Omnity, the first 100% on-chain omnichain interoperability protocol built on the Internet Computer (ICP) blockchain, just announced its integration of the Bitcoin Runes token standard. The move is the first interoperability solution for Runes, a new token standard that operates natively on Bitcoin.
Runes is an UTXO-based Bitcoin metaprotocol that enables more efficient trading of NFTs on Bitcoin. It improves upon previous standards like Ordinals and BRC-20 and, if successful, could become similar to Ethereum’s ERC-20 tokens. However, while Runes been all the hype in Web3 recently, users have experienced difficulty minting NFTs. X is full of complaints of high gas fees and even lost fees altogether when users miss the mint window.
According to a press release shared with Rarity Sniper, the latest integration from Omnity will solve these problems. Now users can trade Runes tokens without transaction fees, and transfer between the Bitcoin network and any Layer 1, Layer 2, or app-chain with speed and cost-efficiency. Runes can also be integrated with DeFi apps, token swaps, and marketplaces.
The move makes Omnity the first protocol to provide a solution for Runes interoperability, which is particularly useful considering Bitcoin has seen increased network activity from ETH inflows, the popularity of BRC-tokens and Ordinals inscriptions, and now Runes.
ICP was launched in May 2021 by the DFINITy Foundation. Its ability to integrate and bring smart contract functionality to Bitcoin eliminates the need to trust centralized bridging services, creating novel opportunities for Dapp and DeFi development on Bitcoin. It does so without congesting the network and compromising the integrity of Bitcoin.
Bitcoin Ordinals Proves It Can Thrive
Runes was created by Casey Rodarmar, the same developer who opened a Pandora’s Box when he released the Ordinals protocol in January 2021. While only time will tell if Runes becomes the go-to token standard on Bitcoin, Ordinals — a concept that once raised indignation among Bitcoin maximalists — has proven Bitcoin NFTs are here to stay.
At Rarity Sniper, we’ve covered dozens of articles about Ordinals since it first launched. Here are some of the top stories:
- NFT Market Heats Up: Bitcoin Ordinals Leading the Way
- Yue Minjun to Release First Ordinals NFT Collection with LiveArt
- Wu-Tang Clan Rapper Ghostface Killer Drops Bitcoin Ordinals NFTs
- Trump Gifts Limited Ordinals To People Who Purchase 100 NFTs
- Sotheby’s Debuts First Curated Auction of Bitcoin Ordinals
- Sotheby’s Holds First Ordinals Auction: BitcoinShrooms
- Ordinals Heat Up as Bitcoin Flips Ethereum in Trading Volume
We’ll have to be patient to see how the NFT community takes to Runes in the coming weeks and months. But Rodarmar has already proven he’s unafraid to innovate on Bitcoin and transform its potential, even if the Bitcoin community doesn’t always agree with the moves he makes.
Either way, Omnity’s latest integration for Runes looks like it will solve one issue that everyone agrees is annoying and problematic: high gas fees. And that’s something all NFT collectors can get on board with.
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