Omnity has announced the launch of RichSwap, an AMM DEX for DeFi on Bitcoin without bridges, wrapping, custodians, off-chain software, or single points of failure. Users retain full custody of assets in their Bitcoin wallet, without needing to deposit or withdraw to any platform, and are safeguarded from extortion, with transactions executed completely on the Bitcoin network or rolled back in full.
The announcement reads, “RichSwap has launched on the new Runes Exchange Environment (‘REE’) from Omnity Network. REE marks the beginning of Bitcoin’s evolution into a programmable and decentralized financial platform. It’s a powerful toolkit for developing DeFi products directly on Bitcoin. REE’s Turing-complete compute environment offers developers the tools to replicate EVM, Solana and other common DeFi concepts on Bitcoin. Unlike competing solutions, REE needs no changes to Bitcoin core, no bridges to other blockchains, or any other extension of Bitcoin such as nonstandard opcodes.
“Bitcoin’s UTXO model is integral for REE because REE uses Partially Signed Bitcoin Transactions (‘PSBTs’), standardized via BIP-174 and BIP-370. ‘DPS allows one user and multiple protocols to co-sign a transaction using PSBTs and broadcast it to the Bitcoin network. REE coordinates this multisig process,’ said Louis Liu, Founder of Omnity. ‘I believe DPS is the best technical approach to achieving full programmability on Bitcoin layer 1.’”
To view the full press release, visit https://ccw.fm/ZFYxN
About Omnity Network
Omnity is focused on empowering the future of Bitcoin-centric finance through innovative interoperability and programmability solutions. Omnity leverages ICP Chain-Key Cryptography, Bitcoin native integration, HTTPS Outcalls, and the reverse gas model to enable fully on-chain interoperability and Bitcoin-native programmability. For more information visit www.omnity.network.
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