Omni Network Launches Its Token (OMNI)
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The crypto space never sleeps. Another week and a project being launched. This thing has become a favorite of mine, to be honest. It's quite addicting and the shorter the farming period, the better. So what's new this time?
Omni Network, "a layer 1 blockchain designed to integrate Ethereum’s rollup ecosystem into a single, unified system,"¹ just became the 52nd project on the Binance Launchpool. More about it will be shared towards the end of this post, but first, let's take a look at some info regarding the farming of its token, OMNI.
Launchpool Details
- Farming Period: 4 days from 13th April (00:00 UTC) to 16th April (23:59 UTC)
- Total Rewards: 3.5 million OMNI (3.5% of maximum supply)
- Eligibility: KYC required, supported countries/region
- Locked BNB (except those collateralizing against Binance Loans) are automatically eligible for the launchpool rewards.
Staking Pools
A total of 2.975 million OMNI (85% of launchpool rewards) is allocated for this pool with 743,750 OMNI to be distributed daily. The higher one's staked, the larger his share of the rewards. It is to be noted that there's a maximum hourly reward per user which is 3,098.95 OMNI.
525k OMNI is allocated for this pool (15% of the total launchpool rewards). A total of 131,250 OMNI is going to be distributed each day in the next 4 days. Just like the BNB Pool, there's an hourly maximum reward for each user capped at 546.87 OMNI.
Token Listing
OMNI will be listed on Binance Spot under the Seed Tag on the 17th of April at 12:00 UTC with the trading pairs OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD and OMNI/TRY.
What is Omni Network
Per the Whitepaper, Omni Network is a " a natively secured, externally verified interoperability network that establishes a new precedent in security, performance, and global compatibility for the future of Ethereum’s modular ecosystem."⁴
The project launched 3 Tesnets, 2 of which concluded last year (June-July & August to October respectively). The first one recorded over 150k users with more than 1.5 million transactions processed in 4 ecosystem projects. The second one (Omni Overdrive Testnet) had 400k+ unique users and processed more than 6 million transactions on 30+ ecosystem projects.
The third Testnet started earlier this month and still ongoing have 37 operators and 75,600 restakers. (Source)
OMNI Token
Ticker: OMNI
Token Type: ERC 20
Total Maximum Supply: 100 million OMNI
Initial Circ. Supply: 10,391,492 OMNI (10.39% of Max Supply) upon listing on Binance.
Utility:
OMNI will be used to secure the network through staking. Stakeholders will have governance rights concerning protocol upgrades and additional developer features.In addition, it is going to be the native currency of the Omni ecosystem for processing transactions on the Omni EVM and will also be used as a payment to compensate relayers (these are permissionless entities that submit finalized cross-rollup messages from the Omni network to destination rollup networks).²
Token Allocation
There were 2 rounds of private sale where 9.1M OMNI were sold at 0.18 USD/OMNI, and 11 million OMNI at 1.50 USD/OMNI, for the total of 20.1 million OMNI (20.1% of the OMNI total token supply) sold.³
| Category | % of the Max Supply | Amount of OMNI |
|---|---|---|
| Private Sale Investors | 20.06% | 20,060,000 OMNI |
| Public Launch | 5.77% | 5.770 million OMNI |
| Binance Launchpool | 3.5% | 3.5 million OMNI |
| Team | 25.25% | 25.25 million OMNI |
| Advisors | 3.25% | 3.25 million OMNI |
| Ecosystem | 29.5% | 29.5 million OMNI |
| Community Fund | 12.67% | 12.67 million OMNI |
Token release will last until October 2029.
3% of the total supply (3 million OMNI) is allocated for the Genesis Airdrop for the Omni community, EigenLayer Restakers, Beacon Chain Solo Stakers, Milady Maker & Redacted Remilio Babies NFT Holders, Pudgy Penguin NFT Holders, The Ninjas NFT Holders, and to the Strategic Partner Protocols. Users can check their eligibility here.
Summing Up
With only 3.5 million OMNI allocated for the Launchpool, I wonder how the distribution will be like, especially when there are billions worth of assets being staked.
Anyhow, the project seems to be promising with some notable collaborations, ie: $600 million Restaking Deal With Ether.Fi in March and more than $1B worth of ETH committed for the Omni Network Mainnet Launch which is scheduled for the second quarter of this year per the project roadmap.
For more information, check out the official sources (Website / X / Discord / GitHub / Omni Blog / Testnet / Binance / Research / Omni Docs)
As always, none of these are financial or investment advice. DYOR. This post contains a referral link.
Thumbnail created on Canva. Logo/s from Omni and Binance. Screenshot linked to source. No copyright infringement intended. 12042024/21:20ph
Posted Using InLeo Alpha
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