinal it creates this human Centric element um and when I looked into what was happening with ordinals it was like crazy people were you know trading them third you know third party custodians to trade them in Discord you know like their Google Sheets to kind of track prices but as I looked deeper into it and looked at tap rot what's happening with tap rot and how you know that kind of enabled the ability to kind of put to stick data in op codes and uh you know you have stuff like schnor signatures which is completely underutilized a lot of the theory for this stuff has been around for a long time you know the last you know public things Satoshi was working on was nfts and fungible tokens on Bitcoin in layer 2s and you know I think we forget about a lot of this Rich history because you know the playground has been in ethereum and other ecosystems and um I initially started looking at it from my you know Venture Builder background okay like what are the teams building infrastructure how can I help them how can I support them with capital with uh products with product sense with design help them raise you know build their team looking around there was really no one that I think was thinking about infrastructure the way that I've seen it be built out in ethereum and so you think about what really created um an an expansion of development on ethereum it's you know these Primitives like uh like infura like block explorers and metamask and Unis Swap and maker and stuff like uh um you know open Zeppelin contracts and and standards and so none of this stuff existed because it's all been built for a very you know specific use case which is like you know a a digital wire transfer so looking at all this technology we thought okay we we really want to go build a wallet but to build the experience that we need and to lower the bar of entry for development we have to go and kind of make an analog to what's happened in ethereum and then redesign it and re architect it to fit bitcoin's unique design right bitcoin's a utxo model it's on an account based model and so that's kind of what we did we've done this past year so sandrew um you know you look at kind of like INF fura and products like the graph very very similar um so it has you know expressive uh Bitcoin data that you can get um tons of methods really powerful and then it has this metre which is a uh wasm VM runtime ability to use assembly script language to build an index and then we have it's open source but we also have a hosted product anybody that uses that framework um you can build indexes and meta protocols very quickly these can be aware of each other um you can attach it to any block you can attach it to to blockchain data and then and then anybody that's using this sand true RPC or the RPC product can get any of that data from indexing and you can um uh kind of track in index changes uh across dat or things that are happening so this is an extremely you know it's the next level of what can be developed on bitcoin so some of the problems that you you know talked about with other meta protocols is you have um requires like you know wallets or exchanges to go build kind of closed Source indexing products and it's you know um there's a lots of value locked in there and so the ability to actually upgrade these these protocols uh to coordinate between different indexers and different different network participants has been extremely difficult and you know' been working with a lot of the players in the space and Domo who created brc2 to kind of think what are the needs of people building protocols and building daps and applications on bitcoin what are the problems that brc2 has faced people that are building on brc2 have faced and that's really what we've kind of baked into our developer product and it allows us to uh and then we're we're building a wallet on top of that and so as we're building the wallet it really kind of informs what we build into the infrastructure and as people scaffold their meta protocols or indexes or hosted or used through the meta shrew framework um we're able to surface a lot of these applications and Assets natively in the wallet and one of the you know biggest problems with people trying to access the space right now is you don't have great data transparency and there's you know you have to go through through a lot of different wallets and websites to kind of figure out what's the market cap of this is it an asset do I have it what's an description am I going to spend my utxo what the [ __ ] is happening and so for us like we had to go build the entire infrastructure from from scratch and it allows it to be extremely malleable and now actually go scale the space um so super excited to be here with the cbc2 and motos swap guys and obviously Charlie um yeah hell yeah and I I want to get to Charlie in just one second because he's been around Bitcoin for a long time and ordinal since the beginning um but yeah just to uh piggyback off of that like for us we when brc2 first came around we were trying to think of a way to do something like Unis swap on bitcoin with those uh brc2 assets and the deeper we got into it the more we realized that the standard was a little too primitive and effectively impossible to build something like this so we made cbrc 20 which is at its core just an optimized version of brc2 um with the express desire and the express reason to produce something like um a uni swap on bitcoin or the ability to build apps out um and a lot of that comes from the indexer end which you can sort of effectively think of is like a uh virtual machine that is reading signals from Bitcoin and executing uh offchain so like how ethereum has the evm baked into the chain this is just supplementing that basically offchain um but long term for scaling something like that to try and get that distributed decentralized uh the ability to upgrade that index inder without uh totally screwing up the state something like the backend uh RPC that sandrew metre has is like a absolutely key function to long-term scalability you know again right now our token is trading and you know we're about to release our main net uh swap but long term if we ever want this to reach you know the mainstream of you know where where can you trade fungible assets in the crypto World um having that like super distributed uh index is absolutely uh it's absolutely Paramount so what they've done is basically build out a lot of backend that I think the space has been missing for a long time and we're really excited to get integrated with them as well so again it's really cool to have you up here I do want to pass it off to Charlie because Charlie is an OG in the space uh he works for you work for luxer technology he's he has his hands in basically every single pot he's on ordinal Hub he's a sweet Rider so yeah if you just want to give a little intro and then give us your thoughts on ordinals in general because a lot of people may be hearing about this for the first time so I think it's kind of funny that I get to join the stage with you guys I mean I've known their voices for a few months now and I've known various aliases and profile pictures and it's in that it's like that classic Cipher Punk like what do you say crypto web 3 decentralized future where like I develop relationships with people um before I have any idea what they look like or anything about them um so yeah I work for luxer technology we are the depending on the day second or third largest mining pool in North America I'm on I'm I have a very vague job description of analyst Business Development um focusing on ordinals luxur is one of the really the only mining pool until about a week ago which had any kind of direct uh I would say active participation in the ordinals ecosystem and if you have been paying attention to bitcoin ordinals uh uh are a little bit controversial but they are the most interesting thing to happen to bitcoin um in years like post block siiz war I would say that this is probably kind of the the you know I would say like creative revanchism on bitcoin and that we're back baby shit's happening on bitcoin is exciting so um a longtime Bitcoin Enthusiast developer named Casey rmore come up came up with this idea to take the smallest unit of a Bitcoin a Satoshi serialize them give them numbers and Associate that with arbitrary data yeah Danny did a great job kind of breezing through that and maybe given that we have a lot of time we could probably go down as much rabit but the high level is serialize the Satoshi if you have the Satoshi in your wallet on a utxo you own then uh you by social consensus own the arbitrary data that is that is attached or associated with it so this unlocks a bunch of things beyond what even Casey imagined cuz Casey when he launched it it was like a dozen of us hanging out in a Discord 13 months ago and I was just like cool man images jpegs on bitcoin that'll never take off I you know I'm classic uh fading guy but I happen to be early to things regularly for some reason mainly because I'm curious I like new ideas and so Casey did not imagine that um an anonymous uh mainly eth developer named Domo would throw out a gitbook saying here's how we can use this inscription standard to come up with a fungible token scheme it's a fun fun experiment um and two months later it was uh creating crazy fees Spike events on bitcoin and had already kind of i' like speedrun this like standard what is a mode approach protocol consensus taking Everyone by surprise um speedrun and bring to you know this created a whole narrative within ordinals I would almost separate the fungible token World from the from like the inscription jpeg or any other thing that's not funable token world and that developed the life its own there's a lot of challenges with maintaining token state in this way and there's a lot of issues with just how this the brc2 protocol which was never really supposed to be a serious thing now a$6 billion Doll Market um you know there's a lot of challenges with it and very obvious very lwh hanging fruit efficiencies which could be improved upon so um I found through the grape vine you guys some other people had been doing some other things prior to this but this is one of the more notable events I think of the last year towards the end of the past year where you guys with a small team put out a different standard which is a just a strict a very strict Improvement on vc20 it's fastly more efficient takes up way less way less it's more like compressed and data efficient which means lower fees for the average user this will come into play eventually if not already um and I thought the thing that that that I found most curious and most interesting was that you guys delivered this fully spec out um it is a superpower in this business to be able to index stuff this is why T is up here because like the secret to being able to maintain token state is to be able to deliver that token state to the market the market says they want some kind of decentralization or kind of neutrality to token State maintenance and so being able to have any indexing at all is very important but then there's some other things things which I which I don't see people talk about with this very much particularly um a very benign looking part of your site initially called the crafter which is this um way front it's this front end to inscribe which is the way you put this data on chain it's very a simple way to inscribe or create these inscriptions which uh through which you communicate your token messages and I thought this was very interesting because this crafter um seemed to work mostly on the front end and I haven't actually asked you guys questions about how it works but um there the you know there's a lot of people who are making a lot of money with inscribing and um maybe a lot of that can happen on the front end and it challenges a lot of assumptions about a lot of business models in the space but that combined with other stuff um the xmail feature which