Omnity, an omnichain interoperability protocol, announced Runes integration.
The Omnity team told crypto.news that it had integrated Runes, an efficient UTXO-based Bitcoin metaprotocol that enables trading of fungible tokens on Bitcoin. With the new update, Omnity reduces network congestion, supporting the Bitcoin network’s evolution towards serving broader economic functions.
At launch, Omnity will provide core functionality for Runes tokens, including transferring them between chains. This is achieved through the introduction of a dual token, which ensures that the integrity and functionality of Runes assets are maintained across chains.
“In addition to interoperability, Omnity’s development team also has extensive experience with shared security and rerecording. You can expect to see some of these features brought to the ICP and Bitcoin community via Omnity to enrich the Bitcoin defi environment in the coming months.”
The Omnity team
The Runes Protocol was developed by Casey Rodarmor, who created the Ordinals concept in early 2023. The new project uses the Bitcoin UTXO model to provide a more efficient network tokenization solution than the BRC20 standard.
A few days after its release, Runes Protocol received 2,129 BTC in fees, the equivalent of $135.6 million. Record fee revenue on the halving day has led some to speculate that the network is focusing on paying miners primarily through transactional activities.
Bitcoin has hit a record high of 100 blocks in transaction fees exceeding the block grant. Great to see how the experiment plays out and proves the theory that fees can support the thermodynamic security budget! pic.twitter.com/CoRm6P40HR
— Jameson Lopp (@lopp) April 20, 2024
However, CoinShares estimates that the average contribution of fees to revenue will be around 15% in the coming months. Omnity said this figure will reach 30% on peak days only.
You might also like: Runes volume rises as Bitcoin gains utility from meme coins