Security is one of the most important topics in the blockchain space. In the face of evolving threats, how to improve the security of blockchain networks has become a pressing issue. The Omni protocol proposes a new security solution through an innovative restaking mechanism, which leverages the existing security resources of the Ethereum network and significantly enhances the security of the Omni network.
Restaking to Omni: An innovative move to enhance security
The Role of Validators and Delegators
In the Omni network, validators have the important responsibilities of verifying the authenticity of protocol messages and managing network stake balances and voting rights. Delegators, on the other hand, support the overall security and efficiency of the network by delegating their restake $ETH to validators of their choice.
How Restaking Works
Omni’s staking implementation is supported by a set of smart contracts designed to simplify the staking process:
Omni Staking Contract: Implemented on the Omni EVM, this contract tracks the staking and delegation of each validator, distributes rewards, and manages slashing events.
Omni AVS Contract: Located on Ethereum, it registers Omni as an application of the EigenLayer protocol, enabling operators to provide validation services for the Omni blockchain.
Omni Portal Contract: Deployed on the Omni EVM and connected Rollup VMs, these contracts maintain a record of the staking, delegation, and voting rights of the Omni validator set.
Securing the Omni Chain with Heavy-Staking $ETH
By heavily staking $ETH to secure the Omni chain, Omni is able to leverage the existing cryptoeconomic security of the Ethereum network. By allowing Ethereum stakers to heavily stake their $ETH within the Omni ecosystem, Omni is able to not only leverage Ethereum’s massive security budget, but also significantly enhance its own security without the limitations of other interoperability solutions.
Double-Staking Mechanism: Omni employs a dual-staking mechanism that combines heavily staked $ETH with staked $OMNI tokens, providing a layered security model. This approach not only allows Omni to inherit Ethereum’s vast security resources, but also enables it to gradually expand its security budget as more OMNI tokens are staked.
Communication and Updates: Omni uses its XMsg format to communicate staking events. Validators and delegators are informed of staking changes and delegation updates through the Omni Staking and AVS contracts, ensuring that the network remains responsive and secure.
Impact of Re-Staking
The re-staking model enables Omni to set a new standard in protocol security, providing security guarantees that are orders of magnitude higher than existing solutions. It creates a secure, decentralized environment for validators and delegators, promotes contributions to network integrity, and paves the way for a more interconnected and resilient blockchain ecosystem.
By integrating re-staking $ETH into its security model, Omni is setting a precedent for how blockchain networks can leverage existing resources to enhance security.
Conclusion: The Omni protocol brings a new approach to blockchain security through an innovative re-staking mechanism. By leveraging the existing security resources of the Ethereum network, Omni not only significantly enhances its own security, but also provides a security model for other blockchain networks to learn from. As more $ETH and $OMNI tokens are staked, Omni's security budget will continue to expand, further consolidating its leading position in blockchain security.
The launch of the Omni token marks a new era for blockchain security. Both validators and delegators can contribute their own strength by participating in the staking of the Omni network and jointly build a more secure and decentralized blockchain ecosystem.