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Omnity Protocol Integration for Runes Token Trading
Omnity protocol has announced a new integration for trading Runes tokens without the need for risky cross-chain bridges or any gas or transaction fees. The interoperability protocol is built on the Internet Computer (ICP) and is integrated with Runes, a Bitcoin metaprotocol that enables the trade of fungible tokens on the Bitcoin network.
Bitcoin Halving Impact on Transaction Fees
Following the Bitcoin halving, Runes have played a significant role in Bitcoin transactions, accounting for up to 68% of them. However, the fees earned by Bitcoin miners have started to decrease.
Runes Protocol and UTXO Model
Similar to BRC-20s, Runes is a protocol that operates on the Bitcoin network and pays fees in Bitcoin to mint new tokens. Runes utilizes the Unspent Transaction Output (UTXO) model to create new tokens on Bitcoin, in contrast to Ordinals’ “inscription” account model.
Omnity’s Integration Benefits
Omnity Protocol’s integration aims to facilitate the trading of Rune tokens without incurring gas or transaction fees, enabling token swaps without relying on risky cross-chain bridges. This integration is the first to support Runes interoperability and shifts the burden of native Bitcoin transactions to ICP.
Runes Transaction Statistics
Since its launch, Runes has processed over 2.38 million transactions, as reported by a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo.
Internet Computer (ICP) Overview
ICP serves as the native cryptocurrency for Internet Computer. Omnity’s cross-chain integration utilizes ICP’s “Chain Fusion Technology,” enabling the network to interact with Bitcoin by reading and writing data.
Omnity highlighted that ICP’s on-chain Bitcoin integration is crucial as it brings smart contract capabilities to Bitcoin without relying on centralized bridging services. This opens up new opportunities for DeFi and Dapp development while avoiding congestion on the Bitcoin network and reducing transaction fees.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
