Binance and Omni network

[OmegaStarScream]

In case you've missed Binance's announcement on Twitter... They'll stop supporting the Omni network on the 30th of April.

So if you have any assets that you wish to withdraw (most people use it for USDT) using the Omni layer, you may want to do it now otherwise you will be stuck with ERC, and BSC.

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[Bitcoin_Arena]

Thanks OmegaStarScream for the heads-up. I would have missed this as I have some USDT in Binance.

I really wonder what's going on with Binance. They seem to force the issue. All for what? Trying to promote their highly centralized network and Binance Smart chain tokenized USDT?  

[sheenshane]

Yes, I saw this yesterday when I stumbling and while scrolling down on my Twitter.

Might someone will ask where is it, here is the Tweet.
https://twitter.com/binance/status/1386962613012242432

I really wonder what's going on with Binance. They seem to force the issue. All for what? Trying to promote their highly centralized network and Binance Smart chain tokenized USDT? 

It might that's the main reason, they had their own stable coin, and probably instead of adopting USDT, they force their user to use BUSD and once USDT will not be able to use, there's nothing choice left is to use their own stable coin.

Anyway, thank you OmegaStarScream for bringing up this here.

[noorman0]

It might that's the main reason, they had their own stable coin, and probably instead of adopting USDT, they force their user to use BUSD and once USDT will not be able to use, there's nothing choice left is to use their own stable coin.

Maybe because it is rarely used by users (I never use it), and as far as I know the only listed crypto that uses the omni network is USDT which there are other alternative networks offering much cheaper fees. USDT withdrawal fees with omni layer are currently even more expensive at around $28 than erc20 network which is only $20.

-snip-
otherwise you will be stuck with ERC, and BSC.

TRC20 network is also still available for USDT withdrawal.

[GreatArkansas]

Additional exchange after the Binance announcement is FTX Exchange: FTX Will Stop Support for USDT OMNI Network Deposits and Withdrawals
Published 1 day ago.

-snip-
otherwise you will be stuck with ERC, and BSC.

TRC20 network is also still available for USDT withdrawal.

Yes, these could be another alternative for the Omni network if you want cheap fees (ERC excluded). And there are also some blockchain network alternative,
especially the recently announced by Tether itself, the Solana network: Tether (USDT) to Launch on Solana
But as far as I know, Binance not yet supported SPL(Solana Program Library) for tokens. So USDT on Solana still not available on Binance, but it is already available on FTX Exchange.

[bitmover]

I really wonder what's going on with Binance. They seem to force the issue. All for what? Trying to promote their highly centralized network and Binance Smart chain tokenized USDT?  

It might that's the main reason, they had their own stable coin, and probably instead of adopting USDT, they force their user to use BUSD and once USDT will not be able to use, there's nothing choice left is to use their own stable coin.

This is the most likely reason to do so.

USDT is a Bitfinex product, as tether is related to Bitfinex. As Bitfinex is a binance competitor, I can understand why they do not want to support it.

The main problem I see is that Omni Layer is such an amazing project, running tokens in bitcoin blockchain. And now that binance and FTX are dopping support, Omni layer will probably disappear...

most projects prefer to go to Ethereum blockchain, probably because it is more flexible.

[joniboini]

Omni layer will probably disappear...

Why would they disappear? Isn't Omni a protocol? Just because some people decide to stop using it doesn't mean other devs can't use it at all. It's not like you need to get permission to use Omni afaik.

[bitmover]

Omni layer will probably disappear...

Why would they disappear? Isn't Omni a protocol? Just because some people decide to stop using it doesn't mean other devs can't use it at all. It's not like you need to get permission to use Omni afaik.

I think Omni protocol is a very nice idea. You can create tokens in bitcoin blockchain, which is amazing.

But if nobody uses the protocol or the created token, just the person who created it, it is just irrelevant.

If you were to create a new token, would you create it in Omni Layer? There is no support for it in major exchanges, while ERC-20 tokens are widely supported.

