Why Make Ethereum Blockchain Data Available on Google Cloud? 6916

Ethereum and other cryptocurrencies have captured the imagination of technologists, financiers, and economists. Digital currencies are only one application of the underlying blockchain technology. Earlier this year, we made the Bitcoin dataset publicly available for analysis in Google BigQuery. Today we’re making the Ethereum dataset available.

Like its predecessor, Bitcoin, you might think of the Ethereum blockchain as an immutable distributed ledger. However, creator Vitalik Buterin extended its set of capabilities by including a virtual machine that can execute arbitrary code stored on the blockchain as smart contracts.

With regards to the system architecture, Ethereum resembles Bitcoin in that it primarily serves to record immutable transactions. Both are essentially OLTP databases, and provide little in the way of OLAP (analytics) functionality. However, the Ethereum dataset is notably distinct from the Bitcoin dataset:

  • The Ethereum blockchain’s primary crypto-economic unit of value is Ether, while the Bitcoin blockchain’s unit of value is Bitcoin. However, the majority of value transfer on the Ethereum blockchain is composed of so-called tokens. Tokens are created and managed by smart contracts.
  • Ether value transfers are precise and direct, resembling accounting ledger debits and credits. This is in contrast to the Bitcoin value transfer mechanism, for which it can be difficult to determine the balance of a given wallet address.
  • Addresses can be not only be wallets that hold balances, but can also contain smart contract bytecode that allows the programmatic creation of agreements and automatic triggering of their execution. An aggregate of coordinated smart contracts could be used to build a decentralized autonomous organization.

The Ethereum blockchain data are now available for exploration with BigQuery. All historical data are in the ethereum_blockchain dataset, which updates daily. The Ethereum ETL project on GitHub contains all source code used to extract data from the Ethereum blockchain and load it into BigQuery—we welcome more contributors and more blockchains!

Why make Ethereum blockchain data available on Google Cloud?

While the Ethereum blockchain peer-to-peer software has an API for a subset of commonly used random-access functions (for example: checking transaction status, looking up wallet-transaction associations, and checking wallet balances, for example), API endpoints don’t exist for easy access to all of the data stored on-chain.

Perhaps more importantly, API endpoints also don’t exist for viewing the blockchain data in aggregate.  Here’s an example chart that shows the total Ether transferred and average transaction cost, aggregated by day:

Ether aggregate transfers and transaction costs

A visualization like this (and the underpinning database query) is useful for making business decisions, such as prioritizing improvements to the Ethereum architecture itself (is the system running close to capacity and due for an upgrade?) to balance sheet adjustments (how quickly can a wallet be rebalanced?).

BigQuery has strong OLAP capabilities to support this type of analysis, ad-hoc and in general, without requiring additional API implementation.

Accordingly, we built a software system on Google Cloud that:

  1. Synchronizes the Ethereum blockchain to computers running Parity in Google Cloud.
  2. Performs a daily extraction of data from the Ethereum blockchain ledger, including the results of smart contract transactions, such as token transfers.
  3. De-normalizes and stores date-partitioned data to BigQuery for easy and cost-effective exploration.

The Ethereum blockchain dataset is also available on Kaggle here. You can query the live data in Kernels, Kaggle’s no charge in-browser coding environment, using the BigQuery Python client library. Fork this example kernel to experiment with your own copy of the Python code.

Interesting queries and analyses

Below, we show a number of interesting queries and visualizations based on the Ethereum dataset. Our analyses focus on three popular topics:

  • Smart contract function calls
  • On-chain transaction time-series and transaction networks
  • Smart contract function analytics

Analysis 1: Popular Smart Contracts Event Logs

The main use case for the Ethereum blockchain has so far been the exchange of digital tokens. Below we demonstrate querying the dataset’s transactions and contracts tables to find the most popular smart contracts, as measured by transaction count:

What are the 10 most popular Ethereum collectibles (ERC-721 contracts), by number of transactions? View my query here.

