On April 13, 2024, Binance announced the launch of the 50th new coin mining project Omni Network ($OMNI). Users can then invest BNB and FUSD into the OMNI mining pool on the Launchpad official website after 8:00 (Eastern Time Zone) on April 13, 2024, and receive $OMNI token mining rewards within 4 days. Combining the recent funding of Binance Launchpool, peer benchmarking, and mining cost calculations, we preliminarily estimate that the opening price bottom of $OMNI is 45U.

1. Project Introduction


1) Basic Introduction

Omni Network (Omni) is a layer 1 blockchain that aims to integrate Ethereum's aggregated ecosystem into a unified system. Using Omni, developers can build native global applications that have access to all of Ethereum's liquidity and users by default.

Omni is an integrated Rollup layer for Ethereum that allows developers to build unified applications across all Ethereum scaling solutions. It is powered by a novel blockchain architecture that supports sub-second finality and derives security from Ethereum through re-collateralization.

2) Omni Network’s value proposition

Ethereum’s Rollup-centric architecture forces the network to scale through isolated execution environments. This leads to fragmentation of liquidity, users, and developers, and reduces Ethereum’s network effects.

·       With Omni, developers can program across multiple Ethereum Rollups as if they were working in a single state machine. Applications built with the Omni EVM can exist in all Ethereum Rollups by default, allowing developers to integrate all of Ethereum’s liquidity and users into their applications.

3) Project Highlights

Dual Staking Model: Omni is a Proof-of-Stake network secured by the total value of re-staked ETH and staked OMNI.

Sub-second Verification: Omni nodes use CometBFT consensus to process cross-Rollup messages and Omni EVM transactions in less than one second. Using alternative finalization mechanisms such as pre-confirmation and transaction insurance, Omni can provide sub-second finality for cross-Rollup messages.

Diverse Rollup Support: Omni is designed with minimal integration requirements to ensure compatibility with any Rollup virtual machine, programming language, and data availability architecture.

Backward Compatibility: Applications can integrate Omni without modifying existing smart contracts. Instead, applications can send cross-Rollup messages through Omni using modified front-end instructions.

4) Technology application/operation principle

Modular Node Architecture: Omni introduces a new node architecture (Octane) designed around the Ethereum Engine API. This creates a clear separation between the consensus and execution environments of each node while allowing nodes to use existing Ethereum execution clients.

Integrated Consensus: Omni validators use CometBFT consensus and ABCI++ voting extensions to simultaneously validate cross-Rollup messages and transactions on the Omni EVM.

Native Global Applications: Omni EVM simplifies cross-Rollup application development by dynamically propagating contracts and interfaces to any Rollup. This approach to building cross-Rollup applications allows developers to program cross-Rollup applications in a single environment and minimizes the possibility of smart contract vulnerabilities arising from the complexity of handling distributed state.


2. Financing History

In February 2022, Omni Network disclosed that it had received US$18 million in financing. This round of financing was led by Pantera Capital, with participation from Coinbase Ventures, Jump Crypto, Hashed, The Spartan Group and others.

3. Team information

Matt Poreda is the COO of Omni Network. Previously he worked at IBM and Harvard Kennedy School. Matt Poreda graduated from St. Petersburg State University and Harvard Business School.

Chase Devens is the Head of Marketing Strategy at Omni Network, and previously worked as a Solutions Engineer at Space and Time. He graduated from the University of Wisconsin-Madison.

Austin King is the co-founder of Omni Network. Previously, he worked at Ripple and Microsoft. Austin King graduated from Harvard University and Stanford University.

Tyler Tarsi is the co-founder and CTO of Omni. He graduated from Harvard University and then worked as a teaching assistant in the Harvard Mathematics Department.

4. Development Path

Q2 2024:

Mainnet launch.

Getting started with the Liquid Restake protocol and the EigenLayer operator.

Token generation event.

First 11B+ commitments deploying xERC 20 secured by Omni.

Q3 2024:

Batch launch of Native Global Applications (NGAs) deployed on Omni EVM.

Multi-Rollup declarative deployment for smart contracts, facilitating a Kubernetes-like developer experience for scaling applications across all Rollups.

Typescript frontend library for deploying native multi-Rollup applications that work seamlessly across all Rollups.

Q4 2024:

Expanding Omni Network to include alternative data availability systems like EigenDA and Celestia.

Prove that sharding can increase the network’s Rollup capacity by an order of magnitude.

Join MPC providers to provide institutional users with access to all Ethereum Rollups.

5. Token Economy

The total supply of $OMNI is 100 million, and approximately 10.39% of the tokens will be unlocked at the opening.


1) Token Allocation:


$OMNI Token Release Cycle

Token Function:

①    Governance: OMNI token holders can vote on protocol governance decisions.

1.     Community situation

Twitter: 140.2K; https://twitter.com/ethOMNI_labs

2.     Token launch performance prediction

Binance Launchpool Historical Performance

From the figure below, we can see the performance of Binance’s recently launched tokens through Launchpool and Launchpad. We can see that the recent Launchpool has a high return rate and high participation. The number of BNB participating in this Launchpool has exceeded 18 million.

2)     Launchpool project opening performance comparison:

3)     Funding comparison:

The opening circulation of $OMNI tokens is 10.39%. From the perspective of funds, we believe that the performance of the last twelve projects after the recovery of the economy is more referenceable. According to the average opening transaction volume of the last twelve Launchpool projects, the average increase in the opening circulation market value of recent projects is 62.15x, corresponding to an average market value of 435 million US dollars. If the opening of $OMNI tokens reaches this circulation market value, the corresponding price is about 45.2 US dollars.

4) Mining cost calculation:

If we consider the BNB borrowing cost of Binance, we refer to the 5-day moving average of BNB price (calculated based on BNB price of 560U at the time of writing this article) and the mining cost of $OMNI is about 20.9U.

5) OTC Market

According to Whale Market, the current OTC selling price of OMNI is approximately US$45.

6. Quote

Rootdata-Omni network

https://www.rootdata.com/zh/Projects/detail/Omni%20Network?k=NzcxOA%3D%3D


Binance Research, https://www.binance.com/en/research/projects/ethOMNI

EthOMNI research report, https://www.aicoin.com/zh-CN/article/391573