Unless someone creates a totally different business model, where exchange support is irrelevant, I don't see any reason to use Omni layer.
Do you need permission to create a new token in omni layer? you don't. Do you need permission to list it in exchanges? Yes.

[Potato Chips]

Two more exchanges has also delisted it recently and I'm afraid more will follow as ppl are more likely to use a cheaper alternative

• Poloniex - April 30, 2021
• Citex - April 6, 2021

[JohnBitCo]

I was wondering why OMNI network withdrawals were disabled but now i got the reason. I don't think it will have a big impact because most people use Trc20 network for USDT transactions to save on fees.

[Husires]

So if you have any assets that you wish to withdraw (most people use it for USDT) using the Omni layer, you may want to do it now otherwise you will be stuck with ERC, and BSC.

Is it possible to withdraw using Tron network? The current fees on Omni layer make it unreasonable to withdraw coins on that network.
Is there USDT BSC or only BUSD?
Binance pays users every day to use their central network, and if the problem of fees persists for a long time, they may rely on BNB,BSD.

• Poloniex - April 30, 2021
• Citex - April 6, 2021

Now things are getting alarming, why so many platforms start removing it at this same time?

[khaled0111]

Now things are getting alarming, why so many platforms start removing it at this same time?

All of them made short announcements and didn't explain why they took such a sudden decision. All they said is that they "want to provide their customers with a better experience"!

However, I believe the real reason is the recent spike in bitcoin transactions fees. Omni layer works on top of Bitcoin network and an Omni transaction is, in fact, a bitcoin transaction. Such transactions are cost intensive for exchanges.

[magneto]

Thanks OmegaStarScream for the heads-up. I would have missed this as I have some USDT in Binance.

I really wonder what's going on with Binance. They seem to force the issue. All for what? Trying to promote their highly centralized network and Binance Smart chain tokenized USDT? 

Probably not.

Omni is a dying network. Used to be useful in terms of USDT and Counterparty tokens but now neither of them have significant adoption anymore.

It makes no economic sense for Binance to continue investing money into the maintenance of their wallets and markets for Omni and omni related assets in comparison to the revenue that they generate. Sure, they could benefit from delisting, but any profits made is probably completely incidental and not the root cause of the transition.

[OmegaStarScream]

Is it possible to withdraw using Tron network? The current fees on Omni layer make it unreasonable to withdraw coins on that network.
Is there USDT BSC or only BUSD?
Binance pays users every day to use their central network, and if the problem of fees persists for a long time, they may rely on BNB,BSD.

It is possible to withdraw using TRC20 yes and IIRC, it costs 1 USDT there and 0 in KuCoin.

There is a BSC version but just like BUSD, no one really uses that outside of Binance. It's simply too centralized as you mentioned and I personally wouldn't hold them for the long term. IMO, it's just a matter of time until Binance loses its power. If not because of issues with law enforcement, or hacks... then due to the upcoming ETH changes and forks.

[JohnBitCo]

Is it possible to withdraw using Tron network? The current fees on Omni layer make it unreasonable to withdraw coins on that network.
Is there USDT BSC or only BUSD?
Binance pays users every day to use their central network, and if the problem of fees persists for a long time, they may rely on BNB,BSD.

It is possible to withdraw using TRC20 yes and IIRC, it costs 1 USDT there and 0 in KuCoin.

There is a BSC version but just like BUSD, no one really uses that outside of Binance. It's simply too centralized as you mentioned and I personally wouldn't hold them for the long term. IMO, it's just a matter of time until Binance loses its power. If not because of issues with law enforcement, or hacks... then due to the upcoming ETH changes and forks.

Well, if ever there is a law enforcement against binance or the binance is hacked etc, then not only BUSD will lose it value but at the same time the BNB coin will be just a dust. I don't understand why people have so much faith on centralized coin like bnb and they are hoping to surpass ethereum which is totally decentralized.