Omni Network

Parcl

Omni

The Omni Network’s ERC-20 token OMNI dropped over 55% nearly 18 hours after its airdrop, shaving off over half its market capitalization.
Meanwhile, a fake token sporting the same name has just been “rug pulled,” with its price dumping 100%.
The layer-1 <a href="https://cointelegraph.com/news/omni-network-seals-600-million-deal-ether-fi" rel="noopener noreferrer nofollow">testnet blockchain</a> aiming to connect Ethereum rollups doled 3 million OMNI — 3% of its 100 million token supply — to its community contributors on April 17, starting at 11 am UTC. OMNI, market cap was $560 million.
Within half an hour, OMNI dropped nearly 30% from $53.80 to under $39 and has continued to slide to around $24 — an over 55% drop.
The current market cap is $267.5 million, giving it a fully diluted valuation of about $2.57 billion, <a href="https://www.coingecko.com/en/coins/omni-network" target="_blank" rel="noopener noreferrer nofollow">according</a> to CoinGecko.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/c696d92e-f339-406e-b61d-4729c2b19f5b.png">
 <figcaption style="text-align: center;">OMNI’s price since its airdrop over 16 hours ago has continued to slide. Source: CoinGecko
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The airdrop saw early testnet users, builders and community participants get 50% — 1.5 million OMNI — of the latest airdrop, worth about $36.2 million. Eligibility was determined via a snapshot on April 3.
The remaining tokens were <a href="https://news.omni.network/the-omni-genesis-airdrop/" target="_blank" rel="noopener noreferrer nofollow">split</a> variously between <a href="https://cointelegraph.com/news/eigenlayer-restaking-launch-ethereum-mainnet-missing-key-features" rel="noopener noreferrer nofollow">EigenLayer restakers</a> and some nonfungible token (NFT) projects including Pudgy Penguins, among others.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/0ec3d805-6fe4-4871-be49-f3854f7e4895.png">
 <figcaption style="text-align: center;">OMNI’s airdrop split, some tokens went to Pudgy Penguin NFT holders. Source: Omni Network
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Omni Network <a href="https://news.omni.network/omni-tokenomics-tge-date/" target="_blank" rel="noopener noreferrer nofollow">outlined</a> on April 15 that 9.27 million OMNI — 9.27% of the total supply — was being set aside as public launch tokens used for “launch pools and liquidity.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/5ccecbe7-e569-46a8-813b-cc9c8b5aa3fc.png">
 <figcaption style="text-align: center;">OMNI’s full token distribution plan. Source: Omni Network
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The largest chunk of OMNI — 29.5 million at 29.5% of its supply — will be set aside for “ecosystem development” and handed out initially at the discretion of the blockchain’s backing firm, the Omni Foundation.
Nearly a quarter of all OMNI — 23.3 million — was earmarked for investors and advisers.
Advisers today received 625,000 OMNI worth $15 million — another 875,000 OMNI will come after a year, then 437,500 OMNI every six months for two years.
Investors’ tokens were on a three-year unlock schedule, with nearly 6.7 million tokens — worth almost $161 million today — to come after 12 months, with the rest unlocking every six months until their allocation is exhausted.
Related: <a href="https://cointelegraph.com/news/parcl-withdrawals-hit-74-million-after-airdrop" rel="noopener noreferrer nofollow">Withdrawals from real estate betting platform Parcl hit $74M after airdrop</a>
Meanwhile, the developers of a fake OMNI token using the same ticker have pulled a $398,000 <a href="https://cointelegraph.com/explained/crypto-rug-pulls-what-is-a-rug-pull-in-crypto-and-6-ways-to-spot-it" rel="noopener noreferrer nofollow">exit scam</a>.
Blockchain security firm PeckShield wrote in an April 18 X <a href="https://twitter.com/PeckShieldAlert/status/1780789973962330235" target="_blank" rel="noopener noreferrer nofollow">post</a> that a fake token dropped 100% after the deploying smart contract dumped over 1.7 quadrillion tokens for 132 Wrapped Ether (WETH).
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/2922a4cf-86a6-44a4-b3ef-49105a0223f2.png">
 <figcaption style="text-align: center;">Source: <a href="https://twitter.com/PeckShieldAlert/status/1780789973962330235" target="_blank" rel="noopener noreferrer nofollow">PeckShieldAlert</a>
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Magazine: <a href="https://cointelegraph.com/magazine/real-risks-ethena-stablecoin-model-not-ones-you-think/" rel="noopener noreferrer nofollow">The real risks to Ethena’s stablecoin model (are not the ones you think)</a>

Omni Network token falls 55% after airdrop, fake token completely rugs

Cointelegraph

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