TL;DR
- Omnity introduces cross-chain transfer functionality for Runes tokens.
- Runes users can move assets between layer 1 and layer 2 networks.
- The integration of Omnity with Runes seeks to reduce congestion on the Bitcoin network.
Omnity, an “omnichain” interoperability protocol based on the Internet Computer Protocol (ICP), has launched an integration that allows Runes token users to move their assets between layer 1 and layer 2 networks efficiently.
This new functionality comes shortly after the launch of Runes on the mainnet, presenting a solution to address the increasing congestion on the Bitcoin network due to the increase in Runes transaction volume.
How is Omnity enabling interoperability for #Bitcoin's #Runes? 🤔
Tune in live with our founder @louisliubj to uncover the answer. Join us now! 👇 https://t.co/s8pknADNWq
— Omnity Network (@OmnityNetwork) April 29, 2024
Omnity’s integration with Runes is based on the creation of a “Twin Token” when making cross-chain transfers.
These Twin Tokens use standards such as Internet Computer‘s ICRC-2 and Chain Fusion Technology, allowing users to read and write to Bitcoin from ICP, thus avoiding direct congestion on the Bitcoin network.
Runes has seen rapid growth since its launch, facilitating the issuance of fungible tokens on the Bitcoin network more efficiently than previous standards such as BRC-20.
However, this success has also contributed to congestion on the Bitcoin network and increased transaction fees.
The Omnity integration seeks to address these challenges so that transactions can take place outside of the Bitcoin mainnet
Making use of ICP’s robust infrastructure, Omnity implements an efficient strategy to alleviate the load on the core network.
This integration becomes a crucial step to optimize transaction management in the blockchain environment, allowing for a more equitable distribution of workload and avoiding congestion that can negatively impact the speed and efficiency of operations on the Bitcoin mainnet.
Furthermore, this integration marks an important step towards interoperability between different blockchains and network layers, giving users more options and flexibility to manage their digital assets efficiently and cost-effectively.
The collaboration between Omnity and Runes represents a significant advancement in the blockchain ecosystem by offering practical solutions to current scalability and congestion challenges, while driving the adoption of innovative technologies in the cryptocurrency and digital asset space.
