Omnity DAO May 2024
👋Hey Omnity Community! Welcome to our 21st Community Call — and our very 1st as Omnity!
In April, we experienced some major events in the crypto space. On the back of Bitcoin halving, the Omnity team launched our Runes Red Envelopes, bringing Runes to the ICP ecosystem. At the same time, we rebranded from Octopus to Omnity to share our “All-In-Bitcoin” vision with the world
I think most of you have been playing with the Red Envelopes — HOPE YOU GET RICH, Runes №431, on Telegram. During the first hour of the launch, the application has brought 600 new users to ICP, with more than 5000 times the interactions with the blockchain. Amazing organic growth!
If you haven’t tried it yet, please come and experience the magic. We have the tutorials ready for you right here.
We will have some big announcements coming today, but I will leave that part to Louis. Incidentally, Louis and our growth team are in Hong Kong right now, so if you are in Hong Kong, please come by our event, hosted by Omnity, Runes CC, and other partners.
Again — all the community members here, you are in for the alpha — Louis will share more details and you will be the first ones to know.
Let’s kick off the meeting with core team updates.
Core Team Updates
(💻,🧠) Louis, Founder
Hello Everyone,
Since our announcement about the Omnity interoperability stack in February, we have decided that we need to take another step forward. Octopus has always focused on two blockchain sectors: interoperability and shared security.
Our new decision is about building our shared security service based on Bitcoin staking. And obviously, it’s a bigger market. We have envisioned that Bitcoin will provide a few dozen times larger security than Ethereum. And we really should leverage our experience since Octopus is the first protocol that could share security from one blockchain to another — and we have been doing this for almost three years.
Tonight, at Runes Asia, I will outline some important information about how Omnity works and how Octopus transforms into Omnity.
Omnity’s New Positioning as the Liquidity and Security Hub of the Bitcoin Ecosystem
The new positioning of Omnity is as the liquidity and security hub of the Bitcoin ecosystem. Omnity will send all kinds of Bitcoin assets like BTC, Runes, Ordinals, and other potential tokens, to all blockchains. And so it’s about providing liquidity — and all these assets roaming around from all these blockchains can connect via Omnity in a very usable way, with low cost, and fast finality.
In addition, we will provide a security service to Bitcoin Layer 2. We will maintain a fully on-chain Bitcoin asset hub. This is a step further because it is fully trustless. Not only will the correctness of the cross-chain process be guaranteed by the blockchain, but the liveness of the cross-chain process will also be guaranteed by the blockchain. The interoperability stack will always be there, always ready to be leveraged by any User.
People will not need to rely on operation maintenance work from the team to use the bridge to transfer their assets between blockchains. Also, the right to claim back their assets to the original blockchain will be fully guaranteed at any time.
The merits of Omnity’s interoperability are minimized cost and latency; full on-chain verification and relaying; mutual and reliable security; and persistent token fungibility.
BTC Staking & Shared Security
Omnity’s BTC Staking and Shared Security is based on ICP’s Bitcoin subnet. We will build a Bitcoin staking smart contract and share security to all kinds of Bitcoin Layer2s. Our shared security will be based on IBC ICS-28, which we have already implemented on NEAR protocol. Now we will do it again on the Internet Computer. This is clearly within our scope as we are the best candidate to share Bitcoin security with all kinds of Bitcoin Layer 2s.
The most noticeable feature or advantage of Omnity’s Bitcoin staking is our battled-tested security. You may know that there are several other players on this track, but we leverage the most battle-tested security technology that is provided by ICP. The DFINITY Foundation has a world-class cryptographic research team and its Chain Key Technology that has been there for three years guaranteeing ICP-related assets which are nearly 10 billion.
ICP<-> BTC
ICP is connected with the Bitcoin network through a dedicated subnet, which is based on a peer-to-peer connection. The bond between ICP and the Bitcoin network cannot be cut. It is far more secure and reliable when compared with SPV or light client verification that most other Bitcoin bridges build on, not to mention some centralized witness-based multi-signature-based bridges.
