# V2 Announcement By [Omnisea](https://paragraph.com/@omnisea) · 2023-01-30 --- Today, we’re excited to share our biggest upcoming change to the Omnisea platform and protocol - **Omnisea V2 with its new incentivized Testnet**. The V2 upgrade will be deployed on the Testnet in around 2 months with a more precise ETA to be set as we’ll get closer to the launch. **With V2, we’re 100% focused on becoming THE protocol for creating ONFTs (Omnichain Non-fungible Tokens) powered by LayerZero ONFT721 and ONFT1155 standards.** Without making the introduction any longer, here’s the list of the protocol changes V2 will bring to the NFT space and how we view our position after its launch. All NFTs created via Omnisea will be ONFTs ------------------------------------------ The future is Omnichain and we’ve never doubted it. Events related to major NFTs turning into ONFTs (Omnichain Non-fungible Token standard for native cross-chain NFTs developed by LayerZero) such as the recent Pudgy Penguins migration will be the catalyst but it’s still not the most significant part of what ONFTs enable. It’s not just cross-chain minting, trading, and bridging. Any protocol that utilizes NFTs (Gaming, Lending, Metaverse, DIDs, RWA, Governance, and so much more) will be able to not only be deployed on multiple chains but connect these fragmented instances in the most composable way (more on that later). What ONFT solves as a cross-chain LayerZero application on its own is that it doesn’t require any third-party contract (bridge) to move between blockchains. ONFT can be transferred between currently 14 EVM and non-EVM (eg. Aptos) chains natively. **Starting from the V2 upgrade, all collections created via Omnisea will be automatically ONFTs**. Therefore, any Omnisea collection will have the same architecture and experience as Pudgy Penguins. Creators will also receive access to the intuitive no-code Dashboard and Analytics that will allow them to easily manage and track the collection activity across all supported chains. Migrations - Any existing NFT can become ONFT --------------------------------------------- Our core idea to unify the fragmented NFT ecosystem is alive and we won’t be able to fulfill it by only making newly created NFTs Omnichainable. We want the same for all already existing non-fungible tokens too! And we’ll do it. Meet ONFT Migrations. Using our no-code interface for Migrations, Creators will be able to easily deploy ONFT with all the details such as collection name, symbol, supply, URI (metadata), etc. automatically inherited from the original collection. The secondary Migration contract will be deployed to onboard collection Holders and enable a 1:1 swap for the ONFT with a matching Token ID. The old token will be burned, and the new ONFT immediately ready to use with all cross-chain functionalities and composability for third-party NFT protocols. Our ONFT721 standard extension - ONFT721A ----------------------------------------- We like to innovate and give the NFT Community something new. Just like with the Omnichain Minting feature, now we present the **first-ever combined standard of ONFT721 with the ERC721A extension -** `ONFT721A`. The result is a collection that supports frictionless batch minting (ERC721A) and **batch bridging** with fully composable cross-chain capabilities (OFT721). The ONFT721A standard requires a modification of both mentioned standards to enable minting tokens with a specific Token ID on the destination chain after a successful cross-chain transfer. Without our modifications, the OFT would inherit from the “normal” ERC721 (inefficient batch minting) and ERC721A wouldn’t allow mint tokens with exact ID (must-have for bridging). Ours ONFT721A standard will be fully Open Source from day one for the NFT Community, and of course, all NFTs minted via Omnisea will be ONFT721A. OSEA Token 1:1 Migration to OMS Token ------------------------------------- The most important information and change coming from the V2 upgrade is the **1:1 migration from the current OSEA token to the new and much more capable OMS token.