Omnity introduces cross-chain transactions for Bitcoin Runes

Interoperability protocol Omnity has announced the integration cross-chain transactions for Runes using Internet Computer (ICP) infrastructure, allowing the usage of these assets in different decentralized applications. Runes are a Bitcoin (BTC) metaprotocol facilitating the trade of fungible tokens without transaction fees that went live after the halving.

Omnity is the first protocol supporting Runes interoperability, a move that aims at reducing Bitcoin network congestion by leveraging ICP to handle transactions. This integration comes at a critical time as Bitcoin’s network activity surges due to ETF inflows, Ordinals inscriptions, BRC-20 tokens, and now Runes. In less than a week, the Bitcoin blockchain processed over 3,4 million Runes-related transactions, which were responsible for 2,100 BTC in fees.

“As champions of blockchain’s mission to protect public goods, we’re proud to leverage the Internet Computer to alleviate congestion on the Bitcoin network,” said Louis Liu, founder of Omnity. “This enhances Runes transaction efficiency and also cuts costs, which supports the scalability and economic functions of Bitcoin and ensures that users can access these assets free of any control from institutions or countries.”

Omnity’s solution includes a “twin” token system that maintains the integrity and functionality of Rune assets across various chains, adhering to ICRC-2 standards, through the Chain Fusion Technology of ICP. The Chain Fusion enables smart contract capabilities on Bitcoin without reliance on centralized bridging services for wrapped BTC.

Moreover, the launch of Motoko Sentinels, an NFT project on the Internet Computer, now permits automatic Runes mining, complementing Omnity’s protocol for effortless minting and cross-ecosystem transfers.

Source