按： 本文是我们发给投资人及合作伙伴的 2026 年中小结，为便于向公众分享做了较小范围的修改。

English version follows

UniSat 2026 年中回顾和展望

尊敬的 UniSat 股东及合作伙伴：

您好！

值此 2026 年步入下半年之际，我们很高兴与您分享 UniSat 过去半年的一些关键进展，以及未来一段时间我们的重点规划。

过去半年，Bitcoin 生态整体仍然处于相对平稳的发展阶段，新协议不断出现，但真正能够持续发展的项目依然有限。面对这样的市场环境，我们并没有追逐短期热点，而是继续围绕「基础设施」这一长期方向持续投入：一方面持续完善钱包、浏览器、市场等核心产品，另一方面继续推进索引、API、开发工具以及交易基础设施的建设，希望为 Bitcoin 原生资产的发展打下更加稳固的基础。

与此同时，我们也在不断重新审视 UniSat 自身的发展节奏，聚焦真正具有长期价值的方向，逐步形成更加清晰的产品布局和资源投入策略。

一、持续完善 Bitcoin 各类协议支持

过去半年，我们对 Bitcoin 各类资产协议的支持进行了持续调整与优化。

目前，UniSat 全线产品对于 Bitcoin 生态主要协议的支持情况如下：

过去半年，我们新增了对 Tacit 协议以及 Tap Protocol 体系下 NAT 资产的初步支持，同时下线了 Bitcoin 上 Atomicals 协议，以及 Fractal 上 CAT 协议的相关支持。

协议生态始终处于快速变化过程中。对于仍在发展的协议，我们将持续关注其技术演进和生态活跃度，并根据实际情况动态调整支持策略。

对于已经逐渐成熟的 Ordinals、BRC-20、Runes 等协议，我们的重点则逐步转向基础设施优化。过去一年，我们在 Fractal 上积累了大量索引优化经验。未来，我们计划将这些成果逐步迁移至 Bitcoin 主网，进一步提升索引性能、改善稳定性，并持续降低运行成本。

我们的长期目标，是让普通社区参与者也能够以较低成本运行完整索引服务。我们注意到，当前 Ordinals 基础设施（如 ord 及基于 ord 的各类协议索引）首次同步通常仍需要 1 至 2 周时间，我们希望未来能够将这一过程压缩至 12 小时以内。这些工作将为我们在主网上实现高性能、去中心化的索引体系创造条件。

二、围绕「储存、检索、交易」构建完整产品闭环

过去几年，UniSat 已逐渐形成三个最核心的产品方向：

• UniSat Wallet：负责资产储存；
• UniScan：负责资产检索；
• Marketplace / UniHexa：负责资产交易。

这三者共同构成了我们对于 Bitcoin 原生资产基础设施的核心理解。它们所组成的三角形，构成了 UniSat 的核心业务组合：

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            市场 / DEX
            (交易需求)
               /\  
              /  \ 
             /    \
            /      \
           /        \
          /          \
         /____________\
       钱包           浏览器
    (储存需求)       (检索需求)

长期以来，UniSat 在产品投入上存在一定程度的“重基础设施、轻交易市场”倾向。在交易服务和流动性建设方面，我们过去缺少长期、深入、持续的投入，而这正是我们今年希望重点改善和提升的方向之一。上半年，我们已经在相关团队能力上做出补强，并希望在下半年继续加大强化力度。

今年以来，我们持续加强交易产品团队建设，并陆续完成了钱包、浏览器以及 Marketplace 的大量体验优化，包括市场挂单流程等长期存在的问题。随着产品不断改善，我们也观察到部分此前流失至其他产品的用户开始重新回归 UniSat。

未来 6 至 12 个月，我们希望进一步完善钱包、浏览器和交易市场之间的协同体验，使绝大多数 Bitcoin 用户都能够在 UniSat 内完成资产的储存、查询和交易，形成完整且顺畅的产品闭环。

我们相信，这一加速迭代的组合将成为 Bitcoin 生态中最具竞争力的产品体系之一。

三、推进下一代交易引擎 UniHexa

UniHexa 是我们正在持续投入建设的新一代交易基础设施。

相比传统 Marketplace，UniHexa 更希望成为能够连接不同 Bitcoin 协议的统一交易引擎。

过去半年，UniHexa 已完成两轮测试，在整体产品完成度和用户体验方面取得了明显进展。

目前，我们仍然重点优化链上结算成本，希望进一步解耦高性能内存撮合引擎与链上异步结算模块，在保证去中心化安全性的同时，为用户提供更加流畅自然的交易体验。

接下来，我们将逐步开放更多用户参与测试，并完成 UniHexa 的正式上线。

与此同时，我们也持续关注 RGB 协议中官方 USDT 的推进情况。

一旦相关基础设施成熟，我们计划第一时间实现 RGB USDT 与其他协议资产之间的互通，为 Bitcoin 生态提供跨协议稳定币能力，并进一步增强 UniHexa 的整体流动性。

