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
cbETH (5K), stETH (212K), rETH (13K), wBETH (26K), ETH (534K)
Risk analysis
AVS
Business Model
Dual Staking involves moderate risk as it relies on both ETH restakers and OMNI native token stakers, adding complexity to token security and value dynamics. Omni features a Dual Quorum system, where two independent quorums (ETH quorum + Omni quorum) attest to the accurate relaying of messages. Both quorums must be compromised for Omni to fail.
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 30)
# | operator group | TVL | ETH | EIGEN |
---|---|---|---|---|
1 |
P2P.org
|
$999M | 344K | 30.0M |
2 |
EigenYields
|
$468M | 161K | 7.99M |
3 |
Renzo
Renzo by P2P.org
(85K ETH)
Renzo by Luganodes
(71K ETH)
|
$452M | 156K | 0 |
4 |
Kiln
|
$186M | 64K | 20.7M |
5 |
InfStones
|
$107M | 37K | 1.47M |
6 |
Galaxy
|
$104M | 36K | 28K |
7 |
AltLayer
|
$99.4M | 34K | 2.46M |
8 |
CoinSummer
CoinSummer Labs
(32K ETH)
|
$94.1M | 32K | 85K |
9 |
HashKey
|
$60.8M | 21K | 164K |
10 |
Luganodes
|
$29.3M | 10K | 2.87M |
11 |
Allnodes
|
$16.1M | 6K | 162K |
12 |
A41
|
$15.5M | 5K | 22K |
13 |
Polkachu
|
$10.1M | 3K | 49K |
14 |
0Y
|
$5.73M | 2K | 152K |
15 |
Pier Two
|
$4.89M | 2K | 87K |
16 |
cp0x
|
$3.23M | 1K | 217K |
17 |
Staking4All
|
$3.11M | 1K | 170K |
18 |
Coinage x DAIC
|
$2.82M | 971 | 146K |
19 |
01node
|
$2.43M | 835 | 2K |
20 |
Ankr
|
$2.34M | 806 | 33K |
21 |
Nodes.Guru [All AVS]
|
$2.31M | 794 | 389K |
22 |
Digital Asset Management Network
|
$2.15M | 740 | 24K |
23 |
Everstake
|
$1.98M | 682 | 74K |
24 |
Blockdaemon
|
$1.54M | 529 | 87K |
25 |
Finoa
|
$1.40M | 484 | 80K |
26 |
Cosmostation
|
$1.12M | 386 | 8K |
27 |
BwareLabs
|
$1.09M | 375 | 92K |
28 |
dogswithnodes
|
$641K | 221 | 3K |
29 |
ValiDAO
|
$617K | 213 | 27K |
30 |
KukisGlobal
|
$599K | 206 | 4K |