Omni Network: Building a Cross-Rollup Interoperability Layer

Omni is the interoperability layer and L1 public chain of Ethereum, designed to connect Rollups such as Optimism, Arbitrum, zkSync, and Starkware. It provides developers with an easy way to scale applications while maintaining Ethereum's security properties by leveraging foundational technological innovations in the blockchain industry (, such as re-staking using Eigenlayer, Cosmos SDK, and Tendermint consensus ). Omni allows developers to manage global application states across all integrated domains and aggregate liquidity, creating a seamless product experience for users.

Ethereum Fragmentation Issue

With the popularity of Rollups, the biggest threat facing Ethereum is the fragmentation caused by Rollups. Users and their capital are increasingly dispersed into isolated ecosystems, reducing the global network effect. Omni addresses this issue by integrating all Rollups into a cohesive, interoperable network.

Optimization for Fragmentation

• Cross-Rollup Communication: Allows users and applications to interact across various Rollups.
• Unified Liquidity Pool: Facilitates cross-Rollup transactions, improves capital efficiency and reduces slippage.
• Simplified user flow: Users can move assets or perform operations across Rollups without complex processes.
• Developer-friendly: Provides standardized communication protocols to facilitate the construction of cross-Rollup applications.
• Universal Gas: Users can trade seamlessly on any connected network without having to consider specific Gas tokens.

Project Highlights

Omni introduces a network architecture designed for low-latency cross-Rollup communication and global compatibility, based on the cryptoeconomic security of re-staking ETH. By combining technologies such as CometBFT, ABCI++, and Engine API, it achieves sub-second cross-Rollup message verification. Key features include:

• Dual-staking model: Protection is provided by re-staked ETH and staked OMNI.
• Sub-second verification: Using CometBFT consensus to quickly process cross-Rollup messages and Omni EVM transactions
• Diversified Rollup support: Designed with minimal integration requirements to ensure broad compatibility.
• Backward compatibility: Applications can integrate Omni without modifying existing smart contracts.

The Three Core Aspects of Omni

1. Ethereum Restake: Validators re-stake ETH and prove Rollup state updates
2. Tendermint Speed and CometBFT: Achieving Rollup State Consistency Quickly Using Tendermint PoS Consensus
3. EVM Compatibility: The execution layer is EVM compatible, allowing developers to use familiar tools.

Functions of Omni

• Message propagation: Securely relay messages to the target Rollup to trigger application logic.
• Multiple message propagation: A single transaction can trigger multiple cross-Rollup operations.
• Update Omni internal status: Users can purchase assets on any Rollup and receive them directly.
• Multi-chain DeFi fund interoperability: Create cross-chain shared margin accounts
• NFT Cross-Chain Interoperability: Supports users on any chain to mint and transfer NFTs.

Project Team

• Austin King(CEO): Harvard University Computer Science major, formerly founded Strata Labs and worked at Ripple.
• Tyler Tarsi(CTO): Graduated from Harvard University and previously served as a quantitative trading strategist at Stovell AI Systems.

Financing Situation

In February 2022, $18 million was raised in financing, led by Pantera Capital. Other investors include well-known institutions such as Two Sigma Ventures, Coinbase Ventures, and Spartan Group.

Project Progress

• Q1 2022: Completed a $18 million financing
• Q2 2023: Release of the first technical architecture document
• Q3-Q4 2023: Complete two rounds of the testnet
• Q1 2024: Secured $1 billion in committed re-staked ETH
• Q2 2024: Planned mainnet launch

Ecosystem

AutoFarm is the first DApp launched on the Omni test network, allowing users to automatically transfer funds to the pools with the highest yields. Currently, the mainnet is not online, and the ecosystem mainly consists of some collaborations and testnet deployments.

Token Economics

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

• General Gas
• Gas of Omni EVM
• Governance
• Staking

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

Allocation:

• Private Sale: 20.06%
• Ecosystem: 29.5%
• Team Share: 25.25%
• Community Share: 12.67%
• Advisor Allocation: 3.25%
• Public Offering: 5.77%
• Binance Launchpool: 3.5%

Genesis Airdrop

Omni will distribute 3,000,000 $OMNI (3% of the total supply) as an airdrop. It is mainly aimed at the following groups:

• Omni Community Members
• EigenLayer Staker
• Beacon Chain standalone staker
• Specific NFT holders (such as Milady Maker, Pudgy Penguin, etc.)
• Strategic Partner

Token Launch

$OMNI will be listed on Binance Spot on April 17, 2024. The project raised $18.1 million through a private placement, with an initial circulation of 10,391,492 (10.39%). Based on the project's fundamentals and market conditions, the initial circulating market cap is expected to be around $300-400 million.

Project Summary

Omni Network is a cross-Rollup interoperability protocol and a Layer 1 public chain, as well as the first AVS on Eigenlayer. The project leverages re-staking to share Ethereum's security and uses BFT consensus to handle a large number of transactions. The founding team has an excellent background, and the investment lineup is strong. The project aims to address the fragmentation issue of Rollups, integrate liquidity, and simplify user operations, with a solid fundamental basis.

However, the project has not yet launched on the mainnet, and many ideas and features still need to be validated in practice. $OMNI has been listed on Binance Launchpool, increasing liquidity and attention. Overall, the fundamentals of the project are good, and its future development is worth ongoing attention.