Written by: Yinan
$OMNI $BNB #Launchpool #OmniNetwork
Project Description:
Introduction
Omni is Ethereum’s interoperability layer and an L1 designed to help connect Roll-ups like Optimism, Arbitrum, zkSync, and Starkware.
It provides developers with an easy way to scale their applications while maintaining the security properties of Ethereum by leveraging foundational technical innovations in the blockchain industry, such as re-collateralization with Eigenlayer, Cosmos SDK, and Tendermint consensus. Omni allows developers to manage global application state and aggregate liquidity across all integration areas to create a smooth product experience for users.
Ethereum fragmentation problem
With the increasing popularity of Rollup, such as Arbitrum, Optimism and other Rollups, the biggest existential threat facing Ethereum is the fragmentation caused by Rollup.
Ethereum’s users and their capital are increasingly fragmented into isolated ecosystems, reducing global network effects. Omni solves this problem by integrating all Rollups into a cohesive, interoperable network.
Optimization for Ethereum fragmentation
Cross-Rollup Communication
Omni allows users and applications to interact across various Rollups as if they were a single, cohesive network.
Unified liquidity pool
By facilitating cross-aggregation trades, Omni helps aggregate liquidity, improve capital efficiency and reduce user slippage.
Simplify the user process
Users enjoy a more streamlined experience, being able to move assets or perform actions across aggregations without complicated processes or multiple steps.Developer-friendly platform
With Omni’s standardized communication protocol, developers can build applications with confidence that they will work across the entire Rollup ecosystem.
General Gas
Whether users hold their funds on Ethereum, Optimistic Rollup, ZK-Rollup, or any other connected network, they can transact seamlessly without having to worry about each network’s specific gas tokens.
Project Highlights
Omni introduces a novel network architecture that is tailored for low-latency Cross-Rollup communication and global compatibility with Ethereum's entire Rollup ecosystem, and is based on the cryptoeconomic security of re-staking $ETH. Combining technologies such as CometBFT, ABCI++, and the Engine API, sub-second cross-rollup message verification is achieved while leveraging Ethereum's industry-leading cryptoeconomic security budget. In addition, Omni is designed to be easily integrated with any rollup architecture and local rollup applications, while also providing a programmable state layer for managing cross-rollup application deployment.
It can be summarized as follows:
Dual Staking Model: Omni is a proof-of-stake network secured by the total value of re-staked ETH and staked OMNI.
Sub-second Validation: Omni nodes process cross-summary messages and Omni EVM transactions in under a second using CometBFT consensus. Using alternative finalization mechanisms like pre-confirmations and transaction insurance, Omni can provide sub-second finality for cross-summary messages.
Diverse rollup support: Omni is designed with minimal integration requirements to ensure compatibility with any rollup virtual machine, programming language, and data availability architecture.
Backward Compatibility: Applications can integrate Omni without modifying existing smart contracts. Instead, applications can use modified front-end instructions to send cross-aggregate messages through Omni.
OMNI three core
Ethereum Restake
The Omni Network consists of validators who re-collateralize ETH and attest to aggregate state updates to facilitate global interoperability. These ETH-based validators provide the security backbone of the network.
Tendermint Speed and CometBFT
By leveraging Tendermint PoS consensus, our validators can reach consensus on the rollup state nearly an order of magnitude faster than layer 1 Ethereum.
CometBFT is a Byzantine Fault Tolerant (BFT) consensus mechanism designed to ensure network protocols in distributed systems even in the presence of faulty or malicious nodes, and its resilience and efficiency make it an ideal choice for Omni.
EVM Compatibility
Omni’s execution layer is EVM-compatible, enabled by Ethermint (the EVM module on Cosmos), so developers can work in Solidity using the tools they are familiar with. The execution layer includes built-in capabilities to access state, messages, and applications from integrated rollups, creating a seamless experience for accessing users and liquidity across these rollups.
What Omni can do
Message dissemination
Applications can simply request that messages be delivered to a destination such as Arbitrum, and Omni will securely relay the message to the destination to trigger the corresponding application logic. Omni provides superior security, not just simple message propagation, but also has more functions.
Multiple message transmission
Because Omni can create a variety of applications, a single transaction on a Rollup may trigger multiple outbound messages. For example, if a user deposits funds in an automated protocol, Omni can automatically send messages to other Rollups to complete the corresponding actions.
