Odin.fun has attracted attention and debate within the crypto community following remarks by Casey Rodarmor on the Hell Money Podcast. Rodarmor described the platform as a centralised space where users can create “shitcoins,” noting that some tokens may later be promoted from off-chain to on-chain. He compared Odin.fun to a runes incubator, suggesting that deposits of Bitcoin or tokens are trusted until sufficient engagement is reached and expressing concern over occasional hacks. Despite these risks, he acknowledged the platform’s appeal and the dedication of its community, which has rallied after previous security incidents.
In response, Odin.fun’s founder Bob Bodily clarified that the platform is not a simple website running on a personal computer. Instead, he stated that Odin.fun is built on Internet Computer Protocol (ICP) smart contracts, describing it as a decentralised Bitcoin app rather than a centralised operation. Bodily offered to provide detailed guidance to Rodarmor on how the system works, emphasising its design for secure, autonomous operations.
Bodily outlined the technical foundations of Odin.fun and ICP, highlighting its capacity as a Bitcoin sidechain with robust protocol primitives for building Bitcoin applications. These include a fully on-chain Bitcoin light node, threshold signing subnets for multiple cryptographic schemes, bridges to leverage BTC on ICP, fast transaction finality, and low-cost on-chain storage. The platform supports smart contracts in multiple programming languages, decentralised website hosting, and chain-agnostic operations with no gas or network fees. On-chain tools such as recurring automated processes, randomness generation, and decentralised oracles contribute to the platform’s functionality.
The deposit and withdrawal model on Odin.fun mirrors those found in exchanges, prediction markets, and perpetual DEXes. Users have separate addresses for Runes tokens and Bitcoin deposits, and graduated tokens can be withdrawn back to Bitcoin as legitimate Runes. Bodily noted that early users sometimes sent funds to incorrect addresses. While Runes sent to a BTC address are lost due to the decentralised setup, BTC mistakenly sent to a Runes address can be detected and recovered, though a small fee may apply.
Odin.fun leverages ICP’s chain and account abstraction to allow Bitcoin-native login, session key management, and fast finality. Bodily highlighted these features as enabling an optimised user experience for Bitcoin applications, combining decentralised infrastructure with the convenience of fast, on-chain operations. By integrating these elements, Odin.fun aims to provide secure, transparent, and user-focused Bitcoin DeFi services while clarifying misconceptions about its centralisation and technical architecture.
Odin.fun has been expanding its role beyond trading infrastructure. The platform now includes a token launchpad, a spot DEX for all Runes tokens, and creator rewards funded through community fees. Work is underway to integrate BRC2.0 standards, such as Bitmap as a token, along with early steps toward Solana support. A perpetual DEX has also been flagged as a possible development. As Bodily put it, Odin.fun isn’t simply about transaction volume, but about “people, memes, and communities trading nonstop.”
Trading activity has been strong. By late September 2025, cumulative volume on Odin.fun had passed 9,000 BTC. This total includes both pre- and post-exploit transactions, with about 1,800 BTC traded between the August liquidity incident and 25 September.
On 27 September, the platform’s BTC balance was around 280 BTC, reflecting fees collected on internal market trades, usually set at one per cent. While newer figures are not yet available, activity has remained steady, pointing to a community that continues to back the project despite earlier setbacks.
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