As reported by Cointelegraph, the Omnichain protocol Omnity has introduced an integration that allows for the trading of Runes tokens without incurring gas fees or transaction costs, preventing congestion on the Bitcoin network.
The integration depends on the chain fusion technology of the Internet Computer Protocol, enabling the network to interact with the Bitcoin network and other blockchains freely.
According to Louis Liu, the founder of Omnity and the Octpus Network, this integration differs significantly from other Bitcoin interoperability protocols. Omnity is expected to support Bitcoin Ordinals and Ethereum nonfungible tokens (NFTs) in the upcoming months.
Unlike alternatives such as Wormhole and LayerZero, Omnity does not rely on wrapped tokens or off-chain relayers that require trust assumptions and can be vulnerable to exploitation.
The primary goal of this integration is to meet the rising demand for solutions that can help scale the Bitcoin blockchain, which has experienced increased activity due to the introduction of Bitcoin exchange-traded funds (ETFs) and innovative technologies like Runes, a new protocol for issuing fungible tokens on the Bitcoin network.
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