Omnity Protocol Unveils New Integration for Low-Cost Runes Trading
Omnity Protocol is set to launch a groundbreaking integration that allows for the seamless trading of Runes tokens, eliminating the need for risky cross-chain bridges and costly gas or transaction fees.
The interoperability protocol of Omnity is built on the Internet Computer (ICP) and is now integrated with Runes, a Bitcoin metaprotocol that enables the trading of fungible tokens on the Bitcoin network.
Following the Bitcoin halving, Runes has accounted for approximately 68% of Bitcoin transactions, but the fees earned by Bitcoin miners have seen a decline.
Similar to BRC-20s, Runes utilizes the Bitcoin network and pays fees in Bitcoin to generate new tokens. The protocol employs the UTXO model to “etch” new tokens on Bitcoin, which differs from Ordinals’ “inscription” account model, as explained by Rodarmor.
With this integration, Omnity Protocol aims to facilitate the trading of Rune tokens without the need for gas or transaction fees. It allows for token swaps without relying on risky cross-chain bridges. Omnity is proud to be the first protocol to support Runes interoperability, as it integrates Runes and offloads the responsibility of native Bitcoin transactions onto ICP.
Since its launch on April 20th, Runes has processed over 2.38 million transactions, according to data from a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo.
Louis Liu, the founder of Omnity, expressed his enthusiasm about leveraging the Internet Computer to alleviate congestion on the Bitcoin network. He stated, “This enhances Runes transaction efficiency and also cuts costs, which supports the scalability and economic functions of Bitcoin.”
The integration utilizes ICP’s “Chain Fusion Technology,” allowing the network to interact with the Bitcoin blockchain. Omnity emphasizes the importance of ICP’s on-chain Bitcoin integration, as it brings smart contract functionality to Bitcoin without the need to trust wrapped BTC from centralized bridging services. This opens up new possibilities for decentralized finance (DeFi) and decentralized application (DApp) development, without congesting the Bitcoin network or increasing transaction fees.
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