Upcoming Bitomni SNS decentralization sale

[Bitomni]

Greetings, IC community!

The Bitomni team is deeply grateful for your exceptional support and guidance. As we approach the launch of our SNS DAO, we are thrilled to share that Bitomni is gearing up for a significant phase in our journey. This advancement will set the stage for initiating decentralized swaps, aligning with our strategic milestones.

We invite you to delve into the critical elements of our journey thus far and share in anticipation of what lies ahead.

What is Bitomni?

Bitomni is a BTCFi-driven omnichain asset management protocol. It transforms crypto asset management by integrating Bitcoin and its emerging assets with omnichain capabilities, ensuring decentralized, trustless, secure, and diversified BTCFi solutions on multiple blockchains. At its core, Bitomni leverages the Internet Computer’s technology for its protocol’s critical functionalities and offers built-in BTCFi DApps, including BitoBridge (a Bitcoin omnichain bridge), BitoRestaking (a Bitcoin restaking service), BitoIndexer (a decentralized Bitcoin meta-protocol indexer), BitoBank (Bitcoin lending and borrowing), and BitoFund (on-chain fund management of Bitcoin and its assets), across multiple blockchain networks, including EVM-compatible chains, Bitcoin Layer2s, Solana, Aptos, Polkadot, and more. By harnessing the power of interoperability, Bitomni unlocks the full potential of the Bitcoin ecosystem, enabling users to refine their asset management strategies in a secure, efficient, and user-friendly environment.

Bitomni Whitepaper

Bitomni Website

Evolution of Bitomni

The Bitomni, rooted in the CBIndex project, was initiated by CB Labs in 2022. Bitomni’s initial venture into the Web3 space focused on on-chain fund solutions, aiming to revolutionize crypto asset management. By leveraging IC’s advanced technologies and the proven maturity and diversity of active and index funds from the traditional financial market, Bitomni seeks to bring transformative change to the sector. Initially, the project served a broad spectrum of on-chain financial functions, offering various tools for effective asset management through active and index funds on the blockchain. This early stage featured the development of the Simulator App, which was equipped with advanced on-chain fund management capabilities. Designed to streamline and secure the management of crypto assets, the Simulator allowed users to experiment with features in a risk-free simulated environment, ensuring they did not jeopardize their actual assets.

However, as the Web3 space evolved, so did Bitomni’s strategic focus. Recognizing the untapped potential of Bitcoin within the DeFi landscape and IC’s unique advantage, Bitomni pivoted to a BTCFi-driven approach. This shift was driven by the growing demand for integrated financial services that could bridge the gap between traditional Bitcoin functionalities and the broader DeFi ecosystem. By redirecting its expertise towards BTCFi, Bitomni began developing a protocol and a suite of products designed to harness Bitcoin’s security and liquidity, thus broadening its use cases beyond mere a store of value. This strategic pivot aligned Bitomni with the latest trends in the Web3 space and positioned it as a leader in the burgeoning field of BTCFi, set to transform how Bitcoin and its emerging assets are utilized in DeFi.

BitoBridge: the first BTCFi DApp governed by Bitomni DAO

BitoBridge will be the first BTCFi DApp governed by the Bitomni DAO. BitoBridge is a trust-minimized, decentralized, two-way pegged Bitcoin omnichain bridge designed to enhance Bitcoin and its tokens’ utilities by integrating them into diverse DeFi ecosystems. BitoBridge serves as a cornerstone in Bitomni’s suite of built-in BTCFi DApps, facilitating the seamless movement of Bitcoin and its emerging tokens across various blockchains. The governance of BitoBridge involves the Bitomni DAO, where BITO token holders democratically manage protocol changes and upgrades. This ensures transparency and community involvement, allowing users to actively influence the development and future direction of BitoBridge within the expanding BTCFi landscape.

BitoBridge Design Doc

BitoBridge DApp Testnet

BitoBrdige Github

The audit report will be released before the initiation of SNS.

Other BTCFi DApps that Bitomni DAO will govern

Upon establishing the Bitomni DAO, this decentralized autonomous organization will oversee the development and deployment of various BTCFi DApps, such as BitoRestaking, BitoIndexer, BitoBank, and BitoFund:

BitoRestaking represents a novel approach to enhancing Bitcoin’s utility and yield-generating potential within the DeFi ecosystem. Drawing inspiration from concepts similar to those pioneered by EigenLayer and Babylon, this innovative mechanism allows Bitcoin holders to participate in securing various Proof of Stake (PoS) networks. By restaking their Bitcoin, users can earn additional rewards while contributing to the security and stability of PoS networks. This process increases the earning potential of Bitcoin holders and integrates Bitcoin more deeply into the broader DeFi landscape.

BitoIndexer is a decentralized Bitcoin meta-protocol indexer built on IC that allows for trustless indexing and querying of data from the Bitcoin blockchain and parsing for various Bitcoin meta-protocols without relying on centralized services.