The connection between Bitcoin and ICP is monitored by industry-leading blockchain intelligence through real-time know-your-transaction service provided by Chain Analysis and others. It prevents users’ funds from being mixed with funds from hackers and other illegal sources.
ICP<> All Other Blockchains
However, the connections from ICP to Bitcoin Layer2s are possible due to the expertise of the Omnity development team. It’s solely based on light client verification and our team has unparalleled experience in that.
We have implemented quite a few on-chain light clients on ICP, including Tendermint, Beefy client, and Near, and we are working on others. So the range of connecting to heterogeneous Bitcoin Layer2s will be very large.
Omnity also has experience in shared security service which is quite unique because we are the only ones who have experience implementing shared security.
Omnity vs Babylon/BounceBit
Let’s look at a comparison between Omnity, Babylon, and Bouncebit —
Essentially it’s about how you secure the BTC that’s put into stake. Babylon uses a Bitcoin Layer 1 script which is a fancy new crypto primitive, but I think it still needs time to prove that it’s secure enough to support 100 million Bitcoin assets.
Bouncebit is based on a regulated custodian, so it’s very secure. But I don’t think it can provide economic security because Bitcoin in custody is not slashable.
Omnity has the best balance point. We bridge Bitcoin to ICP with battle-tested technology and gain high programmability so we can implement a very complex yet very delicate set of slash conditions. Thus, there is real economic security from Omnity based on BTC staking
Red Envelope Runes
We have also presented the cross-chain Dapp — Runes Red Envelope. We want developers and crypto Users to see how easy a DApp could be if it’s properly built on a very capable blockchain.
The User just needs to click a button in a Telegram group without any preconditions — no wallet installations, asset holdings, or gas fees. All these preconditions have been eliminated. Just one click and a User will have some Bitcoin assets in his wallet that belong to him. Then the User can also transfer those assets to other Users, all from the Telegram window.
I think most of you have already experienced the seamlessness of Red Envelope. We will initiate a marketing campaign around Red Envelope and let more Users realize that Web3 can be just as usable as Web2.
Omnity’s New Governance and Utility Token $OT
There will be a new token called the Omnity token. Its symbol is $OT. The total supply is one billion it will be non-inflationary. Most of the $OT will be used as an incentive pool for BTC stakers, 42% in total.
20% of the $OT supply is allocated to $OCT holders. After the TGE, $OCT holders can voluntarily swap their $OCT to $OT. The exchange rate is fixed. 1 $OCT: 2 $OT. There will be no additional allocation for our team or any other investors. All $OCT holders are equal in terms of the right of swapping.
There is a 16% allocation to the Community Pool for the SNS DAO. The $OT token launch will follow the format of SNS bootstrap, so there will be an auction. There will be a type of private sale. And then 10% of $OT will be sold out to the public.
The Omnity on-chain DAO, called SNS DAO, will be established on ICP. This DAO will be the controller of Omnity Smart Contract. So, all the configuration change protocol upgrades will be decided by the DAO after that.
6% of $OT will be airdropped to HOPE-YOU-GET-RICH Runes owners and Red Envelope users. Our HOPE-YOU-GET-RICH Runes NO.431 is still in the period of open mint. Anyone can grab some HOPE-YOU-GET-RICH RUNES by minting it on the Bitcoin mainnet.
You can just go to https://www.runescan.net/runes/431, and from there you just click the Mint button, pay some BTC gas, and then you get HOPE-YOU-GET-RICH Runes.
After that, you can cross-chain transfer this token from Omnity to ICP — to your ICP wallet, or your Red Envelope bot wallet that’s created by the Red Envelope bot. Holding these Runes on ICP ( $RICH is the symbol they will be trading under on ICP) will grant you eligibility for $OT Airdrops.
The majority of the airdrops will be distributed to $RICH Runes holders on ICP. But another part of $OT airdrops will be rewarded to the most active Red Envelope users who send out Red Envelopes bringing more users to the app. The best of these “super spreaders’ will also receive $OT airdrops. We will be bringing forth more detailed rules shortly.
