(The Block) reports: Omni Network, an Ethereum scaling solution built on EigenLayer, launched its Omni Core mainnet on Tuesday.
The protocol aims to unify the fragmented Ethereum Layer 2 ecosystem by facilitating cross-chain communication and interoperability.
Ethereum scaling solution Omni Network has launched its Omni Core mainnet on Tuesday, according to an announcement. The system will serve as the "base layer" for the Omni Orderflow Engine, which aims to unify the fragmented Ethereum Layer 2 ecosystem.
“The proliferation of Ethereum rollups has resulted in $58 billion in total value locked (TVL) being fragmented across 40+ networks, creating significant challenges for users and developers,” the team wrote in a statement. “Omni aims to reunite this ecosystem, allowing users and developers to interact with Ethereum as seamlessly as they would with a single, unified chain.”
Omni should not be confused with the similarly named second-layer network for Bitcoin; it represents an early experiment unlocked by the emerging world of 'restaking'. Restaking is the reuse of staked assets (like ETH) to simultaneously secure multiple blockchain networks and applications, theoretically expanding the value of proof-of-stake (PoS) networks and supporting a range of novel applications.
Restaking was initially introduced through the experimental protocol EigenLayer and has become one of the hottest and most promising research areas in Ethereum. However, to date, only a few applications have truly leveraged the potential benefits unlocked by this advanced security measure.
Specifically, Omni launched in 2023, aiming to improve cross-chain interoperability between the diversified L2 ecosystem of Ethereum. While Layer 2 solutions help reduce transaction costs, foster their unique cultures, and provide more suitable technical solutions for specific applications, these diverse ecosystems scatter liquidity and the overall user base of Ethereum.
'Fragmentation limits Ethereum's true potential. Liquidity is dispersed, and users face unnecessary friction when moving between different rollups,' said Chief Technology Officer Tyler Tarsi in a statement.
Omni Core consists of a cross-chain messaging protocol and a customized EVM, designed to 'abstract' interactions across rollups, making the ecosystem appear unified and providing a 'seamless user experience'. Alongside the upcoming updated Omni SolverNet, Omni Core serves as part of the Orderflow Engine, responsible for validating transactions and exchanging information across chains.
At launch, Omni will support interoperability between the Ethereum base chain and the largest Layer 2 solutions, including Arbitrum, Base, and Optimism, which collectively account for over 90% of total value locked. By improving interoperability, Omni aims to support tools that are currently difficult to launch, such as cross-rollup stablecoins and DeFi-native tools that aggregate multi-source liquidity.
The protocol is built using the open-source Octane framework developed by the Omni team, aimed at simplifying the integration of EVM with any decentralized application (dApp). Octane combines EVM capabilities with the Cosmos-related consensus engine CometBFT, providing high transaction throughput by running consensus and execution processes simultaneously.
Last year, the Omni team raised $18 million from investors including Pantera Capital, Hashed Fund, Jump Crypto, and Two Sigma Ventures.
