Source: Binance
Omni Network (Omni) is a layer 1 blockchain that aims to integrate Ethereum's Rollup ecosystem into a unified system. Using Omni, developers can build native global applications that have access to all Ethereum's liquidity and users by default.
OMNI is the native token of Omni Network and plays the following roles in the protocol:
Universal Gas Resource: 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.
Network Governance: OMNI stakeholders will be responsible for various governance decisions, such as protocol upgrades and other developer functions.
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.
The agreement consists of the following main components:
External Rollup: The source and destination networks of cross-rollup messages.
Omni Validator Nodes: A permissionless network of nodes that use CometBFT consensus to validate cross-Rollup messages and transactions on the Omni EVM. These nodes are secured using the total value of staked OMNI and re-staked ETH.
Omni Blockchain: A single source of truth for all cross-Rollup messages and Omni EVM transactions processed by Omni validators.
Relay: A permissionless entity that submits the final cross-Rollup message from the Omni network to the target Rollup network.
The project has raised $18.1 million in two private token sale rounds, with 9.1% of the total OMNI token supply sold at $0.18/OMNI (Seed Round), 11% of the total OMNI token supply sold at $0.18/OMNI (Seed Round) and $1.50/OMNI (Series A), representing 20.1% of the total OMNI token supply sold in the private rounds.
As of April 12, 2024, the total supply of OMNI is 100,000,000, and the circulating supply after listing is approximately 10,391,492 (approximately 10.39% of the total token supply).
Key Metrics: (as of April 12, 2024)
1. What is Omni Network?
Omni is an integrated Rollup layer for Ethereum that allows developers to build unified applications across all Ethereum scaling solutions. It is powered by a novel blockchain architecture that supports sub-second finality and derives security from Ethereum through re-collateralization.
1.1. Project mission and project value proposition?
Project Mission
Omni’s mission is to return Ethereum to its role as a single, unified operating system for decentralized applications.
Project Value Proposition
Ethereum's Rollup-centric architecture forces the network to scale through isolated execution environments. This leads to fragmentation of liquidity, users, and developers, and reduces Ethereum's network effect.
With Omni, developers can program across multiple Ethereum Rollups as if they were working in a single state machine. Applications built with the Omni EVM can exist in all Ethereum Rollups by default, allowing developers to integrate all of Ethereum’s liquidity and users into their applications.
1.2. Main highlights of the project
Dual Staking Model: Omni is a Proof-of-Stake network secured by the total value of re-staked ETH and staked OMNI.
Sub-second Verification: Omni nodes use CometBFT consensus to process cross-Rollup messages and Omni EVM transactions in less than one second. Using alternative finalization mechanisms such as pre-confirmation and transaction insurance, Omni can provide sub-second finality for cross-Rollup 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 send cross-Rollup messages through Omni using modified front-end instructions.
Products
Omni Origins Testnet (June-July 2023)
Total transactions processed: 1.5M
Total number of unique users: 150K
Ecosystem projects: 4
Omni Overdrive Testnet (August – October 2023)
Total transactions processed: 6M
Total number of unique users: 400K
Ecosystem projects: 30
Omni Omega Testnet (March 2024 to present)
Total number of operators: 37
Total number of retryers delegated to Omni operators: 75,600
2. Technical infrastructure
Modular Node Architecture: Omni introduces a new node architecture (Octane) designed around the Ethereum Engine API. This creates a clear separation between the consensus and execution environments of each node while allowing nodes to use existing Ethereum execution clients.
Integrated Consensus: Omni validators use CometBFT consensus and ABCI++ voting extensions to simultaneously validate cross-Rollup messages and transactions on the Omni EVM.
Native Global Applications: Omni EVM simplifies cross-Rollup application development by dynamically propagating contracts and interfaces to any Rollup. This approach to building cross-Rollup applications allows developers to program cross-Rollup applications in a single environment and minimizes the possibility of smart contract vulnerabilities arising from the complexity of handling distributed state.
3. Token Sale and Economics
3.1. Token Allocation
3.2. Token issuance schedule
4. Roadmap and Updates
4.1 Completed Milestones
4.2. Current Roadmap
Q2 2024:
Mainnet launched.
Getting started with the Liquid Restake protocol and the EigenLayer operator.
Token Generation Event.
The first 11B+ commits to deploying xERC20 secured by Omni.
Q3 2024:
Batch launch of Native Global Applications (NGAs) deployed on Omni EVM.
Multi-Rollup declarative deployment for smart contracts, facilitating a Kubernetes-like developer experience for scaling applications across all Rollups.
Typescript frontend library for deploying native multi-Rollup applications that work seamlessly across all Rollups.
Q4 2024:
Expanding Omni Network to include alternative data availability systems like EigenDA and Celestia.
It proves that sharding can increase the network's Rollup capacity by an order of magnitude.
Join MPC providers to provide institutional users with access to all Ethereum Rollups.
4.3. Commercial and business development progress
Ethereum L2:
Example: Arbitrum, Optimism, Polygon, Line, Scroll, zkSync, Mantle, Metis, Base, Plume, etc.
Definition: A layer 2 blockchain extends the Ethereum network.
Scope: Native integration to guarantee access across Ethereum’s expanding L2 ecosystem.
2. Fluid Refill Protocol:
Others: EtherFi, Renzo, Puffer, Swell, Kelp, EigenPie, Bedrock, etc.
Definition: Liquidity re-hypothecation protocols are liquidity derivatives platforms built on EigenLayer. They act as an interface to the EigenLayer ecosystem by securing Active Verification Services (AVS) such as Omni and provide users with higher returns than ETH staking. .
Scope: Omni has received Ethereum commitments totaling over $1 billion to secure the Omni network from the leading rehypothesis protocols listed above.
3. OwnLayer：
Definition: EigenLayer is an Ethereum-based protocol that introduces restaking, a new primitive in cryptoeconomic security. This primitive allows ETH to be reused on the consensus layer. Users who natively stake ETH or use Liquid Staked Tokens (LST) can choose to join the EigenLayer smart contract to restake their ETH or LST and extend cryptoeconomic security to other applications on the network to receive additional rewards.
Scope: Omni Network is a blockchain secured through re-staking enabled by EigenLayer. Over 50,000 individual stakers have delegated Ethereum to secure Omni through Eigen Layer on testnet.
4. Rollup as a Service Provider:
Examples: Conduit, Caldera, Ankr, AltLayer.
Definition: RaaS providers allow anyone to deploy Rollups. They provide an all-in-one infrastructure that enables customers to quickly deploy on the Ethereum mainnet.
Scope: A native component in a RaaS offering that provides immediate, out-of-the-box interoperability for any developer using a RaaS provider.
5. Infrastructure partners:
Examples: a41, Galaxy, Blockdaemon, Kiln, Ankr, etc.
Definition: Core infrastructure partner providing validator, node, and operator services to Omni.
Scope: The Omni infrastructure partners listed above have committed to securing the Omni network by accepting delegations from Omni stakers and Ethereum retakes.
