Odin.fun launches as a new Bitcoin-based meme coin platform modeled after Solana’s successful Pump.fun, offering two-second transaction speeds through Internet Computer integration
Created by Bioniq founders, the platform aims to revitalize the declining Runes token market which has seen a 10% drop in major projects over the past week
The platform uses “bonding curve” trading and session keys to streamline transactions, addressing Bitcoin’s technical limitations like 10-minute block times
Runes tokens, launched with Bitcoin’s halving last year, initially dominated 81% of Bitcoin network activity but have since seen declining enthusiasm
A new trading platform called Odin.fun launched Thursday, aiming to breathe fresh life into Bitcoin’s struggling meme coin market by offering faster transaction speeds and improved user experience. The platform, created by the founders of Bitcoin collectibles marketplace Bioniq, mirrors the successful model of Solana’s Pump.fun while addressing technical challenges that have hampered Bitcoin-based token trading.
The platform’s standout feature is its two-second transaction finality, a major improvement over Bitcoin’s traditional 10-minute block times. This advancement comes through integration with Dfinity’s Internet Computer (ICP) blockchain network, which powers a custom application chain called Valhalla specifically built for Odin.fun.
Bioniq CEO and co-founder Bob Bodily emphasized the importance of speed in meme coin trading. “Meme coins need to be traded at the speed of light,” Bodily told Decrypt.
“There’s something about the degen mentality where you have to be able to sell your position immediately because people overbuy crazy stuff, and as they’re watching the chart, they get anxious.”
The launch comes at a time when Bitcoin’s Runes tokens, which debuted with the network’s halving last year, have faced declining interest. Despite initially accounting for 81% of Bitcoin network activity at launch, recent weeks have shown decreased enthusiasm and falling prices.
Major Runes projects like DOG•GO•TO•THE•MOON and PUPS•WORLD•PEACE have experienced 10% price drops over the past week, according to data from Magic Eden. “The last week and a half or so, there’s been a lot of turmoil in the community,” Bodily noted. “You have a really nice fungible token standard on Bitcoin—it’s still really rough around the edges.”
The platform introduces several technical solutions to improve the trading experience. One key feature is the implementation of session keys, which eliminate the need for users to approve every transaction manually. This streamlines the trading process and reduces friction for users.
Odin.fun adopts a “bonding curve” trading model similar to Pump.fun. Under this system, a token’s price increases along a predetermined curve until reaching a market cap of one Bitcoin. After hitting this threshold, trading shifts to Odin.fun’s built-in automated market maker.
Development of Odin.fun began three months ago, with the team focusing on creating a smoother trading experience than Bitcoin’s blockchain typically allows. The platform achieves this through its integration with the Internet Computer network, which enables faster processing and improved scalability.
The current limitations of Bitcoin-based meme coins are evident in existing platforms. On Magic Eden, which supported Runes at launch, users must trade tokens in predefined batches rather than specific quantities. This restriction, combined with Bitcoin’s longer block times, has created barriers to smooth trading.
These technical constraints contrast sharply with the success of Solana’s Pump.fun platform, which has generated millions in fees through its accessible meme coin creation and trading system. Pump.fun’s straightforward approach has made it possible for users to launch tokens with minimal investment.
Odin.fun is currently operating in beta phase with approximately 200 test users. The limited testing pool suggests that immediate impact on overall Runes-related activity may be modest. However, the platform is scheduled for full public launch on Monday.
The technical architecture of Odin.fun relies on what Bodily calls their “secret sauce” – the custom Valhalla application chain built on Internet Computer. This infrastructure enables the platform to overcome Bitcoin’s inherent speed limitations while maintaining connection to the main blockchain.
User experience improvements extend beyond just speed. The platform’s session key system addresses a common pain point in crypto trading by reducing the number of times users need to manually approve transactions, making the trading process more fluid and accessible.
The timing of Odin.fun’s launch coincides with broader developments in Bitcoin’s ecosystem, including recent announcements about new tools and services being built on the network. These developments suggest ongoing evolution in Bitcoin’s capability to support various financial applications.
Beta testing has focused on ensuring platform stability and security while maintaining the promised transaction speeds. The limited user base has allowed the team to fine-tune operations before opening to wider public access.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear (@sanjfomojis) January 31, 2025