Contract addresses and transfer counts for the 10 most popular Ethereum collectibles 

The most popular ERC-721 smart contract by transaction count is 0x06012c8cf97bead5deae237070f9587f8e7a266d, the main smart contract for the CryptoKitties game. We’ll take a look at some attributes of the game later in this document.

Looking more closely at this contract’s source code, it logs a CryptoKitty birth event to the blockchain. You can query the logs table for instances of this event here.

We can visualize the CryptoKitty pedigree, as shown here for accounts that own at least 10 CryptoKitties. Color indicates owner, while size indicates the PageRank (reproductive fitness) of each CryptoKitty:

CryptoKitty PageRank based on game's contract's source code

Analysis 2: Transaction Volumes and Transaction Networks

There are many types of tokens being distributed on the Ethereum blockchain, and their patterns of distribution vary by type and also by time. By looking at each token’s transaction activity, we can measure which are more popular in aggregate or within a given time frame.

Here’s a query to measure an aggregate token statistic: which are the 10 most popular Ethereum tokens (ERC20 contracts), by number of transactions? Find the answer here.

At position #5, one of the most popular tokens is OmiseGO ($OMG) at address 0xd26114cd6ee289accf82350c8d8487fedb8a0c07.

As a follow-up, here’s a query for measuring a token statistic (transaction count) by time window, specifically the daily count of $OMG tokens transfers, and a Data Studio visualization of these data as a time series from inception through August 2, 2018 from this Google Sheet:

OmiseGO exchange daily transfers

Note that on September 13, 2017, there was a large increase in the number of $OMG receivers but no increase in the number of senders. This corresponds to the beginning of the OmiseGO Token Airdrop.

Because the data, at a highly granular level, consists of a set of transfers between wallet addresses, we can also reason about the data using a directed graph data structure.

Here’s a visualization of a subset of the same data: it’s the first 50,000 transactions that had at least two trading partners. In this graphic, nodes (points) represent wallet addresses on the Ethereum blockchain, and edges (lines) represent aggregate transfer of tokens between a pair of addresses. Edge length is approximately proportional to the number of tokens transferred, meaning wallets that transfer more aggregate tokens between them are closer together in the chart. Further groups of addresses that transfer often with one another—to the exclusion of members of other groups—will cluster together, and we’ve color coded these groups for clarity. This graphic was made with Gephi and nodes are color-labeled by groups calculated using the Modularity algorithm.

Transfer graph visualization of Ethereum transactions

Analysis 3: Analysis of Smart Contract Functionality

We mentioned previously that many of the smart contracts on the Ethereum blockchain are ERC-20 contracts. What does this mean? ERC-20 simply defines a software interface that smart contracts can implement. Specifically, it’s composed of a few functions related to token transfer, fully described in the ERC20 Token Standard specification document.

There are many other functions that can be implemented by a smart contract. Fortunately, many smart contracts’ source code is freely available to use (open source). We can use this to gain some knowledge about what other contracts do from the name of the function, even for those of which we don’t have the source code, because common function names will share a common signature.

Coming back to the CryptoKitties, discussed in Analysis 3 above, the major element of gameplay is animal husbandry, and the mixing of genes in a breeding event is implemented in the CryptoKitties GeneScience smart contract, 0xf97e0a5b616dffc913e72455fde9ea8bbe946a2b. Suppose we wanted to find other games also implementing similar gameplay mechanics to the CryptoKitties GeneScience contract? We can measure this using a JavaScript UDF implementation of the Jaccard similarity coefficient in this query.

These results reveal that several earlier versions of the GeneScience contract are most similar to the current version of the smart contract at address 0xf97e0a5b616dffc913e72455fde9ea8bbe946a2b. But there are also some others (e.g. CryptoPuppies at 0xb64e6bef349a0d3e8571ac80b5ec522b417faeb6), that appear to be highly similar contracts, as measured by method signatures.

