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Recently, the cryptocurrency market has experienced significant growth and innovation, with BRC-20 tokens being a crucial component of this trend. As of the time of writing, there have been over 34,000 BRC-20 tokens issued with a total value exceeding $133 million. This rapid growth has led to increased attention and investment in the industry. However, the growing ecosystem has also heightened the demand for efficient trading platforms that cater to the unique requirements of BRC-20.
The Ordinals protocol has laid the foundation for the development of BRC-20 tokens and has gained some advantages and significant attention in the market. The Ordinals protocol has introduced a unique and innovative concept for tokens, attracting various investors and users to the ecosystem. With increased trading activity, transaction fees have also risen, further incentivizing miners to maintain the security of the Bitcoin network. As BRC-20 tokens continue to increase in number, widespread adoption of the Ordinals protocol may foster a cultural shift within the Bitcoin community.
Early Ordinals transactions were conducted through centralized exchanges. Currently, some Ordinals and BRC-20 trading markets utilize the PSBT improvement protocol for transactions. However, there hasn't been a truly decentralized exchange (DEX) that aligns with user preferences and achieves genuine trustless pooling and SWAP functionalities.
Hence, there is a need for a decentralized exchange (DEX) that leverages the innovation of the Ordinals protocol and provides sufficient liquidity for BRC-20 token trading. This is the primary motivation behind the creation of the Numex project. Numex is an experimental project aimed at exploring the possibilities of building DeFi infrastructure on the Bitcoin layer-one network.
Numex (DEX) maximizes the potential of the Bitcoin layer-one network driven by the combination of the Ordinals protocol, PSBT (BIP174 multisignature protocol) technology, Bitcoin scripts, and the NumexStr protocol.