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Analysis of Binance Launchpool’s latest project Omni Network: the next generation of modular blockchain

24-04-12 14:44

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Original source: Binance

Omni Network (Omni) is a layer 1 blockchain that aims to integrate Ethereum's Rollup ecosystem into a unified system. Using Omni, developers can build native global applications that have access to all of Ethereum's liquidity and users by default.

OMNI is the native token of Omni Network and plays the following roles in the protocol:

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

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

· Network 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 staked OMNI and re-staked ETH.

The protocol consists of the following main components:

· External Rollup:The source and destination network of cross-Rollup messages.

· Omni Validator Nodes:A permissionless network of nodes that use CometBFT consensus to validate cross-Rollup messages and transactions on the Omni EVM. These nodes are secured using the total value of staked OMNI and re-staked ETH.

· Omni Validator Nodes:A permissionless network of nodes that use CometBFT consensus to validate cross-Rollup messages and transactions on the Omni EVM. These nodes are secured using the total value of staked OMNI and re-staked ETH.

· Omni Validator Nodes:

· Omni Blockchain:The single source of truth for all cross-Rollup messages and Omni EVM transactions processed by Omni validators.

· Relayer:A permissionless entity that submits finalized cross-Rollup messages from the Omni network to the target Rollup network.

The project has raised $18.1M in two private token sale rounds, with 9.1% of the total OMNI token supply sold at $0.18/OMNI (Seed Round), 11% of the total OMNI token supply sold at $0.18/OMNI (Seed Round) and $1.50/OMNI (Series A), representing 20.1% of the total OMNI token supply sold in the private rounds.

As of April 12, 2024, the total supply of OMNI is 100,000,000,, and the circulating supply after listing is approximately 10,391,492 (approximately 10.39% of the total token supply).

Key Metrics: (as of April 12, 2024)

1. What is Omni Network?

Omni is Ethereum’s integrated Rollup layer that allows developers to build unified applications across all Ethereum scaling solutions. It is powered by a novel blockchain architecture that supports sub-second finality and derives security from Ethereum through re-collateralization.

1.1. Project Mission and Project Value Proposition?

Project Mission

· Omni's mission is to return Ethereum to its role as a single, unified operating system for decentralized applications.

Project Value Proposition

· Ethereum's Rollup-centric architecture forces the network to scale through isolated execution environments. This has led to fragmentation of liquidity, users, and developers, and reduced Ethereum's network effects.

· With Omni, developers can program across multiple Ethereum Rollups as if they were working in a single state machine. Applications built with the Omni EVM can exist in all Ethereum Rollups by default, allowing developers to integrate all Ethereum's liquidity and users into their applications.

1.2. Main highlights of the project

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

Sub-second verification:Omni nodes use CometBFT consensus to process cross-Rollup messages and Omni EVM transactions within one second. Using alternative finalization mechanisms such as pre-confirmation and transaction insurance, Omni can provide sub-second finalization 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 send cross-Rollup messages through Omni using modified frontend instructions.

1.3. Products

Omni Origins Testnet (June-July 2023)

· Total number of transactions processed: 1.5M

· Total number of unique users: 150K

· Ecosystem projects: 4

Omni Overdrive Testnet (August-October 2023)

· Total number of transactions processed: 6M

· Total number of unique users: 400K

· Ecosystem Projects: 30 Omni Omega Testnet (March 2024-Present) · Total number of operators: 37 Total number of retryers delegated to Omni operators: 75, 600 h1 2. Technical Infrastructure Modular Node Architecture: Omni introduces a new node architecture (Octane) designed around the Ethereum Engine API. This creates a clean separation between the consensus and execution environments of 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.

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 cross-Rollup applications in a single environment and minimizes the possibility of smart contract vulnerabilities arising from the complexity of handling distributed state.

3. Token Sale and Economics

3.1. Token Allocation

3.2. Token Release Schedule

4. Roadmap and Updates

4.1 Completed Milestones

4.2. Current Roadmap

Q2 2024:

Mainnet Launch.

· Onboarding of the Liquid Restake protocol and EigenLayer operator.

· Token Generation Event.

· First 11B+ commitments to deploy xERC20 secured by Omni.

Q3 2024:

· Batch launch of native global applications (NGAs) deployed on the Omni EVM.

· Multi-Rollup declarative deployment for smart contracts, facilitating a Kubernetes-like developer experience for scaling applications across all Rollups.

· Typescript frontend library for deploying native multi-Rollup applications that work seamlessly across all Rollups.

Q4 2024:

· Expand Omni Network to include alternative data availability systems such as EigenDA and Celestia.

· Prove sharding to increase the network’s Rollup capacity by an order of magnitude.

· Join MPC providers to provide institutional users with access to all Ethereum Rollups.

4.3. Commercial and Business Development Progress

1. Ethereum L2:

· Examples: Arbitrum, Optimism, Polygon, Linea, Scroll, zkSync, Mantle, Metis, Base, Plume, etc.

· Definition: Layer 2 blockchains extend the Ethereum network.

· Scope: Natively integrated to guarantee access across Ethereum’s expanding L2 ecosystem.

2. Liquid Re-Pledge Protocols:

· Examples: EtherFi, Renzo, Puffer, Swell, Kelp, EigenPie, Bedrock, etc.

· Definition: Liquidity re-pledge protocols are liquid derivatives platforms built on EigenLayer. They act as an interface to the EigenLayer ecosystem by securing Active Validation Services (AVS) such as Omni and provide users with higher returns than ETH staking.

· Scope: Omni has received Ethereum commitments totaling over $1 billion to secure the Omni network from the leading re-pledge protocols listed above.

3. EigenLayer:

· Definition: EigenLayer is an Ethereum-based protocol that introduces re-pledge, a new primitive in cryptoeconomic security. This primitive allows for the reuse of ETH on the consensus layer. Users who natively stake ETH or use Liquid Staking Tokens (LST) can opt-in to the EigenLayer smart contract to re-stake their ETH or LST and extend cryptoeconomic security to other applications on the network for additional rewards.

· Scope: Omni Network is a blockchain secured through re-staking enabled by EigenLayer. Over 50,000 individual stakers have delegated Ethereum to secure Omni through Eigen Layer on testnet.

4. Rollup-as-a-Service Providers:

· Examples: Conduit, Caldera, Ankr, AltLayer.

· Definition: RaaS providers allow anyone to deploy Rollups. They provide all-in-one infrastructure that enables customers to quickly deploy on Ethereum mainnet.

· Scope: Native components in the RaaS product package, providing instant, out-of-the-box interoperability for any developer using the RaaS provider.

5. Infrastructure Partners:

· Examples: a41, Galaxy, Blockdaemon, Kiln, Ankr, etc.

· Definition: Core infrastructure partners that provide validator, node, and operator services for Omni.

· Scope: The Omni Infrastructure Partners listed above have committed to securing the Omni Network by accepting delegations from Omni stakers and Ethereum retakes.