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Omni Network, a crypto project aiming to unify the world of Ethereum’s layer-2 rollup solutions, has just launched on mainnet on Arbitrum and Optimism.
One week after the launch of the OMNI crypto, an ERC-20 governance token distributed through airdrop to early users of the community in the middle of the “Genesis Drop”, the Omni network can begin the path of unifying liquidity on Ethereum by positioning itself as the first blockchain powered by restaking.
Let’s see all the details below.
Omni Network lands on mainnet on Arbitrum and Optimism and begins its journey into the world of Ethereum crypto rollups
Omni Network, a well-known cryptographic project whose purpose is to connect the various Ethereum rollups through a highly interoperable infrastructure, has landed today on Arbitrum and Optimism.
The Omni Foundation, an organization that supports the growth and development of the Omni network and its ecosystem, has revealed it, providing a solution to communicate with each other securely, cost-effectively, and at scale.
Omni, protected by EigenLayer’s restaking and compatible with the entire rollup universe, represents the first blockchain capable of offering developers the possibility to create decentralized applications that leverage the unified liquidity of the Ethereum universe.
From today, these will be able to take advantage of all the resources within the two largest networks optimistic rollup, with new integrations expected soon, paving the way for an era of maximum connectivity.
Before being able to actually interact with Arbitrum and Optimism, the Omni testnet has processed over 7,500,000 transactions and has seen the participation of over 400,000 users.
Furthermore, in the last month, in preparation for the mainnet launch, the project has received commitments from EigenLayer restakers for over 1 billion dollars, and is now ready to unite the fragmented L2 ecosystem on Ethereum.
Currently, several EigenLayer node operators support Omni: Eigenyields, P2P.org, Renzo (Luganodes), Arthapala, Galaxy, CoinSummer Labs, Altlayer, Kiln, Dashmaster, and many others.
Austin King, CEO of Omni Labs, an organization that contributes to the development of Omni Network, commented on the latest achievements reached by his team with these words:
“We have been developing Omni from scratch for over two years with a unique infrastructure that offers unparalleled functionality to the Ethereum ecosystem. Before Omni, there was no simple way to connect the numerous Layer 2 rollups, which was a barrier to the network’s growth. Omni Network tackles this problem head-on and is reshaping the Ethereum ecosystem, while also setting a precedent for a completely new type of DeFi applications.”
Just a week ago, to kick off Omni’s journey towards the Ethereum rollup unification process, the crypto OMNI was launched, the project’s governance token, through an event called “Genesis Drop“.
The Omni community, the top restakers of EigenLayer, and some NFT holders have been rewarded with 3,000,000 tokens through an airdrop.
Meanwhile, a successful LaunchPool on Binance has also taken place, where 10 billion dollars were raised from exchange users who locked their resources in staking to host the listing of OMNI.
Analysis of the OMNI token after the airdrop to the community
The launch of the OMNI crypto as an ERC-20 governance token on Ethereum for coordinating the Omni Network community, followed the classic price trend typical of listings accompanied by airdrops.
Indeed, after a strongly positive initial candle on Wednesday, April 17th, the currency began a phase of contraction that brought it to just a few hours from launch to record a 25% drop, quickly going from 32 to 24 dollars.
The descent was then followed by a timid hint of a bullish restart, immediately blocked on Sunday, April 21st in conjunction with the $30 resistance.
Now the price action seems to be heading towards finding a low lower than the $22 one, waiting for demand to make itself felt again.
Probably we still have a few days/weeks of distribution and sideways movement before the trend can reverse.
Unfortunately, cryptocurrencies like OMNI often suffer from the selling pressure of airdrop hunters, who tend to aim to liquidate instantly what they have earned from farming activities.
It is worth noting how the timing of the listing of the coin was not entirely successful, as it came in the midst of a general market dump that affected traders’ risk appetite.
Looking more closely at the tokenomics of OMNI, however, we can see how the weight of the airdrop overall is not extremely relevant (3% of the total supply).
What is really scary is the large portion of allocation intended for investors and core contributors: even though they are locked in vesting, these resources account for 45.4% of the total supply and will definitely have a negative impact in the long run.
In short, being Omi Network an absolutely innovative project that introduces for the first time in the history of Ethereum a new way of conceiving the liquidity of rollups, we expect a resurgence as soon as the minimum is definitively established in the coming weeks.
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