Detailed explanation of Omni Network: Rollup fragmentation unification

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BlockBeats-Article2024/04/15 08:14

By:BlockBeats-Article

Original title: "Detailed explanation of Binance launchpool's new project Omni Network: Rollup fragmentation unification"

Original source: Yinan said

Project introduction:

Introduction

Omni is Ethereum's interoperability layer and an L1 designed to help connect Roll-ups such as Optimism, Arbitrum, zkSync, and Starkware.

It provides developers with an easy way to scale their applications while maintaining Ethereum's security properties by leveraging the blockchain industry's foundational technological innovations such as re-mortgage with Eigenlayer, Cosmos SDK, and Tendermint consensus. Omni allows developers to manage global application state across all integration areas and aggregate liquidity to create a smooth product experience for users.

Ethereum fragmentation problem

With the increasing popularity of Rollup, such as Arbitrum, Optimism and other Rollups, the biggest existential threat facing Ethereum is the fragmentation caused by Rollup.

Ethereum's users and their capital are increasingly scattered across isolated ecosystems, reducing the global network effect. Omni solves this problem by integrating all Rollups into a cohesive, interoperable network.

Optimization for Ethereum fragmentation

· Cross-Rollup communication

Omni allows users and applications to interact across various Rollups as if they were a single, cohesive network.

· Unified Liquidity Pools

By facilitating cross-aggregation trading, Omni helps aggregate liquidity, improve capital efficiency, and reduce user slippage.

· Simplified User Flow

Users can enjoy a smoother experience, being able to move assets or perform actions across aggregations without complicated processes or multiple steps.

· Developer-friendly Platform

With Omni’s standardized communication protocol, developers can build applications with confidence that they will work across the entire Rollup ecosystem.

· Universal Gas

Whether users keep their funds on Ethereum, Optimistic Rollup, ZK-Rollup, or any other connected network, they can seamlessly transact without having to worry about the specific Gas tokens of each network.

Project Highlights

Omni achieves this goal by introducing a novel network architecture that is tailored for low-latency Cross-Rollup communication and global compatibility with Ethereum’s entire Rollup ecosystem, and is built on the cryptoeconomic security of re-collateralizing $ETH. Combining technologies such as CometBFT, ABCI++, and the Engine API, sub-second cross-rollup message verification is achieved while leveraging Ethereum’s industry-leading cryptoeconomic security budget. Additionally, Omni is designed to easily integrate with any rollup architecture and native rollup applications, while also providing a programmable state layer for managing application deployment across rollups.

To summarize:

· Dual Staking Model: Omni is a proof-of-stake network secured by the total value of re-staked ETH and staked OMNI.

· Sub-second Validation: Omni nodes process cross-rollup messages and Omni EVM transactions in under a second using CometBFT consensus. Using alternative finalization mechanisms like pre-confirmations 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 use modified front-end instructions to send cross-aggregate messages through Omni.

OMNI three cores:

1. Ethereum Restake:

Omni Network consists of validators who re-stake ETH and attest to aggregate state updates to facilitate global interoperability. These ETH-based validators provide the security backbone of the network.

2.Tendermint Speed and CometBFT:

By leveraging Tendermint PoS consensus, our validators can reach consensus on aggregate state nearly an order of magnitude faster than layer 1 Ethereum.

CometBFT is a Byzantine Fault Tolerant (BFT) consensus mechanism designed to ensure network protocols in distributed systems, even in the presence of faulty or malicious nodes, and its resilience and efficiency make it ideal for Omni.

3.EVM Compatibility

Omni’s execution layer is compatible with the EVM, enabled by Ethermint (the EVM module on Cosmos), so developers can work in Solidity using the tools they are familiar with. The execution layer includes built-in capabilities to access state, messages, and applications from integrated rollups, creating a seamless experience for accessing users and liquidity across these rollups.

What Omni Can Do

Message Propagation

Applications can simply request that a message be delivered to a destination such as Arbitrum, and Omni will securely relay the message to the destination to trigger the corresponding application logic. Omni provides superior security and goes beyond simple message propagation.

