On April 12, 2024, Binance announced that Binance will list Omni Network (OMNI) at 20:00 on April 17, 2024 (East 8th District time), and open OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD and OMNI/TRY trading markets, subject to seed label trading rules.
1、 Understanding Omni Network (Omni)
Omni is Ethereum’s integrated Rollup layer, allowing developers to build unified applications across all Ethereum scaling solutions. It is powered by a novel blockchain architecture that supports sub-second finality and gains security from Ethereum through restaking.
Omni is building an Ethereum interoperability layer, leveraging the EigenLayer stack to enable Rollups to communicate with each other efficiently. Currently, the industry is plagued by the high cost and slow confirmation time of Layer 1 blockchains. Rollups provide solutions to these problems, but they are still very isolated and fragmented. As Omni’s founders put it, Omni is built as a unified whole that will “create a new path forward for Ethereum’s modular future.”
Omni’s network leverages validators to re-stake ETH, which then forms the secure foundation of the network, creating a new standard of security across modular blockchains. Omni plans to open-source this technology so that other chains can leverage it for custom development, ensuring strong interoperability. The protocol combines a re-staking mechanism and Tendermint PoS consensus to agree on the state of the Rollup in a very fast manner, thus acting as the settlement layer for the Rollup. Tendermint guarantees Omni’s speed, while the re-staking mechanism provides Omni with a stronger level of security. Because Omni’s execution layer is EVM compatible, developers can build native, cross-rollup applications – a big step forward for interoperability. In addition, developers can develop with Solidity and take advantage of built-in features to access state, messages, and applications from other rollups. By deriving security from Ethereum/EigenLayer and implementing cross-rollup functionality with Tendermint, Omni promises to be the future of interoperability on Ethereum and beyond.
Omni already has partnerships with leading rollups such as Arbitrum, Polygon zkEVM, Starkware, Scroll, and Linea.
2、 Token Economics and Coin Security Launchpool Situation
(1) Tokenomics
- Token allocation
Token issuance schedule
2) Token situation
Token Name: Omni Network (Omni)
Max Token Supply: 100000000 OMNI
Initial Circulating Supply: 10391492 OMNI (10.39% of the token’s maximum supply)
(3) Launchpool mining situation
Total Mining Volume:
3,500,000 OMNI (3.5% of the token’s maximum supply)
Mining Pools:
- BNB挖矿池:总共可挖矿 2,975,000 Omni(占85%)
- FDUSD Mining Pool: 525,000 OMNI (15%)
- Mining time: 08:00 on April 13, 2024 to 07:59 on April 17, 2024
3. Omni’s main innovations
Omni is an Ethereum-native interoperability protocol that establishes low-latency communication between all Ethereum rollups, enabling Ethereum to operate as a highly cohesive system in the era of modularity. Omni was developed by a team with extensive industry experience with the goal of unifying Ethereum’s fragmented Rollup ecosystem with the following notable features:
(1) Safety
Interoperability protocols have been grappling with security challenges. First-generation protocols relied solely on a set of trusted participants who authenticated and forwarded messages across networks. Over the years, these agreements have been home to many vulnerabilities, with cumulative losses of more than $1 billion.
The second-generation protocol improves on this design by applying cryptoeconomic security to the network. In this approach, participants staking the protocol’s native assets to participate in the verification process is a step in the right direction, but relying on native assets makes the protocol’s security guarantees less stable.
With EigenLayer, Omni introduces a new security model for interoperability protocols. Omni secures its validator set using re-staking ETH, allowing the protocol’s security to scale with Ethereum’s L1 security budget. Ethereum’s current security budget is over $100 billion, an order of magnitude larger than any other PoS network. By leveraging re-staking ETH, a highly liquid, low-volatility asset, Omni’s security has increased stability than its predecessor. In addition, by taking security from Ethereum, Omni aligns its security foundation with its connected Rollups, enabling a security model that grows in tandem with Ethereum’s modular ecosystem.
