The New Hope of the Bitcoin Ecosystem? The Odin.fun Project Sparks Heated Discussion

Recently, a project called Odin.fun has garnered considerable attention in the cryptocurrency community. It is a token launch platform based on the Runes protocol, similar to projects like Pump.fun on other public chains. Although it is currently only popular in a small scope, it has brought some heat to the long-dormant Bitcoin ecosystem.

However, on March 7th, news broke that 74 Bitcoins mysteriously disappeared from the Odin.fun platform, suspected to be due to a hacker attack. The project team quickly responded on social media, stating that this was due to an error in the hard deposit synchronization code that caused some users' balances to show amounts exceeding their actual deposits, while in fact, users' funds were not affected.

Looking at the development history of the cryptocurrency industry, the innovation of asset issuance methods has always been an important direction. Odin.fun is yet another attempt in this direction, bringing new possibilities for asset issuance and trading under the Runes protocol.

As a token launch platform, Odin.fun's core competitiveness lies in its user experience design. The platform claims to achieve second-level issuance and one-click trading of Runes assets. The official statement indicates that this is thanks to its adopted layer two solution, Valhalla, which can complete the final confirmation of transactions within 2 seconds.

In addition to fast speed, Odin.fun also offers convenient features such as account abstraction ( no social login ), gas-free transactions, and no need for repeated signature confirmations. These optimizations stem from its hidden complexity of the underlying chain. Users only need to create an account using a Bitcoin wallet and deposit Bitcoin into the platform to start using it.

However, behind the convenience, there are also potential risks. The incident of 74 Bitcoins "disappearing" has exposed possible vulnerabilities or immaturity in the platform's technical implementation. According to the project party's explanation, the funds deposited by users will be stored in a 12/34 threshold signature setting, and then transferred to the ODIN•FUN smart contract. All users' BTC is pegged 1:1 with the BTC in the platform.

This model is actually still based on centralized custody logic, where users cannot fully control their assets. Although the project claims to ensure security through multi-signature, this does not completely eliminate risks.

Some analyses suggest that the BTC held by users on the Odin.fun platform actually exists as ckBTC on the ICP public chain. The security of this solution comes from the ICP public chain, which is theoretically more secure than the wrapped BTC generated through typical cross-chain bridges. However, the specific implementation details still need further verification.

In terms of token trading rules, Odin.fun adopts the model of a bonding curve (. Newly created tokens will be traded along a bonding curve initially, with 80% of the token supply sold at a price of 0.211 BTC. The starting price of the token is 0.11 sats ), equivalent to a market value of approximately 3000 USD (, and the initial issuance phase is completed when it reaches 4.76 sats ), which is around 100,000 USD (.

Afterwards, the remaining 20% of the token supply and 0.2BTC will be deposited into the AMM pool to support subsequent transactions. The trading rules will also shift from a bonding curve to a common AMM curve )k = X * Y(. The platform also supports users providing liquidity and participating in revenue sharing.

Although Odin.fun has attracted some attention in the Bitcoin ecosystem, whether it can become a key force in driving the revival of the Bitcoin ecosystem remains in question. Compared to Pump.fun and Viturals, which previously ignited the Solana and Base ecosystems, Odin.fun's current influence and market capitalization are relatively limited.

In fact, similar Meme token launch platforms are not the first to appear in the Bitcoin ecosystem. There have been several similar projects based on Bitcoin's second-layer networks or sidechains, such as Satspump.fun on Fractal, Lnpump.fun on the Lightning Network, and Stx.city on Stacks. However, these projects have not achieved the same level of success as Pump.fun.

Odin.fun has gained some attention, mainly due to its combination of Runes, a new asset issuance method closely related to the Bitcoin mainnet, and the current market's lack of hot topics. However, it is essentially still an overlay on existing narratives, lacking sufficient innovation and hype.

For the Bitcoin ecosystem, projects like Odin.fun may not be able to single-handedly carry the banner of revival. It is neither as disruptive as inscriptions nor does it easily stimulate large-scale market participation enthusiasm. However, for investors willing to take on high risks, such projects may still offer certain speculative opportunities. When selecting potential projects, focus can be placed on community activity and the influx of funds. But it is important to remember that participating in such projects is essentially similar to speculating on Meme tokens, both of which are high-risk investment behaviors.