Octopus Network Progress Report | Feb 1–29, 2024

Monthly updates

Omnity plus-one

Published in

Omnity Network

4 min readMar 6, 2024

Summary of Events

Omnity has completed the prototype development of its core components and is currently undergoing testing. Its first target will be to support Runes assets cross chain transfers.
The $NEAR Restaking amount now exceeds $4 million.
Octopus Network was invited to participate in ETHDenver 2024 and co-organized activities with ICP to introduce the features and advantages of Omnity.

Technical Development Progress

Omnity: The core components of the Omnity project prototype development, such as Bitcoin customs, hub, and EVM route, have been completed. We have also completed the adaptation for Runes assets transfer to Ethereum L2. Integration testing is currently underway to verify the system.
Substrate-IBC: We are updating the Substrate-IBC project to the latest Substrate version (Polkadot-SDK 1.7.0).
Octopus 2.0: System statistics and monitoring functions for the Octopus 2.0 system have been updated.
Website: The official website has been updated to include information related to Omnity.

Octopus Network Community Governance

$NEAR Restaking:

As of February 29, 23:59 UTC

Total staked amount for $NEAR Restaking: 982,281
Average staking annual return rate: 11.28%
Number of Validators: 8
Number of Delegators: 225

Octopus Network Community Call #18

The Octopus Network Community Call #18 was held on February 8, 2024. A summary of the key points are listed below.

Key points:

The Omnity Litepaper is now available on the Octopus Network website:

Omnity is being built on the ICP platform to be the first 100% decentralized, chain-wide, cross-chain protocol. Our target launch date in late April coincides with the Bitcoin halving and the Runes protocol (the new Bitcoin FT Token standard) going live.

Omnity will support the transfer of BTC from the Bitcoin network to any execution chain, especially Ethereum Layer2, for fast and efficient transactions. The entire process will rely entirely on smart contracts deployed on the ICP chain, with no off-chain components required.

Our support for cross-chain assets will start with the Runes protocol assets on Bitcoin, followed by BRC-20, and possibly other standards in the future. Subsequently, we plan to extend the execution chain from Bitcoin to ICP itself as well as to Ethereum. In the meantime, at the execution chain level, we are in talks with possible partners, hoping to find those who can build the foundation of DeFi and attract liquidity.

Throughout this process, we expect to have the support of the ICP community as they are open to our project. We hope that Omnity will naturally take its place within the ICP ecosystem to become one of its most dominant projects.

Octopus Network Global Influence

Octopus Network was invited to participate at ETHDenver 2024

From February 29 to March 3, Octopus Network was invited to participate at ETHDenver 2024 and co-organized activities with ICP to introduce the features and advantages of Omnity.

Vivi interviews Kyle, Director of Data and Analytics at DFINITY

On March 2, Vivi and Kyle discussed Omnity’s 100% decentralized cross-chain protocol build on ICP, best practices for cross-chaining with the trend toward modularity, and the important role of ICP technology.

Louis invited to Twitter Spaces to discuss Future Crypto Trends

Louis Liu, Founder of Octopus Network, was invited to a special Twitter Spaces hosted by TinTin to discuss crypto development trends in the Year of the Dragon.

Louis invited to SubQuery Mainnet Launch Event

Louis was invited to participate in the SubQuery Mainnet Release Event, along with eight other distinguished guests, to share the value and experience that the SubQuery service has brought to us during the development process.