Executive Summary
Omni Network represents an Ethereum-native interoperability protocol engineered to interconnect all Ethereum rollups, or scaling products, via low latency communications. Its primary objective is to provide a secure, efficient, and globally compatible architecture, presenting Ethereum as a unified operating system. This framework will empower developers to construct applications capable of seamless interaction and allow users to transition between diverse applications effortlessly. As a Proof-of-Stake network, Omni will ensure security through a dual staking mechanism, which involves staked OMNI and restaked $ETH.
About the Project
Vision – To establish itself as a natively secured and externally verified interoperability network, setting a new standard in security, performance, and global compatibility for Ethereum’s modular ecosystem.
Problem – Rollups have indeed enhanced the speed of the Ethereum ecosystem but have also necessitated the network’s scaling through isolated execution environments. This lets them work with different setups and languages but spreads the money and developers across different systems, disturbing Ethereum’s original intent of hub for Decentralized applications.
Solution – Omni achieves its vision by introducing an innovative network architecture designed for swift cross-rollup communications and seamless integration with Ethereum’s entire rollup ecosystem. This is supported by the economic security of staked $ETH.
How does it work?
Omni Network has secured $1 billion in staked ETH commitments from leading protocols like Ether.Fi, Renzo, Rio, and Swell are becoming the first Actively Validated Service (AVS) to do so. AVS leverages Ethereum’s security and validation mechanisms via EigenLayer, streamlining resource use and enhancing security against attacks. This way, Omni ensures the best protection in the crypto space.
Omni’s approach connects all blockchain networks, using a foundational layer as a universal connector. Validator nodes, secured through staked $OMNI and restaked $ETH, will validate messages and transactions, aiming for true cross-chain composability.
Features
- Unified Ethereum Ecosystem: Omni aims to restore Ethereum’s vision as a singular, cohesive platform by providing seamless interoperability between various rollups, thus addressing the ecosystem’s fragmentation.
- High Performance: Omni is designed to offer low-latency communication across rollups, facilitating quick cross-rollup message verification and interactions.
- Advanced Security: Leveraging Ethereum’s L1 security through restaked $ETH, Omni ensures that its cross-rollup communication maintains the highest security standards in the industry.
- Global Compatibility: The protocol supports Turing-complete applications across all rollup environments, ensuring developers and users face no limitations due to rollup-specific constraints.
- Gas Abstraction and Transaction Fee Management: Omni introduces a gas abstraction feature that simplifies the user experience by allowing transaction fees to be paid in a single currency across different rollups. This universal fee mechanism, metaphorically called “$OMNI is oil,” facilitates more straightforward and accessible cross-rollup transactions.
Market Analysis
Since its inception, blockchain technology has experienced remarkable growth. It is currently valued at $1.6 trillion, and optimistic forecasts predict further expansion. The introduction of the Ethereum ecosystem has brought about a wealth of opportunities, with Layer 2 (L2) solutions taking this progress even further. Over the years, the market has continuously expanded, with platforms like Polygon, Arbitrum, Optimism, etc, establishing themselves as dominant players. The market capitalization of L2 solutions has already reached $26B and is on the rise.
The Omni Network goes beyond connecting all these rollup players while leveraging Ethereum’s best security features. As the adoption of these rollups continues to grow, so will the use of the Omni Network.
Investors
Traction
Omni Network has partnered with significant projects, including Arbitrum, Polygon, Scroll, Altlayer, etc. According to their website, they have successfully processed transactions for 400,000 users, totaling 7.5 million transactions. With a $1.8B FDV valuation, investor sentiment towards the project is bullish, indicating strong support. This underscores the project’s notable growth and adoption.
Token
The $OMNI token is an ERC-20 token launched on Ethereum Layer 1 (L1). $OMNI serves several purposes within the ecosystem. It can be used as a gas resource to facilitate transactions on any Ethereum rollup and is the native gas token for the Omni EVM. Additionally, OMNI acts as the platform’s governance token and is used alongside staked $ETH in the protocol’s dual-staking model to enhance security. The token has a maximum supply of 100 million.
Omni utilizes a dual staking mechanism that merges restaked $ETH and staked $OMNI tokens, creating a layered security model. This strategy allows Omni to leverage Ethereum’s extensive security resources and expands its security budget over time as more $OMNI tokens are staked.
Team
The Omni Network is developed by a skilled global team with extensive experience building and expanding core blockchain infrastructure. Austin King, the founder and CEO of Omni Labs, brings a wealth of experience from the technology sector. He previously founded his own payment company, which was later acquired by Ripple. Before his role at Omni Labs, he was a software engineer at Ripple.
Conclusion
Omni Network is an interoperability protocol designed to unite all Ethereum rollups, envisioning Ethereum as a cohesive network. Its goal is to streamline the developer experience for deploying secure, cross-rollup applications within Ethereum’s evolving ecosystem. Omni Network is emerging as a robust project with notable traction, partnerships with major protocols, and a robust community.
Fundamental Score | |||||
 | Assessment |  | |||
Problem | Moderate, somewhat persistent problem | 2 | |||
Solution | Distinct, defensible solution | 3 | |||
Market Size | Large market, significant growth potential | 3 | |||
Competitors | High competition, but room for differentiation | 2 | |||
Unique Value Proposition | Clear differentiation and value for customers | 3 | |||
Current Traction | Solid traction, user engagement and retention growing | 3 | |||
Unit Economics | Break-even or slightly positive unit economics | 2 | |||
Tokenomics | Solid token strategy, aligns with user incentives | 3 | |||
Product Roadmap | Unclear or unrealistic product roadmap | 1 | |||
Business Model | Proven business model with clear path to profitability | 3 | |||
Go-to-Market Strategy | Solid GTM strategy, clear target market and channels | 3 | |||
Regulatory Risks | Minimal regulatory risk, strong mitigation and adaptability | 4 | |||
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 |  |  | Total | 66.67% |