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Metis’ Sequencer Mining Goes Live 5450

Last month’s launch of Phase 1 of the Metis Decentralized Sequencer upgrade established Metis as the first-ever rollup platform with a decentralized sequencer. Metis has now launched Phase 2, which introduces several enhancements aimed at improving network incentives and participation.

Among other positive changes, Phase 2 of the Decentralized Sequencer upgrade introduced the most awaited feature up to date for the Layer 2 network: Sequencer Mining.

Sequencer Mining will allow users to lock their tokens via LST providers, contributing to the network’s security. Essentially, these LST providers will interact with the Sequencer, and users will interact with the Liquid Staking providers, receiving a Liquid Staking Token that they can reuse in other DeFi dApps or just hold. Through Metis’ Community Ecosystem Governance (CEG), the community chose Artemis Finance and Enki Protocol as the two LST protocols for the Alpha Phase.

In the first year, sequencer nodes will benefit from a 20% Mining Rewards Rate (MRR), the same rate at which smart contracts compensate participants for producing blocks. Additionally, Metis Liquid Staking Blitz (LSB), supported by the Metis EDF, will provide grants to verified projects to accelerate growth. More than 220,000 METIS are committed in grants for 2024 alone to support MetisLSB and catalyze growth of LST products on Metis. Prior to the official launch of Sequencer Mining, there has been notable activity with LST-related products, including deployments by Shoebill Finance, Stablis Protocol, and participation pools on Hercules Finance.

Metis has secured important partnerships with recognized crypto institutions that will help the network achieve proper decentralization and high participation rates on the Decentralized Sequencer.

Users can deposit and start mining immediately through Artemis. ENKI will be fully launching on Mainnet soon, but users can already participate in their “Pre-Staking” program.

About Artemis

Artemis Finance is a liquid staking protocol designed exclusively for Metis’ Decentralized Sequencer. Users can stake METIS tokens on Artemis Finance and receive the liquid staking token artMETIS.

About Enki

Enki Protocol is a Metis-native liquid staking protocol leveraging dual-token architecture from protocols like Frax and Lido to implement the most battle-tested LST design to the Metis Decentralized Sequencer. Users can stake METIS via Enki and receive seMETIS, while the protocol utilizes ENKI for its governance.

About Metis

Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a decentralized and scalable easy-to-use network secured by Ethereum. Metis became the first Ethereum rollup to decentralize its sequencer with the launch of Decentralized Sequencer, which enhances network security and provides more potentially revenue-earning opportunities for users.

zkLink Nova Unifies Liquidity On-Chain with Token Merge Event 7147

zkLink Nova (“Nova”), the first aggregated Layer 3 (L3) ZK-Rollup network with EVM-compatibility, today announced the consolidation of stablecoins and wBTC into single tokens on Nova, enhancing liquidity within the Nova ecosystem, aimed at creating the largest liquidity pool across all Layer 2 (L2) and Layer 3 networks. The announcement follows shortly after Nova’s mainnet launch and is the next milestone in zkLink’s mission to resolve the issue of liquidity fragmentation across L2 networks.

Currently, Nova has achieved asset aggregation, allowing users to deposit native assets from various L2 networks onto Nova for cross-chain asset trading. However, having the same assets from these networks shown as different tokens on Nova (i.e. USDC.arbi, USDC.Linea, etc.) can hinder users’ trading experience. As such, Nova has deployed “MergeToken” smart contracts to consolidate assets of the same value from different chains on Nova into a single token (e.g. USDC.arbi, USDC.Linea merge into USDC). The first tokens to merge are stablecoins USDC, USDT, DAI; followed by wBTC and other tokens upon projects’ requests.

The token merge process will be managed by a prestigious governance committee of 12 prominent projects and institutions including Wintermute, Particle Network, Skynet Trading, Flowtraders, Ascensive Assets, Republic Crypto, Efficient Frontier, SIG, USDV, Layer Bank, Redstone Oracles and Manta Network. This committee will review and approve or deny the proposals to merge additional tokens into Nova’s L3 infrastructure—decentralizing decision making and preventing autonomous control.

