Omnipotence Releases Free Runes Business Merger.
Omnichain Protocol Omnichain has launched the integration of Runes tokens without gas or transaction fees or blocking the Bitcoin network.
According to the protocol, the integration is based on the Internet Computer Protocol chain integration technology, which allows the network to read and write to the Bitcoin network and other blockchains.
“This differs from other Bitcoin interoperability protocols in many ways,” Louis Liu, founder of Omni and Octpus Network, told Cointelegraph, adding that support for Bitcoin Ordinals and Ethereum nonfungible tokens (NFTs) is expected in the coming months.
“Universality does not depend on trusted assumptions or exploitable off-chain transmissions. […] For example, a wormhole relies on sealed tokens and off-chain relayers, while LayerZero requires two off-chain entities, an Oracle and a Relayer.
The integration targets the need for a solution to scale the Bitcoin blockchain. The network has seen activity fueled by Bitcoin (BTC) exchange-traded funds (ETFs) and new technologies such as Runes – a new protocol for issuing hash tokens on the Bitcoin network.
On April 20, the Bitcoin network recorded a new all-time high of 926,842 transactions, with Runes tokens accounting for 68% of blockchain traffic. According to data from Dune, 3.6 million runes were traded that day.
“With all this boom in Bitcoin, […] Developers are rushing to find a solution to trade Bitcoin assets without disrupting the network, which increases users' risk of catastrophic network fees,” Liu said.
Bitcoin is expected to drive innovation in the crypto space by 2024. Among the trends surrounding the first blockchain are layer-2, bundles, and integration with decentralized finance (DeFi). “Most of the world doesn't have access to US-listed products, but they still need and want to borrow bitcoin from them and earn interest on it,” Ledin CEO Mauricio Di Bartolome previously told Cointelegraph.
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