Omni is setting the standard of action for EigenLyer’s Active Verification Service (AVS). Omni became the first agreement to reach an agreement with a Liquidity Repledge (LRT) provider, agreeing to lease $600 million worth of repledged ETH from EtherFi. The Omni team struck deals with several other LRT providers to push their day-one security budget to more than $1 billion. This will allow Omni to provide industry-leading security at startup without the excessive network startup costs incurred by the protocol. As the only active verification service (AVS) running on a testnet other than EigenDA, Omni is positioned as the most production-ready AVS on the market.
(2) Sub-second verification
One of the key advantages of an integrated blockchain like Solana over a modular system is low-latency transactions. Users are becoming accustomed to sub-second transaction times, reflecting the superior user experience of today’s cloud-based web applications. For Ethereum to compete with these alternative platforms, cross-rollup message latency must be comparable to the transaction speed of the integrated system.
Omni brings this experience to Ethereum Rollups using a novel protocol architecture that enables sub-second cross-rollup message validation. After processing 7.5 million transactions from 550,000 wallets on the previous testnet, Omni Labs overhauled the network architecture. The core component of the design is Octane, a new open-source framework that combines EVM with CometBFT consensus. Octane uses the Ethereum Engine API and ABCI++ to create a clear separation between the execution and consensus environment of the Omni node, isolating component bottlenecks in the existing EVM<> CometBFT architecture.
(3) Native Global Applications (NGAs)
In addition to providing cross-rollup message validation, Omni also provides a dedicated execution environment, the Omni EVM, which allows developers to manage all rollpu application deployments in one place. Using the Omni EVM as the orchestration layer, developers can deploy native global applications (NGAs). NGAs are a new application class that can dynamically propagate contracts and interfaces to any rollup, allowing them to access all of Ethereum’s liquidity and users by default. Using NGAs, developers can take advantage of the scalability of Ethereum rollups without having to manage distributed state across multiple rollup environments.
As the rollup ecosystem continues to grow, projects will develop more custom rollup solutions, each tailored to specific functionality and performance needs, using a unique virtual machine, programming language, and data availability architecture. Omni is deliberately designed to support any rollup architecture, enabling seamless application management through the Omni EVM.
(4) Backward compatibility
To fit existing Rollup applications, Omni has been designed with backward compatibility in mind. Applications can integrate Omni without modifying the deployed contract. The application uses modified front-end directives to aggregate cross-rollup messages, allowing Omni to act as a wrapper around existing application deployments. Omni also introduces a universal gas marketplace for delivering cross-rollup messages to the target network, eliminating the need for users to maintain different gas tokens.
Fourth, technical infrastructure
(1) Modular node architecture:
Omni introduces a new node architecture (Octane) designed around the Ethereum Engine API. This creates a clear separation between each node’s consensus and execution environment, while allowing nodes to use their existing Ethereum execution clients.
(2) Integrated consensus:
The Omni validator uses CometBFT consensus and the ABCI++ voting extension to simultaneously validate cross-rollup messages and transactions on the Omni EVM.
(3) Native Global Applications:
The 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 due to the complexity of dealing with distributed state.
5. Roadmap and Updates
(1) Milestones completed
- 2022: Omni closed an $18 million funding round led by Pantera Capital.
- Q2 2023: Omni Network quietly appeared and released its first technical architecture document.
- Q3 2023: Testnet 1: Omni Origins Completed.
- Q4 2023: Testnet 2: Omni Overdrive Complete.
- Q1 2024: Omni becomes the first AVS to provide over $1 billion in economic security through top-tier liquidity re-staking protocols, including Ether.fi, KelpDAO, and Swell. Launch of an open liquidity network; Final Testnet: Omni Omega Launched; Omni white paper released.
(2) Current roadmap
Q2 2024:
- Mainnet launches.
- Get started with the Liquid Restake protocol and EigenLayer operators.
- Token generation events.
- The first 11B+ promises to deploy xERC20 secured by Omni.
Q3 2024:
- Batch launch native global applications (NGAs) deployed on the Omni EVM.
