Quick Overview of OKX's Latest Bitcoin Ecosystem Developments: The Era of Multi-Standard Inscriptions Begins
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Quick Overview of OKX's Latest Bitcoin Ecosystem Developments: The Era of Multi-Standard Inscriptions Begins
This article outlines OKX's latest progress in building the Bitcoin ecosystem, as well as its thoughts and plans for the future development of the Bitcoin ecosystem.
Navigating Web3 tides with focused insightsSince integrating the Ordinals protocol, OKX has been actively involved in building Bitcoin ecosystem infrastructure. Yesterday, OKX announced it will integrate the SRC-20 standard into the OKX Web3 Wallet by early February, enabling users to view and transfer SRC-20 inscriptions. Additionally, the R&D team will begin progressively integrating the ARC-20, DRC-20, and Runealpha protocols by the end of February. During this period, corresponding sections such as ARC-20 will also be gradually launched on the OKX Marketplace, providing users with convenient inscription trading capabilities.
To date, the OKX Web3 Wallet stands as a comprehensive platform within the Bitcoin ecosystem and is also the largest marketplace for BRC-20 inscriptions and BTC NFTs. This reflects OKX’s commitment to becoming a one-stop inscription ecosystem in the Web3 industry, delivering richer and more convenient services to users. This article outlines OKX's latest progress in Bitcoin ecosystem development, along with its thoughts and strategic planning for the future of the Bitcoin ecosystem.
1. Overview of OKX’s Latest Progress in Bitcoin Ecosystem Development
SRC-20 (Stamps)
The Bitcoin Stamps system was launched in March 2023 by founder Mike In Space. Initially conceived as a proof-of-concept project on Counterparty—an L2 Bitcoin project existing since 2014—Stamps fully transitioned toward the Bitcoin inscription direction during the summer of 2023 due to underlying protocol updates, evolving into what is now known as the SRC-20 protocol.
The key difference between SRC-20 and BRC-20 lies in architectural design. Unlike BRC-20, SRC-20 does not rely on UTXOs but instead uses an account-based address model, significantly reducing parser development costs while ensuring SRC data remains unrestricted by asset protocol trimming rules. Moreover, SRC-20 operates via multi-signature addresses without consuming UTXOs, avoiding the UTXO reuse issues present in other asset protocols.
The OKX Web3 Wallet will support the SRC-20 protocol by early February, allowing users to view and transfer related assets directly from the asset display page.
ARC-20 (Atomicals)
The Atomicals Protocol includes standards for fungible tokens (ARC-20), NFTs, Realms (domains), and the Atomicals Virtual Machine (AVM). A key distinction between Atomicals and the Ordinals protocol is that Atomicals does not depend on third-party sequencers for asset transaction ordering. It enables the creation (minting), transfer, and upgrading of various digital assets, including native NFTs, games, digital identities, and domain names.
Notably, the protocol performs minting and transfers based on UTXOs. According to the ARC-20 specification, each issued token must be backed by a corresponding number of satoshis (sats) in UTXO form, meaning every token is pegged to 1 sat, ensuring its value never falls below 1 sat. Furthermore, the ARC-20 standard adopts a mechanism similar to Bitcoin’s Proof-of-Work during token minting, requiring computational power to calculate a specific prefix as a prerequisite for minting a token. In the future, ARC-20 and Atomicals will open new opportunities for asset management and issuance on Bitcoin.
The OKX Web3 Wallet will complete integration of the ARC-20 protocol by the end of February. In late February, OKX may launch its self-developed ARC-20 Marketplace, supporting users to view and transfer related assets on the display page, along with order posting and taking functionality.
Runes (Runealpha)
The Runes system is a new Bitcoin asset issuance framework designed by Casey Rodarmor, the creator of the Ordinals protocol. It is expected to launch around April this year, coinciding with the Bitcoin halving event, aiming to deliver a better user experience. Runealpha is a protocol standard built upon the Runes framework and is designed based on the UTXO model.
The OKX Web3 Wallet will complete integration of Runealpha by the end of February, enabling users to view and transfer related assets from the display page.
2. Advancing Multi-Chain Inscription Ecosystem Development Based on Industry Growth
In addition to supporting Bitcoin ecosystem asset issuance protocols, OKX will also support Doginals (DRC-20) on Dogecoin, allowing users to view, trade, and transfer related assets within the OKX Web3 Wallet. Currently, the OKX Web3 Wallet already supports inscription exploration and inscription functionalities across 23 major public blockchains, including Bitcoin, Polygon, and Ethereum. As the largest marketplace for BRC-20 inscriptions and BTC NFTs, OKX remains committed to building a one-stop inscription ecosystem in the Web3 industry, offering users broader and more convenient services.
Jason Lau, OKX’s Chief Innovation Officer, said: “Although the infrastructure for Bitcoin inscription ecosystems has become relatively mature, many inscription assets based on different chains and protocols still exist like isolated islands, significantly raising the barrier to entry for users. OKX’s vision is to simplify the complexity of Web3 and help more users participate efficiently and conveniently. To achieve this, OKX has chosen to integrate multiple leading industry inscription standards, enabling users to seamlessly access multi-chain inscription ecosystems through a single wallet.”
“Moreover, OKX is committed to driving and setting new industry standards through technological innovation. The wallet currently supports batch minting and automatic error detection, enhancing both usability and functionality. At the same time, OKX provides dedicated inscription zones and inscription tracking tools to help users deeply explore and learn about the evolving ecosystem,” he added.
Last year, OKX heavily supported the development of the Ordinals market and achieved strong results. According to Dune Analytics, since OKX Web3 Wallet’s NFT platform announced integration with the Ordinals market in May last year—supporting inscription minting, engraving, sending, receiving BRC-20 tokens, and BTC NFTs—its market share in the Ordinals ecosystem grew steadily from an initial 0.3%. After the Bitcoin ecosystem reignited in November, OKX’s Ordinals market share has consistently remained above 80%, maintaining a leading position ever since.
A product development lead at OKX admitted that through deep engagement with developer communities and active implementation, OKX’s understanding of innovation has deepened significantly. While growing itself, OKX hopes to contribute meaningfully to the broader industry. On January 12, OKX announced the open-sourcing of its BRC-20 parser, a move aimed at standardizing industry parsing methods and preventing user asset losses caused by inconsistent data interpretation.
Looking ahead, OKX will continue monitoring other application scenarios within the Bitcoin ecosystem. On one hand, popular inscription assets are gaining utility in real-world applications, such as native DeFi and native stablecoins on Bitcoin. On the other hand, advancements in Bitcoin Layer 2 solutions will unlock greater network performance and scalability. Many projects are building products around these emerging narratives, driving ecosystem growth. For example, Runes—the asset issuance protocol championed by Ordinals’ creator Casey—is set to launch in April, alongside significant developments expected on the Lightning Network. As an innovation-driven Web3 technology company, OKX will actively participate in the most exciting and cutting-edge narratives, collaborating with developer communities to build a more vibrant Bitcoin ecosystem and advance the maturity of the multi-chain inscription era.
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