As usual, we have to take stock of Binance’s new Pool $OMNI, and at the same time, we have to examine why the Binance girls chose this project and why their thinking was not in sync, which led to their failure to make big profits.
Since I have seen that most people on Twitter talk about things that are too professional, and the large amount of professional terms piled up will seriously affect the reading and understanding experience, this time I will try my best to use plain language to explain what OMNI is and where it occupies in the track.
When it comes to OMNI, we must first talk about the narrative it is in - full-chain/cross-chain interoperability"
In a nutshell, this narrative is to let users not care about the chain or the native or non-native token. I just want to operate everything in one stop through one interface, and it can't be easily stolen by hackers!
This demand is very strong. New web3 users don't have the time to learn about the different underlying blockchain camps and how to put different gas on each chain. We should focus on user experience and create a low-threshold Web3 product environment that is easy to get started and close to traditional Web2 applications, so as to remove the obstacles for users outside the circle to seamlessly enter the Web3 world! Just say whether you are a new or old leek, do you want it? At least I really want it. From a product perspective, many people may not need to understand what Web3 is, and if Web3 wants to become mainstream, it must be easy for ordinary people to use. Otherwise, bringing in new blood is just for Meme?
I still remember that many years ago, with the emergence of BSC, more and more people could not stand the terrible Gas of the ETH mainnet, and more and more L2 began to appear. In order to pursue opportunities on various chains, people will naturally have the need for cross-chain flow of funds when using Dapps on a certain chain. Therefore, cross-chain interoperability has become a key solution to these problems.
The first generation of cross-chain bridges adopted the "locking + minting" model, but relied only on a group of trusted participants to verify and relay messages between networks. Over the years, these protocols have been the target of many exploits, and the losses caused by security vulnerabilities have exceeded $2 billion. Moreover, this method cannot solve the problem of cross-chain between different camps, just like you can take a high-speed train in China, but you can't take a high-speed train directly to Japan and South Korea. The countries are different. And at this time, robbers often get on the train to rob, and some even directly drag the high-speed train away.
So, evolve! Due to the security vulnerabilities and limitations of traditional cross-chain bridges, the blockchain industry began to adopt cross-chain communication protocols. By the end of 2022, more advanced second-generation solutions will act more as an infrastructure layer and will have significantly increased penetration among users. The second-generation cross-chain communication protocol supports native integration, not only supports the exchange of tokens, but also supports the exchange of any data. Security has also been greatly enhanced, with participants staking the protocol’s native assets to participate in the verification process.
Let's take an analogy. Now many countries have reached an agreement. China's high-speed rail has been opened to Southeast Asia, Japan, South Korea and even Europe. Everyone has agreed to use the same standard for racing and unified weights and measures. There are also security guards on every train. If a robbery occurs within the scope of a railway station, the railway station will have to pay compensation. The safety is much better than the first generation.
The leaders of the whole chain are well-known projects such as Axelar and LayerZero. Their number of transactions has increased significantly, and this trend has continued until 2023.
However, with the emergence of Eigenlayer, a third-generation solution with super security has arrived. Omni is the favorite chosen by Binance at this stage, and it has three highlights:
1. Double security protection (the total value of the Restaking ETH and the staked OMNI provides protection). Let’s take an analogy. Now if a hacker wants to rob the Eurasian high-speed rail you are riding, he will have to fight with the armies of all countries in two continents + the security of the high-speed rail company.
2. Fast speed, sub-second verification
3. Low integration requirements and good compatibility
Now I also know why the ladies chose this target, the full chain / cross-chain interoperability + Restaking two narratives. And why I missed this target, because their predecessor was Rift, which only made an interoperability layer based on Ethereum, enabling developers to program global applications across the entire Rollup ecosystem of Ethereum. It has only begun to adjust its direction in the past few months to catch the Eigenlayer restaking car.
Why did I miss this target? Because their predecessor was Rift, which only made an interoperability layer based on Ethereum, enabling developers to program global applications across the entire Rollup ecosystem of Ethereum. In the past few months, they adjusted their direction and took the Eigenlayer restaking train. They were not mentioned in the report on Binance-related tracks in January. I was indeed careless and need to review it.
I won’t say much about the team and financing, you can see them everywhere on the street. There is nothing to pick on in these two aspects of being selected by Binance. Let me talk about the token economy and launch expectations that everyone is most concerned about.
Token Economy
The total number of coins is 100 million, and the circulation volume after opening is 10,391,492, accounting for 10.39% of the total. Binance mining accounts for 3.5% of the total, and the team and private equity investors account for about 45% in total. From the figure, we can see that the selling pressure in the early stage is actually not large.
Online Price
At present, the price of $OMNI on Aevo is fluctuating greatly, fluctuating between 40-60. If we calculate from the cost of mining, it will take about 50 dollars to get some profit after going online. Since the market is not very stable in the past two days, I will not give a clear secondary participation price. I hope that the market will heat up when it opens and reach 60+, otherwise the income of this pool will be very limited.
