Omnity Launches Gas-free Rune Token Trading Integration to Ease Bitcoin Network Traffic
Summary:
Omnichain protocol Omnity has introduced an integration to facilitate gas-free trading of Rune tokens, without overburdening the Bitcoin network. The technology, based on the Internet Computer Protocol’s chain fusion, aims to cater to rising demands for scalable Bitcoin blockchain solutions. The Bitcoin network is experiencing increased activity due to the launch of Bitcoin ETFs and technologies like Runes. Future trends for Bitcoin are expected to involve layer-2, roll-ups, and DeFi integrations.
In a significant development towards facilitating gas-free Rune token trading, Omnichain protocol Omnity has launched a crucial integration, without piling up transactions on the Bitcoin network. The integration technique relies on the Internet Computer Protocol's chain fusion technology, which permits the network to transact with Bitcoin and other blockchains, stated Louis Liu, the creator of Omnity and the Octpus Network, to Cointelegraph. He distinguished this method from other Bitcoin interoperability methods, mentioning future plans for support to Bitcoin Ordinals and Ethereum NFTs. He added that Omnity steers clear from reliance on potentially exploitable wrapped tokens and off-chain relayers. Liu contrasted it with Wormhole that relies on these elements, while LayerZero requires an Oracle and a Relayer. Reportedly, the newly established integration aims at the increasing demand for scalable solutions for the Bitcoin blockchain. This demand has shot up due to the initiation of Bitcoin ETFs and the introduction of Runes, a protocol for token issuance on the Bitcoin network. On April 20, a peak of 926,842 transactions was recorded on the Bitcoin network, with Runes accounting for a significant 68% of total traffic. As per Dune's data, 3.6 million Runes transactions were carried out on the said day. Liu pointed out that with the current Bitcoin-centric developments, there is a scramble amongst developers for solutions enabling Bitcoin asset trading without stressing the network and hiking network charges. Predictions indicate that Bitcoin will prompt significant advancements in the cryptocurrency domain in 2024. Potential trends expected to revolve around Bitcoin include layer-2, roll-ups, and integrations related to decentralized finance or DeFi. Mauricio Di Bartolomeo, CEO of Ledn, previously suggested to Cointelegraph that despite limited access to U.S. listed products, people would still need and want to leverage Bitcoin for interest earnings. Concurrently, it has been reported that 1 out of 6 new Base meme coins are scams and 91% have vulnerabilities.
Published At
4/29/2024 4:06:33 PM
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