🔥研究了 @RichSwap_REE 的 Runes 互換功能，技術上，我願稱之為 Bitcoin 主網智能合約能力應用的典範！業務上，更是打開 Bitcoin 主網 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 主網的其他 AMM，想要實現符文互換，幾乎只有兩個辦法： 1️⃣建 RunesA ↔ RunesB 的池子（流動性碎片化嚴重） 2️⃣後端做 2 筆交易：先講 RunesA 兌換為 BTC，再將 BTC 對兌換為 RunesB（成本高，且MEV攻擊嚴重）。 💡RichSwap 的 Runes 符文互換：能夠在 Bitcoin 主網的一次 PSBT 中，嵌入並執行了兩個獨立的兌換任務，最終將從 RunesA 到 RunesB 的兌換，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 攻擊。 --- 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. 以上圖 $IWC 直接兌換為 $RICH 符文為例 🔗 我們看到，在 PSBT中包含了一套完整交易意圖：即兩個 獨立的、需要由RichSwap智能合約執行的意圖： 🔸意圖 [0]: swap 0.193 $IWC to 0.00018562 $BTC. 🔸意圖 [1]: swap 0.00018562 BTC to 71,074.6 $RICH 這兩個意圖清晰地定義了 RUNE_A → BTC → RUNE_B 的完整路徑：並且在一次標準的 UTXO 交易中實現。 💡不是簡單的「第一筆交易確認後，再發起第二筆」。 💡而是基於 REE (Runes Exchange Environment) 的 DPS (Decentralized PSBT Signing) 架構 💡在 UTXO 模型中實現多次、有排序的、有狀態的交易邏輯 更清晰的、代碼層面的流程看 @musinoot 的分享⬇️ 這個功能深刻地展示了 REE 如何在不改變比特幣主網共識的前提下，為其賦予強大的可編程性，實現了傳統上認為在 UTXO 模型上難以實現的原子化交易可組合性 (Atomic Composability)。 關於 REE，看這個文章⬇️ --- 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 👉 /// 💡接下來，至少有2個明確的趨勢： 1️⃣ Bitcoin 生態穩定幣的採用，將會更快到來。RichSwap 這次符文互換功能，太適合 USDC 穩定幣了 2️⃣ BTCFi 真正的可組合性，即將到來：今天是兩個池子的組合，明天就可以是“借貸+交易+質押”的三重奏，全部在一筆交易中完成。 獨屬於 Bitcoin 生態模型的 BTCFi 應用正在加速到來，我們拭目以待。 --- 💡 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.