Day after tomorrow, Wednesday, April 17, 2024, Binance will list the new OMNI crypto from the Omni Network project.
The launch will take place through the Launchpool, as reported last week, but some confusion is arising that is leading some investors and speculators to make mistakes.
Summary
The new OMNI crypto lands on Binance
As clearly specified explicitly and evidently on Binance’s official announcement, the exchange will be the first platform to list this token.
Indeed, the exchange clarifies:
“Any claim to offer this token for sale before the indicated timing constitutes misleading advertising. We invite you to do your research to ensure the safety of your funds”.
The problem is that there are already other tokens listed on the crypto markets for quite some time with the exact same name.
One of these, OMNI by Omni Layer, is also tracked on Binance itself.
Omni Layer is a sort of layer-2 on Bitcoin launched in 2013, and is famous mainly for being the first blockchain on which USDT by Tether was launched in 2014.
Although the project name is different, Omni Layer instead of Omni Network, the name of the crypto is the same, OMNI.
The new OMNI token from Omni Network is indeed a token on Ethereum, but it is intended to become the native cryptocurrency of the layer-1 of Omni Network. It has nothing to do with the OMNI cryptocurrency of Omni Layer.
Omni Layer
The old Omni Layer was a kind of layer-2 on Bitcoin that is no longer widely used.
Instead, the new Omni Network is a completely different layer-1 that aims to integrate all rollups on Ethereum into a unique ecosystem.
Unfortunately, the new cryptocurrency of Omni Network has the same name as the old cryptocurrency of Omni Layer, and this is causing quite a bit of confusion.
Also because on the crypto markets of the new Omni Network cryptocurrency there is still no trace, since as specified by Binance itself the first listing ever will be the one that will take place on Wednesday on the well-known exchange.
The old cryptocurrency OMNI of Omni Layer has been around since 2013, when it debuted on the crypto markets during a bull run at a price of around $107.
Subsequently, with the bear-market of 2014/2015, its price plummeted to just over $1, but it should be remembered that that was by far the worst bear-market ever in the crypto markets.
By the way, at that time Ethereum didn’t even exist, because it was only launched in 2015.
During the 2017 bull run, the price of OMNI recovered a bit, but never returned to its all-time highs of almost $230. It stopped at nearly $90 in January 2018, only to then crash again during the 2018 bear market.
With the collapse of the financial markets in March 2020, due to the beginning of the pandemic, its price also dropped below $1, and during the last major bull run it barely managed to exceed $13.
However, the worst was yet to come: the bear market of 2022 not only brought the price back below $1, but continued into 2023, when the price of the old cryptocurrency OMNI plummeted first to $0.5, and then even to $0.03 in October of last year.
The misunderstanding
At that point for the old OMNI, the story seemed to be on the verge of ending completely, also because Tether stopped supporting Omni Layer on USDT, but with the launch of the new Omni Network things could have changed.
When it was announced that Binance would launch a new crypto project called Omni, several unaware people went to search the crypto markets to see if there was already a token or cryptocurrency listed with that name.
They did not find the new OMNI by Omni Network, but the old OMNI by Omni Layer, and apparently they have started buying it.
And so a crypto that seemed definitively dead has timidly started to raise its head a little.
The first price jump occurred in mid-December 2023, when in a few days it went from $0.06 to $1.7. It was a sensational +2,700% in less than a week, partly because the October crash may have been excessive, partly because buying pressure had increased significantly in anticipation of what would happen in the following months.
Another leap was made in March of this year, when its price rose above $3.5, and the final leap was made on the day of the Binance news launch when it jumped by +1,000% in a single day, bringing it back to $8.
Now the price is just under $7, but with the actual launch of the new OMNI it could drop significantly.
As if it were not enough, in the crypto markets there are at least two other tokens called OMNI that have nothing to do with either Omni Network or Omni Layer.
The new OMNI crypto on Binance
It is not yet clear what the launch price on the crypto markets of the new OMNI by Omni Network will be.
Currently, Binance Launchpool users are farming it, but many report that in this specific case the Launchpool is paying little.
The fact is that out of a max supply of 100 million OMNI tokens, the Launchpool will distribute only 3.5% (three and a half million tokens). Furthermore, the initial circulating supply will be over 10 million tokens, so the 3.5 million distributed by the Launchpool are actually few.
Someone hypothesizes that the relatively low number of OMNI tokens obtained by staking in the new Omni Network on the Binance Launchpool will counterbalance a high price of the individual token, perhaps around $50.
However, this is a rather risky reasoning, since the price will be determined by the balance that will be formed between supply and demand, and at this moment no one knows what the demand will be.
The fact is that the last Binance Launchpools have gone very well for those who farmed the tokens before the listing, so there is a lot of anticipation for this launch as well.
The situation in the crypto markets has changed a bit in the last few days, and it is not certain that the same excellent results will be achieved.