“We’re setting the precedent for a practice that we hope more projects will adopt to make the web3 trading environment friendlier. Support from the governance committee underscores token merge’s legitimate potential to unlock new DeFi use cases.” said Vince Yang, CEO and co-founder of zkLink. “Our liquidity pool from MergeToken provides the industry’s most flexible, secure resource that cuts the frustration of fragmented stablecoin transfers, especially useful as more RWAs & LRTs go on-chain.”

MergeToken allows zkLink developers to deploy dApps that take full advantage of consolidated liquidity for tokens of the same value, expanding the kinds of use cases projects can offer and fosters more growth to encourage cross-chain user interaction. Nova will serve as the network on which assets of the same value can be combined into a single token—boosting liquidity of the Nova network as well as overall L2 ecosystem.

When users deposit into MergeToken smart contracts, users will gain the equivalent value of unified tokens. On the other hand, unified tokens deposited into the same contract will be burned and the user will receive the original source tokens of the same value.

MergeToken contracts are upgradable to meet new token unification requirements given Nova’s expansion in connecting different networks. Through voting on a multi-sig safe wallet, the governance committee approves the upgrade to add or remove tokens on the MergeToken contract. To prevent the risk from malicious upgrading, the contract will follow a multi-party signature requiring 2/3 vote for passage moving forward.

About zkLink

Dedicated to unifying liquidity and scaling the Ethereum ecosystem, zkLink is pioneering Aggregated Rollup solutions to bridge the ecosystem siloes within the blockchain space. By facilitating a more interconnected, efficient, and accessible digital asset environment, zkLink is driving forward the vision of a unified and decentralized blockchain ecosystem without boundaries.

About zkLink Nova

zkLink Nova is the pioneering Aggregated Layer 3 Rollup zkEVM network that brings unprecedented liquidity and asset aggregation to Ethereum and its Layer 2 Rollups. Built with ZK Stack and zkLink Nexus, it leverages ZK Proofs to enhance scalability and security. Developers enjoy an open platform for deploying Solidity smart contracts and instantly tapping into integrated networks like Arbitrum and zkSync. Nova simplifies DeFi by presenting a unified ecosystem for users and DApps, promoting a seamless blockchain experience.

ICB Network Enters New Era of Blockchain Technology With Advanced Layer 1 Project 7880

During this crucial period for the crypto industry, ICB Crypto Services is ready to announce the early launch of the Ideal Cooperation Blockchain (ICB) Network. Designed by the sophisticated ICB Labs, the ICB Network introduces a promising Layer 1 blockchain project that was created to update the standards of scalability, security, and efficiency in the blockchain space. The ICB Network effects a sufficient advancement in blockchain innovation, with an official ICO-level launch scheduled for Q1 2024.

Transformative Innovations

The adoption of the Proof of Stake (PoS) consensus mechanism is at the core of the ICB Network’s innovation. It is a strategic move away from traditional Proof of Work (PoW) systems. This transition enhances transaction throughput and network scalability, and significantly reduces the environmental footprint of blockchain operations. Furthermore, the ICB Network is aimed at ensuring advanced security and efficiency, collaborating with leading auditing companies like CertiK, and implementing comprehensive Know Your Customer (KYC) processes.

Bright Future Ahead

“The ICB Network is set to revolutionize blockchain innovation with its PoS consensus, scalability, and commitment to security. Our platform provides developers and users with a robust infrastructure for building and using decentralized applications across various industries,” stated CEO of ICB Crypto Services.

This vision encapsulates the essence of the ICB Network’s mission to motivate developers and users, creating a more inclusive and efficient blockchain ecosystem.

