Omnity unveils groundbreaking Runes interoperability solution
Omnity, a protocol that enables interoperability across multiple blockchains, has announced its integration with Runes. Runes is a meta-protocol built on Bitcoin’s UTXO model, allowing the trading of fungible tokens on the Bitcoin network. This integration by Omnity aims to reduce network congestion and support the expansion of Bitcoin’s role in the broader economy.
With the launch of Omnity, users can now perform core functions with Runes tokens, such as transferring them between different chains. This is made possible by introducing a twin token that ensures the integrity and functionality of Runes assets remain consistent across various chains.
The Runes protocol, created by Casey Rodarmor, introduced the concept of Ordinals in early 2023. By utilizing the Bitcoin UTXO model, Runes offers a more efficient solution for tokenizing networks compared to the BRC20 standard.
Shortly after its release, the Runes protocol generated a staggering 2,129 BTC in fees, equivalent to $135.6 million. This record-breaking revenue from fees on halving day has sparked speculation that the network may shift towards primarily compensating miners through transactional activity. However, CoinShares estimates that fees will contribute to approximately 15% of revenue in the coming months, with Omnity stating that the figure will only reach 30% on peak days.
In related news, the volume of Runes has seen a significant increase as Bitcoin gains utility as a meme coin.
