Omni Network
What is Omni Network?
Omni is an Ethereum-native interoperability protocol that establishes low latency communications across Ethereum’s rollup ecosystem. Restaking enables Omni to establish a new precedent for secure, performant, and globally compatible interoperability for the future of Ethereum’s modular ecosystem.
Twitter, Website, Contract, EigenLayer
address: 0xed2f4d90b073128ae6769a9a8d51547b1df766c8
Restakeable assets
Assets accepted for restaking by Omni along with their delegated balances.
| Token | Balance | USD Value |
|---|---|---|
| ETH | 495.5K | $1.55B |
| stETH | 290.2K | $907.9M |
| wBETH | 26.1K | $85.9M |
| rETH | 12.6K | $44.3M |
| cbETH | 4.5K | $15.1M |
Risk analysis
AVS
Business Model
Omni employs Dual Staking of both ETH and its native token OMNI, featuring a Dual Quorum: ETH quorum + OMNI quorum. Both quorums must be compromised for the AVS to fail.
Dual Staking constitutes a reduced risk business model as it relies on both ETH restakers and native token stakers for objective and (soon) intersubjective slashing scenarios. The Pure Wallet model (restaked ETH solo) on its own may appear as the safest option, although it lacks the virtue of addressing potential intersubjective punishments, enforced through the AVS sovereign token.
Being mindful in setting a biased staking balance in favor of ETH is strongly advised for added security, particularly at the early stage of an AVS.
Protocol Security
Unknown number of audits performed and unknown GitHub code coverage percentage.
Only disclaimer on protocol security is the setup of a bug bounty program.
Operator Profile
Since we are at the very early stages of EigenLayer, operators' reputation was classified as unknown. Operator's entrenchment level indicates how entrenched Omni's operators are on other AVSs. The small number of AVSs currently live helps exacerbate this risk, in a pooled security context.
All AVSs are assigned a high operator profile risk at this early stage.
Omni Protocol
Execution Layer
Omni’s EVM integrates an anti-Sybil mechanism to deter against the submission of malicious or spammy transactions. Additionally, it has complete equivalence with external applications, through an ABCI++ integration along Ethereum's Engine API, smoothing out susceptibility to bug issues.
Pursuing transaction encryption on its mempool should be considered for increased security and privacy in XMsg processing.
Relayer
The Relayer generates Merkle multi-proofs for efficient XBlock submission and verification. It is fully permissionless once their authenticity is assured by the network, making it a decentralized service. Currently, there is no track record of its decision-making based performance in submitting XMsgs to destination chains.
A DA solution is recommended to address complex verification and increased computational cost of validator signatures and Merkle multi-proofs at scale.
CometBFT Validator Profile
CometBFT is adopted as the battle-tested, sub-second finality BFT mechanism, ensuring liveness within the network. It uses ABCI++, an advanced version of the Application Blockchain Interface, which supports and improves compatibility with DApps, thereby reducing bug susceptibility and network latency.
TEE, DVT, shared sequencing, and pre-confirmation solutions for more secure XMsg cross-rollup fast-finality would all be worth considering.
Operators for Omni (top 20)
| # | operator group | TVL |
|---|---|---|
| 1 |
![P2P.org [all AVS]](/icons/p2p.png){kind=icon}
P2P.org
|
$1.04B |
| 2 |
EigenYields
|
$801.7M |
| 3 |
Renzo
Renzo by P2P.org
($196.0M)
Renzo by Luganodes
($149.5M)
|
$345.5M |
| 4 |
Kiln
|
$171.2M |
| 5 |
Galaxy
|
$111.6M |
| 6 |
InfStones
|
$107.9M |
| 7 |
CoinSummer
CoinSummer Labs
($100.5M)
|
$100.5M |
| 8 |
AltLayer
|
$94.1M |
| 9 |
HashKey
|
$70.2M |
| 10 |
Luganodes
|
$28.2M |
| 11 |
Allnodes
|
$18.1M |
| 12 |
A41
|
$14.3M |
| 13 |
Polkachu
|
$11.4M |
| 14 |
0Y
|
$6.98M |
| 15 |
Pier Two
|
$5.21M |
| 16 |
cp0x
|
$3.23M |
| 17 |
Staking4All
|
$3.12M |
| 18 |
Coinage x DAIC
|
$2.69M |
| 19 |
01node
|
$2.66M |
| 20 |
Ankr
|
$2.49M |