Omnity DAO June 2024
Introduction
Welcome Omnity family, friends and supporters, to our 22nd Community Call. This is our first community call in Twitter Spaces. This means we’re growing our community beyond Discord which will allow even more users to join us.
Last month was epic! After we launched our Runes Red Envelope Dapp, one of the first Runes applications out there, we’ve been continually gaining traction.
HOPE YOU GET RICH (Runes #431) is listed on OKX and Magic Eden on the Bitcoin network, and listed as $RICH on ICPSwap, ICLighthouse, and Helix Markets, bringing thousands of users to ICP organically via this fun Web3 Red Envelope Dapp.
If you haven’t tried it yet, don’t worry, it’s never too late. We have a campaign going on right now with 20 million $RICH waiting for you to grab. All you need to do is to join the game on Telegram, send Red Envelopes to 20 new users, and you’ve earned your ticket to the 20M $RICH Prize Pool. The more you share, the more $RICH you can win.
Follow our Twitter for more details and additional campaigns giving you more opportunities to have fun with the Red Envelope Dapp. In the meantime, we continue to create new products and experiences, so stay tuned!
Core Team Updates
(💻,🧠) Louis, Founder
Hi, everyone.
So many things are going on in the Omnity community and also in the crypto industry. We see that Bitcoin kicked up. Even though Ethereum got passed over by the SEC for the ETF, Bitcoin dominance still increased. And in the Bitcoin cycle, we see the moment of Runes.
Runes have around a 2B market cap in total. The first ranked Rune is the $DOG token, which was nearly a 1B market cap a few days ago. By comparison, BRC20 tokens have about 2.5B market cap. $ORDI is already is around 1B. So, after less than two months growth, Runes already have a comparable market cap in terms of the total, or in terms of the leader, with BRC20. It is convincing that we are on the right track. Runes will be there and grow into the most recognized and utilized token standard in the Bitcoin space. We may not even need to expand our portable support to other token standards in the future and concentrate all our resources on Runes.
We’ve built the connection between Bitcoin and ICP and deployed the $RICH Red Envelope Dapp on ICP. Now we are working with a few leading Bitcoin Layer2 projects to expand that connection to blockchains.
Omnity is the first Runes interoperability protocol, with full on-chain implementation and without trust assumptions. We have the bridge, usage adoption, and showcase application. So, all the Bitcoin Layer2 projects welcome Omnity to join their ecosystem and bring trustless interoperability to their blockchains.
I think the connection we are working on now between Bitcoin and BEVM will be established and announced very soon, maybe next week or a bit later. It’s a snap since all the connection and verification issues have been overcome. We believe that Bitcoin tokens should be utilized, and there will be a lot of use cases built on Layer2 blockchains to provide revenue or yield entertainment.
We also have a new idea; we call it “playable memes.” Most Bitcoin tokens are meme tokens for now, and that’s not a bad thing. I pay a lot of attention to memes. Memes could be a new system for go-to-market strategies. Maybe in the future, almost all the products and services on the internet will have their own meme. But our idea is that the meme should be playable, which means that the internet user should be able to interact with the meme, not just to receive an abstract idea from the meme.
So, if you want a playable meme, there should be some application for it and that can only happen on a very fast, very cheap blockchain — other than Bitcoin Layer1 itself. Interoperability protocols will play a critical role in this paradigm.
Among all the Bitcoin Layer2s we are about to support, ICP will remain a very special one for us because we have built a great Red Envelope Dapp on ICP. We think this highly usable blockchain can provide some interesting and innovative use cases for Bitcoin token holders. Our plan is to further expand this trajectory. So, we are going to present a new application.
Now, I would like to keep some secrets here, but we will present a very innovative, very shocking application. It will help people issue their meme token or utility token on the Bitcoin blockchain very easily. And also, this issuance will be coupled with social engagement, fundraising , and all of the elements needed to bootstrap a new community.
Our new product will involve the technology that is provided by ICP Chain Fusion. The interaction will involve Bitcoin, ICP, and EVM compatible blockchains, or even Solana in the future. But all the coordination will be taken care of by smart contracts on ICP and also Omnity protocol itself. People will just get a web user experience — essentially we are just abstracting the blockchain away. Chain Fusion is quite the same idea with chain abstraction. The new product from Omnity will show the power of Chain Fusion. It will bring tremendous value to the Bitcoin and the ICP communities.
