Omnity, the Omnichain protocol, has introduced an integration that allows for the trading of Rune tokens on the Bitcoin network without the need for gas, transaction fees, or network congestion. The integration is built upon the chain fusion technology of the Internet Computer Protocol, which enables the network to interact with the Bitcoin network and other blockchains.
Louis Liu, the founder of Omnity and the Octpus Network, explained that this integration sets itself apart from other Bitcoin interoperability protocols in various ways. He also mentioned that support for Bitcoin Ordinals and Ethereum nonfungible tokens (NFTs) will be added in the coming months.
This integration specifically addresses the demand for scalable solutions for the Bitcoin blockchain. The network has experienced increased activity, driven by the introduction of Bitcoin exchange-traded funds (ETFs) and innovative technologies like Runes, which is a new protocol for issuing fungible tokens on the Bitcoin network.
On April 20, the Bitcoin network reached a new record high of 926,842 transactions, with Runes tokens accounting for 68% of the blockchain traffic. Dune’s data shows that 3.6 million Runes transactions were executed on that day.
Liu highlighted the need for solutions that allow for trading Bitcoin assets without congesting the network and subjecting users to exorbitant network fees. He emphasized that there is a continuous drive for developers to address this issue amidst the growing development in the Bitcoin ecosystem.
Bitcoin is expected to drive innovation in the cryptocurrency space by 2024. Key trends surrounding the pioneering blockchain include layer-2 solutions, roll-ups, and integration with decentralized finance (DeFi). However, Ledn CEO Mauricio Di Bartolomeo noted that many individuals around the world are unable to access U.S.-listed products but still require the ability to borrow against their Bitcoin and earn interest on it.
In other news, it has been reported that 1 in 6 new Base meme coins are scams, with 91% of them having vulnerabilities, according to a magazine.