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 gaining the security of Ethereum. To accomplish this, Omni Network leverages the Cosmos SDK toolkit and the infrastructure of EigenLayer to facilitate rapid connectivity while increasing security between Layer 2s.

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, more and more new Layer 1 and Layer 2 solutions are appearing in the crypto market, and prominent Layer 2 solutions on the market today such as Optimism, Arbitrum and StarkNet also plan to launch Layers 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.

In addition, these two layers are supported by tools such as ABCI++ and Engine API to help validators manage the status of transactions in a unified way across the network.

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. Key benefits include:

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, etc. 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.

Omni validator nodes

The network of nodes uses the CometBFT consensus mechanism to validate messages and cross-rollup transactions on Omni EVM. These nodes are secured using OMNI tokens and ETH liquid restaking tokens from users.

Airdrop token OMNI

On April 11, 2024, Omni Network announced an airdrop of 3% of the total OMNI token supply to the following subjects:

  • Own OAT Galxe when doing testnet tasks.

  • Top 10,000 restaker EigenLayer.

  • Staking trên Ethereum’s Beacon Chain

  • Pudgy Penguin, Milady Make, Redacted Remilio Babies, The Ninjas NFT Holders

  • Strategic partner projects such as ether.fi, Monad, Berachain, EigenLayer,...

Users can only claim the airdrop after 45 days from the token listing date.

Link to check airdrop: https://omni.clique.tech/

Basic information about OMNI token

OMNI token allocation rate

  • Ecosystem Fund: 29,5%

  • Team: 25,25%

  • Private Sale Investors: 20,06%

  • Community Fund: 12,67% 

  • Public Launch Allocation: 5,77%

  • Binance Launchpool: 3,5%

  • Advisors: 3,25%

Token Release

Token use case

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 distributed 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

Road map

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.

Development team

Prominent members of Omni Network's development team include:

  • Austin King: He is the Co-Founder and CEO of Omni Network.

  • Tyler Tarsi: He is the Co-Founder and CTO of Omni Network.

  • Matt Poreda: He is the COO of Omni Network.

Investors

Omni Network has raised 18 million USD from many leading investment funds in the crypto market such as: Pantera, Jump, Coinbase Ventures, ...

Partner

Omni Network has collaborated with three partners, EigenLayer, Arbitrum, Polygon, StarkWare, Scroll, Linea to provide a Layer 2 interoperability solution on Ethereum.

OMNI Network launchpool information

Binance users can lock BNB, FDUSD to farm OMNI starting from 07:00 AM on April 13, 2024 (VN time) and ending in 4 days. Binance will then list OMNI at 7:00 p.m. on April 17 (Vietnam time).

Specifications of the OMNI Launchpool are as follows:

  • Tên Token: Omni Network (OMNI)

  • Total Token Supply: 100,000,000 OMNI

  • Launchpool Token Reward: 3,500,000 OMNI (3.5% of total supply)

  • Initial circulating supply: 10,391,492 OMNI (10.39% of total supply)

  • Stake conditions: KYC required

  • Maximum Limits Per User:

    • 3,098.95 OMNI in BNB pool

    • 546.87 OMNI in FDUSD pool

Supported pools:

  • Stake BNB (site will be available in about 4 hours): 2,975,000 OMNI (85%)

  • Stake FDUSD (site will be available in about 4 hours): 525,000 OMNI (15%)

The above is information about the Omni Network project. The above is for reference information, not investment advice. Thank you for reading the article and don't forget to subscribe to TAG's information channels!