Omnity, an omnichain interoperability protocol, announced Runes integration.
The Omnity team told crypto.news that it had integrated Runes, an efficient UTXO-based Bitcoin meta-protocol that allows the trading of fungible tokens on Bitcoin. With the new update, Omnity reduces network congestion, supporting the evolution of the Bitcoin network towards serving broader economic functions.
At launch, Omnity provides core functionality for Runes tokens, including transferring them between chains. This is achieved through introducing a twin token, which ensures that the integrity and functionality of Runes assets are maintained across different chains.
“In addition to interoperability, the Omnity development team also has extensive experience in shared security and restaking. 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 offer a more efficient solution for network tokenization than the BRC20 standard.
A few days after its release, the Runes protocol received 2,129 BTC in fees, the equivalent of $135.6 million. Record revenue from fees on halving day has led some to speculate that the network is moving toward paying miners mostly through transactional activity.
However, CoinShares estimates that the average contribution of fees to revenue in the coming months will be approximately 15%. Omnity said that only on peak days will the figure reach 30%.