Financing 18 million USD to launch on Binance, a comprehensive understanding of the Ethereum interoperability protocol Omni Network
The initial selling pressure of the token is not heavy, but it is important to note that April 2025 is a key point for the large release of tokens.Author: Fu Ruo, Odaily Planet Daily
On April 11, the Ethereum interoperability protocol Omni Network announced the details of its token airdrop, targeting the Omni community, EigenLayer re-staking users, Beacon Chain Solo stakers, Milady Maker and Redacted Remilio Babies NFT holders, Pudgy Penguin NFT holders, Ninjas NFT holders, and strategic partnership agreements.
Shortly after this announcement, Binance listed Omni Network (OMNI) as the 52nd project for new coin mining; users can stake BNB and FDUSD in the OMNI mining pool on the Launchpool website starting from April 13, 2024, at 8:00 AM (UTC+8) to earn OMNI rewards, with a total of 4 days available for mining OMNI.
So why is Omni Network receiving such attention from Binance, and can Omni Network solve the current fragmentation of liquidity in Ethereum Layer 2? To this end, Odaily Planet Daily provides an interpretation of Omni Network.
Project Overview
Basic Introduction to Omni Network
Omni Network is an interoperability layer based on Ethereum, integrating Ethereum Layer 2 Rollups to provide developers with the ability to build DApps across multiple Layer 2 ecosystems. Omni Network features support based on Ethereum's security, sub-second message verification, backward compatibility, and an execution environment for building cross-layer DApps.
Omni Network adopts a dual staking model of re-staked ETH and its own OMNI token, using the re-staked ETH to protect its validator set, aligning Omni's security with Ethereum L1's security budget, thus achieving greater stability and maintaining its security foundation consistent with connected Rollups.
Omni Network uses CometBFT consensus to handle communications between Rollups and employs pre-confirmation and transaction insurance instead of final confirmation, enabling sub-second cross-Rollups message verification.
Omni Network provides a dedicated execution environment, Omni EVM, allowing developers to manage all Rollups application deployments from a single location and deploy native global applications (NGAs), enabling default access to all liquidity and users on Ethereum.
Omni Network is backward compatible, allowing applications to integrate Omni without modifying already deployed contracts, and has launched a Gas market to eliminate the issue of non-unified Gas tokens across different Layer 2 networks.
In summary, Omni Network aims to unify the liquidity currently fragmented in the Ethereum ecosystem due to the emergence of different Layer 2s by building an interoperability layer, marking an important step towards connecting Ethereum's multi-chain universe. Omni Network enhances security through the active validation service (AVS) of the re-staking protocol EigenLayer, which will improve the security of the interoperability protocol, while its network employs a new type of node structure that separates the consensus layer from the execution layer, enhancing security while ensuring operational speed.
Financing
In February 2022, Omni Network (formerly known as Rift Finance) announced the completion of a $18 million financing round, with participation from Pantera Capital, Two Sigma Ventures, Jump Crypto, Hashed, The Spartan Group, and others.
OMNI Token Economics
The total supply of the OMNI token is 100 million, with an initial circulating supply of approximately 10,391,492 tokens (about 10.39% of the total supply), of which Binance Launchpool accounts for 3.5 million tokens, or 3.50% of the total supply.
Additionally, according to Binance's report, Omni Network has raised $18.1 million through two rounds of private token sales, with a total of 20.1% of the tokens sold. These were sold at prices of $0.18 and $1.5 respectively.
The distribution of OMNI tokens is as follows: Binance Launchpool 3.50%, ecosystem fund 29.5%, team 25.25%, private investors 20.06%, community fund 12.67%, public issuance allocation 5.77%, and advisors 3.25%.
The team and private investors will release their tokens in April 2025, while the rest, excluding public issuance and Binance Launchpool, will be released in a staggered manner.
Overall, the initial selling pressure is not heavy, but it is important to note that April 2025 is a key node for a large release of tokens.
Token Use Cases
OMNI is the native token of Omni Network and will provide functionalities such as fee payment, governance, network Gas, and staking, including:
Fee Compensation: The OMNI token is used as a payment mechanism to compensate relayers for submitting transactions to the target Rollup.
Network Gas: OMNI is the native token used for processing transactions on Omni EVM.
Network Governance: OMNI tokens provide governance voting to ensure the decentralization of the network.
Staking: As a proof-of-stake network, Omni enhances network security by staking OMNI tokens.
Token Airdrop
Omni Network has announced a genesis airdrop, allocating 3% of the total token supply for the airdrop, totaling 3 million tokens. The distribution standards for the airdrop tokens are as follows:
- Omni community: 1.5 million OMNI, accounting for 50%;
- EigenLayer re-staking users: 400,000 OMNI, accounting for 13.3%;
- Beacon Chain Solo stakers: 300,000 OMNI, accounting for 10%;
- Milady Maker and Redacted Remilio Babies NFT holders: 380,000 OMNI, accounting for 12.7%;
- Pudgy Penguin NFT holders: 170,000 OMNI, accounting for 5.7%;
- Ninjas NFT holders: 75,000 OMNI, accounting for 2.5%;
- Strategic partnership agreements: 175,000 OMNI, accounting for 5.8%.
The snapshot time for the airdrop is April 3, 2024, and users will have 45 days to claim their OMNI tokens. After that, all unclaimed tokens will be returned to the Omni Foundation for future community activities.
