Omni Network: A Cross-Rollup Interoperability Solution to Solve the Fragmentation of the Ethereum Ecosystem

Omni is an Ethereum interoperability layer and an independent L1 public chain designed to connect various Rollups such as Optimism, Arbitrum, zkSync, and Starkware. It provides developers with a simple way to scale applications while maintaining Ethereum's security attributes by leveraging foundational technological innovations in the blockchain industry, such as re-staking using Eigenlayer, Cosmos SDK, and Tendermint consensus (. Omni allows developers to manage global application states across all integrated domains and aggregate liquidity, creating a seamless product experience for users.

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Project Background

With the popularity of Rollups like Arbitrum and Optimism, the biggest challenge facing Ethereum is the ecological fragmentation brought by Rollups. Users and capital are increasingly dispersed into various isolated ecosystems, which reduces the global network effect. Omni addresses this issue by integrating all Rollups into a cohesive, interoperable network.

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Main Features

• Cross Rollup Communication: Allows users and applications to interact seamlessly across Rollups.
• Unified Liquidity Pool: Aggregating the liquidity of various Rollups to improve capital efficiency
• Simplified user experience: Users can move assets or perform operations across Rollups without complicated processes.
• Developer Friendly: A standardized communication protocol facilitates developers in building cross-Rollup applications.
• Universal Gas: Users can trade seamlessly on any connected network without worrying about different Gas tokens.

Technical Highlights

• Dual Staking Model: Security is jointly provided by the re-staked ETH and staked OMNI.
• Sub-second validation: Process cross-summary messages in under one second using CometBFT consensus.
• Diversified Rollup Support: Compatible with various Rollup virtual machines, programming languages, and data availability architectures.
• Backward compatibility: Integrate Omni without modifying existing smart contracts.

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Core Technology Architecture

1. Ethereum Re-staking: Validators re-stake ETH and prove Rollup state updates
2. Tendermint and CometBFT: Achieving Rollup state consensus quickly using Tendermint PoS consensus
3. EVM Compatibility: The execution layer is EVM compatible, allowing developers to use familiar tools for development.

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Application Scenarios of Omni

• Message propagation: Securely relay messages to the target Rollup to trigger the corresponding application logic.
• Multi-message propagation: A transaction on a Rollup can trigger multiple outbound messages.
• Update Omni internal status: Users can interact across Rollups without considering Omni.
• Multi-chain DeFi fund interoperability: collateral on Chain A, lending on Chain B, sharing margin accounts
• NFT cross-chain interoperability: allows minting and transferring NFTs on any chain.

![Omni Network Overview: Rollup Fragmentation Unification])https://img-cdn.gateio.im/webp-social/moments-c3df2834e576e69deaa80223a56227f9.webp(

Project Team

Omni, formerly known as Rift Finance, is a DeFi protocol that provides financial services for Web3 projects.

• Austin King: Co-founder and CEO, Computer Science major at Harvard University, previously founded Strata Labs which was acquired by Ripple.
• Tyler Tarsi: Co-founder and CTO, graduate of Harvard University, formerly a quantitative trading strategist at Stovell AI Systems.

Financing Situation

In February 2022, completed a $18 million financing led by Pantera Capital. Other investors include Two Sigma Ventures, Coinbase Ventures, Spartan Group, Defiance Capital, Hashed, Jump Capital, and others.

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Project Progress

• Q1 2022: Completed $18 million financing
• Q2 2023: Release the first technical architecture document
• Q3 2023: Completed Testnet 1 Omni Origins
• Q4 2023: Complete Testnet 2 Omni Overdrive
• Q1 2024: Secure $1 billion in re-staked ETH commitments
• Q2 2024: Planned mainnet launch

Ecosystem

Currently, the main focus is on announcing partnerships and deploying the testnet. AutoFarm is the first DApp launched on the Omni testnet, allowing users to automatically transfer funds to the pools with the highest returns on any chain.

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Token Economics

$OMNI is the native token of the Omni Network, main use:

• Universal Gas: Compensation for relayers submitting transactions to the target Rollup
• Omni EVM Gas: The native currency for processing transactions on Omni EVM.
• Governance: OMNI stakers participate in decisions such as protocol upgrades.
• Staking: Implement a dual staking model to ensure economic security

Token Allocation:

• Total Supply: 100 million
• Initial circulation: 10,391,492 )10.39%(
• Private Placement: 20.06%
• Ecosystem: 29.5%
• Team: 25.25%
• Community: 12.67%
• Consultant: 3.25%
• Public Sale: 5.77%
• Binance Launchpool:3.5%

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Genesis Airdrop

3% of the total supply ) 30 million pieces ( will be distributed as airdrops, mainly targeting:

• Omni community early participants
• EigenLayer Staker
• Beacon Chain Staker
• Specific NFT holders
• Strategic Partner

Token Launch Status

$OMNI will be listed on Binance on April 17, 2024. The project raised $18.1 million through two rounds of private placement, with a seed round price of $0.18 and an A round price of $1.50.

![Omni Network Detailed Explanation: Rollup Fragmentation and Unification])https://img-cdn.gateio.im/webp-social/moments-c0a9c2287c39542a7c81372a2a93c796.webp(

Project Summary

Omni Network is a cross-Rollup interoperability protocol and also the first AVS on Eigenlayer. The project team has an excellent background, and the investment lineup is luxurious, with potential in its sector. However, it has not yet launched its mainnet, and many visions still need to be validated. Overall, the fundamentals are good, and future development is worth paying attention to.