GuShiio.com Early projects have a certain wealth effect, but their safety is questionable.
original| Daily Planet
author| Golem
Since the pump.fun craze on Solana has gradually subsided, many new projects are still happy to improve entrepreneurship based on the pump model, such as time.fun, Super.exchange and takes.fun.
Recently, Odin.Fun, a Runes asset issuance and trading platform with the same core as pump.fun, has also appeared in the Bitcoin ecosystem, and its popularity has gradually increased in the past month. According to official disclosures, in the past 30 days, the transaction volume of the Odin Fun platform exceeded 1000 BTC (approximately US$84 million), the number of platform addresses exceeded 37,000, and the market value of the leading symbol ODINDOG·ID·YTTL·ODIN exceeded US$35 million.
Can the emergence of Odin.Fun inject new vitality into the long-term sluggish Bitcoin ecosystem? In this article, Odaily Planet Daily will briefly introduce the gameplay of Odin.Fun and the current popular tokens for readers ‘reference.
Introduction to Odin Fun: pump.fun+ Rune AMM
Odin.Fun was officially launched on February 3. In essence, it is an asset issuance platform that hopes to use the pump model to improve the liquidity of runes. It is developed under the leadership of Bitcoin Ecosystem OG and serial entrepreneur BoB.
Therefore, Odin.Fun also has inner and outer disks. Users can spend 3333 sats (about US$2.8) to create inner disks, with a total of 21 million. When the joint curve progress reaches 100%(the market value of the runes reaches 1 BTC), the runes created by users will be truly etched onto the Bitcoin main network, which is also called Ascend on Odin.fun.
But unlike pump.fun who only thought of building AMM independently until now, Odin.Fun built an AMM pool within the platform from the beginning. When the in-market rune is logged in, 20% of the token supply and 0.2 BTC will be deposited into the AMM pool for trading. At this point, the price of the token will also trade along the AMM curve (k = X * Y) rather than the joint curve (y = e^x). For logged in runes, users can choose to add liquidity in the corresponding pool to earn handling fees.
The existence of the rune AMM in the Odin.Fun platform also greatly improves the liquidity of the runes, allowing users to trade runes and add/delete liquidity in a few seconds. At the same time, the Odin.Fun platform also adopts different charging strategies. If the rune is still in internal trading, Odin.Fun charges a 1% handling fee for all transactions (similar to pump.fun). If the rune has been successfully etched, Odin.Fun charges an AMM Swap fee of 0.5%(of which 0.3% is given to the liquidity provider).
How secure are user assets?
Recently, there has been a lot of debate in the community over the security of user assets on the Odin.Fun platform. Some users believe that Odin.Fun risks swallowing users ‘BTC principal. The reason is that Odin.Fun is not built on the Bitcoin main network, but on a behind-the-scenes network called Valhalla, so users need to deposit BTC into the Odin.Fun platform to participate in new transactions and transactions. According to official information provided by Odin.Fun, Valhalla supports 2-second finality, provides decentralized Bitcoin deposits and withdrawals (TSS), and eliminates all gas fees.
Regarding the security of BTC deposits, Odin.Fun stated that it uses a threshold signature (TSS) mechanism similar to ICP, and the tokens deposited in Odin.Fun are protected by special multi-party computing (MPC). This means there is a decentralized set of entities, each with a unique share of the private key, and they can receive and send assets together at any time.
Previously, community player@Real0xJason said that the BTC held by users on Odin.Fun is essentially ckBTC existing on the ICP public chain. The ultimate security guarantee for its security comes from the ICP public chain, while the ICP and Bitcoin main network There is no need for a cross-chain bridge. ICP’s chain fusion encryption technology allows its smart contracts to directly interact with other networks, so it is more secure than the wrapped BTC generated by general Bitcoin L2 through the cross-chain bridge.