The other thing I want to mention is that since we’ve decided to transform from Octopus into Omnity, we’ve announced that there will be a new token — the Omnity token, $OT. $OCT will be swapped to $OT in the future. But I think there is a mistake in that the liquidity of $OCT is still residing on NEAR and Ethereum.
Certainly, we will lose some holders’ support from the NEAR ecosystem. Octopus was one of the cornerstone projects of the NEAR ecosystem, and some people say that when they purchased the $OCT token, they believed that Octopus could do valuable work for NEAR. Since we’ve transformed into the IC ecosystem, these people may lose interest in the $OCT token — It is very rational.
But the thing is, we need to rebuild our token-holder basis in the IC ecosystem. We haven’t really provided any opportunity for the IC ecosystem participants to be exposed to $OCT. I think this is a mistake and it should be corrected swiftly.
Our plan is to submit a proposal and use the ckERC20 bridge to bring $OCT from Ethereum to ICP and migrate the liquidity from NEAR to ICP. Then, the IC community can gain their $OCT exposure directly on the IC blockchain. We will do this soon.
Actually, I receive a lot of queries about the opportunity for investment in $OCT (or $OT) from the IC community. We know that Omnity is very well known in this community and have witnessed a lot of interest in joining and supporting us. I have confidence that we can build an even bigger token-holder group inside the IC community.
Also, I will join the IC conference in Belgium this year and give a speech about Omnity on Chain Fusion Day. Anyone who wants to meet in Belgium will be welcome.
(💻,💻) Julian, Head of Development
Since launching Omnity, we’ve continuously fixed any issues that have come up and improved our system monitoring to ensure everything runs smoothly.
We’ve finished developing the BEVM route for Omnity. The BEVM route will enable cross-chain between chains connected to Omnity and BEVM chain. It’s now in the testing phase. We’re planning to launch this in June.
Our TG Red Envelope bot now supports a new Swap feature. This means users can Swap $RICH and $ICP directly within the bot. We’ve also launched a new Spreaders Campaign to help spread the Rune $RICH.
We’re working on a new graphical interface mini-app for Red Envelope. We hope to start rolling this out throughout this month.
(📺,🌍) Vivi, Head of Media & Community
In terms of our global branding and exposure, the Global Community Team has been working super hard! We’ve hosted and sponsored a variety of BTC and ICP events.
On May 10, our core-team member Zan and myself organized and hosted the ICPCC Silicon Valley Meetup, and had a great time connecting with ICP ecosystem projects and friends in California. We talked about building on ICP, Omnity, the importance of interoperability, Chain Key, DAO adoption, etc. Zan walked through how to get $RICH to the audience and it was a lot of fun! You can check out our videos and Tweets on our Twitter.
Louis, our founder, joined a series of ICP events — including Bitcoin Day, Chain Fusion’s AMA on Omnity, Bitcoin Hong Kong, and ICP Town Hall — to share with the ICP and Bitcoin communities the latest updates on Omnity. I also joined the ICP Town Hall with the US Hub to introduce Omnity to the US audience.
Our team also spent a lot of time on making the user experiences even better for any new $RICH users. Zan did a great job with the Gitbook introduction and guidelines on how to navigate $RICH, which is very useful.
Our media reports on the launch of Omnity, $RICH Runes, and the Red Envelope Dapp generated nearly 300 million impressions across all the media. And if you go to ICP’s website News section, Omnity is featured all over the page. This is really great teamwork from the whole team, with the support of ICP as well. A big thank-you to you all!
Just a head’s up, there will be more campaigns to help you get $RICH in the coming weeks and months, so please stay tuned.
Our whole team has done such a great job. Apart from the core team, I’d like to give a shoutout to Nas, Hannah, Mandala, Pia and Lily! They have been a solid part of the team who are out there serving the community.
(💻,🤝) Sheldon, Ecosystem Development Lead
Thanks all for joining our first community call on X. It’s nice, I’m sure we’re all familiar, but there’s a difference.
So, we’re still getting questions about our IBC designs that make Omnity possible, especially components like Adaptive IBC and the way that it works with ICP canisters to interact with external blockchains. It’s really exciting maintaining some of those relationships because they’re obviously leading to the explanation of Chain Key — and a bunch of other tooling outside of ICP — so that’s very promising.