For example, Alice posts 10 $ETH to an automated protocol that is responsible for ensuring that her DeFi positions in all Rollups do not fall below a 200% collateralization ratio. The Omni network may see this transaction and automatically send messages to Polygon's zkEVM, as well as to Starknet, to increase Alice's position. It is also possible that all of her current positions exceed her specified 200% collateralization ratio, so no outbound messages are delivered for now, but as her position falls below the 200% threshold, the automated protocol will begin sending messages over multiple weeks to increase her account on each Rollup.
This is the fundamental difference between Omni and projects that simply provide interoperability - Omni can facilitate interoperability between Rollups, but given that it is a generally programmable EVM, it can do much more.
Update status in Omni
Users can purchase tokens or NFTs on any Rollup throughout the Ethereum ecosystem by interacting with the portal contract and obtain the purchased tokens or NFTs directly on the original Rollup without having to consider Omni.Multi-chain DeFi fund interoperability
For example, create a margin account on OMNI, mortgage it on chain A, and then borrow on chain B to share the funds in the margin account.
NFT interoperability across chains
Projects can be deployed on the Omni Network, which will allow users on any chain to mint NFTs, which can also be “teleported” or moved between chains.
project team
Omni, formerly known as Rift Finance, is a DeFi protocol that provides financial services for Web3 projects.
Austin King, co-founder and CEO of OmniNetwork, founded his first company, Strata Labs, while studying computer science at Harvard University, scaling a high-performance payment network to over 10 billion transactions before accepting an acquisition offer from Ripple, where he previously worked as a software engineer. Omni is the second encrypted network he built.
Tyler Tarsi is the co-founder and CTO of OmniNetwork. He previously worked as a quantitative trading strategist at Stovell AI Systems. Tyler Tarsi studied at Harvard University.
Financing
On February 8, 2022, it raised US$18 million in financing, led by Pantera Capital.
Other investors include Two Sigma Ventures, Coinbase Ventures, Spartan Group, Defiance Capital, Hashed, Jump Capital, Vessel Capital, and Morningstar Ventures. Angel investors include Terra’s Do Kwon, Aave’s Stani Kulechov, Polygon’s Sandeep Nailwal, and Goldentree Asset Management’s Joseph Naggar.
Project Progress
Q1 2022 — Omni completed an $18 million financing round led by Pantera Capital.
2023 Q2 — Omni Network released its first technical architecture document.
2023Q3 — Testnet 1: Omni Origins completed.
2023Q4 — Testnet 2: Omni Overdrive completed.
Q1 2024 — Omni becomes the first Active Validation Service (AVS) to receive $1B in re-collateralized ETH commitments from industry-leading liquidity re-collateralization protocols such as EtherFi, Renzo, Puffer, Kelp, Swell, EigenPie, BedRock, and Rio
2024 Q2 — Mainnet launch
ecosystem
AutoFarm - The first DApp released on the Omni Network testnet, it redefines liquidity mining by allowing users to automatically transfer funds to the highest yielding pool on any chain. This is achieved through the Autonomy feature, which optimizes the APY for users.
Because the Omni mainnet has not yet been launched, the ecosystem is more focused on announcing collaborations with some projects and some deployments on the testnet.
Token Economics
$OMNI is the native token of Omni Network, and its main uses are:
General Gas: OMNI is used as a payment mechanism to compensate relayers who submit transactions to the target rollup.
Gas for Omni EVM: OMNI is the native currency used to process transactions on the Omni EVM.
Governance: OMNI stakeholders will be responsible for various governance decisions, such as protocol upgrades and other developer features.
Staking: The Omni protocol implements a dual staking model to ensure economic security. Security is a function of the total value of OMNI staked and ETH re-staked.
Token Allocation
Total Tokens: 100,000,000
Initial circulation: 10,391,492 (10.39% of total supply)
Private sales: 20.06%
Ecosystem: 29.5%
Team share: 25.25%
Community share: 12.67%
Advisor Allocation: 3.25%
Public offering: 5.77%
Binance launchpool：3.5%
Token Release
Genesis Airdrop
The Omni Foundation will soon launch $OMNI as an ERC-20 token on Ethereum with a total supply of 100,000,000; 3,000,000 of these (3% of the total $OMNI supply) will be distributed as part of an airdrop.
Airdrop eligibility will be retroactively determined starting April 3, 2024. Users will have 45 days to claim their $OMNI rewards, after which all unclaimed tokens will be returned to the Omni Foundation for future community activities.