We are also talking with some institutions that have a large influence within the Bitcoin ecosystem and mining industry. Just like Eigenlayer, we need operators to run nodes for so-called AVS to practice the shared security on Omnity. Operators will get major revenue from AVS and they need to lock up $OT token to do that. So, the $OT token will be the work token for Omnity operators. Operators will share Omnity cross-chain fees and also 60% of shared security revenue.
We also encourage people to stake $OT to the SNS DAO. All the decisions will belong to the DAO, and so the SNS stakers will gain the voting rights to decide all kinds of governance processes of Omnity.
Timeline
Last month we launched Runes, the BTC<->ICP Runes Bridge, and the Red Envelope application. Next month we plan to launch a new product called Runes Box. For now, I will not mention the functionality of Runes Box. What I will promise is that it will be very interesting and useful, maybe a critical piece to boost Bitcoin Layer2 ecosystems.
In July, BTC staking will start, and in Q4, we will perform a public sale in the format of an SNS auction and $OT token generation event. After that, the $OT:$OCT swap function will be open to all of you and airdrops will go to the $RICH holders and Red Envelope super spreaders.
Finally, in Q4 Omnity will launch the BTC shared security service.
(💻,💻) Julian, Head of Development
The development team successfully deployed the Omnity mainnet. We addressed some bugs discovered during testing. Omnity now supports cross-chain Runes assets between Bitcoin and the ICP.
We’ve developed a Telegram Red Envelope bot that allows users to send Rune as Red Envelopes by interacting with the bot.
We are currently working on an ICP swap application that will enable users to swap runes directly on ICP. We’re exploring the possibility of integrating Polygon CDK chains into Omnity.
(📺,🌍) Vivi, Head of Media & Community
In terms of what happened with the Global community team and our global branding and exposure — our team has been working super hard!
We’ve arranged and supported some big events for the Omnity launch. Louis, our founder, introduced Omnity during Hong Kong Blockchain week, and in a series of ICP global events, including the Global Town Hall, a live YouTube interview with ICP’s Kyle. I also joined one of the town halls with ICP America on Twitter spaces.
Our team has also prepared and executed a great PR campaign on the Omnity launch, with Omnity featured by top crypto media — including Coindesk, Defiant, Cointelegraph, Decrypt, etc, and ICP will feature us on their website’s main page, too.
We also published a super deep-dive on Omnity, published by Hackernoon, written by our editor Zan, who did a great job on this. We have been working very well with ICP’s PR team, with great teamwork by the team.
The global community team has done an amazing job guiding the community to mint Runes Envelopes and spreading the word, as well as educating the community on the topics of Omnity and interoperability.
(💻,🤝) Sheldon, Ecosystem Development Lead
First, I’m very grateful for the smoothness of the Omnity launch — managing different types of technical implementations or two sides of the future of Omnity products like execution chains and settlement chains.
There are a lot of potential partners who are asking us about our light clients for those execution chains. So it’s very exciting to have new use cases for Omnity. And we’ve been getting some requests from different protocols about the usage of our open-source work and also partnering with the existing solutions that we’re working on with Omnity.
This week Friday, if you’re in Miami, please hit me up or come find us, we’ll be having the event to celebrate ICPCC, the community ICP event. If you come find me there, I’m sure I’ll have some swag for you.
There’s quite a lot that we have to do in a really short four hours and a pretty large other event that is the sort of umbrella over our time there. That means it will be live just for a few minutes with the rest of the world. So it’s going to be a fun night on Friday.
(✏️,🧐）Zan, Editor
It’s been an exciting and busy month keeping up with our amazing development team.
Our joint press release with ICP was picked up by CoinDesk, CoinTelegraph, Cryptbriefing, the Defiant, and many other platforms, as Vivi mentioned. We also released a long-form Hackernoon article breaking down the technology behind how Omnity can solve bottlenecks on Bitcoin for Bitcoin assets, while accommodating Bitcoin Layer2s, allowing Bitcoin to scale with fast finality, negligible fees, and fungible token persistence.
Louis gave a very comprehensive and delightful interview with DFINITY for their Chain Fusion Event. I’m working on a write-up that will be published on our blog soon to sort of package the information for everyone.
