OMNI Introduction
OMNI, the native token of the Omni Network, is a Layer1 blockchain platform whose purpose is to integrate Ethereum's Rollup technology ecosystem into a global unified system. In this way, OMNI allows developers globally to build and manage unified applications across all Ethereum scaling solutions.
OMNI is not only a medium of exchange but also takes on responsibilities for network security, user engagement, and governance of future developments. The network has been specifically designed with a new architectural framework aimed at enabling low-latency communication across Rollups and global compatibility, grounded on the restaked Ethereum (ETH), ensuring the security of the crypto economy. This design allows for nearly real-time verification of messages across Rollups while utilizing Ethereum's industry-leading crypto-economic security budget.
With OMNI, Ethereum is moving towards providing a unified, global-scale decentralized application operating system once again, achieving its broad technical and economic objectives. OMNI's versatility and its integration capabilities within the ecosystem make it a key force in driving the development of the global Ethereum ecosystem.
OMNI Token Economics Analysis
OMNI, as an ERC-20 token, is issued on the Ethereum L1 chain, with a total supply of 100 million. The token distribution strategy of $OMNI covers various areas, aimed at promoting growth and sustainability of the network through diversified distribution.
Initial Issuance and Circulation
In the initial issuance stage of $OMNI, the circulating supply was 10,391,492, accounting for 10.39% of the total supply. During the public launch phase, 9.27% (9,270,000 $OMNI) was allocated for public sale and liquidity pools.
Ecosystem Development Fund
29.5% of the total supply (29,500,000 $OMNI) is designated for ecosystem development to incentivize developers within the Omni and the entire Ethereum Rollup ecosystem to develop new applications. Initially, this fund is to be managed at the discretion of the Omni Foundation, with future management transitioning to token holder governance.
Community Growth Plan
12.67% (12,666,667 $OMNI) is allocated for future community growth and related plans. The usage of these tokens will also transition from direct management by the foundation to governance by token holders.
Core Contributor Rewards
Core contributors have been allocated 25.25% (25,250,000 $OMNI), with a four-year vesting schedule. 1/4 of the tokens unlock after the initial year, followed by gradual unlocks every six months for the remaining 3/4.
Investor Rewards
Investors hold 20.06% (20,063,334 $OMNI) of the tokens, set with a three-year unlock schedule that includes a one-year cliff for unlocking 1/3, followed by stepwise unlocks every six months for the remaining 2/3.
Advisory Team Incentives
Lastly, the advisory team has been allocated 3.25% (3,250,000 $OMNI), with 625,000 $OMNI unlocked at the initial issuance, and the remainder released gradually according to a three-year unlock plan.
Summary of Supply and Future Circulation
The token unlock plan for OMNI is expected to be completed within three years after issuance. Tokens allocated for ecosystem development and community growth are unlocked at the outset, but their circulation will be determined by the Omni Foundation and community governance. Inflation for validator rewards after the third year will be decided by community governance. This economic model not only ensures the network's initial activity and security but also promotes long-term community participation and ecosystem development.
Omni Network's Integration Strategy with the Ethereum Blockchain Network
At the heart of Omni Network's mission is enabling seamless interoperability between different blockchain networks, especially with Rollup technologies. This capability is crucial for creating an efficient blockchain ecosystem where assets, information, and applications can freely move across chains.
Breaking Down Barriers
Traditionally, blockchain networks operate in isolation, creating silos that limit interaction between different ecosystems. Omni Network addresses this challenge by providing the necessary infrastructure for Rollups to communicate and transact without friction.
Rollup Interoperability
Rollup interoperability refers to the ability of different Rollup solutions, such as Optimistic Rollups and ZK-Rollups, to interact and exchange data. This interaction enables:
- Cross-chain Transactions: Users can conduct transactions across different blockchain networks, enhancing liquidity and accessibility.
- Unified Applications: Developers can create decentralized applications (dApps) that leverage the strengths of multiple chains, offering users a richer experience.
- Shared Security Model: By enabling Rollups to interoperate, Omni Network contributes to a shared security model, where the security of one network can benefit others.
Omni's Interoperability Approach
Omni Network's protocol utilizes advanced cryptographic techniques and smart contract functionality to ensure secure and efficient cross-Rollup communication. Key features include:
- XMsg Format: Omni uses a specialized message format, XMsg, designed to standardize and secure the transfer of data between Rollups.
- Portal Contracts: Deployed across connected Rollups, these contracts facilitate the verification and execution of cross-chain transactions.
- EigenLayer Integration: By building on top of the EigenLayer protocol, Omni Network extends the cryptoeconomic security of Ethereum to support interconnected Rollup operations.
Tight Integration with Ethereum
Omni Network primarily integrates with the Ethereum blockchain network, designed to address interoperability issues within the Ethereum ecosystem, rather than directly with the Bitcoin blockchain network. By creating an aggregation of all L2 networks, Omni has designed a natively secure, externally verifiable interoperability network, setting new standards for security, performance, and global compatibility for the future of Ethereum's modular ecosystem. Additionally, Omni Network supports sub-second finality, backed by a novel blockchain architecture optimized for speed and security, particularly suited for low-latency cross-Rollup communication and global compatibility with the entire Ethereum Rollup ecosystem.
