Last Monday, a meme project called omnicat, supported by Layerzero, skyrocketed in value and attracted market attention. Will omnicat become the next hot topic in the market narrative?
(Previous summary:
In-depth exploration of ZetaChain: innovative interoperability model, how to achieve full-chain asset circulation)
(Background supplement:
LayerZero announces major V2 upgrade! 42 testnets launched, mainnet to be launched in January next year)
Table of Contents:
Review of “Full-Chain”
What other full-chain projects are worth paying attention to?
Metazero: Dedicated to full-chain tokenization of real-world game assets
Omnisea: Full-Chain NFT Launchpad
Gh0stly Gh0sts: The first Omnichain NFT
On December 22nd, a meme project called omnicat quietly appeared, and its token OMNI surged more than 50 times within 24 hours of opening, leaving behind other popular meme pets such as cats, dogs, chickens, and dragons.
The rapid price increase quickly attracted attention and shifted the market’s focus.
If you search for OMNI on trading tools like Dexscreener, you will notice a peculiar phenomenon:
Unlike a meme coin that parasitizes on a single blockchain, omnicat has liquidity on almost all mainstream chains. Upon closer inspection of the contracts, you will also find that it is not a case of omnicat succeeding on one chain and then being copied and imitated on other chains. Instead, there is a contract starting with “OMNI” on each chain. And the prices of OMNI on each chain are almost the same.
Clearly, omnicat is a “full-chain” meme coin.
Please note that in the trading scenario, there is a fundamental difference between “full-chain” and “cross-chain”. The former does not care which chain or coin you use as gas fees, while the latter requires you to transfer assets from one chain to another in order to buy tokens.
Obviously, the former has higher transaction efficiency and a wider audience. For on-chain degens, this may be more convenient than using certain exchange Web3 wallets for automatic cross-chain transactions and gas fee calculation—just go with the chain where you have more assets.
If you further examine omnicat’s Twitter account, you will even see them directly stating in their introduction, “We are the first omnichain meme coin, supported by Layerzero.”
The seemingly ordinary cat image of omnicat is made extraordinary by the use of Omnichain technology to cover the entire meme coin ecosystem.
The popularity of memes is undoubtedly influenced by their design and cultural significance. However, when a meme is quickly discovered and hyped based on its price, it also reflects the market’s acceptance of narrative transformation: full-chain narratives may soon become popular.
Speaking of “full-chain,” some new readers may easily associate it with “full-chain games.” In reality, this “full-chain” is different from the other.
“Full-chain games” refer to putting the entire game logic on the chain, in contrast to traditional games where some game logic is off-chain.
In the case of omnicat, which represents meme coins, “full-chain” means the deployment of assets on various chains.
Therefore, for full-chain games, “full” means “all,” while for omnicat, “full” means “multiple.”
In July last year, Vitalik mentioned in the Ethereum forum that the future will be multi-chain, but not cross-chain, because bridges that span multiple “sovereign zones” have fundamental security limitations.
When mentioning multi-chain, it actually refers to the interoperability of blockchains, allowing different blockchains to communicate and interact with each other (such as sending information, metadata, and assets from one chain to another).
To address these issues and break down the barriers of cross-chain technology, a form called “omnichain” emerged.
Omnichain interoperability allows all blockchains to interoperate by breaking down the limitations of cross-chain and bringing together EVM and non-EVM compatible chains, creating an interconnected DeFi multi-chain ecosystem, thereby unlocking cross-chain composability.
In the context of this omnichain technology, Layerzero is the most well-known.
LayerZero is a universal protocol for data and information communication on the chain. It transmits information on the chain in a secure and simple manner to achieve cross-chain communication between applications. By deploying “LayerZero Endpoints” on the corresponding chains (lightweight clients composed of smart contracts with communication, verification, and network functions), users can achieve cross-chain communication in a single trustless and secure transaction.
The mention of Layerzero providing technical support in omnicat’s official tweet is likely to be implemented using the aforementioned technology.
Omnicat has experienced price discovery and its surge has brought the market’s attention back to the potential of “full-chain narratives.”
Besides memes, what other projects utilizing omnichain technology are worth paying attention to?