I'm sure you'll talk about the like some simple very obvious strict improvements and then I um and another couple of people had introduced um our own version of a meta protocol field on in the inscription envelope last summer kind of a little demo project and um just because it it's it was mind-blowing to me that nobody had really experimented with any kind of like bad protocol descriptors and this is what the the ecosystem sorely needs even today there is like virtually no standardization as far as meta protocol classification um and so you guys hit like three or four interesting curious things which I thought were very sorely needed and to combine all those demonstrates broad competency in a team and then also my little pet thing is my user handle is CB Spears and then the the protocols I cbrc 20 so the left curve smooth brain majority of ordinals enjoyers thought that I came up with it um they still think I'm a developer no I just read documentation more than you guys yes so like here I am I'm like I didn't come up with this but I know I can't convince most people whatever that's a long- winded way to kind of answer who I am how I got here and how I'm really enjoying having this conversation with you guys Ed eth Denver um yeah appreciate that very much and I I do have to shout out uh the co-founder and lead developer of not only cbc2 but also Moto swap uh junk food Punk root uh he's in France right now and he's watching hello junk food uh big shout out because yeah a lot of the things that you just mentioned uh the documentation and really fully fleshed outness uh come from our our super cracked out Dev uh junk food Punk that is an understatement this person sh I want we do an eth Denver but in France somewhere and and and I want to go meet this guy he's he's awesome and yeah his model of the crafter is that's a lot of the sauce that makes us able to execute something like Moto swap which again will feel to the user just like Unis swap but on the back end it's completely different right you the crafter is actually crafting these inscriptions for you so based on the commands and the inputs you put here uh it's crafting inscriptions for you so you never actually have to as the user obviously it's great to understand how things work but you never actually have to make the inscription yourself you don't have to deal with the syntax uh in order to create the right type of inscription for the indexer to pick it up and execute it just click the button yeah exactly and and that just click the button as CB just uh mentioned there is a large and and again I think this kind of speaks to the Primitive nature nature of the entire Bitcoin meta protocol industry um there are a lot of business models that are strictly they'll inscribe stuff for you and a lot of there's a few companies that make a lot of money just doing that exactly and again part of what we want to do is offer uh a more comprehensive experience to the user because again a lot of what is has happened in the Bitcoin meta protocol space is has been very hype based and everyone's really excited that new stuff can happen on bitcoin which is why there's been such an explosion in the market as uh Charlie mentioned uh the brc2 standard was literally just a git book uh put out by a guy named Domo and a brc2 inscription looks fundamentally different than anything that we have shown you it quite literally is inscribing five lines of Json which just gives you the description of what your token rules are your amount uh whether you're minting or whether you're transferring uh the amount that you have the name of the token that's all it is so people are inscribing that into What's called the content field so it just you have a inscription in your wallet that looks just like that uh and then you're basically just listing them on marketplaces because if you have a token called Chad token let's just for example uh you have a certain Supply and every single one of those inscriptions has the exact same five lines of Json on it functionally making it a fungible token so but there's no way to funly trade these tokens um which is why certain improvements needed to be made in order to um actually facilitate something that's more uh unique again so this is like a standard Marketplace again you're basically just buying units of a token like you would in an uh an nft and the only real path to getting real liquidity into the system uh is via centralized exchanges which of course that's just not a sustainable model um because not anyone can create a project and instantly have liquidity not everyone can create a project you have to be either connected with uh centralized exchanges or do something to try and pump up the value of your token but you also don't have the ability to do anything with um uh you don't have anything with utility either so again there's this sort of huge gap in the market but the excitement and this is what brought us into this space cuz we were just [ __ ] around on ethereum um is the idea of fungible assets on bitcoin and just apps on Bitcoin in general it's not just us who have this interest in it you know like Larry think from Black Rock as soon as the ETF got approved his first thing that he said was apps on bitcoin are going to be the next thing but functionally not many people really like what apps yeah exactly how do you accomplish that how how is that even really possible you know even a guy like Michael sailor who's a big Bitcoin guy uh that's also his philosophy is apps on bitcoin will be the driving factor for bitcoin's continued dominance um but again like how do you make that happen saying that is great but getting from point A to point B is the really complicated part there and so yeah there is and just to dive into it a little bit more with CBR C20 within an ordinal inscription which we went over briefly but you're taking the smallest unit of a Bitcoin called a Satoshi and stamping it with information um there's a few different fields in the ordinal inscription so you have the content field which is that right there where in a you know more primitive standard like brc2 that's where the uh actual token information is inscribed uh Danny's pulling that up right now yeah so something like that right it's just got the tick and that's it that's it pretty much and again people have been inscribing you know oneof one images and selling them like nfts as well but this is a an example of a brc2 so all of that information it's clunky to inscribe all of that and it's clunky to index all of that um what cbrc does that optimizes this is that it actually puts all the information in a separate field and compresses that information so all that stuff that was on that uh brc2 uh inscription is now in What's called the uh meta protocol field so you have that information compressed and it's just it's one it's much easier to index and it's way more lightweight and because we're trying to input more complicated commands so for example like swap add LP remove LP uh stake Etc um having all those commands inscribed in the content field uh would just be an absolute technical nightmare to keep track of index and it would be way more expensive to do that so again all you have to do is write anything in the content field and your uh actual command are living right there exactly and then the indexer that um our amazing developer has designed just searches for that specific syntax uh within ordinals inscriptions and executes whatever it says so building something like that again we we've sort of been talking about this an important part of the Bitcoin meta protocol game BRC 20s or any other token standard is all these tokens are effectively virtual tokens right their the rules of their existence is are determined by the index Sur not so much the inscription so um given that the brc2 token standard which was the first is limited in certain ways because the person who made it who was definitely a Visionary didn't create the first indexer for it so the people who started indexing it had different motivations and were not particularly interested in creating an indexer that could uh read or execute more complex commands so even though all these tokens are virtual for example if you accidentally send your brc2 to a minor wallet like a uh yeah Minor's address fee as yeah yeah you accidentally send it as a fee um the indexer still credits your token to your account so again the state of all these tokens is not you have your brc2 in your wallet and that's where it lives on the indexer if you accidentally send that inscription where it shouldn't go the indexer will still credit you for that inscription effectively making the entire uh brc2 system completely virtual tokens that exist they live on bitcoin they exist on bitcoin but they're kept track of by these indexers so the most basic way to say what we're doing is okay well why not expand the functionality of the actual indexer to be able to execute more complex commands and bring in like a legitimate F uh fungible asset Market um yeah I know my my one liner of like what brc2 versus C BRC 20 is is is that if you could go back to early March 2023 and you knew that brc2 was going to become a very popular standard this is how you would have designed it that's kind of my but but a lot of this is a lot of the market is path dependent adoption um yeah yeah yeah I think you know the the history of brc2 is really interesting because Domo um is a data guy and he kind of said here is this really simplistic experiment of how to build fun tokens on bitcoin and to your point you know it got picked up by you know folks like unisat and exchanges and okx and you know built business models around uh building an in inscription tool and I think a lot of the genius really of um the brc2 it's not just a Simplicity even though you know there's you know functionally maybe there's need needs needs things to kind of be up updated to do more you know have more activity on it I think it's just the way that it used kind of the ethos of Bitcoin where anybody could inscribe any token and then any anytime a fungible token was created anyone then could permission inscribe it and it starts from zero and so um created like this wave of people just inscribing assets and kind of building them and so it created a lot of attention and it really was what it need what what that needed for people to have skin in the game and also you know build infrastructure around it and so when we're kind of looking at that whole life cycle don't had no similar to probably Casey maybe even less so he had he had no idea that people would pick this up and so a lot of problems with that that have come out of that is just the ability to have open source and transparent data because there's you know centralized exchanges and wallets that are really trying to kind of like close Source this to build a moat and slowly that's and you know it's also like un unsafe if if there's you know multiple indexers running and so over the the course of the past year um you there's been kind of you know plenty of things that have happened but now I think brc2 is getting to a point where you know there is uh you know consensus around who's maintaining the indexers um there's a path forward uh to kind of add updates and to kind of build around it and it has you know a lot of the infrastructure and wallets building around it but when I look at the you know it's for people that are building any meta protocol or standards or things that are more functional and not just like a basic fundable protocol that can just send receive and track state um it's extremely difficult to build the indexer uh to get you know to distribute that to add you know add updates to build consensus around it to get wallets and exchanges and people to use it um without you know uh you know a really really high incentive and so when we looked at this process of building a meta protocol we thought okay what are the problems that Domo and brc2 kind of kind of set out uh or or had along along