Enhancing Omni Network's Security with Restaked Ethereum
The Omni protocol introduces a groundbreaking approach to blockchain security through the innovative use of restaked Ethereum (ETH). This process involves validators and delegators working together to verify protocol messages, manage reward and slashing events, and maintain the integrity of the validator set.
Roles of Validators and Delegators
In the Omni network, validators are responsible for verifying the authenticity of protocol messages and managing the network's staking balances and voting powers. Delegators support the network by delegating their restaked ETH to validators of their choice, thereby enhancing the overall security and efficiency of the network.
How Restaking Works
Omni's staking implementation is supported by a suite of smart contracts designed to facilitate the staking process:
- Omni Staking Contract: Implemented on the Omni EVM, this contract tracks each validator’s stake and delegations, distributes rewards, and manages slashing events.
- Omni AVS Contract: Located on Ethereum, it registers Omni as an application with the EigenLayer protocol, enabling operators to provide validation services to the Omni blockchain.
- Omni Portal Contracts: Deployed on the Omni EVM and connected Rollup VMs, these contracts maintain a record of the Omni validator set’s stake, delegations, and voting power.
Securing the Omni Chain with Restaked ETH
Securing the Omni chain with restaked ETH leverages the existing cryptoeconomic security of the Ethereum network. Allowing Ethereum stakers to restake their ETH within the Omni ecosystem enables Omni to tap into Ethereum's substantial security budget, significantly enhancing its own security without the limitations faced by other interoperability solutions.
Dual Staking Mechanism
Omni employs a dual staking mechanism that combines restaked ETH and staked $OMNI tokens, offering a layered security model. This approach not only allows Omni to inherit Ethereum's vast security resources but also enables it to scale its security budget over time as more OMNI tokens are staked.
Communication and Updates
Omni uses its XMsg format to communicate staking events. Validators and delegators stay informed about stake changes and delegation updates through the Omni staking and AVS contracts, ensuring the network remains responsive and secure.
The Impact of Restaking
The restaking model allows Omni to establish a new standard in protocol safety, offering security guarantees that are orders of magnitude higher than existing solutions. It facilitates a secure, decentralized environment for validators and delegators to contribute to the network's integrity, paving the way for a more interconnected and resilient blockchain ecosystem.
Omni EVM Mechanism: Enabling Global Programmability and Interoperability
By implementing its own Ethereum Virtual Machine (EVM), Omni has enhanced its network's global programmability. This initiative ensures that developers and users can interact with a unified, secure, and efficient ecosystem.
Core Principles of Omni EVM
Omni's integration of the EVM demonstrates its commitment to interoperability and standardization, achieving:
- Seamless Smart Contract Deployment: Developers can write and deploy smart contracts using Solidity or Vyper, just as they would on Ethereum, reducing the barriers to creating cross-chain applications.
- Unified Development Experience: Omni's EVM provides a consistent dApp development environment, eliminating the need to adapt to different blockchain architectures.
- Cross-Chain Functionality: By embedding an EVM, Omni not only facilitates communication but also enables complex interactions and transactions between different blockchain networks.
Expanding the EVM Ecosystem
Omni's approach extends the reach of EVM-compatible smart contracts, allowing for:
- Global State Management: The Omni EVM can interact with states across various rollups and chains, providing a broader context for smart contracts.
- Enhanced Security and Performance: Utilizing the EigenLayer protocol, Omni enhances the EVM's cryptoeconomic security model while optimizing performance and scalability.
- Innovative Application Scenarios: With global programmability, developers can envision and realize applications that operate on a truly interoperable scale, from decentralized finance (DeFi) to non-fungible tokens (NFTs) and beyond.
Future Outlook for Omni EVM
By integrating an EVM, Omni not only bridges networks but also promotes a cohesive and fluid ecosystem across the entire blockchain landscape. This vision of global programmability empowers developers to build applications that are both innovative and universally accessible, driving the next wave of blockchain adoption.
Fee Payment Mechanism of Omni EVM
Transaction fees on the Omni EVM are paid with its native token, OMNI, which serves not only as the native token of the Omni Network but also as a universal Gas resource on the Omni EVM, compensating relayers who submit transactions to target rollups. Additionally, the Omni EVM supports a dynamic fee mechanism, mirroring a feature of the Ethereum L1 execution layer. This means the design of the Omni EVM allows it to dynamically adjust transaction fees based on network conditions and demand, similar to the application of EIP-1559 on Ethereum. This design enables the Omni EVM to manage transaction fees more effectively, ensuring the network operates efficiently.
Official Links for OMNI
Website: https://omni.network/
Twitter：https://twitter.com/OmniFDN
Discord：https://discord.com/invite/bKNXmaX9VD
Telegram：https://t.me/OmniFDN
Steps to Buy OMNI on LBank
Purchasing OMNI tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide
1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.
2. Search for OMNI: Use the search function within the trading platform to find "OMNI", locate the trading pair, such as OMNI/USDT, and click to enter its dedicated page.
3. Place an order: In the OMNI/USDT trading page's spot trading area, enter the amount of OMNI you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.
4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased OMNI will automatically be deposited into your LBank spot wallet.