Omni is a restaking secured blockchain purpose built to connect all of Ethereum’s rollups, empowering developers to build apps across all L2s.
With the launch of rollups, the Ethereum ecosystem has solved the problem of expensive transactions. However, this has come at the cost of fragmentation. Now users, their capital and applications are scattered across an array of rollup solutions. Through leveraging new technologies like restaking, Omni solves this fragmentation by providing by far the most secure and simple way to deploy cross-rollup applications for Ethereum developers.
The Open Liquidity Network
For our next testnet, we are working with a number of projects (Injective, Flow, Sei, Sushi, and more) to embrace existing open standards, such as xERC-20 (see more below), and push for new ones. These standards will allow tokens to be natively accessible across all EVM chains. We will be spinning up a number of gamified apps on our testnet to test these standards ahead of our mainnet launch.
Proposal for Metis
We want Metis to give us support to mint a testnet xERC20 (new open token standard pioneered by EIP-7281) version of $METIS on Arbitrum, Optimism and Polygon rollups (all in testnet environment) so that we can load test our network ahead of launch.
We will run missions on testnet dApps for users to move these xERC20 tokens across the rollups. We have a suite of apps specifically designed to do this in a gamefied way to help bring Metis additional attention.
There is no dev work needed on the Metis end, just support to test our network with a testnet xERC20 version of $METIS. We are also happy to add reLSTs, LSTs, etc, as there are potentially many opportunities for Metis-native tokens to reach new networks.
Practically, the only work on the Metis side would be a couple tweets and quote tweets to announce the partnership.
Benefits
Open standards like xERC-20 allow tokens to be natively deployed on any EVM chain. This removes the need for wrapped/bridge tokens. This means that liquidity becomes unified across all chains. Users would be able to access their native $METIS on any chain that supports it. This opens doors for all kinds of seamless interoperability.
Thanks for the proposal Omni! This is a really exciting development you are buliding as I feel seamless interoperability is the major breakthrough that EVMs, especially L2s, need. With all the competition and modular thesis growing, it is of upmost importance for EVMs and especially L2s to feel like one ecosystem. A few questions I have outlined below:
You mention “gamified apps” - could you outline what these apps are, their purpose, and how they will drive engagement and testing?
Can you explain why using a restaking secured blockchain is better than other interoperability solutions?
Can you give an example of what a user wil experience once Omni is fully operational across several EVMs?
Omni partners will be building innovative cross-rollup dApps (e.g. cross-chain Defi, games, and social apps) leveraging Omni’s messaging layer to stress test the network and prepare it for mainnet. The dapps will be designed to introduce our community to partner projects, introduce users to open standards promoted through the Open Liquidity Network, and to highlight unique x-rollup capabilities of Omni Network.
Most interoperability solutions today derive their security from small / often localized validator sets backed by their own token. The amount of value the protocol can secure is then capped by the staked market cap of the protocol’s token (otherwise it becomes profitable for validators to steal the bridged funds). Via EigenLayer restaking, Omni can bootstrap a larger amount of security and inherit a decentralized validator set from day 1.
The end goal for Omni is to support cross-chain transactions where the entire interoperability process is abstracted away from the user. For example, when users want to interact with an app on Arbitrum, but their funds are on Optimism, they don’t need to think about bridging assets or switching RPC in their wallet - it’s all abstracted away from them, and they get the same UX as if the app was on Optimism.
Thank you for your interest in Metis and your offer. I had a few questions for you;
1-How does restaking technology work and why do you think it is the safest and simplest way for Ethereum developers to deploy cross-staking applications?
2-What will the gamified application tests to be carried out on the main testnet of the Open Liquidity Network include and what open standards will be used?
3-Can you explain in more detail what kind of contributions supporting Metis’ testnet xERC20 version can make to your project and the Metis network? Based on
4-xERC-20 standards, what are the advantages of users moving tokens between different EVM chains and how does this affect liquidity?
Welcome Omni and it an honor to have you join us on the Metis Ecosystem. I have a couple questions on this proposal.
How does the restaking mechanism on a Omni designed to connect Ethereum’s rollups enhance security and interoperability, and what potential challenges might users face and how does omni plan to mitigate this?
In the context of users accessing their native $METIS on any supporting chain, what key security measures and cryptographic protocols are essential to ensure the secure transfer and utilization of tokens, and how does this approach mitigate potential vulnerabilities associated with cross-chain transactions?
I want to commend the innovative strides the proposal from Omni, for the xERC20 Metis integration promises to bring toward simplifying cross-rollup transactions on Ethereum’s network.
As with any new technology implementation, unexpected challenges often arise.
What potential challenges may users encounter with the roll-out of xERC20 Metis tokens across varying rollups, and what preemptive measures or support does Omni plan to offer to address these issues?
