🔥研究了 @RichSwap_REE 的 Runes 互换功能，技术上，我愿称之为 Bitcoin 主网智能合约能力应用的典范！业务上，更是打开 Bitcoin 主网 DeFi 想象力的一大步！ 🚀 I've dug into @RichSwap_REE's Runes swap feature, and it's a prime example of what smart contract capabilities can do on the Bitcoin mainnet! It's an even bigger leap forward in unlocking the imagination for DeFi on Bitcoin. 要知道 BTC 主网的其他 AMM，想要实现符文互换，几乎只有两个办法： 1️⃣建 RunesA ↔ RunesB 的池子（流动性碎片化严重） 2️⃣后端做 2 笔交易：先讲 RunesA 兑换为 BTC，再将 BTC 对兑换为 RunesB（成本高，且MEV攻击严重）。 💡RichSwap 的 Runes 符文互换：能够在 Bitcoin 主网的一次 PSBT 中，嵌入并执行了两个独立的兑换任务，最终将从 RunesA 到 RunesB 的兑换，在一次 UTXO 的交易中直接完成。 ✅一次交易即可完成，成本低，且不存在 MEV 攻击。 --- For context, other AMMs on the BTC mainnet have only two ways to handle Rune-to-Rune swaps: 1️⃣ Create direct RunesA ↔ RunesB pools, which leads to severe liquidity fragmentation. 2️⃣ Execute two separate transactions on the backend: first swapping RunesA to BTC, and then BTC to RunesB. This results in high costs and exposure to MEV attacks. 💡 RichSwap's Rune-to-Rune swap embeds and executes two independent swap tasks within a single PSBT. This completes the entire RunesA to RunesB exchange in one atomic on-chain transaction. ✅ The result: a single transaction, lower costs, and zero MEV risk. 以上图 $IWC 直接兑换为 $RICH 符文为例 🔗 我们看到，在 PSBT中包含了一套完整交易意图：即两个 独立的、需要由RichSwap智能合约执行的意图： 🔸意图 [0]: swap 0.193 $IWC to 0.00018562 $BTC. 🔸意图 [1]: swap 0.00018562 BTC to 71,074.6 $RICH 这两个意图清晰地定义了 RUNE_A → BTC → RUNE_B 的完整路径：并且在一次标准的 UTXO 交易中实现。 💡不是简单的「第一笔交易确认后，再发起第二笔」。 💡而是基于 REE (Runes Exchange Environment) 的 DPS (Decentralized PSBT Signing) 架构 💡在 UTXO 模型中实现多次、有排序的、有状态的交易逻辑 更清晰的、代码层面的流程看 @musinoot 的分享⬇️ 这个功能深刻地展示了 REE 如何在不改变比特币主网共识的前提下，为其赋予强大的可编程性，实现了传统上认为在 UTXO 模型上难以实现的原子化交易可组合性 (Atomic Composability)。 关于 REE，看这个文章⬇️ --- Let's use the swap of $IWC for the $RICH Rune in the image above as an example: 🔗 We can see that the PSBT contains a complete set of transaction intentions, consisting of two independent intentions to be executed by the RichSwap smart contract: 🔸 Intention [0]: swap 0.193 $IWC to 0.00018562 $BTC. 🔸 Intention [1]: swap 0.00018562 BTC to 71,074.6 $RICH. These two intentions clearly define the complete RUNE_A → BTC → RUNE_B path, and it's all executed within a single, standard UTXO transaction. 💡 This isn't a simple case of "waiting for the first transaction to confirm before initiating the second." 💡 Instead, it's built on the DPS (Decentralized PSBT Signing) architecture of REE (Runes Exchange Environment). 💡 It achieves complex, stateful transaction logic on the UTXO model. This feature profoundly demonstrates how REE grants powerful programmability to the Bitcoin mainnet without altering its core consensus, achieving atomic composability—a feat traditionally considered difficult on the UTXO model. For a more detailed, code-level breakdown, check out this thread from @musinoot ⬇️ To learn about REE, read this article 👉 /// 💡接下来，至少有2个明确的趋势： 1️⃣ Bitcoin 生态稳定币的采用，将会更快到来。RichSwap 这次符文互换功能，太适合 USDC 稳定币了 2️⃣ BTCFi 真正的可组合性，即将到来：今天是两个池子的组合，明天就可以是“借贷+交易+质押”的三重奏，全部在一笔交易中完成。 独属于 Bitcoin 生态模型的 BTCFi 应用正在加速到来，我们拭目以待。 --- 💡 Looking ahead, this points to at least two clear trends: 1️⃣ Accelerated adoption of stablecoins in the Bitcoin ecosystem. This new swap feature from RichSwap is perfectly suited for stablecoins like USDC. 2️⃣ The arrival of true BTCFi composability. Today it's combining two pools; tomorrow it could be a "lend + swap + stake" trio, all executed in a single atomic transaction. Let's watch this space.