Omnichain protocol Omnity has launched an integration that promises the trading of Rune tokens without gas or transaction fees or clogging the Bitcoin network.
According to the protocol, the integration is based on 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,” told Cointelegraph Louis Liu, founder of Omnity and the Octpus Network, adding that support for Bitcoin Ordinals and Ethereum nonfungible tokens 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.”On April 20, the Bitcoin network recorded a new all-time high of 926,842 transactions, with Runes tokens making up 68% of the blockchain traffic. According to data from Dune, 3.6 million Runes transactions were executed on the day.
“With all of this buzzy development on Bitcoin , developers are hustling for solutions to trade Bitcoin assets without bottlenecking the network, increasing users’ risks of outrageous network fees,” said Liu.in the crypto space in 2024. Among the trends surrounding the first blockchain are layer-2, roll-ups and its integration with decentralized finance . “Most of the world is not able to access U.S.