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The monthly volume exceeded $84 million, Odin.Fun become the new savior of the BTC ecosystem? (with gameplay tutorial)
Original | Odaily Planet Daily (@OdailyChina)
Author｜Golem（@web3_golem）
After the hype on pump.fun on Solana gradually subsided, many new projects are still tirelessly improving entrepreneurship based on the pump model, such as time.fun, Super.exchange, and takes.fun, etc.
Recently, there has also been a Runes asset issuance and trading platform with the same pump.fun kernel in the Bitcoin ecosystem - Odin.Fun, and the popularity has gradually increased in the past month. According to the official disclosure, in the past 30 days, the trading volume of the Odin Fun platform has exceeded 1,000 BTC (about 84 million US dollars), the number of platform addresses has exceeded 37,000, and the market value of the leading rune ODINDOG•ID•YTTL•ODIN has exceeded 35 million US dollars.
Can the emergence of Odin.Fun inject new vitality into the long-sluggish Bitcoin ecosystem? In this article, Odaily will briefly introduce the gameplay of Odin.Fun and the current popular tokens for readers' reference.
Odin Fun Intro: pump.fun + Rune AMM
Odin.Fun officially launched on February 3rd. Essentially, it is an asset issuance platform that aims to improve rune liquidity using the pump model, developed by Bitcoin OG and serial entrepreneur BoB.
Therefore, Odin.Fun also has the distinction between internal and external plates. Users can spend 3333 sats (approximately 2.8 US dollars) to create internal plate symbols, with a total fixed amount of 21 million. When the joint curve progress reaches 100% (symbol market value reaches 1 BTC), the symbols created by users will be truly etched on the Bitcoin mainnet, also known as Ascend on Odin.fun.
However, unlike pump.fun, which only recently thought of independently building AMM, Odin.Fun initially built the AMM pool within the platform. When the inner disk symbol lands, 20% of the token supply and 0.2B TC will be stored in the AMM pool for trading. At this time, the price of the token will also trade along the AMM curve (k = X * Y) instead of the joint curve (y = e^x). For the logged symbols, users can choose to add liquidity to the corresponding pool to earn fees.
The existence of the Rune AMM within the Odin.Fun platform also greatly increases 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 fee strategies. If the Rune is still in the internal market, Odin.Fun charges a 1% transaction fee for all trades (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 liquidity providers).
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 there is a risk of Odin.Fun consuming users' BTC principal. The reason is that Odin.Fun is not built on the Bitcoin mainnet, but rather on a behind-the-scenes network called Valhalla, so users need to deposit BTC into the Odin.Fun platform in order to participate in IPOs and trading. According to information provided by the Odin.Fun official, 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 stated that it uses a threshold signature (TSS) mechanism similar to ICP. The tokens deposited into Odin.Fun are protected by special multiparty computation (MPC). This means that there is a group of decentralized entities, each with a unique private key share, which allows them to receive and send assets together at any time.
Earlier, community player @Real 0x Jason stated that the BTC held by users on Odin.Fun is essentially ckBTC existing on the ICP public chain, and its ultimate security guarantee comes from the ICP public chain. There is no need for a cross-chain bridge between ICP and the Bitcoin mainnet. The chain fusion encryption technology of ICP allows its smart contracts to directly interact with other networks, hence its security is higher than the wrapped BTC generated by general Bitcoin L2 through cross-chain bridges.
However, these are all speculations made by the community based on limited information. BOB has not yet provided a comprehensive response 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.
How to play
Even though the debate over the security of Odin.Fun is still ongoing, it's always worth actively experiencing new things in the ever-changing cryptocurrency circle. The gameplay of Odin.Fun can mainly be divided into new trading and adding liquidity, with specific tutorials as follows.
New Listing Trading
First of all, you need to deposit BTC like the platform, enter the Odin.Fun and click on the link wallet in the upper right corner, and then click on the BTC balance in the upper right corner again to make a deposit, as shown below. You can choose to deposit Bitcoin from a linked wallet, or you can choose to transfer money from an external address to the corresponding address, but never use a BTC UTXO that contains other BRC 20 or runic 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.
! [The monthly trading volume exceeded $84 million, Odin.Fun become the new savior of the BTC ecosystem?] (with tutorial)](https://img.gateio.im/social/moments-45fe0aebbfece53be5c5688b1bd93f51)
After the BTC arrives, click "TOKENS" at the top of the homepage, where you can filter and buy runes, and you can reorder the list by indicators such as market capitalization, trading volume or creation time. At the same time, you can also click "Filter" to filter the tokens more finely, as shown in the figure below, and you can customize the filtering of whether the tokens have been logged in, the market value range or the trading volume range.
The Odin.Fun platform also supports users to quickly purchase. In the above image, after entering the amount of each quick purchase in 'QUICK BUY' and clicking on the blue button at the right end of the token, you can proceed with the quick purchase. Users can also click to enter the token interface for purchase, as shown below. 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 holder chips is displayed in the lower right corner.
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 liquidity pools here, as shown in the figure below. Users can also sort according to creation time, fee income, market value, total trading volume and other indicators.
Users can add liquidity for the tokens they hold. Currently, the ODINDOG pool is more popular, with accumulated fees of $12891. Click on the 'Add' on the right to add liquidity, but Odin.Fun only supports adding liquidity with 50% on each side.
Popular Rune Inventory
Although the Odin.Fun platform is still in its early stages, the market has also formed some consensus, and the following is a brief introduction to popular runes.
ODINDOG（ODINDOG•ID•YTTL•ODIN）
ODINDOG is currently the flagship token on the Odin.Fun platform, deployed by BOB, and also the first rune issued on the Odin.Fun platform.
ODINCAT（ODINCAT•ID•DHGX•ODIN）
ODINCAT is the second token deployed by BOB on the Odin.Fun platform.
SPARKS (SPARKS•ID•DTEH•ODIN)
The token is issued by the Sparks project, which previously issued 111 NFTs on the Bitcoin mainnet, claiming to be supported by Darewise Entertainment, a subsidiary of Animoca Brands. It aims to build a token-based metaverse on Bitcoin, with members including domo, the founder of BRC 20, and Udi, the founder of Taproot Wizards.
SATOSHI (SATOSHI•ID•OXTM•ODIN)
SATOSHI is the third token deployed by BOB on the Odin.Fun platform. In fact, BOB has deployed a total of 9 tokens on the Odin.Fun platform, as shown in the figure below.
! [The monthly trading volume exceeded $84 million, Odin.Fun become the new savior of the BTC ecosystem?] (with gameplay tutorial)](https://img.gateio.im/social/moments-952350a0eaf361ef80eef79897f7183f)
BITCAT (BITCAT•ID•EOSE•ODIN)
Bitcat is the mascot of Bitcoin, initially released by an X account that creates a Bitcoin Meme daily, and was later hyped during the Solana mascot concept Meme craze.