Multiple Message Propagation

Due to the variety of applications that Omni can create, a single transaction on a Rollup may trigger multiple outbound messages. For example, a user deposits funds in one automated protocol, and Omni can automatically send messages to other Rollups to complete the corresponding actions.

For example, Alice posts 10 $ETH to an automated protocol that is responsible for ensuring that her DeFi positions across all Rollups do not fall below a 200% collateralization ratio. The Omni network might see this transaction and automatically send messages to Polygon's zkEVM, as well as to Starknet, to increase Alice's positions. It may also be that all of her current positions exceed her specified 200% collateralization ratio, so no outbound messages are delivered for now, but as her positions fall below the 200% threshold, the automated protocol will begin sending messages over a period of weeks to increase her accounts on each Rollup.

This is the fundamental difference between Omni and projects that simply provide interoperability - Omni can facilitate interoperability between Rollups, but given that it is a general-purpose programmable EVM, it can do much more.

Updating state within Omni

Users can purchase tokens or NFTs on any Rollup throughout the Ethereum ecosystem by interacting with the portal contract and receive the purchased tokens or NFTs directly on the original Rollup without having to consider Omni.

Multi-chain DeFi fund interconnection

For example, create a margin account on OMNI, pledge on chain A, and then borrow on chain B to share the margin account funds

NFT interoperability

Projects can be deployed on Omni Network. With Omni, users on any chain will be allowed to mint NFTs, which can also be "transmitted" or moved between chains.

Project Team

Omni, formerly known as Rift Finance, is a DeFi protocol that provides financial services for Web3 projects.

Austin King—is the co-founder and CEO of OmniNetwork. He founded his first company, Strata Labs, while studying computer science at Harvard University, and expanded the high-performance payment network to more than 10 billion transactions. He later accepted Ripple's acquisition offer. He previously worked as a software engineer at Ripple, and Omni is the second encrypted network he built.

Tyler Tarsi—is the co-founder and CTO of OmniNetwork. He previously worked as a quantitative trading strategist at Stovell AI Systems. Tyler Tarsi studied at Harvard University.

Financing

February 8, 2022, raised $18 million, led by Pantera Capital.

Other investors include Two Sigma Ventures, Coinbase Ventures, Spartan Group, Defiance Capital, Hashed, Jump Capital, Vessel Capital, and Morningstar Ventures. Angel investors include Terra’s Do Kwon, Aave’s Stani Kulechov, Polygon’s Sandeep Nailwal, and Goldentree Asset Management’s Joseph Naggar.

Project Progress

2022 Q1—Omni completed an $18 million financing led by Pantera Capital.

2023 Q2—Omni Network released its first technical architecture document.

2023 Q3—Testnet 1: Omni Origins completed.

2023 Q4—Testnet 2: Omni Overdrive completed.

2024Q1 — Omni becomes the first Active Validation Service (AVS) to receive $1 billion in re-collateralized ETH commitments from industry-leading liquidity re-collateralization protocols such as EtherFi, Renzo, Puffer, Kelp, Swell, EigenPie, BedRock, and Rio

2024Q2 — Mainnet Launch

Ecosystem

AutoFarm - The first DApp released on the Omni Network testnet, it redefines liquidity mining by allowing users to automatically transfer funds to the highest yielding pool on any chain. This is achieved through the Autonomy feature, which optimizes users' APY.

Because the Omni mainnet is not yet online, the ecosystem is more about announcing collaborations with some projects and some deployments on the testnet.

Token Economics

$OMNI is the native token of the Omni Network and is used for:

· General Gas: OMNI is used as a payment mechanism to compensate relayers who submit transactions to the target rollup.

· Gas for the Omni EVM: OMNI is the native currency used to process transactions on the Omni EVM.

· Governance: OMNI stakeholders will be responsible for various governance decisions, such as protocol upgrades and other developer features.

· 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 re-staked ETH.

Token Allocation

Total Token Amount: 100,000,000

Initial Circulation: 10,391,492 (10.39% of Total Supply)

Private Sale: 20.06%

Ecosystem: 29.5%

Team Share: 25.25%

Community Share: 12.67%

Advisor Allocation: 3.25%

Public Sale: 5.77%

Binance Launchpool: 3.5%

Token Release

Genesis Airdrop

The Omni Foundation will soon launch $OMNI as an ERC-20 token on Ethereum with a total supply of 100,000,000; 3,000,000 (of the total $OMNI supply) will be minted in 24 hours. 3%) will be distributed as part of the airdrop.

