Omni Network Raises $18M to Build Secure and Functional Interoperability Solution
Omni, the interoperability layer for Ethereum, is poised to revolutionize the crypto industry. The platform aims to address the challenge of fragmentation caused by the proliferation of rollups and to provide a unifying layer that allows developers to build applications that exist everywhere in Ethereum’s ecosystem. Omni is backed by $18M from prominent investors, including Pantera Capital, Two Sigma Ventures, and Jump Crypto.
The current state of layer 1 blockchains in the crypto industry is characterized by slow and expensive transactions. While scaling solutions in the form of rollups have emerged to offer users cheaper transactions, the problem of fragmentation has arisen due to the existence of multiple rollups. This has led to a dispersion of users and liquidity, making it difficult for developers to build applications that work seamlessly across the different rollups.
1/ Introducing Omni Network — the first interoperability layer for Ethereum, secured by Ethereum.
We’re excited to announce our core technology partner @eigenlayer with first rollup teams @arbitrum @0xPolygonLabs @StarkWareLtd @Scroll_ZKP & @LineaBuild_ pic.twitter.com/90ss7nXZZW
— Omni Network (@OmniFDN) April 25, 2023
Omni is designed to address this challenge by creating a new way forward for Ethereum’s modular future. The platform promises to be the unification layer for all rollups, serving as the core infrastructure powering all modular applications on Ethereum. By leveraging EigenLayer, the Omni Network can facilitate rapid and cheap communication between rollups with security derived from Ethereum itself.
One of the key innovations brought forth by Omni is its programmable interoperability layer. This layer empowers builders to create applications that are global by default without adding further complexity to the developer experience. The programmable interoperability layer provides cross-rollup applications with fundamental economic advantages compared to siloed applications through properties such as multi-rollup liquidity aggregation.
Omni is also the most secure interoperability solution ever created. Nearly half of all the funds lost in DeFi hacks have originated from vulnerabilities in interoperability protocols. The design space is fraught with difficulties, leading to fragile, insecure deployments. However, by reimagining the future of the decentralized economy with Ethereum at its core foundation, Omni has been able to build a solution that is both secure and functional.
In the coming weeks, Omni plans to release further updates to encapsulate all that it has to offer. This will include details on how security is derived from Ethereum for interoperability, the new class of applications that programmable interoperability will facilitate, and technical development progress with its core rollup partners.
Omni began with the promise of bringing programmable Ethereum interoperability to the world, and it is just getting started. With its novel innovations in security and functionality, Omni is setting a new standard for interoperability in the crypto industry.
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