Binance Labs' 52nd Project: What is Omni Network?

Binance Labs has announced its latest addition: Omni Network (OMNI) as the 52nd project on its launchpool. 

Positioned as Ethereum’s integrated roll-up layer, Omni Network seeks to redefine decentralized applications (dApps) by integrating Ethereum’s scaling solutions into a cohesive framework. Let's delve deeper into Omni Network.

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What is Omni Network?

Omni Network stands as a blockchain platform rooted in the Cosmos SDK, bolstered by Ethereum-based verifiers for security. This approach involves Omni Network leveraging Ethereum staking through Eigenlayer to ensure utmost safety.

In essence, Omni Network combines Ethereum's security with Cosmos's flexibility and scalability, promising a unique combination of reliability and adaptability.

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Unlocking the Mechanics

The core concept behind Omni Network is restaking, an innovative architecture that uses validators and delegators to strengthen the network. Validators play a pivotal role in verifying protocol messages, managing rewards, and upholding the validator set's integrity. On the other hand, delegators contribute to network security by staking their Ethereum (ETH) tokens with chosen validators.

The Omni Protocol has two main components:

1. Omni EVM: An EVM implementation layer that accepts ETH transactions.
2. Omni Driver: Provides secure interaction between the Omni Validator and the ETH restaker, requiring participation in consensus.

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Key Features of Omni Network

• Unified Applications: Omni Network fosters a unified environment where developers can craft dApps seamlessly traversing the Ethereum rollup landscape. This obviates the need for disparate versions tailored to each rollup.
• Upgraded Assets: Token issuers stand to augment their tokens by granting them access to global liquidity and application integrations across all rollups.
• Expanded Applications: Existing applications can broaden their horizons beyond a single rollup's user base and liquidity sans any code modifications.
• Innovation for Developers: Omni paves the way for developers to embark on a new era of global applications, tapping into Ethereum's rollup ecosystem's full potential.
• Seamless User Experience: With gas abstraction, users bid farewell to the hassle of holding native tokens for each network. They can now seamlessly pay fees with a single token, streamlining cross-chain transactions.

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Tokenomics

The total supply of OMNI tokens stands capped at 100,000,000, strategically distributed to build a robust and sustainable network ecosystem. Here's a breakdown of the allocation:

• Private Sale Investors: 20.06%
• Public Launch Allocation: 5.77%
• Binance Launchpool: 3.50%
• Team: 25.25% (subject to vesting schedule)
• Advisors: 3.25% (subject to vesting schedule)
• Ecosystem Fund: 29.50%
• Community Fund: 12.67%

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Participating in the Binance Launchpool for OMNI Tokens

Scheduled for April 13, 2024, the launch invites users to stake BNB and FDUSD for four days to farm OMNI tokens. Following its listing on April 17, OMNI will trade against major cryptocurrencies including BTC, USDT, and BNB.

With a max token supply of 100 million, Omni reserves 3.5% for Binance Launchpool rewards, kickstarting circulation and liquidity. OMNI's utility extends across gas payments, network governance, and staking, cementing its pivotal role in the Omni ecosystem.

Launchpool Insights

• Token Name: Omni Network (OMNI)
• Max Token Supply: 100,000,000 OMNI
• Launchpool Token Rewards: 3,500,000 OMNI (3.5% of max token supply)
• Initial Circulating Supply: 10,391,492 OMNI (10.39% of max token supply)
• Smart Contract: Ethereum
• Staking Terms: KYC required