GuShiio.com Odin.fun was born in February 2025 and was founded by the founder of Bitcoin ordinal market Bioniq. It is essentially a launch and trading platform for the Runes protocol.
Author: Jessy, Golden Finance
Recently, a project called Odin.fun has caused a trend on a small scale. This is a Runes protocol launch platform similar to Pump.fun Its small-scale popularity has brought heat to the Bitcoin ecosystem that has been silent for a long time. On March 7, some community members reported that 74 bitcoins on the Odin.fun chain disappeared or were hacked. Soon, the project co-founder responded on X that there was an error in the hard deposit synchronization code, causing some users to have balances exceeding their deposits. Therefore, 74 BTC deposit transactions cannot be found on the chain, and the current user’s funds are safe.
When talking about the relationship between public chains and token launch platforms, it is not difficult to think of Solana and Pump.fun, as well as Base and Viturals, etc., a hot token launch platform that can bring in a large amount of traffic to the public chain. For example, at the time of the Viturals fire, net capital inflows to Base exceeded Solana.
This is one of the reasons why token launch platforms are so popular. Different from the above token launch platforms on other public chains, token launch platforms on the Bitcoin ecosystem like Odin.fun are not installed on the Bitcoin chain. For the user’s transaction experience and reduce the need for handling fees, they are generally installed on the secondary network of Bitcoin. The problem it faces is that it is difficult for these projects to share the security of the Bitcoin main chain, and the hacker failure of Odin.fun this time is a manifestation of this problem.
Another question that is more worth exploring is: For the ecological rejuvenation of Bitcoin itself, does a token launch platform like that mounted on the second floor really have enough potential to attract enough funds and traffic?
Product design logic for Odin.fun
Odin.fun was born in February 2025 and was founded by the founder of Bitcoin ordinal market Bioniq. It is essentially a launch and trading platform for the Runes protocol. According to official disclosures, in the past month, the transaction volume of the Odin.fun platform exceeded 1000BTC, the number of platform addresses exceeded 37,000, and the market value of the leading symbol ODINDOG·ID·YTTL·ODIN exceeded US$35 million.
The Runes protocol itself is not new. It was born after Bitcoin was halved in 2024. Developer Casey earlier launched the Ordinals inscription protocol, and later developers derived the BRC-20 token protocol. However, BRC-20 exposed problems such as inefficient transfer and UTXO inflation. To solve these problems, Casey proposed the Runes protocol.
It is precisely because of the birth of these two agreements that Bitcoin has more ways to issue assets in addition to storage of value. It is precisely because of these two agreements that the Bitcoin ecosystem and various related infrastructure have experienced explosive development in 2023 and 2024.
For the encryption industry, one innovation has never stopped, and that is the innovation of asset issuance methods. odin.fun is a change in the way Runes Agreement assets are issued and traded.
For a token launch platform, the key to its success lies in how the “casino” experience is designed and whether it can allow people to have a better “gambling” experience.
In terms of specific user experience, Odin.fun product, first of all, in asset issuance and trading. It realizes the issuance of Runes assets in seconds and the one-click transaction of Runes assets issued on the platform.
According to the explanation given by its official website, it was Odin.fun that used the second-layer solution Valhalla, thus achieving the final confirmation of the transaction in 2 seconds.
In addition to being fast, users can also experience very convenient experiences such as account abstraction (no social login), gas-free transactions, and transactions without repeated signature confirmation.
And this is all due to the fact that Odin.fun hides the underlying complexity of the chain. This is because Odin.fun is originally a second-layer product under the Bitcoin main chain, and the official calls this second-layer solution Valhalla.
It is precisely because the product is built on the second layer of Bitcoin that users need to use their own Bitcoin wallet to create an account, and then recharge the Bitcoin in their wallet into the account. The process of recharging bitcoins is a process of cross-linking bitcoins to the second layer built by the project.
Using the second-layer solution provides convenience to users, but the official has not announced detailed details of how the second-layer technology is implemented. In this hacker incident, we can roughly spy out some of its technical loopholes or immaturity. place.
According to its co-founder, when users deposit funds to the platform, they deposit funds into the threshold signature setting, a decentralized 12/34 threshold signature setting that ensures the security of BTC. These funds are then sent to ODIN-FUN smart contracts. All users ‘BTC is linked to the BTC on the Odin.fun platform at a 1:1 ratio. The disappearance of 74 bitcoins this time was precisely due to a deposit synchronization error, which caused them to not be displayed.
How is the security of the bitcoins deposited by these users ensured? The official statement is that it is achieved through multiple signatures. However, multi-signing is not absolute security. For users, they cannot manage their own assets themselves, but hand over their assets to the Odin platform, which is essentially the logic of a centralized exchange.
Previously, X netizen@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, and 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 the security is higher than that of the general Bitcoin L2 wrapped BTC generated through the cross-chain bridge.
As a token issuance and trading platform, the specific rules for token trading are as follows: On this platform, the process of token launch is called Ascend, which is the process of token bonding. Tokens created on Odin will initially be traded along a bonding curve. On this curve, 80% of the token supply is sold at 0.211 BTC. Using sats as the token price in Odin, the starting price of a token is 0.11 sats (market value of US$3000), and Ascend is completed at 4.76 sats (market value of US$100,000).
When Ascend is completed, a project enters the next stage, namely the AMM stage. According to the official website, once the tokens are bound (namely Ascend), the remaining 20% of the token supply and 0.2BTC will be deposited into the AMM pool to support further transactions. After that, token transactions will follow the AMM curve k = X * Y, instead of the previous binding curve y = e^x.
For users of the platform, they can not only launch and trade tokens, but they can also do LP on top of them. Moreover, the platform adopts a marketing model of recommendation rebates, and 25% of the platform fees belong to the recommendation users.
Can Odin.fun carry the banner of Bitcoin’s ecological revival?
At present, the ecological development of Bitcoin is not optimistic. There is no project like the previous inscription that can ignite national participation. Because of this, neither the inflow of capital nor traffic has triggered a new round of enthusiasm in the market for the Bitcoin ecosystem.
However, the former Pump.fun and Viturals both became popular because of the popularity of Meme on them, which led to the development of their chain ecology. But odin.fun does not seem to have set off the same online ecology craze. Moreover, the total market value of its leading coins is currently only US$35 million at its peak.
However, odin.fun does not apply to this set of logic. This is not the first time that a similar MemePump has appeared in the Bitcoin ecosystem. Previously, there was Satspump.fun on the Bitcoin second-layer Fract, Lnpump.fun on the Lightning Network, Stx.city on Stacks, etc. However, none of these Meme Pumps on layer 2 or sidechain networks has achieved the same sound volume as Pump.fun
After all, it is difficult for a later imitator to surpass the successful former, and a more main reason is that these Meme Pump platforms on the secondary or side chain actually lack the legitimacy of the Bitcoin main chain. This time, Odin.fun was able to make a little noise because it stepped on Runes, a new asset issuance method that is closely related to the Bitcoin main network. In addition, when the market is cold, there are fewer hot spots that can be hyped up.
However, the influence of Odin.fun ends here. For the Bitcoin ecosystem, it is not something that is unique and highly hyped like inscriptions. It just superimposes two once-very popular narratives, runic and Meme pump., but these two narratives are both old narratives now. Therefore, the popularity that the project itself can generate is limited, and for the Bitcoin ecosystem, such a project with a weak narrative cannot carry the banner of Bitcoin revival.
However, investors can participate with small funds. How to choose a token that has potential and can grow exponentially, look at the community and look at the dealer. In essence, this is more of a gamble, just like Meme’s game play.
