Odin.Fun emerges as a new pump.fun craze on Solana, attracting transactions of over 1000 BTC

Since the pump.fun craze on Solana has gradually subsided, many new projects are still happy to improve entrepreneurship based on the pump model

Since the pump.fun craze on Solana has gradually subsided, many new projects are still happy to improve entrepreneurship based 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 emerged 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 the liquidity of runes. 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 (login) on Odin.fun.

But unlike pump.fun, which has only just begun to think of building its own AMM, Odin.Fun has built an AMM pool on the platform from the beginning. When the internal rune is logged in, 20% of the token supply and 0.2BTC will be deposited into the AMM pool for trading. At this point, 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 has also greatly improved 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 user's 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 BTC deposit, 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 @Real0xJason said 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. ICP's 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