Omnity is an ICP-based platform, which is the first 100% decentralized omnichain interoperability protocol. The protocol is independent of any relayers and indexers to operate. Omnity distinguishes itself as the cost-effective, robust, and fast cross-chain infrastructure.
On April 29, the protocol community announced the arrival of Bitcoin Runes via their X account. Previously, pioneering NFT marketplace Magic Eden introduced Bitcoin Runes on their platform after the Bitcoin halving.
Cost-Effective Runes Trading on Omnity
The integration of Bitcoin Runes on Omnichain Protocol Omnity will enable users to trade Runes without having to pay any type of gas or transaction fees.
Moreover, this integration will also be different from any Bitcoin interoperability and is based on ICP (Internet Computer Protocol) chain fusion technology. This dependency allows the network to retrieve and submit data to the Bitcoin network and other blockchains.
According to the founder of Omnity and Octopus Network, Louis Liu, “It differs from other Bitcoin interoperability protocols in many ways.” He also mentioned that they are also adding support for Bitcoin Ordinals and Ethereum NFTs (non-fungible tokens). The community anticipates these launches in the upcoming months.
A Solution to Bitcoin Congestion
There has been a lot of hype about exchange-traded funds (ETFs) and Runes, which has fueled the price of Bitcoin in the last couple of months. Also, Hong Kong approved the trading of spot Bitcoin ETFs. Therefore, this integration on Omnity Protocol aims to address the need for solutions to enhance the scalability of the Bitcoin blockchain, which is experiencing massive ETF inflows, Ordinals inscriptions, and Runes.
On the day of halving, Bitcoin experienced a significant 926,842 transactions. According to Dune’s data, this traffic involved 68% of the Runes tokens, with 3.6 million transactions occurring that day. The Bitcoin blockchain experienced 3.4 million Runes-related transactions in less than seven days.
The founder said, “With all of this buzzy development on Bitcoin, […] developers are hustling for solutions to trade Bitcoin assets without bottlenecking the network, increasing users’ risks of outrageous network fees.”
Lui added, “As champions of blockchain’s mission to protect public goods, we’re proud to leverage the Internet Computer to alleviate congestion on the Bitcoin network.”
Omnity will utilize ICP’s innovative technology to maintain Runes. It includes a “twin” token system, which will manage Rune’s integrity and functionality on the protocol. It will also stick to ICRC-2 standards, utilizing ICP’s Chain Fusion Technology.
Additionally, the introduction of Motoko Sentinels, an NFT project on the Internet Computer, now enables automatic Runes mining, enhancing Omnity’s protocol for seamless minting and transfers across ecosystems.
Final Verdict
The integration of Bitcoin Runes on Omnity Protocol aims to control and manage the inflows in the Bitcoin blockchain. The protocol will leverage ICP to reduce the congestion on Bitcoin. It will support the scalability and functionality of Bitcoin, making it more efficient.
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