Expansive Roadmap and Collaborative Endeavors

Looking forward, the ICB Network has outlined an extended roadmap that includes the introduction of trading activities, play-to-earn games, metaverse functionalities, a native wallet, and an NFT Marketplace. These components, in combination with strategic partnerships with developer communities, underscore the network’s commitment to boosting innovation and collaboration. Moreover, the plans are underway for the listing of the ICB Network’s native coin, ICBX, on centralized and Tier 1 exchanges, further solidifying its presence in the blockchain industry.

About ICB

Established in October 2020, ICB Labs represents the innovative arm of ICB Crypto Services, dedicated to addressing the challenges faced in the blockchain and cryptocurrency sectors. Through the use of cutting-edge technologies and adherence to the Ethereum Virtual Machine (EVM) standard, ICB Labs has developed the ICB Network to facilitate efficient, secure, and scalable blockchain solutions. The launch of the ICB Network signifies a major milestone for ICB Crypto Services, marking its entry into the blockchain industry with a vision to drive positive changes and promote a new era of digital excellence.

For more information about the ICB Network and its innovative solutions, visit the official website at https://www.icb.network/ or follow the latest updates through the network’s official channels:

X/Twitter: https://twitter.com/icbx_network
Telegram: https://t.me/icbnetwork_official
YouTube: https://youtube.com/@icbcryptoservices?feature=shared
Discord: https://discord.com/invite/rGRUgrbC4D
Medium: https://readicbnetwork.medium.com/

SafeMars Expands To Solana 8337

In a bold move towards further decentralization and expansion, SafeMars, the pioneering decentralized finance (DeFi) project, has extended its reach beyond Binance Smart Chain (BSC) to Solana, igniting fresh excitement within the crypto community. With a record-breaking ATH of $1 billion achieved on BSC in 2021, SafeMars has stealthily launched on Solana on March 30, 2024, under the guidance of its original developers who are now determined to replicate their prior success on this new chain.

SafeMars emerged on the DeFi scene in 2021, swiftly capturing the attention of investors and enthusiasts alike with its innovative approach towards community-driven initiatives and tokenomics. Its meteoric rise to a staggering $1 billion market cap on BSC showcased not only its potential but also the trust it garnered from its ever-growing community.

The recent stealth launch on Solana signifies a strategic move by SafeMars to explore new horizons and tap into the vast opportunities offered by alternative blockchain networks. With the same visionary developers at the helm, SafeMars aims to replicate and surpass its previous achievements, setting its sights on establishing a strong presence on the Solana chain.

One of the key driving forces behind SafeMars’s success lies in its robust social media presence and engagement. Boasting a massive Twitter following of 135,000 loyal supporters, SafeMars has fostered a vibrant online community that actively participates in discussions, stays updated on project developments, and spreads awareness about the project’s mission and goals. This dedicated community has played a pivotal role in driving adoption and fueling SafeMars’s growth trajectory.

SafeMars’s expansion to Solana represents not only a significant milestone for the project but also a testament to its resilience and adaptability in the ever-evolving landscape of decentralized finance. By leveraging the high-performance capabilities of the Solana blockchain, SafeMars aims to enhance scalability, reduce transaction costs, and provide users with a seamless and efficient DeFi experience.

As the crypto market continues to evolve and mature, projects like SafeMars are at the forefront, pushing the boundaries of innovation and driving widespread adoption of decentralized technologies. With its successful track record, passionate community, and ambitious vision, SafeMars is poised to carve out a prominent niche in the burgeoning Solana ecosystem, ushering in a new era of decentralized finance.

In conclusion, SafeMars’s expansion to Solana marks an exciting new chapter in its journey towards redefining the future of decentralized finance. With its proven track record, experienced team, and unwavering community support, SafeMars is well-positioned to make a significant impact on the Solana blockchain and continue its mission of democratizing access to financial services for users worldwide.

Twitter: https://twitter.com/Safemartians
Telegram: https://t.me/safemarssolentry
Website: https://safemarscrypto.com/

Introducing BounceBit Testnet Phase 2: App Store 8236

Following the success of BounceBit Testnet: BounceClub East-to-West Event launched on March 8, 2024, BounceBit announces the rollout of BounceBit Testnet Phase 2: App Store.