the way and so with the product that we've built it kind of takes away a lot of that uh a lot of those issues and just allows you know people to be really creative and increase the velocity of experimentation and longtail activity on bitcoin so like CB like in 30 minutes you could create CB Spears 20 and I could just give me you would have to code up an index or you could just you know host it on on metr yeah well I almost feel like in order to like actually talk about some of the idiosyncrasies of meta protocols we probably have to do a little little bit of discussion on like uh this like the landscape and history of inscription definition itself yep because like okay so if you're not if you if you weren't paying close attention to how ordinals work under the hood the past year you'd be like oh yeah well it's like yeah that's an inscription obviously but no holy smokes like so Casey came up with this idea wrote and implemented a client put some slap some documentation which is pretty great help communicate the big idea but what an inscription is and how an inscription Works has been kind of a fluid situation and this is when you're trying to structure a meta protocol or any kind of standard on top of this or build an indexer of inscriptions having the definition or even how they work is very important and we have not really had that so Casey bless his heart has worked tirelessly to improve and develop this but it's still been this moving Target because he will update his client he's got a developer he's there's some other people who contribute it but like you know okay I do not imagine Casey iMagic that we'd be here at eth Denver talking about meta protocols on top of his other goofy crazy you know Kaleidoscope idea so um yeah tager if you could kind of just talk about about some of the challenges maybe and history of how just the definition of an inscription itself and how the the path of indexing has gone this past year and maybe where we are now then I feel like we could actually have a more productive discussion on meta protocols themselves yeah I mean so I mean ordinals itself it runs off of an indexer right which is maintained by the ward protocol team and Casey and his team and when he started it you know he had no idea that there would be this expansive it would create a cber explosion of development and interest in building on bitcoin and and also people building on top of his standard and so you know when you when you write code and even kind of a simple program there are kind of bugs and there's edge cases that uh you don't necessarily understand and so like there's a lot of things in terms of like uh you know initially people there was a meta around when the inscription happened and when you inscribed it so inscriptions from you know zero to a th000 to 10,000 became like meta collections themselves and the underlying actual asset or data inscribed to it didn't matter as much as long as you were early it's historical significance which is you know is is is really cool with Bitcoin there's a lot of historical significant we can talk about rare STS and other inscription types later too um and then like basically the numbering system got really [ __ ] up and there was like cursed inscriptions and things were negative and you know had to patch bugs and then um you know know a lot of things happen along the way where people are like oh like if the you know inscription numbers are wrong then state of things built on top of uh of of ordinals are are ruined and a lot of this value is going to get erased and I think like there was just a lot of misunderstanding of of definition and more consensus level than what the reality was and I think CB that's what what you're getting at and so there's a lot of people that have bag bias around the numbers so they're trying to like convince the world that they are they're really meaningful and that that brc2 is going to explode and that everything's going to be ruined but really like the ordinal Theory itself I mean the inscription uh like ID and kind of where it is doesn't really change State and so there's been kind of a lot of improvements on kind of the or protocol to kind of you know remove a lot of kind of these cursed inscriptions or inscriptions that that have negative numbers and kind of uh kind of simplify it further but if you listen to Casey talk like thinking about um you know building a a protocol a you know non-f funable protocol you know there's not a lot of crazy improvements to really make on it it's more about how do you make it resilient and sustainable and I think like having Domo say here's an idea let's build fungibility on top of this in in a meta way just created you know uh a ton of stress and you know how do we actually go and do this on on top of kind of uh you know all all the activity that that was that was happening around around ordinals itself because like if the definition of what an inscription is changing month to month or version to version as Casey's client would be updated and released that would have Downstream effects on token state if you inscribed a brc2 mint operation and it was not recognized by Casey's client than what happens to brc2 State and this created a very interesting challenge to how to come to consensus around brc2 State yep and we can or can't talk about all that whatever you guys want to do but that basically created an event where the brc2 ecosystem decided to freeze on a specific version of this client which implemented ordinal Theory and is kind of the one we just we say this is this is what the definition of an inscription is and so after that um it's funny because there's still development Ono on the client and there's still development going on like like as far as like how to add expressibility more functionality to how inscriptions can work and these things unlock like very clear improvements to meta protocols if they were to include like those changes to the or client that Casey runs so for example like cbrc 20 utilized a update to the or client that wasn't available when brc2 was incepted the metadata metadata and The Meta protocol Fields yeah yeah yeah or batch transact batch inscriptions or you know it's like because like if you're if you are minting these tokens on chain you're you incur fees as the user so like right now we've seen that users who want to do these are particularly agnostic or they're pretty you have pretty like uh what do you call it not static static demand shoot inelastic demand there you go and um yeah the demand is like does not really care what the how much how much it costs but like eventually it will and it kind of has in maybe small use in small scenarios so like if you know we should be pursuing strict improvements on efficiency this is a no-brainer yeah like if you can do the same effective operation for however I don't know I haven't done the math recently but you know 60% less dat that's it's 60% cheaper for you to do this now I'm a Bitcoin minor too so like I'm I'm talking against my bags because I should actually be here telling everybody to use inefficient standards but um you know I think this is overall all good for the network and and the ecosystem and so when we talk about meta protocols you know we have a lot of things going on what is an inscription how is the path dependency of its adoption like told the story of where it's gone today and then what are like strict improvements on it or um yeah there's like a lot of different interesting things going on right now you know some some of the problems right i' like to go back to kind of the kind of inscriptions and definition and BRC 20 having to make the difficult choice choice to freeze at at or version and it's because they couldn't really coordinate around indexing and you know um and so taking a conservative approach to let's make sure we know all the downstream effects and let's go test this let's make sure that we can get to a point where people can coordinate and have multile indexers running and there's a you know an open source you know spec in implementation of this and I think it you know it's getting to that point but you know folks that are building things now to your point like brc2 took all the first arrows kind of a path now to go build something that's more efficient but there's also a path forward for for brc2 for that as well right now that you know there's you know core maintainers there and indexing is is going to be much more stable uh brc2 can start to make some of those improvements um but I think like brc2 is so simple that a lot of kind of the core functions for what happened now in terms of just inscribing and holding and sending um really didn't need a lot of kind of those uh those features for or but now there's a race to think about these standards and push updates um that that's transparent and open source in a way that not only pulls from all of kind of the stuff that's happening on the or client but also what are developers doing and what do they want and what are consumers what do consumers want um and so I'm extremely excited I think that you're we're going to see you know like what happened with ethereum when and fura and metamask and all these Primitives and tools came up came came on board you'll see ton of like longtail experimentation and people really kicking the tires around some of these meta protocols that exist and even if they're pushing you know very very small updates or improvements or efficiencies there's a much easier path to get distribution um through both on the developer side and also on the wallet side yeah like is ERC 721 the best uh way to do an nft on ethereum and yet it's the it's the standard right so yeah I mean it's so funny it's like on ethereum standards it's like no one's going to improve the erc20 standard it's like it just is and it works and like the the the way a lot of the standards kind of get improved is there's someone that's building an application and there's a consumer use case around it and then they're like oh like se you know 721a is more useful if people want to use it they can but it's kind of like they build a standard the standard exists there's not a lot of improvements on it and so just where where we're at in history like there's it's just very different because of what's happened with brc2 where um there's not very many improvements to be made because it's simple but there are some and B you know it's you know in in the future and ongoing it will be like what CRBC 20 guys have done what you what motos swap has done here's the standard here's how The indexer Works here's the rules and here's a way to like use it in test net and play around with it here's a way to inscribe and people can go kick the tires on it and much much quicker um you know see seeing kind of what's happened in terms of bugs and Edge case it's much quicker way the ordinals world has kind of evolved in like a reverse way from the evm you know yeah like uh the evm kind of went from Defi and stable coins and very very efficient stuff into like food token season and shitcoins and then jpegs and then it was just hot ball of money kind of rolling around from evm Fork yeah and ordinals have been the complete opposite where it's starting from a point of pure degeneracy I mean it's jpegs and salana people coming onto Bitcoin for the first time uh this this is salana 20 late 2022 was super dude the salana to ordinal like like pendulum swing was crazy it was crazy and it started super the most D gen Point possible no liquidity at all and just pictures basically uh it moved into BRC 20s and other kind of like you know you really can only do meme coins and shitcoin things with it like uh there there is no def you can't trade them liquidly either yeah there's no liquidity still and uh getting to a point of defi or defi inspired games like Unis swap or lending or even stables and things like this uh you kind of have to start from a point of pure degeneracy uh again which is what we're we're kind of trying to do with Moto