Omnity Network has integrated Bitcoin’s Runes protocol to increase the utility of fungible tokens on the network and facilitate their trading and negotiation without gas or commission fees.
The Omnity Network interoperability protocol, built on the Internet Computer (ICP) blockchain, has launched support for Bitcoin's Runes protocol, one of the hottest trends in the crypto industry right now, thanks to its ability to facilitate the creation of fungible tokens and memecoins on the most robust blockchain on the market.
Omnity, which was recently launched on mainnet as the first 100% decentralized omnichain interoperability protocol on ICP, allows users to securely transfer assets and trade Runes tokens without gas or transaction fees. This will help increase the functionality and use cases for these digital assets and facilitate their integration with the decentralized finance (DeFi) ecosystem, token swap platforms, and other existing protocols in the crypto market.
Omnity, a new interoperability standard for the blockchain ecosystem
The developers of the Omnity interoperability protocol, Octopus Network, had announced the official launch of the protocol for this month, highlighting that the first blockchain to connect to Omnity would be Bitcoin. With the integration of this blockchain network, the first tokens to be enabled for secure transfer are runes.
In this way, Omnity also contributes to mitigating the risk of Bitcoin network congestion, providing a way for traders and users to trade their tokens without saturating the main chain.
Subsequently, Omnity developers have plans to enable support for other blockchains in the crypto ecosystem, such as Ethereum and Layer 2 (L2) networks.
Driving the construction of Web3 and the decentralized future
The official launch of the Omnity protocol underlines the developers’ commitment to blockchain connectivity and interoperability.
Herbert Yang, manager of Dfinity, which develops ICP, highlighted that the omnichain interoperability protocol marks a significant step towards a more fluid and integrated blockchain ecosystem; an essential factor for the construction of Web3 technologies and the decentralized future.
Runes, fungible tokens in Bitcoin
The Runes token protocol, developed by Casey Rodamor, also the creator of the Ordinals protocol, is revolutionizing the way tokens are issued on Bitcoin. Like Ordinals, which allows for the registration of non-fungible tokens or NFTs within on-chain satoshis, Runes also facilitates the registration of fungible tokens directly on the Bitcoin blockchain.
Currently, Runes token registrations are very close to reaching 50.000 on the network.
This protocol was deployed on April 20, alongside the network's fourth halving, which significantly increased commission rates and miners' earnings, despite the arrival of the halving.
Due to the features Runes unlocks in Bitcoin, and the frenzy that this protocol has sparked in just a few days, investment firm Capriole Investments expects Runes to attract greater use and adoption to the most robust blockchain on the market, as well as billions of dollars in capital. The firm also highlighted that the arrival of this fungible token protocol to Bitcoin is delaying the capitulation of the network's miners, which was expected with the arrival of a new halving. Instead of going offline, as has historically happened in halving events, miners continue to operate profitably on the blockchain network.
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