In April last year, when Bitcoin underwent halving, the Runes protocol was officially launched. However, as an optimized BRC20 Bitcoin token standard, it did not bring revolutionary breakthroughs in trading experience. Subsequently, solutions such as the Runes order book on Magic Eden and the Runes Bonding Curve on DotSwap emerged, attempting to improve the Runes trading experience, but they still could not completely break free from the limitations of the Bitcoin main chain.
However, yesterday, a platform that allows for fast trading and issuance of Runes - Odin.Fun - went viral, and the leading Rune token $ODINDOG on its platform broke through its previous high, quickly sparking discussions in the community.
Odin Fun: Runes AMM and Issuance Platform
Odin Fun (Odin, hereinafter referred to as Odin) was launched by Bob (@BobBodily), the founder of the Bitcoin Ordinals market Bioniq, at the end of January this year. It provides a Runes trading market and issuance mechanism, with the core features being:
- Introduction of AMM mechanism: Allowing users to trade Runes quickly, add and remove liquidity, and experience transaction speeds comparable to Solana.
- Runes issuance mechanism: Allowing users to create tokens by simply filling in the token name, ticker, project description, and image, similar to the Bitcoin version of pump.fun (the mainstream meme coin issuance platform on Solana). It is worth mentioning that, unlike other Runes Etch platforms, the tokens on Odin need to reach a market cap of 1 BTC before being etched into Runes.
Furthermore, Odin is not limited to Runes and plans to expand to other BRC20 Bitcoin assets in the future.
How to Use
- Log in through a Bitcoin wallet, supporting Xverse, Leather, Unisat, OKX, Magic Eden, and others, without the need to create a new wallet. The official term for this is "account abstraction".
- Deposit BTC, and wait for the Bitcoin main chain confirmation.
- Start experiencing Odin, and within the next 48 hours, all transactions on the Odin platform will be free of Gas and wallet signing.
Odin.Fun's Trading Mechanism
On the Odin platform, the trading mode for Runes is divided into two stages:
- Bonding Curve trading: During the initial stage, the tokens follow a Bonding Curve (y = e^x) for trading, with 80% of the supply sold at 0.211 BTC.
- Ascend to AMM trading: When the token reaches the bonding target, the remaining 20% of the tokens and 0.2 BTC will be added to the AMM liquidity pool, and the trading mechanism will switch to an AMM curve (k = X * Y), providing more flexible market liquidity.
The official has not yet revealed the specific technical details of the built-in AMM on Odin, but this two-stage mechanism brings new market dynamics to Runes trading and may allow the token's price to form a more natural price discovery process.
How Can Odin Achieve Ultrafast Transactions?
Compared to other trading platforms in the Bitcoin ecosystem, the key to Odin's ability to provide an ultrafast trading experience lies in its Bitcoin scaling layer - Valhalla.
However, the official has not elaborated much on the technical details of Valhalla, only stating that it is the name of Odin's application chain (appchain) or Bitcoin L2 technology stack, serving as the "invisible underlying foundation" that brings Odin an unparalleled trading experience:
- Fast: Achieving transaction finality within 2 seconds, overcoming the 10-minute block time limitation of Bitcoin.
- Decentralized and Secure: Providing a decentralized Bitcoin deposit and withdrawal solution through threshold signature technology (TSS).
- No Gas Fee Transactions: The official calls this "chain abstraction", where users do not need to pay Gas fees (but the platform charges a transaction fee).
- Eliminating Cumbersome Wallet Signing: The official states that through Session Keys, users only need to sign the authorization once, and all transactions within 48 hours can be executed without wallet confirmation, further improving the fluency of the trading experience.
The combination of these technologies allows Odin to be more fluid in terms of transaction speed and user experience compared to previous Runes trading methods.
Common Questions about the Odin Platform
Additionally, you may be interested in the following:
1) Are there any delays or restrictions on withdrawals?
Withdrawals are processed in batches, with a maximum delay of 10 minutes, but users can submit withdrawal requests at any time. The minimum withdrawal amount is 0.0005 BTC to prevent spam transactions and excessive UTXO consolidation.
2) Is depositing Bitcoin secure?
Depositing BTC through the Bifrost bridge and protected by threshold signature technology (TSS) ensures decentralized asset access. This technology has been adopted by tBTC, Arch Network, Near, and ICP, and has been proven to be a mature and reliable solution.
3) Is Odin Fun decentralized?
The official statement is that it is decentralized, with smart contract upgrades controlled by a 4-of-7 multi-sig DAO, and the Odin team only occupying 2 seats. The protocol's revenue is managed by a 3-of-5 multi-sig treasury DAO, with the team not participating.
4) Platform fees?
- Bonding Curve transactions are charged a 1% fee (similar to Pump.fun).
- AMM transactions are charged a 0.5% fee (with 0.3% distributed to LPs and 0.2% as platform revenue).
- Referral reward program: Referrers can receive 25% of the platform fees (0.25% of Bonding Curve rewards and 0.05% of AMM transaction rewards).
Founder background
According to LinkedIn information, Bob is the co-founder and product lead of Toniq Labs, with over 3 years of blockchain startup experience, focusing on NFTs, Bitcoin Ordinals, and decentralized marketplaces.
Currently, he is leading both Odin and Bioniq, with Bioniq being the world's fastest Ordinals marketplace built on ICP (Internet Computer), featuring zero Gas fees, 2-5 second transaction finality, and a 10x improvement in user experience. This demonstrates his extensive experience in optimizing Bitcoin ecosystem transaction efficiency and user experience.
Odin's trading volume surges, with flagship ODINDOG soaring 18x intraday
Yesterday, Odin's flagship rune $ODINDOG surged from 20 sats to 360 sats, with a market cap exceeding $6 million, a single-day gain of over 18x. Additionally, other platform tokens such as $GHOSTNODE, $SATS, and $RATS also saw impressive gains, with the platform's overall performance being strong.
In addition to the price increase, researcher @LtakerWJ noted that Odin's trading volume reached 15-20 BTC yesterday, far exceeding 3 to 4 times the sales volume of Runes and Ordinals on the largest Bitcoin ecosystem NFT trading market, Magic Eden, demonstrating a high level of user activity.
New opportunities in the rune market?
Odin.Fun brings an innovative breakthrough to the rune trading market with the pump.fun + AMM model, injecting some vitality into the sluggish Bitcoin ecosystem.
However, participating in early protocols carries high risks, and the market's interest in runes has not yet fully exploded. While Odin may become the next liquidity center for the rune market, whether it can continue to attract capital inflows remains to be observed. But for risk-tolerant players, lying in wait before the market price discovery may be the most promising strategy.