BitoBank is a Bitcoin lending and borrowing DApp that enables Bitcoin holders to lend their assets in exchange for interest payments, providing a passive income stream that wasn’t possible. Conversely, borrowers can access Bitcoin loans by putting up collateral, often in the form of other cryptocurrencies, which unlocks the liquidity of their holdings without the need to sell.

BitoFund incorporates omnichain funds into our suite of BTCFi products. These active and index funds, operating entirely on IC and other blockchains, provide transparent, secure, and efficient means for collective investment strategies, directly tapping into the liquidity and innovative potential of Bitcoin tokens and crypto assets.

The DAO will be able to modify these plans by submitting and approving proposals, ensuring flexibility and adaptability in response to the community’s needs and evolving market conditions.

For more information, please refer to our roadmap and whitepaper.

Proposed Token Allocation

The Service Nervous System (SNS) will be initialized with 1 billion BITO tokens allocated in the following proportions.

SNS Swap: Allocating 12% of the total BITO token supply for public sale will support Bitomni’s decentralized governance and fundraising for its SNS. Upon completion of the sale, each participant will be allocated their BITO tokens in the form of five neurons with dissolve delays set at 0, 3, 6, 9, and 12 months, respectively.

Developer Team: The founding developer team will be allocated 10% of the total BITO token supply, distributed equally across five neurons with a one-month dissolve delay and vesting periods of 0, 1, 2, 3, and 4 years, respectively. This will provide a structured release of tokens to the founding developer team over time, ensuring a gradual and balanced contribution to the ecosystem’s stability and growth.

Airdrop: To foster early community engagement and interaction, 1.0% of the total BITO token supply will be dedicated to an airdrop prior to the official launch of the Bitomni SNS. This airdrop aims to recognize and reward the community’s active participants. The airdrop is scheduled to occur following the successful establishment of the Bitomni SNS, ensuring that the foundation of our governance structure is solid before rewarding community engagement. This part of the BITO token has a one-month dissolve delay.

SNS Treasury: Following the decentralization sale, the Bitomni SNS will control a treasury comprising 77% of the total BITO tokens. This substantial reserve will primarily be utilized to incentivize community engagement and growth through user rewards. Contributors who positively impact Bitomni’s development will receive rewards from this pool. Additionally, the treasury will fund community bounties through SNS proposals, compensating individuals for broader contributions to the Bitomni ecosystem, such as third-party development, code contributions, and bug hunting.

For more details on token allocation, please check out our whitepaper.

Initial SNS Configuration

The SNS will initially be configured with the settings outlined in the tables below, which can be amended subsequently through proposals.

sns_init.yaml

(Please note that certain parameters in this file, including ‘NnsProposal,’ ‘fallback_controller_principals,’ and ‘dapp_canisters,’ remain unspecified. However, all essential parameters are included for review.).

SNS Decentralization Sale Configuration

The decentralization sale will be structured according to the following parameters. Please note that these parameters may be adjusted before the SNS launch to account for varying market conditions.

For more in-depth information, please refer to our whitepaper and tokenomics. We encourage you to explore the design and functionalities of BitoBridge. Stay connected with us on X, and join our vibrant community discussions on OpenChat and Telegram.

There is considerable work to be completed before launching the SNS. This article serves as a platform for gathering insights, feedback, and suggestions. We greatly value and welcome the community’s contributions and perspectives!

Useful links:

Website

Whitepaper

BitoBridge DApp

BitoBridge Design Doc

Github

X

OpenChat

Telegram

Medium

[kaori]

Great! Can’t wait for Bitomni SNS

[Quyho3]

Amazing working, Bitomni Dapp smooth and easier for new user of IC

[tariqmansuri]

Good going team

I have few suggestion like

1. Better to decreased the total supply for better growth of token
2. burning Mechanism of the token from circulation or treasury

[Bitomni]

Hello, thank you for your feedback!

Let us understand them correctly:

1. Do you mean something like issuing 100 Million instead of 1 Billion tokens?
2. Yes, the burning mechanism is crucial. As mentioned in the whitepaper, token burning is exclusively enacted via proposals. Do you suggest to preset a burning mechanism before SNS?

[pawanGoud16]

Everything perfect, can’t wait for SNS launchpad🔥

[tariqmansuri]

Thank you for your response

1. To 10 Million or 1 million (The growth you have seen in SNS1 which is currently dragginz)
2. Increased deduction in proposal, every quarter burning of token like binance etc

This is my proposal for betterment of bitomni because people are more interested in less supply.

[Klein001]

I’ve been following Bitomni for awhile now and this is great to see you guys will be having an SNS. Given the current parameters for the decentralization sale, how do you think the proposed structure will impact market stability and participant engagement? Are there any specific adjustments you would recommend based on recent market trends or community feedback?

[Atobatele]

This is very interesting
Good success ahead

[Bitomni]

Thank you for your reply.

