Bitmatrix, an automated market-making protocol (AMM), has released a beta version of its mainnet, allowing bitcoin miners to create their own liquidity pools and perform trustless swaps on the blockchain. Liquid networkaccording to a press release sent to Bitcoin Magazine.
Photos via press release
Users looking to create their own liquidity pool simply connect the Bitmatrix web interface to Marina Walletselect the desired pairs, provide the initial amount and click trade.
AMM provides a useful utility for performing asset swaps, in this case with Liquid assetsas well as allowing users to connect and pool resources without the support of centralized entities.
Burak Keceli, founder at Bitmatrix, said: “After rigorous testing, we are confident we have found the best design to bring AMM into Liquid and the Bitcoin ecosystem. “We hope Bitmatrix enables some meaningful new use cases and brings in more users.”
To create a trustless automated protocol, Bitmatrix uses a series of Tapscript optical codes such as: transaction review, 64-bit arithmetic and elliptic curve operations, also known as Covenant.
After the first beta release, Bitmatrix reduced fees and increased concurrency from 8 to 32 positions, which means that each liquidity pool can handle up to 32 transactions per minute, and this volume is expected will increase when the next updates are available.
Additionally, the mainnet will launch a new feature that allows for custom charging. As a result, users will be able to set fees from 0.01% to 1.00% with a default fee of 0.25%.
“In the future, we look forward to hearing your feedback and launching a more optimized version with the new smart contract language Simplicity in Q4 2023,” Keceli added.
The Liquid Network is a layer 2 scaling solution that uses sidechains to create a 2-way peg between BTC and liquid assets. BTC is represented on the Liquid Network as L-BTC and is considered to be of equal value to BTC.
