Original | Odaily Planet Daily ( @OdailyChina )
Author: Golem ( @web3_golem )
Since the pump.fun craze on Solana has gradually subsided, many new projects are still happy to improve on the pump model, such as time.fun, Super.exchange and takes.fun.
Recently, a Runes asset issuance and trading platform with the same core as pump.fun has also appeared in the Bitcoin ecosystem - Odin.Fun, 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 1,000 BTC (about 84 million US dollars), the number of platform addresses exceeded 37,000, and the market value of the leading rune ODINDOG•ID•YTTL•ODIN reached a maximum of 35 million US dollars.
Can the emergence of Odin.Fun inject new vitality into the long-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.
Odin Fun Introduction: 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 rune liquidity. It is led by Bitcoin ecosystem OG and serial entrepreneur BoB .
Therefore, Odin.Fun also has internal and external disks. Users can spend 3333 sats (about 2.8 US dollars) to create internal disk runes. The total amount is fixed at 21 million. When the joint curve progress reaches 100% (the rune market value reaches 1 BTC), the runes created by the user will be truly etched into the Bitcoin mainnet, which is also called Ascend on Odin.fun.
But unlike pump.fun, which has only just started building its own AMM, Odin.Fun built an AMM pool on the platform from the beginning. When the internal rune is logged in, 20% of the token supply and 0.2B TC will be deposited into the AMM pool for trading. At this time, 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 the logged-in runes, users can choose to add liquidity to the corresponding pool to earn handling fees.
The existence of the Rune AMM on the Odin.Fun platform also greatly improves the liquidity of the Rune, allowing users to trade Runes and add/remove liquidity in seconds. At the same time, the Odin.Fun platform also adopts different charging strategies. If the Rune is still in the internal disk, Odin.Fun charges a 1% handling fee for all transactions (similar to pump.fun). If the Rune has been successfully etched, Odin.Fun charges a 0.5% AMM Swap fee (0.3% of which goes to the liquidity provider).
How secure are user assets?
Recently, there has been a lot of debate in the community about the security of user assets on the Odin.Fun platform. Some users believe that Odin.Fun has the risk of swallowing up the users BTC principal. The reason is that Odin.Fun is not built on the Bitcoin mainnet, but 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 trading. According to information provided by Odin.Fun officials, Valhalla supports 2-second finality, provides decentralized Bitcoin deposits and withdrawals (TSS), and waives all gas fees.
Regarding the security of BTC deposits, Odin.Fun said that it uses a threshold signature (TSS) mechanism similar to ICP, and the tokens deposited in Odin.Fun are protected by a special multi-party computation (MPC). This means that there is a group of decentralized entities, each with a unique share of private keys, and they can receive and send assets together at any time.
Previously, community player @Real 0x Jason said that the BTC held by users on Odin.Fun is essentially ckBTC existing on the ICP public chain, and its ultimate security comes from the ICP public chain. There is no need for a cross-chain bridge between ICP and the Bitcoin mainnet. ICPs chain fusion encryption technology allows its smart contracts to interact directly with other networks, so it is more secure than the wrapped BTC generated by the general Bitcoin L2 through a cross-chain bridge.
But these are all speculations made by the community based on limited information. BOB has not yet made a comprehensive response to the security of user deposits. However, it has stated 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 debate about the security of Odin.Fun has not stopped, it is always worthwhile to actively participate in and experience new things in the ever-changing cryptocurrency world. The gameplay of Odin.Fun can be mainly divided into new trading and adding liquidity. The specific tutorial is as follows.
New Issue Trading
First, you need to deposit BTC to the platform. Enter Odin.Fun and click the link wallet in the upper right corner. Then click the BTC balance in the upper right corner to make a deposit, as shown below. You can choose to deposit Bitcoin from the linked wallet, or you can choose to transfer from an external address to the corresponding address for deposit, but do not use BTC UTXO containing other BRC 20 or rune assets. At the same time, the tokens currently supported for deposits are not limited to BTC. Users can also deposit popular rune assets such as ODINDOG, ODINCAT, and SATOSHI to the platform.
After the BTC arrives, click TOKENS at the top of the homepage to filter and purchase runes. You can reorder the list by market value, trading volume, or creation time. If you reorder by creation time, the newly created tokens will be pushed out as soon as possible. You can also click Filter to filter the tokens more finely, as shown in the figure below. You can customize the filtering of tokens that have been logged in, market value range, or trading volume range.
The Odin.Fun platform also supports quick purchases. After entering the amount of each quick purchase in QUICK BUY in the above picture, click the blue button on 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, as shown in the following figure. Similar to pump.fun, the basic information of the token is displayed in the upper right corner, including price, market value, trading volume, holders, dev, etc., and the distribution of holders chips is displayed in the lower right corner.
Adding Liquidity
Odin.Fun is not only an asset issuance platform, but also establishes an AMM pool for each logged-in rune. Click on the top LIQUIDITY to see all the liquidity pools here, as shown below. Users can also sort by creation time, fee income, market value, total transaction volume and other indicators.
Users can add liquidity to the tokens they hold. Currently, Odin.Fun’s pool is more popular, with accumulated transaction fees of $12,891. Click “Add” on the right to add liquidity, but Odin.Fun only supports adding 50% liquidity on both sides.
Popular Runes
Although the Odin.Fun platform is still in its early stages, the market has already formed some consensus. The following is an introduction to popular runes.
ODINDOG（ODINDOG·ID·YTTL·ODIN）
Market value: $26 million
Platform holding address: 4711
ODINDOG is currently the leading token of the Odin.Fun platform, deployed by BOB, and is also the first rune issued on the Odin.Fun platform.
ODINCAT（ODINCAT·ID·DHGX·ODIN）
Market value: $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: $2.4 million
Platform holding address: 1653
The token is issued by the Sparks project, which has previously issued 111 NFTs on the Bitcoin mainnet. It claims to be supported by Darewise Entertainment, a subsidiary of Animoca Brands. It aims to build a token-based metaverse on Bitcoin. Its members include domo, the founder of BRC 20, and Udi, the founder of Taproot Wizards.
SATOSHI (SATOSHI•ID•OXTM•ODIN)
Market value: $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: $1.3 million
Platform holding address: 460
Bitcat is a Bitcoin mascot. It was originally released by an account named X that creates Bitcoin Meme pictures every day, and was later hyped during the Solana mascot concept Meme craze.
