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NewsOmnity Launches Integration to Trade Bitcoin Runes Tokens without Gas Fees

Omnity Launches Integration to Trade Bitcoin Runes Tokens without Gas Fees

Apr 30,2024,02:23

Reported by Cointelegraph, Omnichain protocol Omnity has launched an integration that promises the trading of Runes tokens without gas or transaction fees or clogging the Bitcoin network.

According to the protocol, the integration is based on the Internet Computer Protocol’s chain fusion technology, which enables the network to read and write to the Bitcoin network and other blockchains.

“It differs from other Bitcoin interoperability protocols in many ways,” Louis Liu, founder of Omnity and the Octpus Network, told Cointelegraph, adding that support for Bitcoin Ordinals and Ethereum nonfungible tokens (NFTs) is expected in the coming months.

“Omnity does not rely on wrapped tokens with trust assumptions or off-chain relayers that can be exploited. [...] To give an example, Wormhole relies on wrapped tokens and off-chain relayers, while LayerZero requires two off-chain entities, an Oracle and a Relayer.”

The integration targets the demand for solutions to scale the Bitcoin blockchain. The network has seen a surge in activity, fueled by the debut of Bitcoin exchange-traded funds (ETFs) and novel technologies like Runes — a new protocol for issuing fungible tokens on the Bitcoin network.

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