While the previously launched Testnet BounceClub Event will operate as usual without any changes, BounceBit Testnet Phase 2 highlights BounceBit App Store’s features and encourages developers to deploy on the BounceBit Testnet by submitting their decentralized applications (DApps) to the BounceBit App Store through GitHub pull request.

BounceBit Testnet Phase 2 mirrors the mainnet environment, offering developers, validators, full node operators, delegators, and users an early preview of the BounceBit Mainnet. This phase welcomes everyone to interact with the BounceBit PoS staking chain and the BounceClub ecosystem.

Here’s what you can expect from BounceBit Testnet Phase 2:

Deploy on BounceBit testnet

BounceBit Testnet Phase 2 offers developers the chance to get an early experience of deploying on the BounceBit chain by submitting their DApps to be listed on the BounceBit App Store. The BounceBit App Store features both in-house DApps and those built by community developers or external projects. To have your DApp listed on the BounceBit App Store, submit a pull request on BounceBit’s GitHub repository. The BounceBit team will then review and, if approved, list your DApp on the BounceBit App Store. DApps that are listed during Testnet Phase 2 will receive priority consideration for being listed on the BounceBit Mainnet App Store based on their performance.

For more details on the onboarding process, please refer to BounceBit’s official guide.

Stress-testing DApps

BounceClub owners and users are invited to participate in testing all DApps that are listed on the BounceBit Testnet App Store. BounceClub owners can select and add DApps to their BounceClubs, while BounceClub users can interact with the DApps when exploring different BounceClubs.

The BounceClub community plays a crucial role in evaluating the listed DApps’ performance and security, identifying vulnerabilities that need to be addressed. This Testnet Phase 2 contributes to the resilience and reliability of the BounceBit ecosystem, striving to maintain a smooth and secure environment for all BounceBit users.

Onboarding more validators

The BounceBit Testnet has kicked off with its first set of node operators during the BounceClub East-to-West Event. Currently, there are 24 active validators participating, with a combined staking amount totaling over 1000 $BBTC and over 283 million $BB.

For Testnet Phase 2, BounceBit aims to broaden the network by inviting more validators to participate. New validators will be guided through the onboarding process for Phase 2 via Discord.

Testing BounceBit’s tokenomics

BounceBit Testnet Phase 2 will continue the rigorous testing of BounceBit’s tokenomics, including token generation events (TGE), inflation rates, vesting schedules, gas fees, block sizes, and the validator slashing mechanism. Additionally, the BounceBit native LSD module’s performance will be observed continually.

About BounceBit

BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital and Ceffu. The BounceBit chain, designed as a showcase of a restaking product within the BounceBit ecosystem, is a PoS Layer 1 secured by validators staking both BTC and BounceBit’s native token – A dual-token system leveraging native Bitcoin’s security with full EVM compatibility. Critical ecosystem infrastructure like bridges and oracles are secured by restaked BTC. Through an innovative CeDeFi framework, BounceBit empowers BTC holders to earn yield across multiple networks.

MVC unveils testnet version of game-changing Bitcoin sidechain asset bridge 8774

The Bitcoin ecosystem has recently been in the spotlight, with the emergence of innovative solutions such as the BRC20 concept and the continuous evolution of applications that captivate the market’s interest. This resurgence evokes memories of the DeFi summer of 2020 on the Ethereum network, where decentralized applications thrived alongside a surge in token prices, setting the stage for high expectations for the Bitcoin ecosystem. In a significant development, the much-anticipated Bitcoin ecosystem application, MicrovisionChain (MVC, Ticker $SPACE), has announced the testnet version of its cross-chain asset bridge feature, marking a game-changing milestone for the Bitcoin sidechain.