However, these are speculation made by the community based on limited information. BOB has not yet fully responded to the security of user deposits, but it has said that if L2 is redefined as anything that builds a seamless Bitcoin product, then Odin is an application chain or L2.
specific gameplay
Even though the current debate about the security of Odin.Fun still does not stop, it is always worth actively participating in and experiencing new things in the ever-changing currency circle. The gameplay of Odin.Fun can mainly be divided into making new transactions and adding liquidity. The specific tutorials are as follows.
Make new deals
First of all, you need to deposit BTC on the platform. Go to Odin.Fun and click on the link wallet in the upper right corner. Then click the BTC balance in the upper right corner again to deposit, as shown in the figure below. You can choose to deposit Bitcoin from a linked wallet, or you can choose to transfer money from an external address to the corresponding address to deposit, but never use a BTC UTXO that contains other BRC20 or runic assets. At the same time, the current tokens that support deposits are not limited to BTC. Users can also deposit popular runic assets such as ODINDOG, ODINCAT, and SATOSHI to the platform.
After the BTC is received, click “TOKENS” at the top of the homepage to filter and purchase symbols here. The list can be re-ordered according to indicators such as market value, transaction volume or creation time. If you use creation time to reorder, then the newly created tokens will be pushed out as soon as possible. At the same time, you can also click “Filter” to filter tokens more finely, as shown in the figure below. You can customize whether tokens have been logged in, market value range or transaction volume range.
The Odin.Fun platform also supports users to make quick purchases. After entering the amount of each quick purchase in “QUICK BUY” in the figure above, click the blue button on the far right end of the token to make a quick purchase. At the same time, users can also click to enter the token interface to purchase, as shown in the figure below. Similar to pump.fun, the basic information of the token is displayed in the upper right corner, including price, market value, transaction volume, holder, dev, etc., and the lower right corner displays The holder’s chips distribution.
Add liquidity
Odin.Fun is not only an asset distribution platform, but also establishes an AMM pool for each login rune. Click on “Liquidity” at the top to see all the liquidity pools here, as shown in the figure below. Users can also sort them based on indicators such as creation time, expense income, market value, and total transaction volume.
Users can add liquidity to the tokens they hold. Currently, ODINDOG’s pool is more popular, with a total handling fee of US$12891. You can add liquidity to it by clicking “Add” on the right end, but Odin.Fun only supports adding 50% liquidity on both sides.
Inventory of popular runes
Although the Odin.Fun platform is still in its early stages, the market has also formed some consensus. The following is a brief introduction to popular runes.
ODINDOG（ODINDOG·ID·YTTL·ODIN）
- Market value: US$26 million
- Platform holding address: 4711
ODINDOG is currently the leading token on the Odin.Fun platform. It is deployed by BOB and is also the first rune issued on the Odin.Fun platform.
ODINCAT（ODINCAT·ID·DHGX·ODIN）
- Market value: US$2.5 million
- Platform holding address: 2059
ODINCAT is the second token deployed by BOB on the Odin.Fun platform.
SPARKS（SPARKS·ID·DTEH·ODIN）
- Market value: US$2.4 million
- Platform holding address: 1653
The tokens are issued by the Sparks project, which has previously issued 111 NFTs on the Bitcoin main network. It claims to be supported by Darewise Entertainment, a company owned by Animoca Brands. It aims to build a token-based metauniverse on Bitcoin. Members include Domo, founder of BRC20, and Udi, founder of Taproot Wizards.
SATOSHI（SATOSHI·ID·OXTM·ODIN）
- Market value: US$1.8 million
- Platform holding address: 1269
Satoshi is the third token deployed by BOB on the Odin.Fun platform. BOB actually deployed a total of 9 tokens on the Odin.Fun platform, as shown below.
BITCAT（BITCAT·ID·EOSE·ODIN）
- Market value: US$1.3 million
- Platform holding address: 460
- Bitcat is a Bitcoin mascot. It was originally released by an X account that creates Bitcoin Meme pictures every day, and was later hyped during the Solana mascot concept Meme craze.
