Bitcoin Forum

Role of indexers


Meta-protocols living on top of the bitcoin blockspace like BRC-20, can only work out if everyone agrees on how we proceed specific datasets published as ordinals.
An indexer is a public repository of specification/script that allows us to verify any virtual type of data structures
In our case, we implement a ledger of $LPV1 brc-20 tokens



What are Meta Protocols?


Meta-protocols are like the superheroes of the blockchain world, seamlessly connecting various DeFi platforms and allowing users to access a wider range of features and services. By leveraging the capabilities of meta-protocols, you can maximize your DeFi experience and take advantage of the full potential of the blockchain. So put on your cyber-gear and get ready to explore the limitless possibilities of meta-protocols in the world of DeFi!


1 - Create transferable brc-20 pair

Initiate the pair by creating 2 brc-20 inscriptions that you own. https://image.noelshack.com/fichiers/2023/23/3/1686152918-capture.png

Structure example of token A, a transferable brc-20 $ordi

{
  "p": "brc-20",
  "op": "transfer",
  "tick": "ordi",
  "amt": "100",
  "pool": "1"
}



2 - Create a pool using $LPV1

https://image.noelshack.com/fichiers/2023/23/3/1686153006-capture.png


$LPV1 is the brc-20 token that is used and distributed as an accounting mechanism and smart contract for liquidity pools. It represents a share of the liquidity pool and is used to track each user's contribution to the pool. By holding $LPV1 tokens, users are entitled to a portion of the trading fees generated by the liquidity pool, incentivizing them to provide liquidity to the pool.
The use of $LPV1 tokens as an accounting mechanism and smart contract for liquidity pools is a significant development in the world of decentralized finance on bitcoin. It provides a transparent and efficient way to manage liquidity pools and enables users to participate in the growth of the DeFi ecosystem.


{
    "p": "brc-20",
    "op": "deploy",
    "tick": "LPV1",
    "max": "100",
    "pid1": "b61b0172d95e266c18aea0c624db987e971a5d6d4ebc2aaed85da4642d635735i0",
    "pid2": "940e8a6ec3943962c55fdd84809f3d878c6990da123cd3d02ae4769d3d86f3a6i0",
    "amt1": "1",
    "amt2": "1",
    "to": "1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa",
    "fees": "0.003"
}


3 - Inscribe OP Mint $LPV1

Once the inscription pool is deployed, we need to inscribe the synthetic assets (here $LPV1 that represents the ratio of the pool to create the inscription (RTFM if you don't know how, or use a paid service provider)


https://image.noelshack.com/fichiers/2023/23/3/1686153171-capture.png

{
    "p": "brc-20",
    "op": "mint",
    "tick": "LPV1",
    "amt": "100"
}

Damn it, at least make the token format in optimized binary form so that we can stop bitching about the size.

Do not write about your defi projects in mining. Staking coins is also not related to mining.
If your coin cannot be mined, or it is a token in the blockchain, then write a subject in Tokens (Altcoins). Your ordinals tokens cannot be earned through mining.

Well it was in Altcoin ANN but either OP moved it or a mod moved it. Kind of hard to say what section it should be in. I don't think any part of Alternate cryptocurrencies is appropriate since its all on Bitcoin.

brc-20 is the standard for tokens, and it doesn't matter on which blockchain this token is used.