Airdrop eligibility will be retroactively determined starting April 3, 2024. Users have 45 days to claim their $OMNI rewards, after which all unclaimed tokens will be returned to the Omni Foundation for future community activities.

The Genesis Airdrop is primarily for the following roles:

· Omni Community Members: Contributions from early testnet users, builders, and key participants within the Omni community.

· EigenLayer Stakers: The first 10,000 EigenLayer re-staking participants will be eligible for $OMNI Genesis rewards

· Beacon Chain Solo Stakers: Rewards for the 5,000 Beacon Chain Solo Stakers will be distributed on a first-come, first-served basis - the first 5,000 addresses to claim the airdrop will receive 60 $OMNI each.

· Milady Maker and Redacted Remilio Babies NFT Holders: 3,682 addresses holding Milady Maker NFTs and 2,865 addresses holding Redacted Remilio Babies NFTs will be eligible for $OMNI Genesis rewards.

· Pudgy Penguin NFT Holders: 4,609 addresses holding Pudgy Penguin NFTs will be eligible for $OMNI Genesis rewards.

· Ninjas NFT Holders: 1,585 addresses holding Ninja NFTs will be eligible for $OMNI Genesis rewards.

· Strategic Partner Agreement: 25 protocol organizations that work with Omni and contribute to its early development, such as Ether.Fi, Monad, Berachain, and EigenLayer, are eligible for $OMNI rewards.

Token Listing

$OMNI will be listed on Binance Spot at 20:00 (Eastern Time Zone 8) on April 17, 2024. Currently, you can participate in mining on Binance launchpool. The mining cycle is 4 days, and the BNB investment has reached 18,486,900 BNB. Early participation is really a good thing.

The project raised $18.1 million through two rounds of private token sales, of which 9.1% of the total OMNI token supply was sold at $0.18/OMNI (seed round), 11% of the total OMNI token supply was sold at $1.50/OMNI (round A), and the private round sold a total of 20.1% of the total OMNI token supply.

The price on the whales OTC market has reached $40, but the depth is not enough, so the reference is not very strong. Generally, the better the depth, the greater the reference significance.

The initial circulation of the project is 10,391,492 (accounting for 10.39% of the total supply), and the total supply is 1 billion. From the various fundamentals of the project (investment institutions, creation team, social media data, etc.), I think OMNI is stronger than Binance's previous launchpool project SAGA. SAGA's current (2024/4/45) market value is 369 million, which is the price after the correction in the past two days. Considering that the market has not been very stable in the past two days and public sentiment has been frustrated, this unfavorable factor needs to be corrected downward. I personally think that OMNI's initial market value is about 300-400 million US dollars. Of course, this is just a range. The opening fluctuations of new coins are generally large, so please be sure to DYOR!

Project Summary

OMNI network is an interoperable protocol across various Rollups, a first-layer public chain, and the first AVS on Eigenlayer. OMNI uses Eigenlayer's heavy pledge to share Ethereum security and uses the Byzantine Fault Tolerance (BFT) consensus mechanism to enable it to handle a large number of transactions while maintaining low latency. The founding team graduated from Harvard University and has a background in the blockchain industry. It is led by Pantera Capital, with participation from jump and coinbase. The investment lineup is also luxurious. With the subsequent improvement of account abstraction/chain abstraction/intention-centered, the track where the project is located is also a potential track. It combines the liquidity of major rollups and simplifies user operations to solve the problem of fragmentation. The fundamentals of the entire project are very good.

However, the project has not yet been launched on the mainnet, and only part of the ecosystem can be experienced through the first few rounds of testnets. Therefore, many of the described visions and sub-second verifications still need to be tested after the mainnet is launched. Currently, $OMNI has also logged in to Binance launchpool, which has also brought more liquidity and attention to the project. In short, the project fundamentals are good, and the subsequent development and user adoption will depend on the team's subsequent operations and the completion of the product. Please continue to pay attention!