swap is just give people the game that they have on ethereum Unis swap you can pair two CBR C20 tokens together and swap them for each other uh little staking game as well it hopefully will inspire the space to like start to build more efficiency in these defi games uh and because we've uh held our indexer state uh we haven't really distributed it too much to too many centralized endpoints we were able to partner with uh oil and sandrew uh as as soon as they're able to do this RPC things and kind of get it out in a way where we can push updates and we can push new features we can have other contributors and kind of fix the inefficiencies that exist that you know no one's really working on right now yeah and add features like again this is uh going quickly back to the state of brc2 and like the huge value in what um tag is talking about here and what they're building is just the you know everything crypto is about incentives right so you have uh a lot of conflicting incentives within this brc2 standard World um because of and it's no fault of the Creator I don't think that he expected it to take off how it did so shout out we love you dommo you're great totally he's the reason why a lot of this stuff was possible right so um but the first people to create an indexer for his standard was um a Marketplace called unisat so there's an in inve for them not to expand functionality with the indexer that they're running uh in comparison to let's just say Domo and even taga like they started the What's called the l1f and there's um best in slot there's other there's other open source indexers that might be trying to drive progress for brc2 there's also centralized exchanges that run their own indexers so the problem would be let's just say uh unisat and they have tried this wants to roll out their own swap uh that might go directly against you know let's just say they want to do it in a way that is against the ethos of the l1f for example or best in slot or the other people who are running these indexers uh they can't update their indexer without totally wrecking the rest of the market uh and creating double spends all over the place essentially it's a it's a tough situation which again this is a lot where the value in what taga is building uh really comes into play in order to have a more streamlined um standardized system uh for indexing uh but kind of going back to like our thing we've built the indexer for the express purpose of doing these a lot of these things doing these uh having this expanded functionality uh and we've kind of waited to distribute it uh until we have a way where we can push updates to it that won't totally destroy the market or create you know huge incentive differences between Market places or swaps or other products that are trying to build uh using our standard and using um our index yeah I mean when we started uh layer One Foundation last year we started it with uh the intent for this to be essentially the front page for meta protocol development on bitcoin and initially it's there are serious problems with brc2 in terms of coordinating this and making sure there's an open source indexer to your point like I think our ethos and the way that we think about the market is we want to see as much experimentation and competition happen um and allow more people to see there's Pathways and tools to go develop and experiment building on bitcoin and so building layer One Foundation some of the some of the problems with brc2 is like okay there's not really this there's you know adverse incentives in terms of you know different players that are incentivized to kind of cloth Source this build their reme around it build their mode around the marketplace and then start to distribute it and then you know make maybe push the updates themselves and so for us like the things that really you know have you know created other made other ecosystems Bloom are extensible open source tools uh that anyone can then say I don't like it I don't like these rules I can Fork it I can change it I can show show something different and uh there's you know Pathways to plug and play with ecosystem Partners like wallets Etc and so you know layer One Foundation yes it's you know a lot of the focus has been on brc2 and what Domo is building and indexing around it but really the intent is let's go solve some of these coordination issues and the issues of what's the life cycle of meta protocol for the most you know difficult and and and liquid and and uh like meta protocol on Bitcoin today and then let's go and open this up and share this as a tool and a resource and at the front page for everything that's happening so that anyone who's looking like what is a what is a token on bitcoin how do I know the price what's the data around it they can kind of go one to one place and say Here's all the standards here's what people are building here's what the spec looks like here's where it's at here's the users here's the data so I'm extremely excited deed cuz now everything's kind of coming to a point this year a year later after brc2 where now Lan Foundation has you know maintainers and there's going to be more partners that you know that are that are you know non-biased and competitors and across across the stack now we're developing you know putting out this product metre that just really solves a lot of these problems allows people to scaffold and create and has an open- Source standard to create meta protocols push updates and it's completely you know open source it's an open source like if you if you if you were you kind of wandered in here and you're like I the only two meta Protocols are brc2 and C vc20 no everybody in their dog dropped a gitbook this past fall like November was the Cambrian explosion of people learning what gitbook was and then putting typing out some Json like halfrain kind of Json standard thing and saying okay here's the token and then then what happens after that so but there's a bunch of like things that which I've caught on atomical is a very interesting one that uh very popular in China and but but there's a lot of these and maintaining state is very much a necessity and it's and we've had some interesting little controversies of like centralized entities decentralized collectives how does that work uh I consider myself more of an analyst and a participant and a Speculator and an En OB Observer I'm an Enthusiast of open systems though so um yeah I yeah that it so there's a bunch of these there's yeah yeah and and too it's like most of them are really primitive they're literally just like here's the token standard and they there're protocols and there's people have attached tokens to them and if you look at the you know the analog to ethereum standards like erc20 it's it's kind of ridiculous but really what's happening next is like indexing can also be built for utility building utility on top of these these standards themselves not just here's the token here's here's how you distribute it um here's here's what the uh you know here's how many you can hold here's what the name space is whatever um now especially with what what we've built is you can actually go build things like swapping and lending and oracles and you can do stuff just even Beyond just the pure indexing layer you can do things even lower level with OP codes and and Bitcoin data you can use things like schnore signatures and Frost and we can have a whole another conversation about some of the underutilized technologies that were you know unlocked by Tapo like tap rooot schnore is really the reason why Tapo got enabled and it's completely underutilized in Bitcoin today like even you know exchanges like coinbase you can't send your Bitcoin to a tap rot address like they don't even have the infrastructure for it and Tapo now has 80 80 80 plus per utilization because of everything that's happened with inscriptions and so like this just really allows people to to go beyond this very primitive here's a token you can't have utility it's a meme coin too uh we can have a a ton of experimentation and a lot of kind of this utility and applications can go and Bloom yeah yeah a lot a lot of people I mean it's not like the limitations of brc2 have stopped people from trying to build swaps or build lending still there's a ton of workaround methods that people have attempted to accomplish and they include layer twos and side chains and rollups and all these things that are not on yeah you look at the the stack like and by the way they're they're using Sandra and metre to go and do it and and it's but you know it's it's what I like to see is people solving these problems in in diverse ways whether they're using you know uh e evm for for some of the stuff or they're using schnore or they're using multi schemes or some of it's offchain some of it's onchain it really just pushes the envelope forward and there's short-term and medium-term kind of things and but you know it's even opening up what's happening on bitcoin how do you think about softworks and how do changes get made and how does consensus happen and really like you know softworks themselves uh people think that there's you know like a couple people in a in a in a castle that really can can update Bitcoin and maybe there is and maybe there isn't but really like anyone can go and write code and anyone can go and invalidated block on an RPC and go build stuff into Bitcoin and so there's a ton of conversation around covenants and opcat and things that kind of enable a lot of this stuff innately on on Native one Bitcoin that I think are going to be be pasted year but you really can go and build it and if there is user adoption and consensus and minor adoption you really don't you know you don't really need to ask permission on bitcoin and I think a lot of this is happening on the indexing world as well and so a lot of this experimentation will happen and people will see okay kind of what Nets out what are users like how do we increase you know the distribution of this the you know the decentralization of it and um yeah super excited but you know indexing is extremely important to just Bitcoin and the Bitcoin use case itself previously like electrum and electrum's you know PE peer-to-peer indexing software that most people use and you know we forked that for our our back end as well and have extended it to indexing for meta protocols but you know it's extremely important for uh everything that's happening on Bitcoin now so indexing is just really uh you know separating what these different layers are indexing just allows you to stay on the Bitcoin layer one you don't need any of these other chains to really do these kind of games people want to do there are experiments that allow you to do uh things with other chains for sure but the stack for an indexer protocol is very very simple all you need is Bitcoin you have the ordinal client if that even and you have your indexer that is processing your logic of the commands on the Bitcoin uh and it it especially with the having coming up very soon uh there's a big big need for fees to stay high and users to be doing two things in my opinion uh one is transacting quite a bit a lot of transactions and two is transaction with with fast fees you want something that gets things to be fast uh that is a big big core inspiration of why we're building Moto swap because if lping and swapping becomes a game that you can play on bitcoin basically every block turns into like a race for people to get the lowest swap rate by sending the highest fee or sending a low fee and taking High slippage uh it's a totally new Dynamic for fungible asset trading and we've heard this we've been here all week and we've heard a lot of different speakers uh say something along the lines of uh the current state of ethereum or the current state of Bitcoin so I do just want to go into both of those things really quickly Bitcoin aligned yeah yeah you you mentioned you mentioned something that I think is a very important piece of this puzzle and I