Omnity Network

Omnity Network is a blockchain interoperability project that positions itself as an asset hub for the Bitcoin ecosystem, operating a cross-chain bridge for Bitcoin token holders. The protocol is described as an omnichain interoperability layer with an end-to-end on-chain technology stack intended for a modular blockchain environment, able to connect Layer 1 networks, Layer 2 networks and appchains with fast finality, low user fees and no off-chain components. Its stated aim is to let connected chains function effectively as Layer 2 solutions for Bitcoin, improving Bitcoin scalability while limiting congestion and fee pressure on the base network.

The project is the successor to Octopus Network, a multichain Web3 infrastructure for appchains that provided leased shared security, trust-minimized interoperability and supporting infrastructure services such as an RPC gateway, appchain explorer, indexer and archiver. Octopus Network's core component, the Octopus Relay, was a set of smart contracts on the NEAR blockchain that supplied leased security to appchains and enabled interoperability with NEAR, with other appchains and, via NEAR bridges such as Rainbow (Ethereum) or an IBC pallet, with external and IBC-enabled chains. Security was economically enforced through OCT staking: validators staked OCT and ran appchain validator nodes, were rewarded in appchain native tokens, and could be slashed through a fraud-proof mechanism. Octopus Network subsequently rebranded to Omnity Network, and the OCT token was renamed Omnity Convertible Token.

Public company directories list Omnity Network under software development with a headquarters in Cupertino, California, a founding year of 2017, and a headcount in the 21-50 range, with employees spread across marketing, engineering and IT functions.

Business model

Omnity operates protocol infrastructure rather than a conventional software product line: it runs a cross-chain hub and bridge that moves fungible tokens between Bitcoin, Bitcoin Layer 2s, and other Layer 1, Layer 2 and appchain networks, charging users transaction fees described as negligible. The predecessor model under Octopus Network was a marketplace for decentralized trust, in which appchains leased security from OCT stakers and consumed supporting infrastructure services.

Latest developments

OCT trades with a 100 million circulating supply against a 100 million maximum supply. Market-data listings show the token at a small market capitalization following its rebrand from Octopus Network to Omnity Convertible Token, and note a CertiK rating of 3.9 for the project.