What is Shell Trade? Shell Trade is a platform designed to bring the smoothest interaction between the Bitcoin and Solana networks, assets can easily move between these two Blockchains. So why does Shell Trade want to develop a protocol to connect these two blockchains? Let’s find out through the article below.
Shell Trade Overview
What is Shell Trade?
Shell Trade is a platform developed to help assets on the Bitcoin network easily move through the Solana ecosystem. Shell Trade’s first product is a Cross-chain Bridge, allowing BRC-20 tokens to move safely and efficiently from the Bitcoin network to the Solana network in the opposite direction from Solana to Bitcoin safely.
What is Shell Trade?
In the next phase, Shell Trade plans to expand support for BRC 20 protocols such as Atomical and BRC-100. In the future, they will combine more with projects in the Solana ecosystem such as Lending, Trading, Farming platforms for BTC assets on the Solana network.
Why Bitcoin and Solana?
The Bitcoin network has always been known for being the most decentralized, secure, and transparent in the blockchain market. In March 2023, the emergence of the BRC 20 token standard allows users to deploy, mint, and move off the Bitcoin network, providing a potential opportunity to develop the ecosystem on Bitcoin. Despite its rapid development and led by BRC 20, there are still some limitations such as transaction speed and smart contracts that reduce the ability to take advantage of the above assets.
With Solana, a blockchain with good infrastructure, high performance, fast and cheap transaction speed and supporting Solana Virtual Machine (SVM) makes Solana an ideal Blockchain to expand its application. of BRC 20.
Mechanism of action
How Shell Trade works
The operating mechanism of Shell Trade takes place in a number of basic steps as follows:
- Locking Contracts: Shell Trade bridge operates based on the mechanism through Locking Contracts. This mechanism allows users to lock and unlock between the Bitcoin and Solana networks. It is responsible for recording the volume of BRC 20 assets involved in the locking process and then creating equivalent representative tokens on the Solana network to reflect BRC 20 positions.
- Monitoring Node: Nodes are deployed to monitor and validate cross-chain transfers to ensure validity and security.
- Confirmation Mechanism: This mechanism integrates the event-triggered process with cross-chain confirmation, enhancing security and reliability during asset transfer.
Development Roadmap
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Core Team
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Investor
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Tokenomics
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Exchanges
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Project Information Channel
- Twitter: https://twitter.com/ShellTrade
- Website: https://shell.trade/
- Telegram:
Summary
Projects surrounding BRC 20 are gradually becoming more numerous, this will be a Narratives that everyone needs to pay attention to in the near future. Hopefully through the article, everyone has an overview of what Shell Trade is.