think CB was um getting to that as well but just quickly starting on the ethereum end just because we are at eth Denver um just being eth native guys ourselves like the future of web 3 as a concept you know the way we sort of have been looking at it this past year especially with this ordinal Revolution is is the entire world going to change how they do their thing import it all into solidity and put it into the evm box or is there going to be a uh much more simple and much easier bridge and I'm not talking about bridges between chains I mean bridge between web 2 and whatever you want to call you may even call this web 2.5 where this is actually a really unique use case of this uh especially because a lot of these indexers are built in typescript or node.js so you have like um Universal languages and this is kind of merging the internet with blockchain technology you're effectively using Bitcoin as a Communications layer more than anything else um it's secure and again that's you you're sending these signals through Bitcoin and it's being the use case is not limited to what we're building we're building an example of something that we think is is really cool something I think that will have a lot of Market incentive um again the more opportunities for people to make money that's easily the best place uh to to start is in crypto is a place where you can make money but again you can abstract this concept into an almost unlimited amount of use cases for something like this this indexer again we've even actually seen this inscription Revolution happened all across a bunch of different chains including ethereum uh withs the we're sorry for breaking your chain yeah some of our friends did E descriptions and uh they have what's called facet swap for something like that which is actually it's a much cheaper way to interact on ethereum you're still using L1 um and so this sort of uh Paradigm Shift of how we're using these blockchains is what I think is one of the most exciting things about this especially because again not only is this a way to tap into liquidity on bitcoin L1 uh create a new environment for people to launch new sort of uh dii Primitives in a new and exciting way uh as uh Danny mentioned like you are limited by the 10-minute block time but that creates a totally different and interesting environment yeah we're we're calling this slowfi where there is this race to get your transaction uh at the lowest swap fee or you know you want to get your transaction confirmed so there's going to be a totally new paradigm for fees on bitcoin as well which you brought up with the having and I know Charlie working for luxer who is uh huge uh Bitcoin miners um that's going to be a huge game that and and it's going to be a huge topic of conversation coming up after the next having cycle because Bitcoin minor fees are going to be cut in half so there's going to be the need to create value for Bitcoin miners um and again the what we're doing is uh it's cheaper to inscribe it's more efficient but that incentivize more transactions the same I mean it's the same kind of angle that you know all everybody who's mining Bitcoin is pro lightning and lightning is a scaling solution which proposes to reduce fees on the base they are at least more frequent you know the lightning story but like Bitcoin miners are pro that because that is diversification dynamism added to the to the to the Bitcoin thesis so I look at you know this and I'm famously a fungible token cynic and critic but I enjoy the kind of like participating and watching and following this closely because it is a very important tale of something which was always inevitable which is heterogen heterogeneity of assets on bitcoin and that brings a lot of interesting things and some problems but it's fascinating and I just feel feel really lucky to like be on the inside this time um I have a couple fun questions for you guys please first of all who comes up with all your cool names because like nobody else in the ecosystem names stuff as good as Casey rmore except for you guys like yeah that'd be like 90% junk food a little bit of myself but yeah xmail which uh Elon is like doing Gmail now we've been xmail for three months that's all junk food right there yeah yeah we have the domain so if he wants to buy it from us you like virtual op codes is that been a xop no that's also drunk food yeah xop meta op codes yeah met op codes and the the crafter and you talk about crafting a transa yeah so it's I mean if you haven't been through their site and read through all of it um yeah yeah disclosure I own some of the tokens but independently not because I'm a I work with them but like I I just like get a kick out of it and also my other observation is because I've played around with some of the stuff and the Moto swap has very curve Vibes um a lot of inspiration from the very very early D5 games because again yeah if you look at the OG GD games even like the sushi swap classic it was like uh video game fun Vibes it wasn't the serious serious industry thing and we really want to recreate that especially yeah with serious games have been come out of that right like you we're going to start seeing that on bitcoin like people that are are able to be mempool aware me flash Bots you know fees optimization is all going to happen and I'm you know super excited because now there's you know infrastructure and a lot of infrastructure we've built and luxus buil and others where you can be you know you have you know Rich data and you have Rich inscription data where you you know and there's lots of stuff that you can build without um you know building you know centralized exchanges or uh or or wallets or kind of workarounds where now people can be menol aware and you can create you know this interoperability between trustly transferring the stuff through partially signed Bitcoin transactions so you know there's stuff like somebody could essentially put their asset for sale without going to a Marketplace and they could say let's go and uh create a pspt where I'm both input and output on both sides for those know that's partially signed Bitcoin transaction well most bitcoiners didn't know what that was either for the because there was no use case for it until until ordinal you could make multi and that's it that was there's and there's people that are exploring tons of stuff but anyway like you could say let's do it for a low sap per Vite so it's not going to be picked up by a minor ever but if someone's mempool aware they can go and say hey I want to buy that for that price I'm going to go and up the fee I'm going to use RBF and rep replace by fee up up this and I I'll buy it for that much and I'll put myself hand me some cash on the side I'll stick it I'll pin it in a in a block or something well yeah our our guy junk food our Le Dev he's in France I mean he has a very long-term vision of what block uh Bitcoin specifically and even the me poool can be used for and again this is getting a little bit out of scope for what we're talking about here but again I mean he's talking about sending just signals through through the men pool I mean like his entire vision of this is incredibly comprehensive and expansive and it gets into really complicated [ __ ] with in regards to basically putting the entire internet and you don't even need transactions to confirm per se they just need to be sent via signals through the men pool so it's like uh the the most important thing I think I was just wanted to abstract off what you were saying tag up is that there's a absolute metric [ __ ] ton of opportunity for people to come into this space it's incredibly early it's incredibly primitive again like the first people to again we're building Moto Swap and the first people to effectively you know do some sort of Ming something similar to how it is on ethereum have a potentially multi-million dollar opportunity there's a ton of opportunity for people basically across the board to start building on bitcoin because we're really in the beginning the early early early stages of what's possible with this stuff and if that doesn't seem interesting and you think that maybe solidity or the evm world has a little bit more potential currently I do offer the counter that it's incredibly clear that institutional Investments and institutions the big people the trafi people are looking for this stuff to be done on bitcoin um there's regulation issue potentially with ethereum that may not come into play but there's again there's a ton of they've put their chips in the Bitcoin pot and I think that there's a ton of opportunity for people to come in and build again something like what we've done here we're just trying to build out the environment for uh an e experience on bitcoin we're trying to import that defi experience onto Bitcoin obviously we're starting with something like Unis swap so people can do stuff with their tokens aside from uh partially sign them and put them on a Marketplace so someone can sign the other side of the transaction and and uh receive it um but again like this is really just the beginning like we're some of the first people to be trying this stuff out and again a lot of that is because we've got um developer who really sees that vision and was able to build the indexer for The Meta protocol that he proposed uh which is again that was a huge Advantage I this may sound like total nonsense to some people but like that's a massive Advantage a some of the core issues with the previous fungible asset standards on bitcoin were that they just popped up as ideas or as GI books and then they were implemented by other people um which again there's tons of pros and tons of cons we were just able to witness that and realize we should you know we have to do the comprehensive uh build of that you know basically all inh house before we put this out to the public in order to accomplish what we want to accomplish which is again importing that defi experience onto uh Bitcoin and trying to tap into some of that unlocked or sorry that locked liquidity that is uh has been on bitcoin since forever and also try and create a new place for people to go to right like people obviously care care about the uh te technological aspects of what makes one L2 better than the other but the biggest incentive for a lot of these ethereum l2s is where is their financial incentive it's not so much if you know arbitrum is better than optimism it's where is there a place where I can you know again make money where's their opportunity for me to either build or participate in a market where I have an advantage and there's a huge Emerging Market on bitcoin again we're just seeing the beginning of Bitcoin defi which we're branding as xfi but again because it's hilarious that Bitcoin is completely decentralized or you could call it the most decentralized blockchain but the indexing uh like our VM is obviously centralized so and that's how it goes across the board with all this ordinal stuff um one other thing I want to mention I know this is a little bit off topic from what I was just saying but the 1% fee from the swap that's uh standard in the ordinals world so all the marketplaces everywhere that you are transacting there's a 1% fee which is why we were we're implementing that with our swap and then again trying to provide value for liquidity providers red doubling the um incentive from Unis Swap and also adding that little staking game 1% is cheap given the challenge of access in the ecosystem right now yeah I meanit Bitcoin is viewed as a digital version of just gold as the quarter in your pocket and ethereum is kind of seen as like this MacBook where it's like this magical internet computer where you can do money games and like the thing that Drew me personally to bitcoin again uh through ordinals and meta protocols is like seeing that I don't understand what is actually possible with Bitcoin or any of these blockchains like combining the internet with the blockchain is a base layer for communication