MetaZero is positioned as an innovative synthetic liquidity layer protocol that aims to tokenize real-world game assets and enable their circulation on different chains through the technology provided by LayerZero. The project aims to free players’ game assets from the framework of the traditional game market and give them more value in on-chain transactions.
Using CS2, a famous shooting game, as an example, the game panels in CS2 have different qualities, and the prices of top-quality panels are high, with some even fetching six-figure prices. However, trading these game assets is not particularly convenient, and liquidity is not great. They are usually traded on the official Steam market and third-party trading platforms, with different platforms serving different countries and regions.
With MetaZero, it is possible to create on-chain versions of these assets using blockchain technology and a thorough identity verification process, directly reflecting the corresponding off-chain assets. The original assets in the game can also be considered as real-world assets (RWA), and in MetaZero’s business process, the value of these assets can be reflected in NFTs, making tokenization possible. This ultimately breaks down the barriers of game assets flowing only within regional game communities and opens up the traditional game asset market to a larger investment audience.
From their official tweet, MetaZero will also launch the Mint of Genesis ONFT next week. From the name, these NFTs should also be full-chain and can be issued on various chains, corresponding to limited-edition firearms and item panels in CS2.
In addition, the project’s token MZERO was listed on Uniswap on December 22nd. At the time of writing, the market cap of MZERO is only around $7.3 million, and it has experienced an astonishing 85x increase in the past 24 hours.
According to address monitoring on the chain, DWF partner addresses have recently bought MZERO.
As the name suggests, Omnisea is actually aiming to be another Opensea in the NFT field.
Omnisea is a full-chain NFT Launchpad based on LayerZero and Axelar Network, where creators can issue cross-chain NFTs based on LayerZero. At its core, Omnisea is an asset creation protocol that can easily deploy ONFTs. All NFTs minted through Omnisea use LayerZero for cross-chain message passing. Additionally, the project has built OmniseaPortal contracts, which is a cross-chain, composable, and permissionless NFT bridge that supports all existing ERC721 NFT collections and allows easy integration with third-party protocols.
The project’s token is OSEA, with the total allocation as follows:
– 55% for the ecosystem fund (used for governance), with an initial unlocking of 5% and the remaining 50% linearly unlocked after a 2-year lock-up period, continuing for 50 years.
– 30% for liquidity (used for pool formation, listing, and rewards for OSEA holders), with an initial unlocking of 10% and the remaining 20% linearly unlocked within 5 years.
– 15% for the team, with an initial unlocking of 5% and the remaining 10% linearly unlocked within 2 years.
From the recent performance of the token, it has seen an approximately 30% increase in the past 30 days, with a market cap of only around $470,000. It has not performed particularly well in the recent small bull market, and the trading volume and scale are also limited.
However, their official tweet shows that the V3 version is coming soon, supporting seamless NFT trading on different public chains without switching networks. It also supports more asset standards such as ERC-1155 and ERC-20, and can quickly create NFTs. This may become a good expectation and catalyst.
Gh0stly Gh0sts is the first Omnichain NFT series supported by Layer Zero Labs. Gh0sts spans 7 EVM chains: Ethereum, Arbitrum, Optimism, Binance Smart Chain, Avalanche, Polygon, and Fantom.
As for the design and cultural core of NFTs, I won’t go into further analysis here.
Gh0stly Gh0sts is not a new project, as its NFT series was launched in April last year.
However, in the past day or two, its floor price has risen by about 70%, reaching around 0.2E, and both trading volume and sales volume have significantly increased. On the one hand, this may be due to the meme token omnicat leading the trend of full-chain narratives. On the other hand, we can also see from their official tweet that Layerzero mentioned their token design recently, and the V2 version is also about to be released.
This may also increase the expectation of holding Gh0stly Gh0sts to receive airdrop tokens or indicate the market’s interest in holding full-chain concept NFTs to gain more marketing opportunities.
From the recovery of Solana to the pursuit of Avalanche, we can observe that capital and narratives are always rotating on different chains.
Now, the market’s attention has turned to full-chain. Meme projects related to full-chain may just be the beginning, and more projects in the full-chain narrative, with solid fundamentals, may perform even better.
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Tags:
Gh0stly Gh0sts
Omnicat
Omnisea
Full-Chain