1. This is an interesting proposal. However, our research shows that approximately 48.9% of SNS projects have issued close to or over 1 billion tokens. There is no clear evidence that a lower total supply improves project perception. We believe the appropriate supply depends on the nature of the project.
2. The proposal is ideally suited to be presented by the SNS.

Thank you for your insights!

[Bitomni]

Thank you for your support!

By distributing 12% of BITO tokens with staggered dissolve delays, we aim to integrate tokens steadily into the market and prevent immediate sell-offs. The 10% allocation to our developer team, with vesting periods of up to four years, ensures their long-term commitment to the project. The 1% airdrop is designed to foster early engagement and loyalty, while the 77% SNS treasury supports community rewards and ecosystem growth.

We believe it is crucial to maintain flexibility to adjust parameters based on market conditions and community feedback. We’ll provide regular updates and transparent communication to build trust, and we’re keen on having a dedicated feedback system to ensure our decisions align with participant needs.

We think this structure is designed to ensure stability and engagement while adapting to market trends and community needs. We’re excited to hear more from our community and work together towards our shared goals.

[tariqmansuri]

Good perception and long term commitment of developers

[Ashiq]

Can you provide more details about the community incentive programs and how they will engage users in the Bitomni ecosystem?
Additionally, could you elaborate on the specific roles and benefits for community members within the Bitomni DAO governance model?
Thank you!

[JamesThompson]

Fantastic! We’re hopeful that the Bitcoin omnichain bridge can truly enhance the IC ecosystem. Bridging the IC community with other ecosystems would be a significant step forward. It’s something we definitely need.

[investorcaleb]

first off this project already has a good thing going…it’s collaboration and aim is already ground breaking. now all that remains is to continue like this or better than this. Currently i see no flaw in the projects Token allocation. from both the airdrop and dev team allocation and the vesting strategy for both they gave no room for unexpected dump helping the development of the of the token price wise and also attract outside investors provided there is no unexpected dumping while our tokens are vested.

on speculative bases, the allocation to community, if the community grows larger will the airdop allocation increase?

personally i feel that total transparency in carrying out all that was drafted out will be the main focus for to be achieved especially with the SNS Swap, SNS Treasury amd the Airdrop allocation. all of these ultimately reflect what team is building and the strategy to which they want use to carry it out

[Lorimer]

Many of the users that are praising this project have only very recently joined this forum, with little to no activity other than praising this project. I can’t help but find this very suspicious.

Additionally, there’s no mention of the neuron fund on this thread, how it will be used, and why it’s being requested as party of this SNS. Could you please provide some clarity?

Could you also please sum up why you think this project is needed on the IC? What is not possible on the IC today that will be made possible by this project? Please be as succinct as possible. Thanks you.

[Lukas_Schreuder1]

Awesome definitely one you’re gonna want to keep your eyes on.
Dapp is smooth and the ux/ui is very clean.
Developers obviously know what they are doing and have been in the game for a long time.

[Limestonecowboy]

The Bitomni team has proven its commitment to the ICP community by, not only using ICP tech, but by reaching-out and connecting with community members and partnering with multiple other projects to get acquainted and feedback for improvements.
It is vital for any blockchain to be able to connect and move $BTC across multiple chains with ease…and Bitomni appears to be able to deliver with a range of functions to do just so

[Bitomni]

Thank you for your feedback!

Regarding the community incentive programs within the Bitomni ecosystem, we implement these in two phases:

1. Pre-SNS: This phase includes various marketing campaigns and the BitoBridge Testnet Engagement, conducted both independently and with partners from different ecosystems. The incentives consist of NFTs or points that lead to token airdrops, actively engaging the community in early testing and feedback.

2. Post-SNS: Post-SNS, the incentive program expands to encompass both ongoing marketing efforts and direct interactions with DApps. BITO tokens from the Treasury are earmarked to reward these activities, with specific programs subject to proposal and approval by the community through the SNS.

In terms of governance, the Bitomni DAO operates through a proposal-based system where any community member can submit proposals. BITO neuron holders, who vote on these proposals, see their voting power influenced by the ‘dissolve delay’ of their neurons; longer delays enhance voting power, incentivizing long-term alignment with Bitomni’s strategic objectives. Voting rewards, proportional to each neuron’s voting power compared to the total voting power each day, are distributed daily and can be reinvested for greater influence or disbursed as maturity. This structure not only facilitates effective governance but also fosters a deeply engaged community, ensuring that Bitomni evolves in a way that reflects the collective will and best interests of its stakeholders.

Thank you!

[Bitomni]

Thank you for your enthusiastic feedback!

BitoBridge, as the first Bitcoin omnichain bridge in the Web3 space, aims to enhance the Internet Computer ecosystem by facilitating seamless asset transfers across diverse blockchains, including Bitcoin and its tokens, as well as ICRC tokens. This integration not only boosts liquidity and financial innovation but also fosters a more interconnected blockchain environment. We’re committed to continuously evolving BitoBridge to meet the growing demands of the Web3 community and appreciate your support as we advance this pioneering technology.