WEB3
by BSCN
April 12, 2024
Positioned as Ethereum's integrated roll-up layer, Omni Network merges Ethereum's security with Cosmos's scalability.
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.
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.
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:
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:
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.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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