Last Monday, a meme project called omnicat, supported by Layerzero, skyrocketed and caught the market’s attention. Will omnicat become the next hot topic in the market narrative?
(Background:
In-depth discussion of ZetaChain: Innovative interoperability model, how to achieve full-chain asset circulation
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Table of Contents
Reviewing “Full-Chain”
Which other full-chain projects are worth paying attention to?
Metazero: Dedicated to full-chain tokenization of real 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 trading, overshadowing the previously popular meme tokens such as cats, dogs, chickens, and dragons.
The rapid price increase attracted attention and shifted the market focus.
If you search for OMNI on platforms like Dexscreener, you will notice a peculiar phenomenon:
Unlike a meme coin that parasitizes on a single public chain, omnicat has liquidity on almost all mainstream chains. Upon closer examination 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; rather, each chain has its own contract starting with “OMNI”.
Furthermore, the prices of OMNI on each chain are almost identical.
Clearly, omnicat is a “full-chain” meme coin.
Please note that there is a fundamental difference between “full-chain” and “cross-chain” in trading scenarios. 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 offers higher trading 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 calculations – just go with whichever chain has more assets.
And if you further examine omnicat’s Twitter account, you will see that it even directly states in the introduction, “We are the first full-chain (omnichain) meme coin, supported by Layerzero.”
The cat image of omnicat may look ordinary, but using Omnichain technology to fully cover the meme coin in various ecosystems is unprecedented.
The popularity of memes is undoubtedly influenced by their aesthetics and cultural connotations, but the rapid discovery and explosive rise in the price of a meme also reflects the market’s acceptance of narrative shifts: full-chain narratives may soon become popular.
Speaking of “full-chain,” some readers may easily associate it with “full-chain games.” In fact, these are two different concepts.
“Full-chain games” refer to games where the entire game logic is executed on the blockchain, as opposed to traditional games where some game logic is off-chain.
As for omnicat and other meme coins, “full-chain” means that assets can be deployed on various chains.
Therefore, for full-chain games, “full” means “all,” while for omnicat, “full” means “multiple.”
In July of last year, Vitalik mentioned in the Ethereum forum that the future will be multi-chain, but not cross-chain, as there are fundamental security limitations to bridging multiple “sovereign regions.”
When talking about multi-chain, it actually refers to blockchain interoperability, which allows different blockchains to communicate and interact with each other (sending information, metadata, and assets from one chain to another).
To solve these problems and break the barriers of cross-chain technology, a form called “Omnichain” emerged.
Omnichain interoperability breaks the limitations of cross-chain and enables interoperability among all blockchains. It brings together EVM and non-EVM compatible chains, building an interconnected DeFi multi-chain ecosystem, unlocking cross-chain composability.
In the context of Omnichain technology, Layerzero is the most well-known.
LayerZero is a universal protocol for data information communication. It securely and simply transmits information on the chain 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 networking functions), users can achieve cross-chain communication in a single trustless and secure transaction.
The mention of “supported by Layerzero” in omnicat’s official tweet probably indicates the use of the aforementioned technology.
Omnicat has experienced price discovery and its surge has brought back the potential of the “full-chain narrative” in the market.
Besides memes, which projects utilizing Omnichain technology are worth paying attention to?
MetaZero is positioned as an innovative synthetic liquidity layer protocol, aiming to tokenize real-world game assets and enable circulation on different chains through the technology provided by LayerZero. The project aims to free players’ game assets from the traditional game market framework and add value to on-chain transactions.
Taking the famous shooting game CS2 as an example, the game panels in CS2 have different qualities, and panels of top quality are expensive, some even trading for six-figure prices. However, trading these game assets is not particularly convenient, and liquidity is lacking. They are usually traded on official Steam markets and third-party platforms, each country and region having different platforms providing services.
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 counterparts. The original assets in the game can be considered as a type of real-world asset (RWA). In MetaZero’s business process, the value of the assets can be reflected in NFTs, making tokenization possible and ultimately breaking the barrier of game assets being limited to regional game communities, opening up the traditional game asset market to a larger investment audience.
As seen from their official tweet, MetaZero will also launch the Mint of Genesis ONFT next week. Judging 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, MZERO’s market cap is only around $7.3 million, with a 24-hour increase of an astonishing 85%.
According to address monitoring on the chain, a DWF partner address recently bought MZERO.
As the name suggests, Omnisea is aiming to become another Opensea in the NFT field. Omnisea is a full-chain NFT Launchpad based on LayerZero and Axelar Network, allowing creators to issue NFTs that can be cross-chain using 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.
At the same time, the project has built the OmniseaPortal contract: a cross-chain, composable, and permissionless NFT bridge that supports all existing ERC721 NFT collections and easily integrates with third-party protocols.
The project’s token is OSEA, with token distribution as follows: – 55% for the ecosystem fund (used for governance), with 5% unlocked initially and the remaining 50% linearly unlocked after a 2-year lock-up period, continuing for 50 years. – 30% for liquidity (used for pool formation, listings, and rewards for OSEA holders), with 10% unlocked initially and the remaining 20% linearly unlocked within 5 years. – 15% for the team, with 5% unlocked initially and the remaining 10% linearly unlocked within 2 years.
From the recent performance of the token, it has seen a 30% increase in the past 30 days, with a market cap of only around $470,000. It hasn’t performed particularly well in the recent mini bull market, and the trading markets supported by OSEA are limited, with restricted trading volume.
However, their official tweet indicates that the V3 version will be launched soon, supporting seamless NFT trading on different public chains without the need to switch networks. It also supports more assets standards such as ERC-1155 and ERC-20, and enables quick NFT creation. This may be a good expectation and catalyst for the project.
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.
Regarding the design and cultural core of NFTs, I will not go into further analysis here.
Gh0stly Gh0sts is not a new project; its NFT series was launched in April last year.
However, in the past day or two, its floor price has increased by about 70%, currently reaching around 0.2E, and both trading volume and sales have seen significant growth. On one hand, this may be due to the meme token omnicat leading the full-chain narrative trend. On the other hand, we can also see from their official tweet that Layerzero has mentioned its token design recently, and the V2 version is about to be released.
This may have increased the expectation of holding Gh0stly Gh0sts to receive airdropped tokens or indicates the market’s interest in holding full-chain concept NFTs to gain more marketing opportunities.
From the recovery of Solana to the chasing of Avalanche, we can observe that funds and narratives always rotate on different chains.
Now, the market’s attention is focused on full-chain. Meme tokens related to full-chain may just be the beginning, and more projects involved in the full-chain narrative, with solid fundamentals, may perform better.
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Gh0stly Gh0sts
Omnicat
Omnisea
Full-Chain