We’re excited to keep growing our list of technical partners, and we’re providing some enablement and support for open-source software that we’ve already published. It’s so great to be a proud supporter in the background of open-source work coming into the immediate future!
We’re also planning an appearance at Bitcoin Nashville. We’ve got some online and personal engagements going on, planning heavily this month, especially to execute in July. And of course, we’re focusing a lot on Red Envelope activities.
We’re still going to be growing more activities for RE in the immediate future, so stay tuned.
(✏️,🧐）Zan, Editor
Hello everyone and thank you for joining.
As I’ve said before, I spend most of my time chasing the amazingly innovative Omnity Development Team and May was certainly no exception. I’m very impressed with our team’s ability to maintain incredibly high levels of productivity in an agile, cross-functional environment.
Our $RICH Runes minted out 30% faster than we estimated and the Red Envelope Dapp has been growing like wildfire because the community loves it and the development team has been consistently adding and upgrading features. Because of this, I decided that Gitbook would be the best format to create our Red Envelope User Guide as it can be easily updated along with the Dapp to stay as agile as our dev team.
The Red Envelope User Guide shows you how it easy it is to use the RE Dapp, but it also covers all of our cross-chain functions to date, such as:
- Transferring both $RICH Runes and $ICP to and from both RE and ICP wallets.
- Swapping $ICP and $RICH seamlessly without leaving the Red Envelope environment.
- Moving $RICH Runes from the RE Wallet back to the Bitcoin network.
- Moving $RICH Runes back and forth between Bitcoin and ICP from our website landing page. (If you haven’t seen this front-end yet, I highly recommend checking it out. It’s very cool. Just hop on over to our website.)
As Vivi mentioned, we do have a Runes campaign going on now, which is happening until the 10th, so please join in. Then we’ll have another one beginning on the 15th which will be announced soon.
In other news, we had a really successful meet up here in Silicon Valley which drew some very serious and interesting ICP developers. We made great connections and had fascinating conversations. I know that both Vivi and I look forward to our next Bay Area event.
Kindly follow our Twitter for updates because, as I mentioned, the Omnity Development Team builds very quickly. I suspect that June will be just as active and successful as May.
Thank you everyone!
(📺,💬) Cesar, Social Media Manager
Hello everyone!
First, a big thank you to our community. We’re close to reaching 80,000 followers on Twitter, and we couldn’t have done it without your support!
In May, we focused on several key activities. We created content to guide you on how to play the Red Envelope Runes Dapp and highlighted the new features recently added to the Dapp. We also shared various posts based on our articles to keep you informed and engaged.
Our core team participated in significant events. Our founder gave an important speech at Runes Asia 2024, which we shared on Twitter. We were also active at the ICP anniversary in Miami and Silicon Valley and celebrated Bitcoin Pizza Day in Malaysia.
Regarding community engagement activities, we want to thank you for sharing Red Envelopes on Telegram and helping us onboard new users. To support this goal of growing the community, we launched the Red Envelope Runes campaign. Good luck with the campaign, and we hope you get $RICH!
Remember, for any questions or support, our community team — Nasrul, Pia, Hannah, Mandala, and myself — are here to help!
Q&A:
Q: About the $OT airdrop, do we need to spread $RICH around or can we just hold it? I get spreading the Red Envelope, but we also need some clarity for friends who don’t want to be active.
Vivi: $OT is going to be launched in Q4 this year, but the Red Envelope campaigns you’re talking about are right now.
We encourage people to spread it now, because if you become a Super Spreader, you are entitled to share the prize pool to win even more $RICH Runes. For the $OT airdrop, the more $RICH, the better.
Please wait for further announcements where more details will be defined.
Stay Tuned and Follow Omnity!
- Website: https://www.omnity.network/
- Twitter: https://twitter.com/OmnityNetwork
- Discord: https://discord.gg/6GTJBkZA9Q
- Medium: https://medium.com/omnity
- Telegram: https://t.me/omnityofficial
- YouTube: https://www.youtube.com/@OmnityNetwork
- LinkedIn: https://www.linkedin.com/company/omnitynetwork/
- LinkTree: https://linktr.ee/omnitynetwork
🧧Red Envelope Useful Resources
- Red Envelope User Guide: https://red-envelope.gitbook.io/red-envelope-user-guide
- Red Envelope Bot: @RE02bot
