Summary
- Xverse announced in-app Bitcoin Runes swap, removing barriers to adoption.
- The new feature allows users to select from Runes or Bitcoin as a base currency.
Xverse Bitcoin Web3 wallet for Android, iOS, and Chrome just announced an in-app Bitcoin Runes swap feature.
The release of the in-app swap aggregation was announced via a post on X as a giant step for moving the space forward and removing barriers to adoption, making it easier for new users to participate in the Runes ecosystem.
The new feature allows users to select from Runes or Bitcoin as a base currency, matching the best rates across multiple platforms, initially launching with Magic Eden, Unisat, and DotSwap, with others coming soon.
Xverse announced that the wallet will integrate with both UTXO model marketplaces and those using AMM-style systems, with rates ordered to offer the best pricing for users, according to the official announcement.
Users will have the option to manually select from the providers if they have a preference in the marketplace.
All swaps are noncustodial and competed in a single transaction using Partially Signed Bitcoin Transactions. During the process, assets will never be held by Xverse or any marketplaces.
Xverse tells users that when they are attempting to swap if they are not able to match a Runes-based swap, the wallet will prompt users to list their items directly on an available marketplace.
In order to get started, users have to select the Swap icon from the wallet dashboard, then choose the base currency followed by the asset that they wish to swap to.
What Are Bitcoin Runes?
On its official website, Xverse notes that Bitcoin Runes are fungible tokens built on the Bitcoin blockchain as alternatives to BRC-20 tokens. Runes are powered by the Runes Ordinal Protocol, which Casey Rodarmor proposed back in September 2023.
According to him, the Runes Ordinal protocol is a better and easier alternative to the BRC-20 token standard, the first experimental protocol for creating fungible tokens on the Bitcoin network.
Runes does not rely on a native token or off-chain data to operate, instead, it is a UTXO-based model, using unspent transaction outputs to track the Runes balance.
Each transfer is broken into different UTXOs which all hold various amounts of Runes.
Xverse wallet makes it easier to send and receive Bitcoin Runes, according to their official website.