It’s been really fun testing the Red Envelope and how smooth it is. From the increase in activity in our Telegram channel, it’s clear that it’s a big hit with our community.
I am also looking forward to our Silicon Valley ICPCC event with Vivi on Friday, which we will be hosting for the ICPCC community.
As we have additional announcements this week, I’m certain the excitement will be sustained. I will continue to work hard to explain the merits of Omnity’s incredible potential to the community.
(📺,💬) Cesar, Social Media Manager
Since transitioning from Octopus to Omnity, we’ve been updating our new branding across all our social platforms. You can now find our updated Linktree profile with all our socials under the name Omnity, including Twitter, LinkedIn, Medium, YouTube, and Discord.
Last month was incredibly active with content and events, such as the Omnity Launch, which introduced the first app called Red Envelopes. Thanks to the Omnity Launch, support from Internet Computer, and our partners, our Twitter community has grown to over 75,000 followers, and our Telegram group now exceeds 12,400 members.
Topics covered in April included the Omnity Launch, how to claim Omnity Red Envelopes, and how to mint and bridge HOPE YOU GET RICH Runes. Additionally, we’ve continued to support events with key partners, such as our recent interview with DFINITY
This new month promises big announcements, amazing events, and rewards for our community as a token of appreciation for your loyal support in this ambitious new adventure. Stay tuned and see you on Omnity’s social platforms.
Q&A
Q1: Would the fully diluted value of $OT be 150 Million?
Louis:
OCT is trading at around the price of 30 cents. The fully diluted value for OCT is 30 million. Since OCT is equivalent to 20% of OT, I think your calculation is correct, which means the market price of the upcoming $OT token should be at around 15 cents, which gives $OT a 150 million fully diluted value. I think it’s fair.
I think we are about to bring more than 1 billion to Bitcoin, and also our interoperability is quite unique. I think we have some advantages even over some major players like LayerZero and Wormhole. These tools are valued at around 3 billion in the primary market. Once the token is out there in the secondary market, LayerZero and Wormhole will most likely will be multi-billion based. Considering Omnity has better technology, provides a user experience comparable with trust-based bridges, and will maintain a higher standard of decentralization and security, I sincerely think that 150 million is a very modest market value for Omnity.
We have an even bigger part of BTC staking. And you know from Eigenlayer that it could even be multi-billion based. And obviously, the market will price Eigenlayer at that level. So, yeah, we are definitely targeted to provide more TVL than Eigenlayer. I think from any angle, the upcoming $OT is underrated.
Q2: After the swap, what about Octopus 1.0 and 2.0?
Louis:
Currently 1.0 is for $OCT staking, most of the $OCT stakers have the 1.0 network. So, the $OCT to $OT swap is volunteer-based. People can still stake their $OCT on our 1.0 network which supports the appchains there.
We have communicated with our appchain partners. Some of them will join the Bitcoin ecosystem, some may go in other directions. But if they decide to stay, we will maintain the infrastructure as long as possible.
And for the 2.0 network, there’s only one blockchain there, Ottochain, which originated from our first own community. And it’s based on Near restaking. We are about to cease the $OCT incentive to 2.0 network but they can stay. The stakers still get 100% Layer 1 incentive, so I think it will keep the version 2.0 network running for a long time. So, the liveness of Ottochain will be maintained.
Q3: It seems the $OT token just benefits the team, not the $OCT token holders at only 20%?
Louis:
I don’t think $OT token should give any privilege to the team, because we will not receive any additional $OT token compared with a common $OCT holder.
We need $OT to incentivize Bitcoin stakers, or they will not join the game and we will not have the source of security. We need $OT to incentivize blockchain users to boost the Omnity network.
People bought $OCT tokens at different prices, and the solution we give out is fair to anyone — There is no privileged holder. There is no additional allocation for the team. The team overall has 30% of OCT tokens. After the swap happens, the team will then have 6% of $OT tokens. So it’s a very low rate in the space. Usually, there is a 10% to 20% token allocation for the team.
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/
- Link Tree: https://linktr.ee/omnitynetwork
