On Christmas Eve, the local dog craze continues.
On December 22, a meme project called omnicat quietly emerged. Its token OMNI increased by an astonishing 50 times in just 24 hours after its opening, eclipsing the previously outstanding pet memes such as cats, dogs, chickens, and dragons.
The sharp rise in prices quickly attracted attention and also caused the market's focus to shift.
If you search for OMNI on on-chain trading tools such as Dexscreener, you will find a strange phenomenon:
Unlike a certain Meme coin that is parasitic on a single public chain, Omnicat has liquidity on almost every mainstream chain. If you look closely at the contract, you will also find that it is not that Omnicat succeeded on one chain and then a bunch of plagiarism and imitations appeared on other chains; instead, there is a contract named "OMNI" on each chain.
And the price of OMNI on each chain is almost the same.
Obviously, omnicat is a "full-chain" Meme coin.
Please note that in the transaction scenario, there is an essential difference between full-chain and cross-chain. The former does not care which chain and coin you use as gas fee; the latter requires you to transfer assets from one chain to another to buy tokens.
Obviously, the former has higher transaction efficiency and a wider audience. For on-chain Degen, this may be more convenient than using some exchange Web3 wallets to automatically cross chains and calculate gas fees --- see which chain you have more assets on, and then go for it.
And if you look further at Omnicat’s Twitter account, it even says in its introduction “We are the first omnichain meme coin, powered by Layerzero.
The cat image of ominicat looks ordinary, but it is the first time that Meme coin has been fully covered in various ecosystems using Omnichain technology.
Meme fans, there are certainly factors behind popularity, such as appearance and cultural connotations; but the fact that a meme is quickly discovered and pulled up by price also shows that the market is beginning to buy into the narrative shift:
Full-chain narrative may soon become popular.
Let’s review what “full chain” is
Speaking of the whole chain, some close friends will easily think of "full chain game".
In fact, this full chain is not that full chain.
A full-chain game is one where the entire game’s operating logic is placed on-chain, in contrast to traditional games where part of the game logic is placed off-chain.
As for meme coins represented by the above-mentioned omnicat, the full chain can deploy assets on each chain.
Therefore, for the full-chain game, "full" means "all"; and for the current omnicat, "full" means "multiple".
Last July, Vitalik mentioned in the Ethereum forum that the future will be multi-chain, but not cross-chain, because bridges across multiple "sovereign areas" have basic security limitations.
When we mention multi-chain, we actually refer to the interoperability of blockchains, which allows different blockchains to communicate and interact with each other (which can be sending information, metadata, and assets from one chain to another).
In order to solve these problems and break the barriers of cross-chain technology, a form called "Omnichain" came into being.
Full-chain interoperability unlocks cross-chain composability by breaking cross-chain limitations, making all blockchains interoperable, and bringing together EVM and non-EVM compatible chains to build an interconnected DeFi multi-chain ecosystem.
In the technical context of Omnichain, Layerzero is the most well-known.
LayerZero is a universal data information communication infrastructure protocol that transmits information on the chain in a secure and simple way to enable cross-chain communication between applications. By deploying "LayerZero Endpoints" on the corresponding chain (they are lightweight clients composed of smart contracts with communication, verification and network functions), users can achieve cross-chain communication in a single trustless and secure transaction.
The official omnicat tweet states that it is “technically supported by Layerzero”, which is likely due to the use of the above technology.
What other full-chain projects are worth paying attention to?
Omnicat has already seen price discovery, and the surge has also allowed the market to see the potential of the “full-chain narrative” again.
In addition to Meme, what other projects using Omnichain technology are worth paying attention to?
Metazero: Committed to tokenizing real-world gaming assets across the entire chain
MetaZero is positioned as an innovative synthetic liquidity layer protocol that aims to tokenize real-world gaming assets and circulate them on different chains through the technology provided by LayerZero.
The goal of this project is to free players’ game assets from the framework of the traditional game market and give more value to on-chain transactions.