Developed through a collaboration between the MVC technical team and the Octopus Space team, the Orders Bridge is now a part of the MVC ecosystem. Currently, the Bridge facilitates cross-chain transactions exclusively from the Bitcoin network to the MVC network. MVC stands as one of the top three global Bitcoin sidechain solutions in terms of hash power and boasts impressive technical features, including smart contracts on UTXO public chains, low fees with high concurrency, and high throughput. Previous reports suggest that MVC can support nearly unlimited transactions per second (TPS).

By bridging assets to the MVC network, users can leverage the numerous advantages offered by the network’s features, effectively overcoming many limitations associated with transactions on the native Bitcoin network. The MVC solution offers significant cost savings, as cross-chain transaction fees to MVC are reported to be one five-hundred-thousandth of the peak rates on the Bitcoin network. Moreover, due to MVC’s network characteristics, transactions feature zero-block confirmations, eliminating network congestion and block confirmation delays as obstacles to trading. Unlike other Bitcoin cross-chain solutions, assets bridged to MVC remain based on the UTXO layer1’s Tokens, significantly reducing the risk of “fake Tokens.”

Beyond its groundbreaking asset bridge, Orders.Exchange also encompasses an order book DEX, Swap, and liquidity pools within its ecosystem. The platform gained widespread attention for being the first in the network to support a complete range of trading order types. It enables the trading of any Bitcoin asset, including Ordinals NFTs and BRC20 tokens, through the creation of ASK and BID orders. This approach ensures that the immediate trading needs of both buyers and sellers can be met. Notably, Orders.Exchange is the only platform in the Bitcoin ecosystem that supports the construction of BID orders, distinguishing it as a unique service provider in the space.

In its Swap and liquidity pool solutions, Orders.Exchange demonstrates strong technical capabilities and a commitment to decentralization and asset security. According to information disclosed by the team, its Swap and liquidity pool frameworks are built on a decentralized architecture. This framework splits users’ orders into several parts, each handled by different modules within the framework. Some modules solely process user operation data without touching the transaction data, while others are dedicated to allocating funds based on the orders without interpreting the transactions themselves. The modules operate independently without sharing data, significantly reducing the potential for losses due to hacking attacks. Impressively, this complex logic is executed within a single block, meaning Swap transactions only require confirmation in one block.

The liquidity pool is particularly critical, as it holds a significant amount of user assets, and inadequate security could expose users to financial risks. Orders.Exchange employs cold and hot wallet segregation along with a threshold multisignature approach for fund management. In the hot wallet (online environment), Orders.Exchange stores only a minimal amount of assets necessary for basic services. Assets exceeding this threshold are transferred to the cold wallet (offline environment), which replenishes the hot wallet only when its assets fall below the threshold.

To isolate cold and hot wallets, Orders.Exchange uses a threshold multisignature method to eliminate all potential internal misconduct. For the hot wallet, a 2/3 threshold multisignature is used, meaning three parties hold the multisig private keys, and any transaction requires signatures from at least two of them to proceed. The cold wallet employs a 3/5 threshold multisignature, underscoring a heightened emphasis on asset security. The institutions involved in the multisignature management are well-known security audit firms, each with a reputation to maintain. Known participants include sCrypt, a reputable Bitcoin network audit firm, and Scalebit, which has officially announced its audit work. Notably, Orders.Exchange plans to co-host a public seminar on asset security with the renowned audit firm Certik in early April.

With the multitude of positive developments surrounding Bitcoin and the approaching halving event, there is every reason to believe that the potential of the Bitcoin ecosystem is fully comparable to that of the Ethereum ecosystem at its inception. At this juncture, closely monitoring the movements within the Bitcoin ecosystem becomes particularly crucial. Orders.Exchange stands out as the most technically accomplished platform with already implemented functionalities, and we believe it possesses significant potential, heralding a new era for Bitcoin sidechain solutions.

Twitter: https://x.com/mvcglobal

TG: https://t.me/mvcofficial