Omni Network, a groundbreaking layer 1 blockchain, has come with the needed solutions to scalability and interoperability issues. The primary keyword for its solution is “unification,” which brings all Ethereum rollups to an interconnected environment.
The project kicked off an opportunity for users to participate in the Binance Launchpool and farm OMNI tokens. The farming period is from 2024-04-13 00:00 (UTC) to 2024-04-16 23:59 (UTC), and Binance will list it immediately on April 17th.
Understanding How Omni Network Works
Image from Omni Network
Omni Network uses a system called “restaking,” deploying the concept of validators and delegators to connect all rollups in a secure environment. So, the creators of this project identified an issue. The more the Ethereum network expands, the more its liquidity fragmentation becomes complex.
Thus, Omni Network helps developers and companies solve these issues by providing a platform for creating secure, user-friendly, and scalable dApps. With Omni Network, developers will no longer have issues deploying their decentralized applications across various blockchains.
OMNI Token and Functions
The Omni Network can’t function without the inclusion of its revolutionary token OMNI. It serves a lot of functions within the ecosystem, including:
- Gas Abstraction
Gas abstraction is a principal feature of the network, and the OMNI Token serves as the gateway through which all users can pay transaction fees for all networks.
- Governance
Users and investors holding the OMNI token will get the voting right to make decisions on crucial issues such as fee structures, protocol goals, and other important integrations.
- Staking
Restaking is a central concept within the network, but OMNI tokens can be staked to earn rewards and contribute to its overall growth.
Image from Coincarp
The total supply of OMNI tokens is capped at 100,000,000, and its distribution is so unique that it makes it stand out.
- Ecosystem fund: 29.50%
- Team: 25.25% (but it has a vesting schedule)
- Private Sale Investors: 20.06%
- Community Fund: 12.67%
- Public Launch Allocation: 5.77%
- Binance Launchpool: 3.50%
- Advisors: 3.25% (it also has a vesting schedule)
Rewards for Using Omni Network
Both common users and developers are set to benefit significantly from using Omni Network due to unique features that set it apart from other blockchains:
Image from Omni Network
Great User Experience
Gas abstraction is one of Omni Network’s primary objectives, and this entails users experiencing simplified cross-chain transactions. They will no longer need to hold native tokens for each network they transact with. Instead, they can pay all the network fees with a single token.
High Performance
Users seeking high performance will enjoy Omni services as it uses the concept of restaking to create a speedy blockchain. Its integration infrastructure for various blockchains enables high performance whenever users are interacting with other blockchains/rollups.
Wider Audience for Token Issuers
Asset/token issuers are granted access to global liquidity and application integrations instead of limiting themselves to a single rollup user base.
Massive Boost for Existing DApps
Many decentralized applications are limited to a single rollup user base, limiting their potential and growth. However, Omni Network unlocks its user base to a new level by allowing seamless access to other rollups without needing code modifications.
How to Participate in the Launchpool
- To participate in the launchpool, you will need a Binance account. If you don’t have one at the moment, you can create an account using this link.
- To participate in staking, you will need to complete the Know Your Customer (KYC) procedure. Essential documents like a driver’s license, government-issued photo ID, passport, and voter ID card may be required.
- Go to the launchpad page. You will see Omni Network. Click on it to view different staking options.
- You can either choose to stake using BNB or FDUSD. Assuming you stake BNB, you will get 2,975,000 OMNI in rewards (85%). However, if you stake FDUSD, you will get 525,000 OMNI in rewards (15%).
Meta-Description: Revolutionary layer 1 blockchain, Omni Network has opened a Binance launchpool for users to farm and earn rewards. Learn more here!
The post Exploring the Super-charged Layer 1 Omni Network – Binance’s Latest Launchpool Project appeared first on BeInCrypto.
All credit goes to the original author and article which can be read here:
https://beincrypto.com/exploring-the-super-charged-layer-1-omni-network-binances-latest-launchpool-project/
