Omnity Monthly Report | 2024.06.01–06.30

New Layer2 connections, partnerships, Runes campaigns, ck$OCT, and more!

zanli

Published in

Omnity Network

6 min readJul 7, 2024

Summary

Omnity successfully launched and completed two Red Envelope App campaigns for consumers and ICP Ecosystem Partners, successively.
Crosschain Runes Burn feature added to the Omnity Hub.
Omnity welcomed several Layer 2s to the Omnity Hub.
New Runes tokens supported by Omnity Hub.
Omnity security audit reports by BlockSec completed for both the Omnichain Interoperability Protocol and EVM Port Contract.
Omnity source code is now open source.
Omnity Network gets a shout out from Binance News.

Technology: Research and Development

The Omnity source code has been open-sourced and we have published an audit report.
This month, Omnity has initiated support for several Bitcoin Layer2 EVM chains, including BEVM, Bitlayer, B2 Network, Xlayer, and Merlin Chain.
The Omnity On-chain Runes Indexer has been launched, replacing the Runes oracle.
We have launched the first iteration of the Mini Red Envelope Webapp which is still under on-going development.
Omnity Hub added connection support for Cosmos, Solana, and Ton.
Support for permissionless crosschain tokens added.
Omnity launched $ckOCT on ICP, users can now crosschain $OCT from Ethereum to ICP.

Audit

Omnity Network’s recent audit reports by BlockSec for our Omnichain Interoperability Protocol and EVM Port Contract have been released.

Omnity interoperability is now open-source.

1)Our Omnichain Interoperability Protocol is implemented by a set of smart contracts deployed on the Internet Computer. This audit covers the smart contracts in the customs/bitcoin, hub, and route/icp folders. Audit report: https://bit.ly/3VZYiSn

2)The Omnity Port Contract acts as an agent, enabling users to bridge their tokens from other settlement blockchains into an EVM-compatible blockchain. Audit Report: https://bit.ly/3VLgKga

Omnity Website

There are several new features added to the Omnity Hub:

The Omnity Hub now supports a Runes Crosschain Burn feature.
Omnity welcomes BOX TOKEN ON BITCOIN Runes to the Omnity Hub.
Several Layer 2s have also connected to the Hub thus far: BEVM, Bitlayer, B² Network, XLayer, and Merlin Chain.

Omnity Community Call #22

Community Call Highlights

On the massive traction of Runes:

After a little more than two months’ growth, Runes already has a comparable market cap with BRC20. Runes has the potential to grow into the most recognized and utilized token standard in the Bitcoin space.

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. Bitcoin Layer2 projects are welcome to join our ecosystem and bring trustless interoperability to their blockchains.

We believe that there will be a lot of use cases for Bitcoin tokens built on Layer2 blockchains for revenue, yield, or entertainment. 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.

On Omnity’s Upcoming Product:

Most Bitcoin tokens are meme tokens for now. But our idea is that meme’s 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. For a meme to be playable, it needs an application on a very fast, very cheap blockchain — other than Bitcoin Layer1 itself. Interoperability protocols like Omnity will play a critical role in this paradigm.

We’ve built a great Red Envelope Dapp on ICP. Our plan is to further expand this trajectory with a new application which will help people issue their meme or utility token on the Bitcoin blockchain very easily — coupled with social engagement, fundraising , and all of the elements needed to bootstrap a new community.

Our new product will involve ICP’s Chain Fusion technology involving 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 Omnity protocol.

Users will 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.

On the $OCT Token:

The Omnity token, $OT will be launched in Q4, 2024. $OCT will be swapped to $OT in the future. We are looking at solutions to bring some of the liquidity of $OCT that still resides on NEAR and Ethereum.

We expect to lose some holders’ support within the NEAR ecosystem. Because Octopus was one of the NEAR Ecosystem’s cornerstone projects, some people invested in $OCT with the idea that it would do important work for NEAR. Since we’ve migrated into the IC ecosystem, it is rational to assume these people may lose interest in the $OCT token.

Therefore, we will rebuild our token-holder basis in the IC ecosystem. 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 do 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.

Community Proposals

Per our intentions put forward in Community Call #22 (see above) — Use the ckERC20 bridge to bring $OCT from Ethereum to ICP and migrate the liquidity from NEAR to ICP.

Our proposal to upgrade the ckERC20 ledger to add ckOCT was approved.
ckOCT exposes ICRC-1 and ICRC-2 ledger interfaces (the fungible token standards of ICP), making it simple for all wallets on the Internet Computer to offer ckOCT support.
$OCT is now live on the Internet Computer as ckOCT and trading on ICPSwap.

Campaigns

Omnity’s Red Envelope Dapp held two robust $RICH Runes Campaigns in June.

Get $RICH With Runes Campaign 1: June 3–10th, 2024

Omnity awarded 50k $RICH Runes and Super Spreader NFTs each of the top 20 Super Spreaders of Red Envelope, awarding a total of 1M $RICH.

Get Your Share of 20M $RICH with Runes Red Envelopes!

Play, Invite, and Win Big Plus Earn Exclusive NFTs!

medium.com

Share $RICH to Get $RICH Campaign 2: June 15th-30th, 2024

Omnity awarded 50M $RICH to Super Spreaders from our ICP Hubs and Ecosystem Partners. This campaign brought more than 19k new users to Red Envelope, almost doubling our initial goal.