Omnity Network Launches RichSwap, a Non-Custodial, Bridgeless Runes AMM DEX for DeFi on Bitcoin

RichSwap runes AMM DEX is the first BTCFi protocol on Omnity’s Runes Exchange Environment (REE), a developer toolkit for Bitcoin with Turing-complete programmability

/EIN News/ -- SAN FRANCISCO, Feb. 09, 2025 (GLOBE NEWSWIRE) -- via IBN – RichSwap is the first AMM DEX for trustless on-chain runes trading without bridges, wrapping, custodians, off-chain software, or single points of failure. Transactions are executed completely on the Bitcoin network or rolled back in full, safeguarding users from extortion. Users retain full custody of their assets in their Bitcoin wallet without needing to deposit or withdraw to any platform.

RichSwap has launched on the new Runes Exchange Environment (REE) from Omnity Network. REE marks the beginning of Bitcoin’s evolution into a programmable and decentralized financial platform. It’s a powerful toolkit for developing DeFi products directly on Bitcoin. REE’s Turing-complete compute environment offers developers the tools to replicate EVM, Solana and other common DeFi concepts on Bitcoin. Unlike competing solutions, REE needs no changes to Bitcoin core, no bridges to other blockchains, or any other extension of Bitcoin such as nonstandard opcodes.

REE Makes BTCFi Verifiable, Trustable, and Standard

Bitcoin is the world’s most secure and decentralized blockchain, but its limited programmability restricts its use in complex financial applications. Unlike account-based blockchains like Ethereum, Bitcoin operates on the UTXO (Unspent Transaction Output) model. Each transaction output is a unique reference, embracing the fungible properties of Bitcoin while introducing complexity in applications and data.

Bitcoin’s UTXO model is integral for REE because REE uses Partially Signed Bitcoin Transactions (PSBTs), standardized via BIP-174 and BIP-370. Omnity’s Decentralized PSBT Signer (DPS) orchestrates PSBTs in a publicly verifiable manner. Transactions are executed completely or rolled back in full, making front-running impossible by design. Once a PSBT is signed, all transaction inputs and outputs are defined by the user and cannot be changed, even by REE itself.

Users swapping on REE enjoy a 100x reduction in swap time while retaining custody of their assets throughout the process. Because there is no limit to the number of PSBTs bundled together or the rate of PSBT production, multiple trades per-user can occur securely within a single Bitcoin block.

“DPS allows one user and multiple protocols to co-sign a transaction using PSBTs and broadcast it to the Bitcoin network. REE coordinates this multisig process,” said Louis Liu, Founder of Omnity. “I believe DPS is the best technical approach to achieving full programmability on Bitcoin layer 1.”

RichSwap to be Open-Source Blueprint for Bitcoin Developers

The new, optimized flexibility of the runes token standard allows developers to build innovative Bitcoin DeFi applications on REE, such as lending protocols, staking platforms, and stablecoin systems on Bitcoin. REE’s RichSwap AMM DEX is designed to be an open-source blueprint for BTCFi developers. By unifying the handling of Bitcoin and Bitcoin assets, RichSwap provides a tangible example of REE’s UTXO-based Exchange-Pool model presenting similarly to account-based blockchains.

REE’s composability allows BTCFi protocols to share liquidity, asset pools, and other DeFi logic. This enables other protocols to benefit from the REE environment while bootstrapping liquidity directly from existing asset pools. Additionally, REE includes configurations for fee organization and revenue sharing. REE is driving the evolution of on-chain Bitcoin DeFi, facilitating broader adoption of PSBTs as a standard and runes as a recognized asset class.

Omnity Network’s Runes Exchange Environment (REE) introduces a programmable execution toolkit for BTCFi as presented in RichSwap, Omnity’s non-custodial, bridgeless AMM DEX for the transparent and verifiable trading of Bitcoin runes. The Omnity Network is a suite of permissionless, noncustodial, on-chain Bitcoin products secured by ICP’s Chain Key cryptography and Multi-Party Computation (MPC) network of Bitcoin node operators. Its flagship product, the Omnity Hub, connects to 18 different blockchains with verifiable light clients supporting runes, fungible BTC, and BRC20 assets.

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Suzanne Leigh
Editor
zan@oct.network
Omnity Network

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