a data availability layer is like it completely changes the limitations of games you can play let's just be honest you like uh what is anybody doing on the blockchain they're using it as a casino like they're they're trying to make money they're speculating if you're spending money to make a transaction action you're probably hoping that you're going to make more money than it cost you to make that transaction and so if you're a casino enjoyer uh you don't really care if everything is happening on chain you don't really care if everything is happening in the block you just care that when you send the transaction what you want to happen happens and meta Protocols are like the really really proof of the pting of that uh hey even even people who say Bitcoin is digital gold and that it's a savings technology that is a form of speculation on the price of Bitcoin and relative to other assets completely completely again the amount of people who are true blue I think Fiat is going to zero and I think the you know I'm totally outside of the government and that's why I use Bitcoin or crypto are it's a those people faded ordinals like they don't understand they're still fading you you all are still fading ordinals exactly exactly yeah and again it really doesn't matter what type of games you like to play Within the C crypto World whether it's uh nfts nftf you know again we're trying to bring the fungible asset Market to an efficient and understandable and comprehensible way for uh an ethereum user to interact with it on bit on bitcoin um but then again like obviously like our next step that we're going to probably try and do after this we're getting ahead of ourselves obviously is like doing something like decentralized lending but like there is I mean think of any ethereum game that you like or any uh game that you enjoy playing within the crypto space and um abstract it onto Bitcoin and you have you know again you might be the first to do it so yeah I think it's important to highlight just the magnitude of the opportunity and when we started oil it was like okay we have seen almost a decade of all the tools necessary all the games like to people like to play what the consumer use cases are what the challenges are all of you know the great work around you know modularity and Starks and ZK rollups and you know we kind of know where things are going but you can literally go and say what are the most important pieces that have happened on on other ecosystems and how do we abstract that to bitcoin but also what are bitcoin's unique capabilities so don't Exist Elsewhere I think using Bitcoin as for data availability for things like instead of Cosmos Hub like things like what babelon doing and you know Starks on bitcoin Cairo using op you know using kind of the off code layer for a CK verifier there's still tons of stuff that needs to happen on the base layer for that to be a reality so there's no clear winners in terms of almost anybody in the ecosystem none at all um it's blue ocean it's now just starting to come online with some of the tools that are that are are available and so that's you know for me my whole kind of vision for for oil is how do I build the most extensible tools to lower the bar the barrier of entry for development on bitcoin and see as much experimentation and competition happen across the board and I think again like if you are not seriously looking at what's happening on bitcoin and ordinals it's not just nfts it's not just jpegs right you're effectively missing a gold rush of opportunity yeah like it's the easiest way to abstract stuff is again look at what exists on ethereum or successful blockchains and then import them abstract them onto the Bitcoin experience it's like it is almost that simp it's a free Strat it's I I'll throw e Denver bone because a longtime bitcoiner but like eth due to its highly iterative development process and attractiveness to developers and capital has demonstrated what people want it's also demonstrated what doesn't work and we're going to bring a lot of that what does and doesn't work to bitcoin at the same time and some of the some of these things we going to run we're just going to run the [ __ ] back and be like oh we still have the sequencing problem um and then some other things are like wow online native lending markets are very are like clearly Cipher Punk Tech yeah um so like you know these are all very interesting and I I I want there to be 2,000 uh Danny's and Chads and junk Foods on on bitcoin because I keep coming back to this because it's a meta protocol panel and a lot um there are differentiations between meta protocols but I strongly believe that there is a rising tide right now across the ecosystem system I don't think it's PVP it can be PVP in some cap in some capacity but I don't believe it is it's just so much blue ocean if you've seen that famous graph of like Bitcoin ordinals ethereum nfts or like the you know we just extend the scale of these market caps of other other assets onto Bitcoins you're like holy [ __ ] this is actually a very big deal this is very very exciting an incredible time to um be building on bitcoin and please join all of us yeah tvl is zero on bit Bitcoin there effectively is no tvl on bitcoin a good point which is a you know what over a trillion dollar market cap blockchain um and so yeah like you hit on a couple of our favorite motos is uh one ethereum was a test net um and the second is we want to run it all back on bitcoin and those are two of the core functions I feel like that have kept our vision afloat throughout this entire thing because yeah it has taken us effectively like a year of uh research and development trial and error Blood Sweat and Tears Blood Sweat and Tears checking out and again watching the market unfold and trying to identify where there could be improvements to be made again doing what we're doing with uh Moto swap is you know again create tokens LP them uh trade them stake your tokens get fees it's the it's and lock that liquidity tvl and Bitcoin is zero that is a number that can only go up exact a few we have liquidity locking obviously we we've been able to experience Unis Swap and so we can see where there could be improvements again we have uh liquidity locking native to the swap which is just obviously for confidence of investors and to lock up this liquidity obviously we're doing staking for the token the token has uh fee share from the swap again the Moto swap team per se is not making any like profit off of any of the trades or anything we're trying to put out this product for people to again ideally create this robust fungible asset Market on bitcoin and then from there again the sky is sort of the limit and and what we're doing is really one example for how this could be done uh and I ideally there's a flood of Builders who Fork what we're doing or again try to improve on what we're doing and come into the space and say Sushi Fork from uni or you going to have you know Roo for for fork from I don't know yeah ex exactly though that mean like you can't have that Ty of environment until you have the Bas layer of you know doing everything on bitcoin L1 there's this been this huge push I mean it's the same thing with uh ethereum l2s but there's the difference between ethereum l2s and Bitcoin l2s is that all of the games that are available on a ethereum L2 are just optimized versions of the games you can play on the Bas layer of ethereum L1 with Bitcoin in order to get around a lot of the lack of functionality of Bitcoin they've tried to introduce those games onto Bitcoin via the L2 route which I think is again that is a it's fundamentally missing the point of you having an optimized version of a game only works if you have that original game that's robust and again has a ton of user base and has a ton of interest um or else again for a lot of users especially people who aren't like Maxis of any specific chain people who are money Maxis or crypto Maxis these people are trying to experience Innovation like why not just use ethereum or why not just use uh an ethereum L2 if you're looking for a cheaper way to interact in the crypto space like you need to build that's what we're trying to do trying to build those all of the ethereum based games import them into a Bitcoin flavored way uh so that a lot of these l2s also have a good reason to exist and a lot of that money can flow into l2s when people want that faster experience or they want that cheaper experience so again that's like a lot of what we're trying to do is import that user experience of the ethereum user that's been sort of our vision since we saw brc2 come out we just experienced some limitations with brc2 again obviously like tag has been building to try and circumvent some of those limitations in the exact same time that we've been just trying to build our own thing and again I and the future in my opinion I see a lot of interoperability between these meta protocols like there's not hard rules for for this stuff right like we could there's a million per chance that there will be Bridges between brc2 CBR C20 especially if there's liquidity incentives there's going to be ways to get tokens from one meta protocol standard to another there's going to be indexers that are built to uh supplement that like the ecosystem as CB mentioned is is sort of in all Tides Rise um or so All Ships rise with the tide because um again like we don't really have that robust Market there's a large market cap but the liquidity is lacking and the there's not a way to permissionless uh create LPS there's not a way to permissionless Le uh or sorry custodial custodial lessly I don't even know if that's a word um uh make these pairs and swap them a lot of what the uh brc2 Solutions are trying to do in the current moment is basically offer a uh an alternative to something like a centralized Exchange but again in a lot of these instances you still have to like apply to be listed on one of these swaps and stuff which is an excellent tool again I I'm not by any means hating on that uh concept um but until there's a way to really do this in a completely free manner just like it is on Unis swap we won't see that second Cambrian explosion of innovation on bitcoin and again we're just trying to Foster something like that and it's you know it's seeing as believing right and so that's been you know everything that we've done from the wallet side and the infrastructure side is we have to go build this full stack to give the the wild experience that it's it's a parody Or better than what other ecosystems really know and you're hoping too that you're building on the faith that people will utilize that too right like there's a lot of there's a lot of faith in the fact that there will be meta protocol interest to build on your product as well yeah and there is there certainly is a you know massive Bottoms Up interest in meta protocols um yeah so you mentioned we've we touched on a couple things one which is the partially signed Bitcoin transaction which I think has still not really disseminated across the eth landscape a lot of eth developers came to bitcoin to do ordinal stuff and like oh wait there's a native like swapping mechanism that you don't have to build a Unis swap for on bitcoin it's enforced onchain this is recognized this has been in the Bitcoin there's been Bitcoin consensus for a long time so that took a lot of people by surprise what's interesting though is you mentioned like asset bridging and one of the funny things is is that um because Bitcoin is utxo based whereas these the majority of these fungible token standards are address or account based you actually have like native interoperability by uh address almost I don't know if it was on purpose or by accident but it's kind of ended up that way where we've kind of imagined an an address based system system on top of a utxo based system so that actually opens up a lot of opportunities or for creativity to take advantage of interop on interoperability