With the monthly transaction volume exceeding US$84 million, can Odin.Fun become a new paradise for Bitcoin ecosystem? (with gameplay tutorial)

Original | Odaily Planet Daily

Author｜Golem

Since the pump.fun craze on Solana gradually faded, many new projects are still happy to improve entrepreneurship based on the pump model, such as time.fun, Super.exchange and takes.fun.

Recently, a Runes asset issuance and trading platform - Odin.Fun, which is the same as the pump.fun kernel, has also appeared in the Bitcoin ecosystem, and its popularity has gradually increased in the past month. According to official disclosure, in the past 30 days, the Odin Fun platform's transaction volume exceeded 1,000 BTC (approximately US$84 million), the number of platform addresses exceeded 37,000, and the leading rune ODINDOG•ID•YTTL•ODIN market value exceeded US$35 million.

Can the emergence of Odin.Fun inject new vitality into the long-term sluggish Bitcoin ecosystem? Odaily Planet Daily will briefly introduce the gameplay of Odin.Fun and its current popular tokens for readers' reference in this article.

Introduction to Odin Fun: pump.fun+rune AMM

Odin.Fun was officially launched on February 3. It is essentially an asset issuance platform that hopes to use the pump model to improve rune liquidity. It is led by Bitcoin ecosystem OG and serial entrepreneur BoB.

Therefore, Odin.Fun is also divided into internal and external disks. Users can spend 3333 sats (about 2.8 US dollars) to create internal disk runes, with a total amount of 21 million. When the joint curve progress reaches 100% (the runes market value reaches 1 BTC), the runes created by the user will be truly etched on the Bitcoin main network, which is also called Ascend (login) on Odin.fun.

But unlike pump.fun, which only remembers to build AMMs independently, Odin.Fun built an AMM pool in the platform from the beginning. When the inner disk rune is logged in, 20% of the token supply and 0.2BTC will be deposited into the AMM pool for transactions. At this point, the price of the token will also be traded along the AMM curve (k = X * Y) instead of the joint curve (y = e^x). For logged-in runes, users can choose to add liquidity to the corresponding pool to earn a handling fee.

The existence of rune AMMs in the Odin.Fun platform has also greatly improved the liquidity of runes, so users can trade runes and add/remove liquidity within a few seconds. At the same time, the Odin.Fun platform also adopts a different charging strategy. If the runes are still in the internal trading, Odin.Fun charges a 1% handling fee of all transactions (similar to pump.fun). If the runes have been successfully etched, Odin.Fun charges a 0.5% AMM Swap fee (of which 0.3% is given to the liquidity provider).

How safe are user assets?

Recently, the community has debated a lot about the security of Odin.Fun platform users' assets, and some users believe that Odin.Fun has the risk of swallowing up users' BTC principal. The reason is that Odin.Fun is not built on the main Bitcoin network, but is built on a behind-the-scenes network called Valhalla, so users need to deposit BTC into the Odin.Fun platform to participate in new issuance and transactions. According to information provided by Odin.Fun, Valhalla supports 2-second end-of-life, provides decentralized Bitcoin deposits and withdrawals (TSS), and exempts all gas fees.

Regarding the security of BTC deposits, Odin.Fun said 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 set of decentralized entities, each with a unique private key share that 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 a ckBTC that exists on the ICP public chain. The ultimate security guarantee of its security comes from the ICP public chain. There is no need for a cross-chain bridge between ICP and the main network of Bitcoin. ICP's chain fusion encryption technology allows its smart contracts to interact directly with other networks, so its security is higher than the wrapped BTC generated by the general Bitcoin L2 through the cross-chain bridge.

But these are all speculations made by the community based on limited information. BOB has not yet fully responded to the security of user deposits, but it has stated that if L2 is redefined as anything that builds seamless bitcoin products, then Odin is an application chain or L2.

Specific play method

Even though the current debate about Odin.Fun’s security has not stopped, it is always worth it to actively participate in experiencing new things in the ever-changing currency circle. The gameplay of Odin.Fun can be mainly divided into new trading and adding liquidity. The specific tutorial is as follows.

New transaction

First, you need to deposit BTC like the platform. Enter Odin.Fun and click on the link wallet in the upper right corner, and click on the BTC balance in the upper right corner again to make deposits, as shown in the figure below. You can choose to deposit Bitcoin from the linked wallet or transfer money from an external address to the corresponding address to make deposits, but do not use BTC UTXOs containing other BRC20 or rune assets. At the same time, the tokens that currently support deposits are not limited to BTC, and users can also deposit popular rune assets such as ODINDOG, ODINCAT, and SATOSHI to the platform.

After BTC is received, click "TOKENS" at the top of the homepage to filter and purchase runes here. You can reorder the list by indicators such as market value, transaction volume or creation time. If you reorder the creation time, the newly created token will be pushed out as soon as possible. At the same time, you can also click "Filter" to filter the tokens more finely. As shown in the figure below, you can customize whether to filter tokens that have been logged in, market value range or trading volume range.

The Odin.Fun platform also supports users to purchase quickly. After entering the amount of each quick purchase in "QUICK BUY" in the picture above, click the blue button at the far right of the token to make a quick purchase. At the same time, users can also click to enter the token interface to purchase. The following figure is similar to pump.fun. The upper right corner shows the basic information of the token, including price, market value, trading volume, holders, dev, etc., and the lower right corner shows the holder chip distribution.

Add liquidity

Odin.Fun is not only an asset issuance platform, but also establishes an AMM pool for each logged-in rune. Click "LIQUIDITY" at the top to see all the liquidity pools here. As shown in the figure below, users can also sort according to indicators such as creation time, expense income, market value, and total transaction volume.

Users can add liquidity to the tokens they hold. At present, ODINDOG's pool is more popular, with a cumulative handling fee of US$12,891. Clicking "Add" on the right side can add liquidity to it, but Odin.Fun only supports adding 50% of the liquidity on both sides.

Popular runes inventory

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 of the Odin.Fun platform. It is deployed by BOB and is also the first runes issued on the Odin.Fun platform.

ODINCAT (ODINCAT•ID•DHGX•ODIN)

• Market capitalization: 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 token is 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 subsidiary of Animoca Brands. It aims to build a token-based meta-universe on Bitcoin. Its members include BRC20 founder domo and Taproot Wizards founder Udi.

SATOSHI (SATOSHI•ID•OXTM•ODIN)

• Market capitalization: US$1.8 million
• Platform holding address: 1269

SATOSHI is the third token deployed by BOB on the Odin.Fun platform. BOB actually deployed 9 tokens on the Odin.Fun platform, as shown in the figure below.

BITCAT (BITCAT•ID•EOSE•ODIN)

• Market value: US$1.3 million
• Platform holding address: 460
• Bitcat is a Bitcoin mascot, which was initially released by an X account that created Bitcoin Meme charts every day, and was hyped during the Solana mascot concept Meme craze.