** Why do we do it and how everyone, especially Holders, will benefit? * First of all, the most important thing is that our decision to introduce a new token is technology-driven. A few months ago, **LayerZero has revealed the new OFTv2 standard for Omnichain Fungible Tokens**. This new standard is 100% worth implementing because it allows OFTs (such as OSEA) to be **transferred** **between EVM and non-EVM chains including Aptos**. According to the LayerZero official documentation itself: > If you are looking to only support EVMs now and forever then OFT (V1) is for you. > > What if you want to build an Omnichain Fungible Token that supports EVMs and non EVMs (eg. Aptos)? **In this case you should use our OFTV2 which supports both**. This version has fees, shared decimals, and composability built in. This version of OFTV2 is currently being used in projects such as BTCb. * Secondly, the **new token will be cross-chain composable**, just like our ONFTs. It means that it can be used immediately after a successful transfer between blockchains by an external contract (custom logic). For example, we’ll now **use OMS to redesign our Omnichain Minting payments** to be much more convenient and seamless for both Creator (seller) and Collectors (buyers). Now, it won’t be necessary to first lock OSEA (mint payment) at the source chain for the Creator to claim after a successful mint - OMS will be transferred WITH the cross-chain mint transaction and delivered to the Creator on the destination chain. The same new logic will be applied to the Collectors’ refunds. The ultimate ability to do everything from one chain without switching (thinking about) networks is the true Omnichain experience and vision that OMS as an OFT combined with ONFTs enable. * Therefore, having such a great tool for cross-chain payments, starting from the V2 we’ll leave **OMS as the only selectable minting currency on Omnisea**. We intend to make OMS a great way to transfer value natively between blockchains. Our upcoming ONFTs Native Trading (Omnichain Marketplace - details below) will also use OMS for cross-chain trading payments. * The ability to apply a small fee for each cross-chain OMS transfer and **share this protocol revenue with OMS Stakers** (more on that later). * We feel obligated to realize (or die trying) our promise to the Holders that we’ll do everything in our power to make the Omnisea token very liquid, realistically tradeable, and positioned for future growth. V2 with the OMS is the fresh start for Omnisea and we feel that it’s THE best path to follow looking for the protocol’s success. * Maximum supply remains the same. Once again, the OSEA to OMS swap ratio is 1:1. * **OMS as a whole new token opens all possible methods to receive funding, and conduct events targeted to build liquidity.** ONFTs Omnichain Modules (eg. Native Trading) -------------------------------------------- ONFTs will be upgradable by default. Launching a collection a Creator will be able to choose from the palette of the growing list of Omnichain Modules optionally enhancing the NFT cross-chain functionalities. The example list of Modules includes: * `Native Trading` **\- the ability to cross-chain list, sell, bid, and buy ONFT on the contract-level without third-party contracts (Marketplaces)**. It doesn’t prevent Token Owner to list the ONFT on for instance OpenSea or Topaz. It allows the creation of dApps that serves as just a User Interface for ONFTs with the Native Trading Module enabled. **Omnisea will obviously become such an application allowing ONFTs minters, collectors, and holders to trade them intuitively, on more than 14 EVM and non-EVM blockchains, without switching networks.** Buying for example Ethereum NFT from Moonbeam or BNB Chain will become reality. **All native trades will use OMS as the currency**. * `Dynamic ONFT` * `Burnable ONFT` * `Native Lending` * `Upgradeable` - the ability to add more Modules with time * More and more Omnichain Modules will be added! **The general idea of Modules is to provide the first-ever ONFT upgradeability and make ONFTs cross-chain trusted applications on their own without third-party contracts. Utility as a service.** Omnichain Minting between EVM and non-EVM chains (Aptos) -------------------------------------------------------- Each newly created **ONFT will be Cross-VM mintable**. Collection on EVM blockchains such as Ethereum will be mintable from Aptos and vice-versa. As said before, the minting currency will be OMS because of its native ability to be transferred between Aptos and EVM chains with full composability (cross-chain transfer & mint in one transaction)**.** Cross-chain Composability - ONFT is a new primitive allowing all NFT Protocols to go Omnichain ---------------------------------------------------------------------------------------------- Having in mind the native ability of ONFTs to be transferred between EVM and non-EVM blockchains, as well as the abovementioned Omnichain Modules that enhance ONFTs capabilities, **all third-party NFT protocols (Web3 Gaming, Lending, NFTfi, Perpetuals, AMMs, Marketplaces, DID, Metaverse, and more) will enable new use cases** and opportunities by making their contracts cross-chain compatible using ONFTs as a dedicated primitive. OMS Staking - Protocol revenue sharing -------------------------------------- OMS will find its product-market fit as a medium of value transfer in NFT-oriented cross-chain applications. **A** **small