The following roles can obtain Genesis airdrops:
Omni Community Members: Contributions from early testnet users, builders, and key participants within the Omni community.
EigenLayer Stakers: The first 10,000 EigenLayer re-staking participants will be eligible for $OMNI Genesis rewards
Beacon Chain Solo Stakers: Rewards for the 5,000 Beacon Chain solo stakers will be distributed on a first-come, first-served basis - the first 5,000 addresses to claim the airdrop will receive 60 $OMNI each.
Milady Maker and Redacted Remilio Babies NFT Holders: 3,682 addresses holding Milady Maker NFTs and 2,865 addresses holding Redacted Remilio Babies NFTs will be eligible for $OMNI Genesis rewards.
Pudgy Penguin NFT Holders: 4,609 addresses holding Pudgy Penguin NFTs will be eligible for $OMNI Genesis rewards.
Ninjas NFT Holders: 1,585 addresses holding Ninja NFTs are eligible for $OMNI Genesis rewards.
Strategic Partner Protocols: 25 protocol organizations that have partnered with Omni and contributed to its early development, such as Ether.Fi, Monad, Berachain, and EigenLayer, are eligible to receive $OMNI rewards.
Airdrop Details
Token listing status
$OMNI will be listed on Binance spot at 20:00 (ET) on April 17, 2024. It can be currently purchased atBinance launchpoolParticipate in mining. The mining cycle is 4 days. The BNB invested has reached 18,486,900 BNB. Those who participate early can really make a lot of money.
The project raised $18.1 million through two rounds of private token sales, of which 9.1% of the total OMNI token supply was sold at a price of $0.18/OMNI (seed round) and 11% of the total OMNI token supply was sold at a price of $1.50/OMNI (round A). In total, the private round sold 20.1% of the total OMNI token supply.
The price in the whales OTC market has reached $40, but the depth is not enough, so the reference value is not very strong. Generally, the better the depth, the greater the reference value.
The initial circulation of the project is 10,391,492 (accounting for 10.39% of the total supply), and the total supply is 1 billion. From the various fundamentals of the project (investment institutions, creation team, social media data, etc.), I think OMNI will be stronger than Binance's previous launchpool project SAGA. The current (2024/4/45) circulation market value of SAGA is 369 million, which is the price after the correction in the past two days. Considering that the market has not been very stable in the past two days and public sentiment has been frustrated, this unfavorable factor needs to be corrected downward. I personally think that OMNI's initial circulation market value at the opening is about 300-400 million US dollars. Of course, this is just a range. The opening fluctuations of new coins are generally large, so please be sure to DYOR!
Project Summary
OMNI network is an interoperable protocol across various Rollups, a first-layer public chain, and the first AVS on Eigenlayer. OMNI uses Eigenlayer's heavy staking to share Ethereum security and uses the Byzantine Fault Tolerance (BFT) consensus mechanism to enable it to handle a large number of transactions while maintaining low latency. The founding team graduated from Harvard University and has a background in the blockchain industry. The investment is led by Pantera Capital, with participation from jump and coinbase. The investment lineup is also luxurious. With the subsequent improvement of account abstraction/chain abstraction/intention-centered, the track where the project is located is also a potential track. It combines the liquidity of major rollups and simplifies user operations to solve the problem of fragmentation. The fundamentals of the entire project are very good.
However, the project has not yet been launched on the mainnet, and only part of the ecosystem can be experienced through the first few rounds of testnets. Therefore, many of the described visions and sub-second verifications still need to be tested after the mainnet is launched. Currently, $OMNI has also logged in to Binance launchpool, which has also brought more liquidity and attention to the project. In short, the project fundamentals are good, and the subsequent development and user adoption will depend on the team's subsequent operations and the completion of the product. Please continue to pay attention!
Related Links:
Official website: https://omni.network/
Twitter：https://twitter.com/OmniFDN
Discord：https://discord.com/invite/bKNXmaX9VD
Blog：https://news.omni.network/
Docs：https://docs.omni.network/
White paper: chrome-extension://bocbaocobfecmglnmeaeppambideimao/pdf/viewer.html?file=https%3A%2F%2Fdocs.omni.network%2Fwhitepaper.pdf
Binance Omni Research: https://www.binance.com/en/research/projects/omni
Binance Exchange Registration: https://accounts.binance.com/register?ref=46951918
