Article Rewrite:
Source: Binance
Omni Network (Omni) is a Layer 1 blockchain designed to integrate the Ethereum Rollup ecosystem into a unified system. With Omni, developers can build native global applications that have default access to the liquidity and users of Ethereum.
OMNI is the native token of the Omni Network and plays the following roles in the protocol:
1. Universal Gas Resource: OMNI is used as a payment mechanism to compensate relayers submitting transactions to the target Rollup.
2. Omni EVM Gas: OMNI is the native currency used for processing transactions on the Omni EVM.
3. Network Governance: OMNI stakeholders will be responsible for various governance decisions, such as protocol upgrades and other developer functionalities.
4. Staking: The Omni protocol implements a dual-staking model to ensure economic security. Security is a function of staking the value of OMNI and re-staking ETH.
The protocol consists of the following key components:
1. External Rollup: Source network and target network for cross-Rollup messages.
2. Omni Validator Nodes: Permissionless node network using CometBFT consensus to validate cross-Rollup messages and transactions on the Omni EVM. These nodes provide protection using the staked value of OMNI and re-staked ETH.
3. Omni Blockchain: Single source of truth for all cross-Rollup messages and Omni EVM transactions processed by Omni Validators.
4. Relayers: Non-permissioned entities that submit final cross-Rollup messages from the Omni network to the target Rollup network.
The project has raised $18.1 million through two rounds of private token sales, with 9.1% of the total supply of OMNI tokens sold at $0.18/OMNI (seed round) and 11% at $0.18/OMNI (seed round). 20.1% of the total supply of OMNI tokens sold at $1.50/OMNI (Series A), making it the largest percentage sold in the private round.
As of April 12, 2024, the total supply of OMNI is 100,000,000, with a circulating supply of approximately 10,391,492 tokens (10.39% of the total supply) after listing.
Key Metrics (as of April 12, 2024)
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1. What is Omni Network?
Omni is an integrated Rollup layer for Ethereum that allows developers to build unified applications across all Ethereum scaling solutions. It is supported by a novel blockchain architecture that enables sub-second finality and achieves security through re-staking from Ethereum.
1.1. Project Mission and Value Proposition
Project Mission:
Omni’s mission is to bring Ethereum back to its role as a single, unified operating system for decentralized applications.
Value Proposition:
The Ethereum-centric Rollup architecture forces the network to scale through isolated execution environments. This leads to fragmentation of liquidity, users, and developers, and reduces the network effect of Ethereum.
With Omni, developers can program across multiple Ethereum Rollups, working as if they were in a single state machine. By default, applications built using Omni EVM can exist on all Ethereum Rollups, allowing developers to integrate the liquidity and users from all Ethereum into their applications.
1.2. Key Highlights of the Project
Dual-staking model: Omni is a proof-of-stake network protected by the staked value of re-staked ETH and staked OMNI.
Sub-second verification: Omni nodes process cross-Rollup messages and Omni EVM transactions within a second using CometBFT consensus. By providing alternative finality mechanisms such as pre-confirmation and transaction insurance, Omni achieves sub-second finality for cross-Rollup messages.
Diverse Rollup support: Omni’s design has 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 send cross-Rollup messages through modified frontend instructions via Omni.
1.3. Product
Omni Origins Testnet (June to July 2023)
Total transactions processed: 1.5M
Total unique users: 150K
Ecosystem projects: 4
Omni Overdrive Testnet (August to October 2023)
Total transactions processed: 6M
Total unique users: 400K
Ecosystem projects: 30
Omni Omega Testnet (March 2024 to present)
Total operator count: 37
Total retryers delegated to Omni operators: 75,600
2. Technical Infrastructure
Modular Node Architecture: Omni introduces a new node architecture called Octane, designed around the Ethereum engine API. This creates a clear separation between consensus and execution environments in each node while allowing nodes to use existing Ethereum execution clients.
Integrated Consensus: Omni validators use CometBFT consensus and ABCI++ voting extensions to simultaneously validate cross-Rollup messages and transactions on the Omni EVM.
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Native Global Applications: 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 in a single environment and minimizes the potential for smart contract vulnerabilities arising from the complexity of handling distributed states.
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3. Token Sale and Economics
3.1. Token Allocation
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3.2. Token Distribution Schedule
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4. Roadmap and Updates
4.1. Completed Milestones
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4.2. Current Roadmap
Q2 2024:
Mainnet launch.
Introduction of Liquid Restake protocol and EigenLayer operators.
Token Generation Event.
First 11 B+ commitments for xERC 20 tokens protected by Omni.
Q3 2024:
Batch deployment of Native Global Applications (NGAs) on Omni EVM.
Declarative deployment of multiple Rollups for smart contracts, enabling Kubernetes-like developer experience for scaling applications across all Rollups.
Typescript frontend libraries for deploying native multi-Rollup applications that seamlessly work across all Rollups.
Q4 2024:
Expansion of Omni Network to include alternative data availability systems like EigenDA and Celestia.
Proof-of-stake shards to increase Rollup capacity by an order of magnitude.
Onboarding of MPC providers to offer institutional users access to all Ethereum Rollups.
4.3. Business and Development Progress
Ethereum L2:
Examples: Arbitrum, Optimism, Polygon, Linea, Scroll, zkSync, Mantle, Metis, Base, Plume, etc.
Definition: Layer 2 blockchains that extend the Ethereum network.
Scope: Native integration to ensure access to the continuously expanding L2 ecosystem across Ethereum.
2. Liquid Restake Protocol:
Examples: EtherFi, Renzo, Puffer, Swell, Kelp, EigenPie, Bedrock, etc.
Definition: Liquid restake protocols are liquidity derivatives platforms built on EigenLayer. They act as interfaces to the EigenLayer ecosystem, protecting Omni and other Active Verification Services (AVS), and offering users higher yields than ETH staking.
Scope: Omni has received commitments worth over $1 billion in Ethereum to ensure protection from leading liquid restake protocols.
3. EigenLayer:
Definition: EigenLayer is an Ethereum-based protocol that introduces restaking as a new primitive in cryptographic economic security. This primitive allows for the reuse of ETH at the consensus layer. Users staking native ETH or using liquidity-staked tokens (LST) can choose to join the EigenLayer smart contract to restake their ETH or LST and extend cryptographic economic security to other applications on the network for additional rewards.
Scope: Omni Network is protected by restaking enabled through EigenLayer. Over 50,000 individual stakers have delegated Ethereum to EigenLayer on the testnet to secure Omni.
4. Rollup-as-a-Service Providers:
Examples: Conduit, Caldera, Ankr, AltLayer.
Definition: RaaS providers allow anyone to deploy Rollups. They provide integrated infrastructure that enables customers to deploy quickly on the Ethereum mainnet.
Scope: Native components in the RaaS product suite offering instant, plug-and-play interoperability for developers using RaaS providers.
5. Infrastructure Partners:
Examples: a 41, Galaxy, Blockdaemon, Kiln, Ankr, etc.
Definition: Core infrastructure partners providing validator, node, and operator services to Omni.
Scope: The listed Omni infrastructure partners have committed to securing the Omni Network by accepting delegations from Omni stakers and Ethereum retakers.
