🐳 Let's quickly analyze OMNI and take a look at#OMNICOINThe roadmap seems quite positive for the near future!
🔹 Omni Network is a Layer 1 blockchain that allows developers to easily build DApps on Layer 2 while still achieving the security of Ethereum. On April 12, 2024, Omni Network was announced as the 52nd Launchpool project on Binance.
What is Omni Network?
Omni Network is a blockchain network that allows developers to easily build dApps across all Layer 2's while still achieving the security of Ethereum. To accomplish this, Omni Network leverages the Cosmos SDK toolkit and EigenLayer's infrastructure to facilitate fast connections while increasing security between Layer 2.
👉What is OMNI token used for?
OMNI is the native token of Omni Network and is used in the following cases:
Transaction fees: OMNI is used to pay fees for transactions on Omni EVM.
Network governance: OMNI holders will participate in various governance decisions such as protocol upgrades or additional features for developers.
Staking: Users can use OMNI to stake the network to receive rewards.
Airdrop: 3% of total OMNI token supply will be allocated to testnet users.
Binance Launchpool
On April 12, 2024, Binance announced Omni Network as the 52nd Launchpool project on this exchange.
Staking time: 4 days from 07:00 AM on April 13, 2024 (Vietnam time)
Pool stake: BNB and FDUSD
Listing time: Binance will list OMNI token at 07:00 PM on April 17, 2024 (Vietnam time)
Trading pairs: OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD and OMNI/TRY
Omni Network is designed with minimal integration requirements to ensure compatibility with every available VM rollup, programming language, and data architecture. From here, applications can participate in the Omni Network's ecosystem without modifying their existing smart contracts.
🔹What problem was Omni Network created to solve?👉 Currently, there are more and more new Layer 1 and Layer 2 solutions appearing in the crypto market, and at the same time, Layer 2 solutions stand out in the market today. like Optimism, Arbitrum, and StarkNet also plan to launch Layer 3. This leads to liquidity fragmentation as the amount of liquidity available in the crypto market is divided among many different ecosystems.
In the current context, developers who want to build dApps will only have 2 options:
🔸 Option 1: Choose an independent ecosystem for developers to deploy their applications on a single chain. However, users will need to use bridges to move assets to different chains. This reduces the number of users and causes certain difficulties for new users.
🔹 Option 2: Developers can develop their applications using multichain data transfer protocols to communicate between smart contracts on different chains. The complexity of this design model will easily expose protocols to security vulnerabilities.
However, both of these options bring certain problems to projects. Realizing that problem, Omni Network introduces a blockchain capable of interoperating and managing applications across all different chains. This solution helps access liquidity and users across every ecosystem.
🚀 Omni Network technology
Dual Staking model
👉Omni Network's Dual Staking model includes 2 layers: Consensus Layer (consensus layer) and Execution Layer (execution layer). This model facilitates Integrated Consensus and for validators to simultaneously perform consensus for Omni EVM and cross-chain messages.
👉By decoupling consensus operations from transaction execution, Omni Network efficiently scales operations across its network and connected rollups. This model not only minimizes the risk of network congestion but also enhances the security and reliability of cross-network transactions.
Consensus Layer
👉At the heart of the Omni Network is the Consensus Layer powered by CometBFT. This is where validators come together to agree on the state of the network, ensuring every transaction is valid and finalizing the state on all connected rollups.
In addition, CometBFT operates under the Delegated Proof of Stake (DPoS) mechanism that allows users to delegate their liquid restaking tokens such as ezETH (Renzo), pufETH (Puffer Finance) to validators through technology from EigenLayer. From here, users can receive rewards while enhancing network security.
Execution Layer
Complementing the Consensus Layer is the Execution Layer or Omni EVM to execute ETH transactions. Omni EVM processes transactions in its mempool while also leveraging 3rd party applications such as Geth, Besu,... so that the network achieves high throughput without overload.
In addition, Omni EVM supports EIP-1559 transaction fees that can vary according to network conditions and user requests. This helps optimize network usage costs, ensuring that users do not have to pay too much fees when transacting on Omni Network.
Development roadmap
Q2/2024
Launched mainnet version.
Integrates EigenLayer and other Liquid Restaking protocols.
Launch of OMNI token.
Q3/2024
Launch of Global Applications (NGA) deployed on Omni EVM.
Deploy smart contracts for new rollups.
Q4/2024
Expand the network to include alternative Data Availability systems such as EigenDA and Celestia.
Attestation segmentation to increase the aggregation capacity of the network to a large extent.
Integrate MPC providers so institutions have access to all Ethereum rollups.
summary
Omni Network is a blockchain network that brings interoperability between Ethereum Layer 2 solutions to developers to address the liquidity fragmentation present in the crypto market.
Through this article, we hope you can grasp basic information about the project to make your own investment decisions.