四、API 与 CLI：迈向 Agent 时代的开发基础设施

UniSat API 已逐渐成为 Bitcoin 生态中广泛使用的基础设施之一。

目前，API 月请求量已经达到 5 亿至 10 亿次，也为公司带来了持续增长且相对稳定的现金流。

今年下半年，我们计划完成 API 推出以来最重要的一次升级。

升级主要包括两个方向。

首先，进一步增强对于更多 Bitcoin 协议的支持能力。随着底层架构重构完成，新协议的接入效率已经显著提升，今年以来，我们已经陆续支持 Tacit、RGB 等协议。

其次，我们计划将全部 API 能力逐步升级改造为更加适合 Agent 调用的 CLI 形式。

未来，我们希望 UniSat API、CLI 以及 AI Kit 能够共同构成 Bitcoin Agent 的基础设施，让 AI 能够更加方便地完成 Bitcoin 资产的查询、管理与交易。

五、Fractal：聚焦基础设施，为下一阶段增长做好准备

过去半年，我们持续参与 Fractal Bitcoin 的建设。

其中最重要的工作，是推动 FIP-101 提案落地。

该提案重新调整了 Fractal Tokenomics，将原有 2:1 的挖矿分配机制调整为联合挖矿、自由挖矿和索引挖矿各占三分之一，同时允许用户通过质押 FB 参与索引网络运行并获得持续收益。

从目前链上数据来看，索引区块奖励带来的实际卖压仅约为传统挖矿区块奖励的 20% 至 30%。

我们认为，FIP-101 在提升索引网络去中心化程度的同时，也有望进一步改善 Fractal 的整体经济模型。目前，该提案预计将在 7 月下旬正式上线。

与此同时，我们观察到 Fractal 上持续存在较高活跃度的 Runes 铸造行为，也有越来越多第三方团队开始围绕 Fractal 推出 Launchpad、NFT 等应用。

随着今年 9 月首次减半临近，我们也正在思考如何建立更加健康的生态合作机制，与不同的项目形成更健康、更良性的互动，推动 Fractal 下一阶段的发展。

整体而言，UniSat 当前对于 Fractal 的策略可以概括为：

收缩战线、强化工具、择机突破。

下半年，我们仍将持续围绕 Bitcoin 热门 BIP 和热门的社区讨论开展研究，并优先在 Fractal 上验证具有潜力的新技术，为未来 Bitcoin 主网的各类升级和提案的推进打下更扎实的基础。

致谢

感谢各位股东、合作伙伴以及社区成员长期以来对 UniSat 的支持与信任。

我们始终相信，Bitcoin 原生资产生态仍处于非常早期的发展阶段。真正具有长期价值的基础设施，需要持续数年的耐心投入，而非依赖短期市场周期。

未来半年，我们将继续围绕钱包、浏览器、交易基础设施、索引网络以及开发者平台等方向持续投入，希望通过稳定而持续的工程能力，为 Bitcoin 生态提供更加开放、高效且可靠的基础设施。

期待在下一次更新中，与各位分享更多进展。

Best regards,
Lorenzo
UniSat

2026.07 UniSat Mid-2026 Review & Perspective

Dear UniSat Shareholders and Partners,

We hope this message finds you well.

As we enter the second half of 2026, we’re pleased to share some of UniSat’s key progress over the past six months, along with our priorities for the months ahead.

Over the past half year, the Bitcoin ecosystem has remained relatively steady. New protocols continue to emerge, but only a small number have demonstrated lasting momentum. Against this backdrop, rather than chasing short-term trends, we have remained focused on our long-term vision of building infrastructure. We continued to strengthen our core products—including the wallet, explorer, and marketplace—while investing in indexing, APIs, developer tooling, and trading infrastructure to build a stronger foundation for Bitcoin-native assets.

At the same time, we have continued to reassess UniSat’s own development strategy, focusing our resources on areas with long-term value and gradually establishing a clearer product roadmap and investment strategy.

1. Continued Support for Bitcoin Asset Protocols

Over the past six months, we have continuously refined and optimized support for various Bitcoin asset protocols.

The current support status across the UniSat product suite is summarized below.

During the past six months, we introduced initial support for the Tacit protocol and NAT assets under the Tap Protocol ecosystem, while discontinuing support for the Atomicals protocol on Bitcoin and the CAT protocol on Fractal.

The protocol landscape continues to evolve rapidly. For emerging protocols, we will continue to monitor both technical progress and ecosystem activity, adjusting our support strategy as appropriate.

For more mature protocols such as Ordinals, BRC-20, and Runes, our focus has gradually shifted toward infrastructure optimization. Over the past year, we accumulated significant experience optimizing indexing on Fractal. Going forward, we plan to bring these improvements back to Bitcoin mainnet, further enhancing indexing performance, improving stability, and reducing operating costs.

Our long-term goal is to make it practical for ordinary community participants to run full indexing services at low cost. Today, initial synchronization for the Ordinals infrastructure (including ord and protocol indexers built on top of it) typically still requires one to two weeks. We hope to reduce that process to under 12 hours. These improvements will lay the groundwork for a high-performance, decentralized indexing network on Bitcoin mainnet.

