Original | Odaily Planet Daily

Author | Golem

Since the craze of pump.fun on Solana has gradually faded, many new projects continue to enthusiastically improve their startups based on the pump model, such as time.fun, Super.exchange, and takes.fun.

Recently, a new 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 over the past month. According to official disclosures, the trading volume on the Odin Fun platform exceeded 1000 BTC (approximately 84 million USD) in the past 30 days, with the number of platform addresses surpassing 37,000. The leading rune ODINDOG•ID•YTTL•ODIN reached a market cap of over 35 million USD at its peak.

Can the emergence of Odin.Fun inject new vitality into the long-sluggish Bitcoin ecosystem? Odaily Planet Daily will briefly introduce the gameplay of Odin.Fun and currently popular tokens in this article for readers' reference.

Introduction to Odin Fun: pump.fun + Rune AMM

Odin.Fun officially launched on February 3, and it is essentially an asset issuance platform that aims to enhance rune liquidity using the pump model, developed under the leadership of Bitcoin ecosystem OG and serial entrepreneur BoB.

Therefore, Odin.Fun also has both internal and external markets, where users can spend 3333 sats (approximately 2.8 USD) to create internal runes, with a fixed total supply of 21 million. Only when the joint curve progress reaches 100% (rune market cap reaches 1 BTC) will the runes created by users be truly etched onto the Bitcoin mainnet, referred to as Ascend (landing) on Odin.fun.

However, unlike pump.fun, which only recently thought of independently building an AMM, Odin.Fun built an AMM pool within the platform from the start. When internal runes land, 20% of the token supply and 0.2 BTC will be deposited into the AMM pool for trading. At this point, the token price will trade along the AMM curve (k = X * Y) rather than the joint curve (y = e^x). For already landed runes, users can choose to add liquidity in the corresponding pool to earn transaction fees.

The existence of rune AMM on the Odin.Fun platform greatly enhances rune liquidity, allowing users to trade runes and add/remove liquidity within seconds. At the same time, Odin.Fun adopts different fee strategies; if the rune is still in the internal market, Odin.Fun charges a 1% fee on all transactions (similar to pump.fun), and if the rune has been successfully etched, Odin.Fun charges a 0.5% AMM Swap fee (of which 0.3% goes to liquidity providers).

How secure are user assets?

Recently, there has been considerable debate in the community regarding the security of user assets on the Odin.Fun platform, with some users believing that Odin.Fun poses a risk of 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, meaning users need to deposit BTC into the Odin.Fun platform to participate in new token launches and trading. According to information provided by Odin.Fun, Valhalla supports 2-second finality, offers decentralized Bitcoin deposits and withdrawals (TSS), and waives all gas fees.

Regarding the security of BTC deposits, Odin.Fun states that it uses a threshold signature (TSS) mechanism similar to ICP, and the tokens deposited into Odin.Fun are protected by special multi-party computation (MPC). This means there is a group of decentralized entities, each with a unique share of a private key, that can collectively receive and send assets at any time.

Previously, community player @Real0xJason stated that the BTC held by users on Odin.Fun essentially exists as ckBTC on the ICP public chain, with its ultimate security guarantee coming from the ICP public chain. Moreover, 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, thus providing higher security than wrapped BTC generated by general Bitcoin L2 through cross-chain bridges.

However, these are all speculations made by the community based on limited information, and BOB has not yet provided a comprehensive response regarding the security of user deposits, although he has stated that if L2 is redefined as anything that builds seamless Bitcoin products, then Odin is an application chain or L2.

Specific Gameplay

Even though the debate about the security of Odin.Fun continues, actively participating in the rapidly changing crypto space to experience new things is always worthwhile. The gameplay of Odin.Fun can mainly be divided into new token trading and adding liquidity, with specific tutorials as follows.

New Token Trading

First, you need to deposit BTC into the platform. Enter Odin.Fun, click the wallet link in the upper right corner, and then click the BTC balance in the upper right corner again to make a deposit, as shown in the image below. You can choose to deposit Bitcoin from the linked wallet or transfer from an external address to the corresponding address for deposit, but do not use BTC UTXO that contains other BRC20 or rune assets. Currently, the tokens supported for deposit are not limited to BTC; users can also deposit popular rune assets such as ODINDOG, ODINCAT, SATOSHI, etc.

Once the BTC is credited, click on "TOKENS" at the top of the homepage to filter and purchase runes here. You can reorder the list based on market cap, trading volume, or creation time, etc. If you reorder by creation time, newly created tokens will be pushed out immediately. You can also click "Filter" to refine the selection of tokens, as shown in the image below, allowing you to customize filters for whether they have landed, market cap range, or trading volume range.

The Odin.Fun platform also supports users to make quick purchases. In the image above, after entering the amount for each quick purchase in "QUICK BUY," click the blue button on the far right of the token to make a quick purchase. Users can also click to enter the token interface for purchasing, as shown in the image below. Similar to pump.fun, the upper right corner displays basic information about the token, including price, market cap, trading volume, holders, dev, etc., while the lower right corner shows the distribution of holders' chips.

Adding Liquidity

Odin.Fun is not only an asset issuance platform but also establishes AMM pools for each landed rune. Click on "LIQUIDITY" at the top to see all liquidity pools, as shown in the image below. Users can also sort by creation time, fee income, market cap, total trading volume, etc.

Users can add liquidity for the tokens they hold. Currently, the ODINDOG pool is quite popular, with accumulated fees of 12,891 USD. Click "Add" on the right to add liquidity, but Odin.Fun only supports adding 50% liquidity from each side.

Popular Rune Overview

Although the Odin.Fun platform is still in its early stages, the market has already formed some consensus. Below is an introduction to popular runes.

ODINDOG (ODINDOG•ID•YTTL•ODIN)

• Market Cap: 26 million USD
• Platform Holding Addresses: 4711

ODINDOG is currently the leading token on the Odin.Fun platform, deployed by BOB, and is the first rune issued on the Odin.Fun platform.

ODINCAT (ODINCAT•ID•DHGX•ODIN)

• Market Cap: 2.5 million USD
• Platform Holding Addresses: 2059

ODINCAT is the second token deployed by BOB on the Odin.Fun platform.

SPARKS (SPARKS•ID•DTEH•ODIN)

• Market Cap: 2.4 million USD
• Platform Holding Addresses: 1653

The token is issued by the Sparks project, which previously issued 111 NFTs on the Bitcoin mainnet and claims to be supported by Darewise Entertainment, a company under Animoca Brands, aiming to build a token-based metaverse on Bitcoin, with members including BRC20 founder domo and Taproot Wizards founder Udi.

SATOSHI (SATOSHI•ID•OXTM•ODIN)

• Market Cap: 1.8 million USD
• Platform Holding Addresses: 1269

SATOSHI is the third token deployed by BOB on the Odin.Fun platform. In total, BOB has deployed 9 tokens on the Odin.Fun platform, as shown in the image below.

BITCAT (BITCAT•ID•EOSE•ODIN)

• Market Cap: 1.3 million USD
• Platform Holding Addresses: 460
• Bitcat is the Bitcoin mascot, initially released by an X account that creates daily Bitcoin meme images, and was later hyped during the Solana mascot concept meme craze.

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