- Multi-Rollup Declarative Deployment for Smart Contracts that facilitates a kubernetes-like developer experience to scale applications across all Rollups.
- Typescript front-end library for deploying native multi-rollup applications that work seamlessly across all rollups.
Q4 2024:
- Expand the Omni Network to include alternative data availability systems such as EigenDA and Celestia.
- Proof sharding can increase the rollup capacity of the network by an order of magnitude.
- Join the MPC provider to provide institutional users with access to all Ethereum Rollups.
6. Business and business development progress
(1) Ethereum L2:
Examples: Arbitrum, Optimism, Polygon, Linea, Scroll, zkSync, Mantle, Metis, Base, Plume, etc
Definitions: Layer 2 blockchains extend the Ethereum network
Scope: Native integration to safeguard access across Ethereum’s expanding L2 ecosystem
(2) Liquidity Reinjection Protocol:
Example: EtherFi, Renzo, Buffer, Swell, Kelp, EigenPie, Bedrock, etc.
Definition: A liquidity repledge protocol is a liquidity derivatives platform built on top of EigenLayer. They act as an interface to the EigenLayer ecosystem by securing active validation services (AVS) such as Omni and provide users with higher yields than ETH staking.
Scope:Omni has received Ethereum pledges totaling more than $1 billion to ensure that the Omni network is protected from the aforementioned leading restaking protocols.
(3)EigenLayer :
- Definitions:EigenLayer is an Ethereum-based protocol that introduces restake, a new primitive in cryptoeconomic security. The primitive allows for the reuse of ETH on the consensus layer. Users who natively stake ETH or use liquid staking 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 earn additional rewards.
- Scope:Omni Network is a blockchain secured by re-staking enabled by EigenLayer. More than 50,000 individual stakers have entrusted Ethereum to secure Omni with the Eigen Layer on the testnet.
(4) Rollup as a Service Provider:
Example: Conduit, Caldera, Ankr, AltLayer
Definitions: RaaS providers allow anyone to deploy a roll up They provide an all in one infrastructure that enables customers to deploy quickly on the Ethereum main
Scope: Native components in the RaaS package that provides instant, out of the box interoperability for any developer using a RaaS provider
(5) Infrastructure Partners:
Example: A41, Galaxy, Blockdaemon, Kiln, Ankur, ETC
Definition: A core infrastructure partner that provides validators, nodes, and carrier services to Omni
Scope: The Omni infrastructure partners listed above have been committed to securing the Omni network by accepting delegation from Omni stacks and Ethereum resetting
7. Summary
The adoption of a rollup-centric roadmap has focused on scaling across isolated execution environments. While this approach is actively addressing the scalability challenges of the network, it is decentralizing capital, users, and developers across a growing number of rollups. To solve these problems, Omni was born, an Ethereum-native interoperability protocol that enables low-latency communication within Ethereum’s rollup ecosystem.
Omni creates a new design framework that prioritizes security as the foundation of the protocol. With restaking, Omni derives cryptoeconomic security from Ethereum L1 and uses it to secure its externally validated network architecture. The integration of the dual-staking model further strengthens this security architecture and positions Omni as a new benchmark for secure interoperability.
With a robust security framework in place, Omni designers turned their attention to optimizing Omni’s performance. The team’s goal was to implement a consensus mechanism that could handle cross-rollup communication with minimal latency. By developing a unique protocol architecture, combined with technologies such as CometBFT, ABCI++, and Engine API, Omni Validator achieves this by providing sub-second verification for cross-rollup messages.
When it comes to global compatibility, Omni has been deliberately designed with minimal integration requirements to make it compatible with any rollup architecture and application design. The introduction of the Universal Gas Marketplace simplifies the user experience for cross-web applications, while the addition of the Omni EVM provides developers with a global platform for deploying and managing cross-web applications.
Omni represents a comprehensive interoperability solution for Ethereum Rollups and is poised to reunify the Ethereum ecosystem. With Omni, Ethereum can once again provide a single, unified operating system for decentralized applications.