Omnity Network is built on ICP Chain Fusion technology. It serves a multi-chain environment, especially Bitcoin and its L2s. The three cryptographic tokens associated with Omnity Network are:
OCT is an ERC20 token issued on Ethereum by Octopus Network, the predecessor of Omnity Network, on September 1, 2021. It has a fixed supply of 100 million and a circulation rate of nearly 100%. In addition to a few percent for the core team, advisors are still locked.
HOPEâąYOUâąGETâąRICH (#431), referred to as RICH from now on, is a Rune etched on the Bitcoin network by the Omnity Core Team on April 20, 2024, at the peak of the Runes Protocol launch. The distribution of RICH is 100% open minting, with the public minting all 8.1 billion supply by May 10, 2024.
Omnity Networkâs upcoming governance token, which we will tentatively call OT, will be an SNS token issued on ICP, representing the right to manage the upcoming Omnity SNS DAO.
The main reason for issuing OT is to establish the Omnity SNS DAO and implement on-chain governance of the Omnity protocol smart contract (container). OCT holders can redeem OCT for OT at a 1:1 ratio by destroying their OCT.
Since the Omnity family of protocols does not require much token incentive to bootstrap, we will minimize the issuance of OT beyond the OCT supply to prevent dilution of OCT holders.
After offering the Swap option indiscriminately, the Omnity core team will no longer be responsible for OCT and its holders, and Omnity protocol revenue will belong to the Omnity community, consisting of OT holders and other stakeholders.
Given that the Octopus Protocol has struggled to continue to deliver value to the Omnity community, we have decided to exit the Octopus AppChain network after consulting with our AppChain partners.
I think the best time for Omnity SNS to launch is the first half of 2025 for two reasons:
First, the Omnity protocol is still developing rapidly and requires frequent upgrades or even emergency updates to respond to security threats. Early on-chain governance will reduce the necessary flexibility.
Second, the adoption of the Omnity protocol has just begun, and we hope to establish a stable protocol revenue stream before the launch of SNS so that investors can reasonably assess the intrinsic value of OT.
Omnity is developing a Bitcoin-native execution layer called REE and the Runes AMM DEX based on it. The DEX will use RICH as its utility token, making RICH one of the few utility tokens on the Bitcoin network.
Compared with a one-time airdrop, sustained utility is more effective in providing long-term value for RICH and providing stable and reliable value for RICH holders.
Why not use OCT or OT as a utility token? First, REE is a Bitcoin native execution layer that is compatible with Runes but not with ICP or Ethereum tokens. In addition, using a fair-issued necessary token as a utility token will protect the DEX from regulatory risks.
The above decisions are based on known information and what we believe is best for the community, however, they may change if better options become available.
For more information about omnity, please read:
Lendfinity Partners with Omnity to Connect ckBTC, ckUSDT, and ckUSDC to the Bitfinity Network
Omnity to launch Bitcoin staking, shared security, and its governance/utility token OT
Omnity Network launches Rune cross-chain transfer and Rune red envelope functions
#Omnity #Runes珊æ #ICPçæ #DAOæČ»ç
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