Omni Network: An Innovative Solution to Solve the Fragmentation Problem of the Ethereum Ecosystem

Omni is an interoperability layer designed to connect various Rollups within the Ethereum ecosystem and L1 networks. It provides developers with a simple way to scale applications while maintaining the security properties of Ethereum by leveraging foundational technological innovations in the blockchain industry. Omni allows developers to manage global application states and aggregate liquidity across all integrated domains, creating a seamless product experience for users.

Project Background

With the popularity of Rollups, the biggest challenge facing Ethereum is ecosystem fragmentation. Users and their capital are dispersed across isolated ecosystems, diminishing the global network effect. Omni addresses this issue by integrating all Rollups into a cohesive, interoperable network.

Core Optimization

1. Cross Rollup Communication: Allows users and applications to interact across various Rollups.

2. Unified Liquidity Pool: Aggregate liquidity, improve capital efficiency, and reduce user slippage.

3. Simplified User Process: Users can move assets or perform operations across Rollups without complicated processes.

4. Developer-Friendly Platform: Standardized communication protocols enable developers to build cross-Rollup applications.

5. Universal Gas: Users can seamlessly conduct transactions without worrying about the specific Gas tokens of each network.

Technical Highlights

• Dual Staking Model: Security protection is provided by the re-staked ETH and the staked OMNI.

• Sub-second verification: Process cross-Rollup messages within one second using CometBFT consensus.

• Diverse Rollup support: Designed with minimal integration requirements to ensure broad compatibility.

• Backward compatibility: Applications can integrate Omni without modifying existing smart contracts.

Core Components

1. Ethereum Restake: Validators re-stake ETH and prove Rollup state updates.

2. Tendermint and CometBFT: Achieving fast consensus using Tendermint PoS consensus.

3. EVM Compatibility: The execution layer is compatible with EVM, allowing developers to use familiar tools.

Main Functions

• Message propagation: Securely relay messages to the target to trigger the corresponding application logic.

• Multiple message propagation: A single transaction can trigger multiple outbound messages.

• Update Omni internal status: Users can directly obtain purchased tokens or NFTs on the original Rollup.

• Multi-chain DeFi capital interconnection: Share margin account funds across different chains.

• NFT cross-chain interoperability: allows any on-chain user to mint and transfer NFTs.

Project Team

• Austin King ( CEO ): Harvard University Computer Science major, formerly founded Strata Labs.

• Tyler Tarsi (CTO): Graduated from Harvard University and formerly served as a quantitative trading strategist at Stovell AI Systems.

Financing Status

In February 2022, raised $18 million in financing, led by Pantera Capital. Other investors include Two Sigma Ventures, Coinbase Ventures, Spartan Group, and others.

Project Progress

• Q1 2022: Completed $18 million financing
• Q2 2023: Release of the first technical architecture document
• Q3 2023: Completed Testnet 1 Omni Origins
• Q4 2023: Complete Testnet 2 Omni Overdrive
• Q1 2024: Secured $1 billion in re-staked Ether commitments
• Q2 2024: Planned mainnet launch

Ecosystem

AutoFarm is the first DApp launched on the Omni testnet, allowing users to automatically transfer funds to the pools with the highest yields.

Token Economics

$OMNI is a native token, used for:

• Universal Gas
• Gas of Omni EVM
• Governance
• Staking

Total Supply: 100 million Initial circulation: 10,391,492 (10.39%)

Distribution:

• Private Sale: 20.06%
• Ecosystem: 29.5%
• Team: 25.25%
• Community: 12.67%
• Consultant: 3.25%
• Public Sale: 5.77%
• Binance launchpool:3.5%

Genesis Airdrop

Total amount of 3 million $OMNI (3%) will be airdropped to:

• Omni Community Member
• EigenLayer Staker
• Beacon Chain standalone stakers
• Specific NFT holders
• Strategic Partner

Token Launch

$OMNI will be listed on Binance on April 17, 2024. The initial circulation is 10,391,492 (10.39%).

Project Summary

Omni Network is a cross-Rollup interoperability protocol designed to address the fragmentation issue within the Ethereum ecosystem. The project team has a strong background, and the investment lineup is impressive. Although the mainnet has not yet been launched, the project's fundamentals are solid, making it worthy of continued attention regarding its development and user adoption.