fee will be calculated from each cross-chain (only) transfer and will be shared as a native protocol revenue with OMS Stakers**. Having in mind the annual volume of the whole NFT sector, if we, along with the Omnisea Community and OMS Holders, will make an impact in the creation of the Omnichain NFTs market segment, we’re sure that the shared protocol revenue can be turned to a meaningful passive income source for Stakers. ZK (Zero-knowledge) ONFTs combining zkSync and LayerZero -------------------------------------------------------- Blockchain (especially Ethereum) scaling is going to be led by Zero-knowledge Proof innovators. There are a few key players in the ZK sector such as Polygon zkEVM, Scroll, Taiko, or zkSync. We’re glad and excited that LayerZero already supports cross-chain messaging between zkSync and all other supported blockchains. **Because of that, Omnisea will allow Creators to launch their ZK-based ONFT Drops** as simply as it gets. Why it matters for Creators besides the obvious but highly technical reasons? Well, NFT collectors, traders, and minters are always looking in this space for new innovations and trends. We do not doubt that combining Omnichain with ZK technologies will help Creators to reach even the most demanding group of such investors and fuel belief among the Community members. OSBTs by Omnisea - Omnichain Soulbound Tokens --------------------------------------------- Lastly, there’s also a completely new token type (standard) in the Web3 dynamic ecosystem. One that can really shape the future of Decentralized Identities (DID) and on-chain certifications. The emergence of Soulbound Tokens proposed by Vitalik has come to our attention. If you don’t know yet what SBT is, you can think of it as a Non-transferrable token. The standard itself is highly similar to ERC721 (NFT) but what differentiates it is the inability to transfer (change the owner) of such a token. The most popular SBT today is probably Binance’s BAB (“Binance Account Bound”). The SBT cannot be transferred but technically can be minted and burned. Therefore, it’s possible to implement the `OSBT` **standard that will allow moving your Soulbound Tokens between blockchains.** Just like ONFTs will become a primitive for cross-chain NFT protocols, the OSBTs will enable the creation of chain-agnostic Decentralized Identities. Considering that users may want to use only a certain SBT as the primary on-chain identity proof for all Web3 protocols, the concept of making it usable across all blockchains seems understandable and needed. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **Motivation** The first month of 2023 brought a major event in the cross-chain NFTs sector. Pudgy Penguins, a well-known and loved NFT Collection became Omnichain using the LayerZero technology. If you read it, you might know that our so far most important feature and differentiator - Omnichain Minting - is based on the underlying LayerZero messaging protocol. There are a lot of protocols that enable cross-chain NFTs bridging, but minting between chains without changing networks in your wallet is somewhat novel and remains this way. The missing puzzle that we clearly saw in our protocol is that the created via Omnisea Creator collections aren’t Omnichain by default (and that, as you now know, will change since V2 thanks to ONFTs). Omnisea allowed Creators to mint tokens cross-chain and Users can even bridge them using our own bridge _Omniway_ (external contract). It doesn’t change the fact that the created NFT itself is so far, using V1, not capable of natively traveling between blockchains, and isn’t cross-chain composable. Having in mind our core mission which was from the beginning (as even described in our Whitepaper) a unification of fragmented NFTs ecosystems, the idea of making all NFTs Omnichainable by default in a fully composable way is undoubtedly the goal that we’re now going to achieve. Regarding the biggest change for OSEA Holders, which is the future migration to the OSM Token, to reiterate - our motivation is technology-driven and is necessary to open the Token to non-EVM blockchains such as Aptos. Therefore, considering the plan to make OMS the only currency for Omnichain Minting and Trading, it is required to move to the OFTV2 LayerZero’s standard. On the ideological level, the Omnisea Team thinks about the V2 as the new protocol and the perfect way to fuel our efforts and the Community's enthusiasm. The goal is to accomplish a reimagined protocol state in 2023 which will allow Omnisea with OMS Holders to shine as soon as the NFT space will be ready for the next wave of adoption. We eagerly want to be a part of that. --- *Originally published on [Omnisea](https://paragraph.com/@omnisea/v2-announcement)*