Omni Network: A Unified Solution for Ethereum Rollup Fragmentation

Omni is an Ethereum interoperability layer designed to connect various Rollups such as Optimism, Arbitrum, zkSync, and Starkware. It provides developers with a simple way to scale applications while maintaining Ethereum's security attributes 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.

Ethereum Fragmentation Issue

As various types of Rollups become increasingly popular, the biggest survival threat faced by Ethereum is the fragmentation caused by Rollups. Users and their capital are becoming more and more dispersed into isolated ecosystems, which reduces the global network effect. Omni addresses this issue by integrating all Rollups into a cohesive, interoperable network.

Optimization for Ethereum Fragmentation

• Cross-Rollup Communication: Allows users and applications to interact across various Rollups.
• Unified Liquidity Pool: Aggregate liquidity, improve capital efficiency, and reduce user slippage.
• Simplified user process: Users can enjoy a smoother cross-Rollup asset mobility or operation experience.
• Developer-friendly platform: Provides standardized communication protocols to facilitate developers in building cross-Rollup applications.
• Universal Gas: Users can seamlessly transact regardless of which network their funds are stored on.

Project Highlights

Omni introduces an innovative network architecture designed for low-latency cross-Rollup communication and full compatibility with the Ethereum Rollup ecosystem, built on the cryptoeconomic security of heavily staked ETH.

Main features include:

• Dual Staking Model: Security is jointly provided by the re-staked Ether and the staked OMNI.
• Sub-second validation: Process cross-Rollup messages and Omni EVM transactions within one second using CometBFT consensus.
• Diverse Rollup support: Designed with minimal integration requirements to ensure compatibility with various Rollup architectures.
• Backward compatibility: Applications can integrate Omni without modifying existing smart contracts.

The Three Core Elements of Omni

1. Ethereum Restake: Validators re-stake ETH and prove Rollup state updates to promote global interoperability.

2. Tendermint Speed and CometBFT: Utilizing Tendermint PoS consensus to achieve faster processing speeds than Ethereum.

3. EVM Compatibility: The execution layer is EVM compatible, allowing developers to work in Solidity using familiar tools.

Main Features of Omni

• Message propagation: Securely relay messages to the target Rollup to trigger the corresponding application logic
• Multi-message propagation: A single transaction on a Rollup can trigger multiple outbound messages.
• Update the status within Omni: Users can purchase assets across Rollups and obtain them directly on the original Rollup.
• Multi-chain DeFi fund interoperability: for example, creating a margin account on Omni, collateralizing on Chain A, and borrowing on Chain B.
• Cross-chain interoperability for NFTs: Allows any user on any chain to mint NFTs and move them between chains.

Project Team

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

• Austin King: Co-founder and CEO, previously founded Strata Labs and worked as a software engineer at Ripple.
• Tyler Tarsi: Co-founder and CTO, formerly a quantitative trading strategist at Stovell AI Systems

Financing Status

In February 2022, completed a $18 million financing round, 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 the first technical architecture document
• Q3 2023: Completed Testnet 1 Omni Origins
• Q4 2023: Complete Testnet 2 Omni Overdrive
• Q1 2024: Obtain $1 billion in committed heavy-staked Ether
• Q2 2024: Mainnet launch planned

Ecosystem

The mainnet is not yet online, and the ecosystem mainly consists of some collaboration announcements and deployments on the testnet. For example, AutoFarm is the first DApp launched on the Omni testnet, allowing users to automatically transfer funds to the pools with the highest returns.

Token Economics

$OMNI is the native token of the Omni Network, with primary uses including:

• Universal Gas
• Omni EVM Gas
• Governance
• Staking

Total supply: 100,000,000 Initial circulation: 10,391,492(10.39%)

Distribution Plan:

• 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%

Genesis Airdrop

The Omni project airdrops 3,000,000 $OMNI(, which is 3% of the total supply ). It mainly targets the following groups:

• Omni community members
• EigenLayer Stakers
• Beacon Chain Solo Staker
• Some NFT holders
• Strategic Partnership Agreement

Token Launch Status

$OMNI will be listed on Binance Spot on April 17, 2024.

The project raised $18.1 million through private placement sales, with a seed round price of $0.18/OMNI and a Series A price of $1.50/OMNI.

The price in the whales over-the-counter trading market reached $40, but the depth is limited.

The initial circulation is 10,391,492 pieces. Considering various factors, I estimate the initial circulating market value at around 300-400 million USD.

Project Summary

Omni Network is a cross-Rollup interoperability protocol and the first AVS on Eigenlayer. The project is developed by an experienced team and has the support of top investment institutions. With the development of technologies such as account abstraction, the sector in which this project is situated has great potential.

The project has not yet launched on the mainnet, and many functions and performance still need further verification. $OMNI is about to be listed on Binance, which will bring more liquidity and attention to the project. Overall, the fundamentals of the project are good, and its future development is worth continuing to pay attention to.