Author:woogieboogie

Compiled by: TechFlow

An extremely comprehensive report on Omnitia is finally here.

This is an update to the original “Launch Report” with the addition of PKS, VIP, public testnet results, and most importantly – Minitias.

Below is a discussion of what's new.

PKS（Peg-Keeper-Swap）

First up is PKS. Remember how Initia combined IBC and Minitswap to facilitate fast withdrawals of cross-rollup transactions?

This approach is practical but can result in high swap ratios for exiting liquidity.

PKS makes the exchange ratio more stable.

By reverse engineering the entire process, PKs (Peg Keepers) are able to swap at a more favorable rate during periods of Minitswap imbalance. As a result, PKs take risks and receive higher returns with a risk period of 7 days, suitable for Optimistic rollups, a scaling solution.

Partnering with @LayerZero_Core

LZ-Initia completed the integration in July (details here), and along with the launch of a customizable security stack, the integration is expected to bring LayerZero’s Inter-Chain Messaging Protocol (OMP) and Inter-Chain Fungible Token (OFT) standards to Omnitia.

Now it’s time to introduce some Minitia Gents.

I could cover this briefly in one sentence, but here we will go into more depth to understand their unique characteristics.

Because — Minitias are not decentralized applications (dApps, distributed applications), but sovereign independent chains like rollups!

The first one I would like to introduce is @blackwing_fi.

Blackwing introduces liquidation-free perpetual trading for high-volatility assets like $PEPE.

@milky_way_zone Modular re-staking platform.

It provides customizable delegation to users and a programmable security stack for AVS, with a more convincing architecture than Eigenlayers. In addition, they seem to have interwoven many Minitias (such as Tucana and Inertia) from the beginning.

@TucanaNetwork Cosmos liquidity layer.

It uses Proof of Tradable Value (PoTV) to unlock liquidity from centralized exchanges (CEXs) and Proof of Stake (PoS) nodes for consensus, and works with the aforementioned MilkyWay. In addition to consensus, it is also a modular liquidity layer with intent-centric exchange and permanent trading capabilities.

Then take a look at @controrg

At its core is GLOB (Gradual Limit Order Book), which is used for the prediction market AcroBet.

GLOB is similar to TWAP, but its frequency is infinite. Orders are filled at the same price over time, making it an optimal solution for prediction markets, able to mitigate the impact of high-frequency trading (HFTs).

@Inertia_fi - All-in-one LXT DeFi

Inertia focuses on LRT and lending, and has integrated MilkyWay to facilitate re-hypothecation and thus lending using backing assets! One can imagine an interesting flywheel strategy!

Remember: $INIT - $sINIT - loan - repeat.

@civitiaorg - Cryptocurrency Monopoly

This is a GameFi where players can acquire land, forge cities, earn revenue, and wreak havoc. Users earn $GOLD, and pay taxes in tax points. Expect many new features to be released! And during the testnet, it is the most interactive app, so expect some cool features.

@kamigotchiworld - Pokémon on the blockchain

This is a chain game that combines Pokémon and Tamagotchi, with PVP features. What could go wrong?

Each Kamigotchis is an NFT with unique properties and types, and a huge world to explore. Remember: insects beat ghosts, ghosts beat scrap, and scrap beats insects.

@lunch_xyz - Easy crypto trading on mobile

Lunch is a mobile-first platform focused on tasks and liquidity management in the crypto space. Due to its mobile nature, it is resistant to Sybil attacks, which is a huge advantage.

Users earn Eggs by completing tasks, which can be redeemed for rewards or $LUNCH tokens.

@zaar_gg - On-chain casino platform

Formerly Protectorate Protocol, it is now a mobile-friendly casino. If you want to play, you can choose from four different games: Flip, Zlinko, Raffles, and Pot.

You can also become a dealer, earn Zaar XP through staking, upgrade your VIP status and receive $esINIT rewards.

So – in addition to more Minitias coming soon, Omnitia will bring together diverse stakeholders.

However, if we look back at the development of Ethereum’s aggregation center ecosystem, incentive alignment is crucial. Therefore, the success of Omnitia requires an incentive-aligned plan.

Initia VIP is designed to effectively “organize your resources”.

1. The distribution of $INIT tokens depends on the user’s TVL and governance participation.

2. Rewards are distributed to users based on key performance indicators (KPIs) previously set by each Minitia, creating long-term incentive alignment for everyone.

There’s a lot of fun to look forward to here too.

Remember the Curve Wars of 2021 — when protocols competed to collect more $CRV.

Omnitia is comparable in size to Lisk, competing for $INIT, and has a greater variety and number of participants than DeFi.

Now let’s review the test network situation.

Beyond pure statistics, here’s a quick overview:

63.5% of transactions took place in Initia and 36.5% in Minitia.

Tucana accounts for 25% of the trade in Minitia.

Initia’s daily trading volume has gradually decreased from 59.3% at the end of August to 32.1%.

Next comes some user-centric analysis.

Number of transactions per account: Initia leads, but Minitias such as Blackwing and Lunch also grew, with Civitia seeing the biggest increase.

Total Value Locked (TVL) per account: Higher TVL may be crucial for VIP rewards, with Initia, Civitia, and Blackwing being the main contenders.

This is the preliminary analysis of the report.

If you’d like to learn more about Initia and its overall Omnitia ecosystem, grab a cup of coffee and read the report carefully.

Thanks again to @initiaFDN for research support and to all the Minitias who provided feedback.