2. Building a Complete Product Loop Around Storage, Discovery, and Trading

Over the past few years, three products have gradually become the core pillars of UniSat:

• UniSat Wallet — for asset self-custodial storage
• UniScan — for data indexing asset/transaction search
• Marketplace / UniHexa — for asset on-chain trading

Together, these products represent our core vision for Bitcoin-native asset infrastructure.

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                Marketplace / DEX
                   (Trading)
                      /\
                     /  \
                    /    \
                   /      \
                  /        \
                 /__________\
            Wallet        Explorer
           (Storage)     (Discovery)

Historically, UniSat has invested more heavily in infrastructure than in trading products. Compared with our strengths in wallet and infrastructure development, we have not devoted the same level of long-term investment to trading services and liquidity. Addressing this imbalance has become one of our key priorities this year.

During the first half of the year, we strengthened our trading product team and completed numerous user experience improvements across the wallet, explorer, and Marketplace, including resolving several long-standing issues in the listing workflow. As the product experience continues to improve, we have already begun to see users returning to UniSat from competing products.

Over the next 6–12 months, we aim to further integrate the wallet, explorer, and trading experience so that the vast majority of Bitcoin users can store, discover, and trade assets seamlessly within the UniSat ecosystem.

We believe this evolving product combination will become one of the most competitive one in Bitcoin ecosystem.

3. Advancing UniHexa — Our Next-Generation Trading Engine

UniHexa is the next-generation trading infrastructure that we continue to invest in.

Unlike a traditional marketplace, UniHexa is designed to become a unified trading engine connecting assets across different Bitcoin protocols.

Over the past six months, UniHexa has completed two rounds of testing, with substantial improvements in both product maturity and user experience.

Our current engineering focus remains on reducing on-chain settlement costs. We aim to further decouple the high-performance in-memory matching engine from the asynchronous on-chain settlement layer, delivering a smoother trading experience while preserving decentralization and security.

In the coming months, we will gradually expand public testing and prepare for UniHexa’s official launch.

At the same time, we continue to closely monitor the progress of the official RGB-based USDT.

Once the underlying infrastructure is ready, we intend to support seamless interoperability between RGB USDT and assets from other Bitcoin protocols, bringing cross-protocol stablecoin liquidity to the Bitcoin ecosystem while further strengthening UniHexa’s overall liquidity.

4. API & CLI — Infrastructure for the Agent Era

The UniSat API has gradually become one of the most widely adopted infrastructure services in the Bitcoin ecosystem.

Today, the API processes between 500 million and 1 billion requests per month, while generating stable and steadily growing cash flow for the company.

During the second half of this year, we plan to deliver the most significant API upgrade since its launch.

This upgrade focuses on two major areas.

First, we will continue expanding support for additional Bitcoin protocols. Following a major architectural refactoring, onboarding new protocols has become significantly more efficient, allowing us to add support for protocols such as Tacit and RGB over the past several months.

Second, we plan to gradually evolve our entire API offering into CLI-based interfaces that are more suitable for AI agents.

Looking ahead, we envision the UniSat API, CLI, and AI Kit together forming the foundational infrastructure for Bitcoin Agents, enabling AI applications to more easily discover, manage, and trade Bitcoin-native assets.

5. Fractal — Strengthening Infrastructure for the Next Phase of Growth

Over the past six months, we have continued contributing to the development of Fractal Bitcoin.

Our most significant effort has been driving the implementation of the FIP-101 proposal.

FIP-101 redesigns Fractal’s tokenomics by replacing the previous 2:1 mining reward allocation with an equal distribution among merged mining, permissionless mining, and index mining. It also enables users to stake FB to participate in the indexing network and earn ongoing rewards.

Based on current on-chain data, the actual sell pressure generated by index mining rewards is only around 20%–30% of that generated by traditional mining rewards.

We believe FIP-101 not only improves the decentralization of the indexing network, but also has the potential to strengthen Fractal’s long-term economic model. The proposal is currently expected to go live in late July.

Meanwhile, we continue to observe strong activity around Runes minting on Fractal, while an increasing number of third-party teams are launching products such as launchpads and NFT applications.

With Fractal’s first halving approaching this September, we are also exploring healthier collaboration models across the ecosystem to foster more sustainable growth and stronger partnerships.

Overall, our strategy toward Fractal can be summarized as:

Focus, strengthen the infrastructure, and be ready for the next breakthrough.

During the second half of the year, we will continue researching emerging Bitcoin BIPs and major community proposals, prioritizing validation on Fractal before potential adoption on Bitcoin mainnet, helping establish a stronger technical foundation for future Bitcoin upgrades.

Thank You

We sincerely thank all of our shareholders, partners, and community members for your continued trust and support.

We firmly believe that the Bitcoin-native asset ecosystem is still in its very early stages. Infrastructure with lasting value requires years of consistent investment and engineering excellence—not short-term market cycles.

Over the coming months, we will continue investing in wallets, explorers, trading infrastructure, indexing networks, and developer platforms, with the goal of building more open, efficient, and reliable infrastructure for the Bitcoin ecosystem.

We look forward to sharing more progress with you in our next update.

Best regards,

Lorenzo
UniSat

E-2607 (Lorenzo’s Library)
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