On February 8th, COINOTAG News reported the official launch of REE, a Bitcoin programmability extension protocol created by Omnity Network. This initiative heralds a significant advancement, introducing Turing-complete smart contract capabilities on the Bitcoin mainnet, which is essential for the burgeoning BTCFi ecosystem. REE, or Runes Exchange Environment, constructs a decentralized execution layer, facilitating smart contract deployment without relying on cross-chain assets.
Built upon the ICP public chain, REE introduces innovative DPS technology, enabling smart contracts on ICP to actively engage in multi-party transactions on Bitcoin. By dynamically forming Partially Signed Bitcoin Transactions (PSBT), it allows for atomic transactions and supports a variety of protocol combinations, including Swap, Lending, and Staking.
The first application launched within the REE ecosystem is RichSwap, a decentralized Rune AMM DEX. Leveraging an “optimistic execution, batch settlement” mechanism, RichSwap processes transactions at sub-second speeds, offering a remarkable 100x improvement over traditional Bitcoin confirmation rates. Furthermore, the platform pledges to donate a portion of its protocol revenue to the Rune HOPE•YOU•GET•RICH initiative. Omnity Network is committed to establishing a comprehensive BTCFi infrastructure through its core offerings, aiming to redefine Bitcoin as a pivotal layer for global economic settlements and digital financial innovation.