of token standard I will say though and this is very interesting that you bring this up the uh kind of core of the problem of lping a token on bitcoin is that most of these meta protocols require you to send your token to a Bitcoin address oh well yeah I mean look we've talked about this on Spaces a lot to do something like that means there's some level of custody that has to be included into your LP it's either in your control or it's in a shared multisig maybe but because there's no smart contracts there's no smart contracts there's only you uh end own addresses on bitcoin uh there's no smart contract addresses and so yeah the beauty of again this this stack is that if your meta protocol indexer just allows for you to store tokens in accounts that aren't Bitcoin addresses there there are now you can have an LP type of address that is a ticker Dash another ticker that's that's what we've done for Moto swap uh there's even been a couple meta protocols that have done things with Twitter accounts uh like I think XR C20 uh it was a fun week of of the most degenerate [ __ ] like Json they like may like writing Json on toilet paper like it's yeah but that that just shows how again it the the underlying technology and the underlying uh concept of this is abstractable not just to bitcoin but it's literally you could you could be doing this stuff with you could build an indexer to read again like uh Twitter for example you you could have an indexer that reads the ethereum blockchain and the Bitcoin blockchain and you could send tokens between eth addresses and Bitcoin without having to use any kind of bridge because you're just pointing to different resources for accounting it's true IBC yeah there is yes there is no limitations of the underlying blockchain or there shouldn't be for meta protocols because they're they're on the internet like you're literally writing your own rules so yeah it's very very the account based system of brc's is very Pro for exchanging these meta protocols they're all interoperable with each other but it's also very limiting for any kind of defi game because the the core of defi is like non- custody and permissionless right so if you don't mind just expand on how we were doing that with Moto swap just yeah yeah so on on Moto swap uh I'll just to show real quickly when you make a transaction right you basically have this thing uh we call it an ex ID The Meta ID it's like a meta name space so Moto swap supports these types of addresses this is literally an account Moto Das swap is an account of the Moto token and the swap token it's interchangeable if you reverse it as well um and that type of account has on the indexer side uh completely offchain logic that it applies to that specific string for that uh account value so if you have an LP for Moto Swap and we we have a static fee rate of this 1% uh anything that goes if I send a token into the Moto swap pool if I send Moto it knows to send out the swap token by applying the algorithm of x * yal K which is from Unis Swap and then applying the fee method as well so you can have like smart contracts basically but they exist completely on the side of the indexer even if that's something that is not supported by Bitcoin natively right and it's it's really interesting because you can get into the like really meta ideas such as like wrapped Bitcoin on bitcoin right like something like that is obviously like you'd have to use some sort of custodial service but the good news about Bitcoin is that there's a ton of reputable players in the Bitcoin game whether it's l2s or whether it's Bitcoin Foundation of ethereum has what 5 six billion dollars of even probably even more now bitcoin's been pumping maybe close to 1010 billion dollar of Bitcoin that's just custody by a team of multisig people and they issue you uh erc20 rap bit coin manually and and burn it so custody like has its place for defi games I think specifically for uh Bitcoin but when it comes to meta protocols if you're staying completely on the the side of the meta protocol if you're trading meta protocol tokens for meta protocol tokens you're not trying to include Bitcoin as like a native pair there's no reason for there to be any kind of permission needed to make a a pair uh and there's no custody really needed either because it's just in the indexer it's like a weird it's not cryptographically custody by anyone it's weird it's cool again it's a it's a new way to look at this it's a new way to do this and again all of the backend stuff this all may seem like nonsense to somebody who's just the back end stuff is Magic it may as well be magic it's it's so complex the the great tragedy that a lot of the hardcore bitcoiners don't want to do ordinal stuff is that it's like very Arcane the Arts that are conducted to actually follow what's happening on bitcoin there's a reason it had to be Casey to come up with ordinals because he's a longstanding Bitcoin Deb he's a contributor to bitcoin core like that's kind of the level of granularity and familiarity you need to have with Bitcoin uh in order even you know to produce these kind of things so you know teams like sandrew oil Moto swap there's a lot of other folks out there too doing this like it's a very it's a bull market finally finally it's a bull market to have like Bitcoin experience y it used to be like the solidity narrative and then the rust on salon now you can finally do rust on bitcoin or whatever other code bases we use that's the beauty of it it's like combining the internet and the blockchain for the first time ever in any other Market cycle something like this would have been laughed out the door but because uh the salana people were like jpegs on bitcoin is cool we owe it all to them well it it also gives like a massive opportunity for the the future to integrate other Financial tools or just it doesn't even have to be Financial tools you can abstract almost the entire internet uh connected through Bitcoin via these types of indexers so there's a extremely long-term Vision that maybe in five years will look back on a talk like this and be like oh my God they were starting with Unis swap on bitcoin um because of how the again the landscape can shift towards something like this as long as it works I mean we're seeing a lot of that with the ZK stuff again ZK is basically running this um like the the conversation uh in the eth world at least according to eth Denver and the talks that we've seen um again it don't particularly people don't people just want it to work that's again everyone wants it to work everyone wants to accomplish what they want to get done so in an instance like this as long as you press the swap button what the crafter is actually crafting a lot of people a lot of the users won't need to understand will'll make it available and easy to understand and read obviously we don't have the documentation out yet but easy for people to understand fork and again use obviously all this stuff the goal for this stuff is to get it open sourced get the indexers distributed again something like sandrew metre is obviously like a huge hugely important vehicle for us to make it there um but yeah again like the brc2 market is like a$6 billion Market that is completely not um open source completely not uh you know decentralized by any means again all of these things exist on the centralized index but it works so no one cares yeah exactly so people don't really care about that and all we're really trying to do is offer more of those tools and a new way to do it so that again you have you do kind of maintain a little bit more of that Bitcoin ethos um yeah and hopefully ideally especially if there's better Financial opportunity or again we're trying to on board some of those most stubborn Bitcoin native people I think that it may be the people who are native to ethereum who really get it first because the experience is so similar um but really again it's that like everyone is everyone who saw ordinals thought oh my God there's whatever a trillion dollar market cap of liquidity that can be now tapped into with Bitcoin that has just been sitting you know used to buy pizzas and and drugs on the internet you know like now there's a place for people to potentially again it's not out yet but do something like decentralized lending do something like lping tokens do something like staking games the the most without bridging away from Bitcoin without bridging away from Bitcoin exactly and all the fees are paid in Bitcoin um it's the fat app thesis but on bitcoin it's I mean this guy Danny's been talking about that since ordinals came out yeah it's I people will go to where you build why is the evm so valued uh it's like the tvl of defi is tends to be between 1/5th to 1/10th of the Native chain that it's on so like uh if you have Bitcoin with a over 1 trillion Doll Market I'm looking what's 60k right now it's insane uh 1 trillion 1.2 trillion doll market cap if 5 to 10% of that uh enters into the tvl of defi games on bitcoin it could really really change a lot of people's perception of what all these all these blockchains are for what are the limitations of these chains what makes ethereum better than Bitcoin what makes Bitcoin better than ethereum it's like all these blockchains are playing games against each other now with meta protocols that none of them are really made to do and Bitcoin happens to be one of the the better ones at it which is surprising yeah yeah I think like you look at all you know important assets on on ethereum like assets people actually want to hold and trade it's very few it's wrapped Bitcoin it's eth it's stable coins sta y it's you know Blue Chip defi projects and it's you know you and if nft projects like like punks and um and apes Etc that are that have you know a community and they have scarcity and so I think like Bitcoin is like sediment it is you know the most secure it has the most Providence so a lot of the most valuable assets will be stored there and there's already a lot you think about having your crypto Punk be unlocked into a wallet and stored as an ordinal and then denominating your crypto Punk instead of an eth in Bitcoin and having unit bias around that and so I think there's you know floor price go up because you're spending less Bitcoin to buy one so many bullar imagine now being able to borrow against your crypto Punk for Native Bitcoin yield native Bitcoin I think like all this stuff is going to that that's happening you CB to your point like to really understand to scaffold the you know the pipes for this stuff like you have to have a lot of you know tacid knowledge around What's happen happening on bitcoin and for us like having building both the data and node layer and kind of the indexing and orchestration layer for this um just really is going to have an explosion of experimentation and people building stuff like this you know like um so I'm super excited because it's it just takes it it took a you know insane effort to kind of go and build this and now um yeah I'm excited to see kind of what people build and to to your point like I think a lot of the people that will build stuff that are useful are people that have already seen it and seen it happen in the ethereum ecosystem like everything from oracles to lending um to even name space and DNS um staking liquid staking you igen layer type games a lot of the stuff is you know it's now it's to the point where the people that you know understand Bitcoin and a lot of the stuff that's seeing in Bitcoin have taken it to a level where you know the the bar is is is lowering quickly well like a lot of this stuff has been test in prod which is I mean obviously bitcoin's already out there's already was huge Market incentive to be the first to do this this or this so that's why I think if you've heard of ordinals and you don't know about this type of stuff that's the reason wise because you have got caught up in the most early metas um that were functionally limited or again like a lot of times people