Taking the famous shooting game CS2 as an example, the game skins in CS2 currently have different qualities, and the top-quality skins are very expensive, and some can even be sold for six-digit prices.
However, the transaction of such game assets is not particularly convenient, and the liquidity is not particularly good. They are generally circulated on the official steam market and third-party trading platforms, and different platforms in different countries provide services.
Using MetaZero, synthetic on-chain versions of these assets can be created that map directly one-to-one with their off-chain counterparts, leveraging blockchain technology and a thorough identity verification process.
The original assets in the game are actually a kind of RWA. In MetaZero's business processes, the value of assets can be reflected in NFTs, making tokenization possible and ultimately breaking the barrier that game assets only flow in local game communities, and opening up the traditional game asset market to a larger investment audience.
From its official Twitter, we can also see that MetaZero will also launch the Mint of Genesis ONFT next week. Judging from the name, this type of NFT should also be full-chain, can be issued on various chains, and correspond to limited edition guns and props skins in the CS2 game.
In addition, the project's token MZERO was also launched on Uniswap on December 22. As of press time, the market value of MZERO is only about 7.3 million US dollars, and the 24-hour increase has reached an astonishing 85 times.
Omnisea: Full-chain NFT Launchpad
From the name, we can tell that Omnisea actually wants to be another Opensea in the NFT field.
Omnisea is a full-chain NFT Launchpad based on LayerZero and Axelar Network, where creators can issue NFTs that can be cross-chain based on LayerZero on the platform.
At its core, Omnisea is a full-chain asset creation protocol that makes it easy to deploy ONFT. All NFTs minted through Omnisea use LayerZero cross-chain messaging.
At the same time, the project has also created the OmniseaPortal contract: a cross-chain composable and permissionless NFT bridge that supports all existing ERC721 NFT collections and can easily allow third-party protocols to be integrated.
The token of the project is OSEA, and the total distribution is: - 55% is the ecological fund (for governance), 5% is initially unlocked, and the remaining 50% will be unlocked linearly after a 2-year lock-up period and will continue for 50 years.
- 30% is for liquidity (used for pool formation, listing and rewarding OSEA holders), 10% is initially unlocked, and the remaining 20% is unlocked linearly within 5 years.
- 15% is owned by the team, 5% is initially unlocked, and the remaining 10% is unlocked linearly within 2 years.
Judging from the recent performance of the token, the 30-day increase is about 30%, and the market value is only about 470,000 US dollars. The performance is not particularly outstanding in the recent bull market. In addition, there are not many trading markets supported by OSEA, and the trading scale is also subject to certain restrictions.
However, its official push shows that version V3 will be launched soon, supporting seamless trading of NFTs using different public chains without switching networks; at the same time, it supports more assets such as ERC-1155 and ERC-20 standards, and can quickly create NFTs, which may become a good expectation and catalyst.
Gh0stly Gh0sts: The First Omnichain NFT
Gh0stly Gh0sts is the first Omnichain NFT series powered by Layer Zero Labs. Gh0sts spans 7 EVM chains: - Ethereum - Arbitrum - Optimism - Binance Smart Chain - Avalanche - Polygon - Fantom.
I will not go into too much depth in analyzing the design and cultural core of NFT.
Gh0stly Gh0sts is not a new project. Its NFT series was launched in April last year.
But in the past one or two days, its floor price has risen by about 70% and is currently around 0.2E, while both trading volume and sales have seen a significant increase. On the one hand, this may be due to the fact that Ominicat's meme token has led the craze for full-chain narratives, and on the other hand, we can also see from its official tweet that Layerzero recently mentioned its own token design, and the V2 version is about to be released.
This may also increase the expectation of holding Gh0stly Gh0sts to obtain airdrop tokens, or it may also indicate that the market is seeking to hold full-chain concept NFTs to obtain more marketing opportunities.
From Solana’s recovery to Avalanche’s catch-up, we can observe that funds and narratives are always rotating on different chains.
Now, the market's attention has shifted to the entire chain.
The whole-chain related meme may just be the beginning. More projects in the whole-chain narrative may see better performance with solid fundamental support.