- The mainnet for Omni Core, the Ethereum scaling solution based on EigenLayer, was deployed.
- By promoting cross-chain communication and interoperability, the protocol aims to bring the disjointed Ethereum Layer 2 ecosystem together.
Scaling solution for Ethereum According to a statement, Omni Network launched its Omni Core mainnet on Tuesday. The Omni Orderflow Engine, which aims to integrate the disjointed Ethereum Layer 2 ecosystem, will use the system as its “base layer.”
Omni is an early experiment made possible by the developing field of “restaking,” which should not be confused with the Bitcoin secondary layer of the same name. Restaking extends the potential of proof-of-stake networks and supports a variety of innovative applications by reusing staked assets, such as Ethereum, to protect numerous blockchain networks and applications at once.
One of Ethereum’s most popular and exciting research topics is restaking, which was first introduced mainly through the experimental EigenLayer protocol. However, the alleged advantages made possible by this cutting-edge security technique have not yet been fully utilized by many applications.
The spread of Ethereum rollups has resulted in $58 billion in TVL dispersed over over 40 networks, posing serious difficulties for both developers and users. Developers and users may interact with Ethereum as simply as if it were a single, seamless chain because to Omni’s ability to reunite the ecosystem.
Specifically, Omni was introduced in 2023 to enhance cross-chain compatibility across Ethereum’s heterogeneous L2 environment. The diverse ecosystem splits liquidity and Ethereum’s overall user base, even as Layer 2s contribute to lowering transaction costs, creating their own cultures, and offering a range of technological solutions that are better suited for specific applications.
The actual potential of Ethereum has been constrained by fragmentation. Users must deal with needless complexity just to transition between rollups, and liquidity is dispersed.
The goal of Omni Core’s custom EVM and cross-chain messaging protocol is to “abstract away” cross-rollup interactions, giving the ecosystem a sense of unity and enabling “seamless user experiences.” Core is half of the Orderflow Engine, which is intended to validate transactions and move data between chains, together with Omni’s SolverNet, which will soon be updated.
The Ethereum foundation chain and the biggest Layer 2s, such as Arbitrum, foundation, and Optimism, which make up more than 90% of all value-locked assets, will be compatible with Omni upon launch. Enhancing interoperability is supposed to enable Omni to support tools that are currently challenging to introduce, like DeFi primitives that combine liquidity from several sources and cross-rollup stablecoins.
The protocol was built using the open-source Octane framework developed by the Omni team to facilitate the integration of the EVM into any decentralized application. By executing its consensus and execution processes concurrently, Octane provides fast transaction performance by fusing EVM functionality with CometBFT, the Cosmos consensus engine.
The group raised $18 million from investors last year, including Jump Crypto, Two Sigma Ventures, Pantera Capital, and Hashed Fund.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