saw some of the stuff that was going on in Bitcoin or I've never even heard of it so having that again it's that uh it took vitalic a few years and a bunch of friends to truly build out ethereum and years after that for it to actually really catch on and have this again super robust system and because there wasn't like a huge Market incentive yet for them to build the infrastructure and all the projects that ended up building obviously like if they knew or if everybody knew that the idea of like yfi or something like that would be so crazy everyone would have tried to do it earlier but you it sometimes it does take like a first or again something like what what we're doing just this syntax right here like introducing something like this into the system with an indexer that can read it comprehend it and execute it like ideally that Sparks some interest in some other people to continue on with the same sort of ethos and whether you're forking what we're doing whether you're utilizing what we're doing whether you're building apps on top of what we're doing or whether you're just launching a shitcoin on Moto swap like it's encouraged across the board because there really is like uh we're here you guys are here in the audience you guys may or may not be you know take advantage of the opportunity but we're up here telling you that the opportunity is there for you again it's the reverse of ethereum it's It's instead of Defi and then Super efficiency kind of divulging into degeneracy like the last Market cycle of eth it's the complete reverse everything starts from Pure degeneracy in ordinals and then that causes infra to be built like what you guys are doing imagine story man like I this was my first tweets I think like days after Casey dropped the first uh public or version which was like um the you know right we may see the beginning of ordinals be quite seem seem quite frivolous and degenerate but that is the same story that that Bitcoin began with right you know you look before now before um Ross's uh Silk Road you had um Satoshi dice which is just basically utxo gambling and um like and that you know helped us figure out how to design wallet architecture and and kind of test the network and we're seeing this with ordinals the same kind of thing happening so that which begins as degenerate or insignificant and frivolous can go through a maturation process and um I still think the entire enire crypto industry as a whole is still comically immature but uh you know each year we take a hercul and step forward I have a question well we've only got a few times left a few minutes left so I remember talking to uh the Sous cyborg uh back in the day I was like who the [ __ ] is this guy this person sounds similar but um you guys just must not have slept at all during December no so I left uh left the us to move to Europe to live with junk food uh and we lived with each other for 6 months uh I speak no French and he spoke very little English and uh I was able to teach him I mean credit to him he's a [ __ ] crackhead like I said uh he learned English in like three months uh to the point where he can talk to everyone now and he he's not here right now but uh uh he we were able to build together right and yeah it was two of us locked in a room uh Chad was was back at home uh and he came out the last one month that we were there y um but yeah we were locked in a room with each other for 5 months just research and developing wrote a lot of papers uh wrote a lot of test net stuff half most of it is gone 90% of it is not out yeah gone to the wind but it blew up in like a week I mean you it as it blew up like you guys like uh came out with the you put out the website I think 24 hours later board was me out he had we had the idea for cbc2 uh the morning of December 8th and by the morning of December 10th we had launched the website with the crafter uh the documentation the board token um and the indexer came three days after that so yeah junk food is crazy an early version of that indexer yeah and again part of that was I mean just to give some a quick cbrc 20 shill like there's 45,000 now wallet addresses that hold cbc2 tokens there's the xmail function which is a native airdrop to the uh meta protocol standard and there's a few tokens that exist in the ecosystem right now there have been people who have experimented with doing uh images with tokens attached to them kind of like the Pandora stuff actually which is funny the if you've seen Pandora and the ERC 404 dn44 those guys actually came out of our community I'm not I wouldn't say they we gave them that idea or anything but but they they've been holders of our token we do have a token it's called Modo token it is tradable on some marketplaces right now um in prior to moto swap launching um but yeah that's like really I think cbrc 20 came as a and at the time I actually wasn't even officially joining the team I was just your friend in real life so you know just an enjoyer of this stuff and from my perspective again it sort of was born out of the necessity to create a more efficient standard that can do more and then as soon as the indexing aspect came into play it very quickly came to everyone's mind that we can accomplish what we want to accomplish with Moto Swap and doing a uni swap on bitcoin uh by utilizing this token standard you know it and so that very quickly came to be like the main focus because if not that it just exist as it we were on a Twitter spaces with somebody who said one time well if it's not 10 times better than anything else that's out right now I don't want to use it which again obviously our thing being let's just say three times better we were like ah [ __ ] you know it is three times better but like yeah truly giving that functionality and allowing people to really play an unlimited amount of games um I'm talking about video games I'm talking about like Financial stuff like defi or whatever we call that stuff games that's like our own little lingo but um yeah allowing people to do that stuff really that to me puts it 50 to 100 times you know above any existing meta protocol standard then again hopefully especially with the infrastructure that like uh you guys are building with sandre meta oil hopefully there are a ton of 100x better meta protocols than the you know first ones and the whole ecosystem can continue to evolve and grow in a sort of a symbiotic nature again like yes there's obviously value in being the first but there also especially on the protocol level there is value in being the best and I think that some of that is missed in the Mad Dash to be the first to do something but at the end of the day we are in the free market you know there are no rules R is that if just because one thing was the first it just so happens that Unis swap was the best you know it it's obviously some stuff has come out now but nothing has 10x improved on it so that's why it's maintained market dominance obviously we see with nfts blur has come out and uh totally smashed Open Seas uh market dominance so first is first at the protocol level is not so much of a important factor I I don't believe again there are a lot of people who are doing stuff that are similar to to what we're doing I just think that we're doing it in the way that makes the most sense moving forward and I I really do hope that it it Sparks some creativity moving forward as well yeah cool yeah we've got about five minutes left up here I don't know Danny if you want to show them the marketplace or do another just quick rundown of moto swap just a I had showed the video before but just to explain it a little bit more uh we basically this is our test net site right now so you can I'll just refresh you can connect your wallet and pick which tokens you want to swap for so these are all test net tokens of course yes let's say I want to do Moto for let's see meme token can put in 100 Moto for meme it calculates the rate between these two tokens uh following the same uh algorithm that Unis swap V2 uses which is the X x yals k you can set your slippage and if you check here actually you can see that your minimum amount received changes along with the slippage so that all works very well uh yeah you can click the swap button here yeah and on the back end of course it's submitting an inscription with that specific syntax so that the indexer picks it up reads it executes it but of course on the user experience end it's pretty [ __ ] seamless it just works so yeah just sent that uh you can see all the history of things from earlier too and we've got about 80 to 90 people doing uh in a closed test net environment right now working on it optimizing it we're hoping for a main net launch probably within a month um but we're going to make sure that everything's ready to go because we want we really want an a flood uh of people coming in and using this we'll be doing a uni style incentivized you know first couple months obviously for a certain percentage of aird drop of our token so there's going to be a lot of places where there's opportunity for people to make money participate have fun and yeah you can see everything here is the exact same as Unis swap you have the fees to the lp uh we do a staking fee here uh dust is just like uh the Lost amount of uh decimals there's some conflicting decimals between Pairs uh you have the initial price what it will pump to when you make your swap get the price impact just from your slippage as well um let's see maybe we can catch a quick block uh you you can pull tokens as well so if I want to pull some I don't have enough meme token uh if I want to pull Moto and let's say Morrow token uh I can add 100 Moto and there's no pool yet so I'll add 1,000 Morrow and it's the same process here and again the the key here is that anybody can launch a token and do this with any other token which again just provides that it's exactly like Unis swap where when when you have a project you launch you add liquidity you open trading and permission it just works just like that yeah and if you want to lock liquidity also like this is a pair that I made earlier today let's say I want to lock it until lock uh 25799 you can lock that liquidity and your remove LP operation will just simply fail until that block has been confirmed which is pretty cool okay it's crazy cuz like everybody here is like yeah we've seen this a million times but like yeah you've seen it on eth yes this is on bitcoin on bitcoin and just Bitcoin there is no other blockchain yeah there's no L2 there's no blackbox uh it's just Bitcoin and the index are layer like what we were explaining here so there is literally miners like you're from luxur should be uh real real excited about this stuff especially with the have in coming I am the subject matter expert here that's my job so yeah and then we have a staking pool here as well um which is inspired if you notice a little bit uh like from ex Sushi um we basically because this stuff is virtual uh uh and you don't really need an onchain action every time you want to move tokens if you have uh an automated pool setup um this token staking pool actually distributes the rewards automatically every 100 blocks so you don't have to claim ever so you don't have to claim ever yeah I know now I will say we're running out of time here so I do want to say thanks to CB I want to say thanks to taga thank you guys for coming out here obviously Danny he's our guy he's he's our founder and uh we have a booth at the main event um so come check us out come execute some swaps with us we've got a bunch of merch we've got a bunch of cool stuff so come hang out it'll be really fun and um shout out to junk food in in France yeah and I will say for the for oil o.

yep it's uh we're in beta the wallet is going to it's going to launch probably in the next month or so um sandrew we sof launch last week sandrew doio if you're developing interested in developing on bitcoin sign up for Early Access lu. Tech and CB Spears on Twitter hell yeah thank you guys thank