The below is to continue the discussion around creating incentive programs for the early success of Omen. The idea/draft has already received a bunch of feedback from members of the DAO, and has been refined.
Think of these Programs as an extra boost for success. They are by no means a full program. Almost a test of some incentive programs, which can be refined and expanded upon.
Hearing your thoughts about the overall idea, some of the open questions (like what to pay as a reward), and any suggestions would be great.
Draft: Subject to change and discussion around the reward values and metric levels
Creating helpful incentives around the launch and the first month of Omen
The idea of this document is for DXdao to create an incentives plan to kickstart the success of Omen in its first month.
ETH or DXD or combination reward:
This proposal is to allocate about US$10, 000 equivalent of either ETH or DXD towards the initial success of the Omen project.
After DXdao discusses, the Reward distribution can be better formed. Some liek the idea of ETH and others like the idea of DXD. Maybe a mix?
ETH option: 41.25 ETH ($9,490) currently [0.83% of DXdao ETH holdings]
DXD option: Alternative option is the equivalent value in DXD which is about 97 DXD tokens at current levels.
DXdao currently holds ~471 DXD ($46,486.04) unlocked, so has the option to give rewards in DXD. 97 DXD tokens or (~$9,490) is about 20% of unlocked holdings, and 0.097% of all DXD holdings.
We should discuss/vote what the DAO’s preference is.
Additional REP reward supplement:
REP reward: This is also a good first opportunity for the DXdao to reward valuable contributors/newcomers with REP.
Proposal to distribute 3,600 REP (~0,3%) in total to the top three markets (see details below) each receiving 1,200 REP (~0,1%) for both programs, so a total of 7,200 REP.
External Incentive Programs:
Currently there are already plans for both Gnosis and Kleros to help with and incentivise Markets on Omen with certain parameters.
Gnosis is also focused on providing incentives which could be a number of ways yet to be defined.
Kleros’ proposal timing focus is around 3 months and 1 year.
The idea of this program is to create further incentives using DXdao funds, and also focus on the first month. There are a few parts to this:
Creating Markets Program: Incentives to Create Popular Markets
Rewards:
22.5 ETH
Goal: Reward the creators of the 20 most popular Markets on Omen in the first month.
To earn these rewards, a wallet address can earn rewards under the following parameters:
- Create a new Omen Market and provide initial liquidity of at least US$500 equivalent to this market. This liquidity can be using the creator’s token of choice across the available tokens on Omen.
- The Market needs to be valid based on Omen’s Validity Rules.
- The Market can be a Binary market or a Categorical market.
- The Market must gain traction - this would mean that it has a trading volume of at least US$25,000 equivalent in the first month.
- DXdao has the authority to make the final decision. If there are hints of foul play, the reward will not be awarded.
- The top 20 Markets are eligible for this reward (See Reward table)
- A wallet address can earn rewards for creating markets and also for providing liquidity.
Reward Table options (these are estimations to give an idea of the rewards)
| Create Markets | |||||
|---|---|---|---|---|---|
| Reward | |||||
| Rank | ETH | or | DXD | and | REP |
| 1 | 3 | 6 | 1,200 | ||
| 2 | 2.75 | 5.5 | 1,200 | ||
| 3 | 2.5 | 5 | 1,200 | ||
| 4 | 2.25 | 4.5 | |||
| 5 | 2 | 4 | |||
| 6 | 1.75 | 3.5 | |||
| 7 | 1.5 | 3 | |||
| 8 | 1.25 | 2.5 | |||
| 9 | 1 | 2 | |||
| 10 | 0.75 | 1.5 | |||
| 11 | 0.5 | 1 | |||
| 12 | 0.5 | 1 | |||
| 13 | 0.5 | 1 | |||
| 14 | 0.5 | 1 | |||
| 15 | 0.5 | 1 | |||
| 16 | 0.25 | 0.5 | |||
| 17 | 0.25 | 0.5 | |||
| 18 | 0.25 | 0.5 | |||
| 19 | 0.25 | 0.5 | |||
| 20 | 0.25 | 0.5 | |||
| Sum | 22.5 | 45 | 3,600 | ||
| ETH/USD | 230 | ||||
| USD equiv | $5,175 | ||||
| DXD/USD | 98 | ||||
| USD equiv | $4,410 |
Providing Liquidity Program: Incentives to Provide Liquidity to Markets
Rewards:
18.75 ETH
Goal: Reward the 20 highest Liquidity Providers on Omen in the first month.
To earn these rewards, a wallet address can earn rewards under the following parameters:
- Provide liquidity of at least US$5,000 equivalent to this market.
- The Market needs to be valid based on Omen’s Validity Rules.
- The Market can be a Binary market or a Categorical market.
- The Market must gain traction - this would mean that it has a trading volume of at least US$25,000 equivalent in the first month.
- DXdao has the authority to make the final decision. If DXdao feels that there was foul play, the reward will not be awarded.
- The top 10 Liquidity providers are eligible for this reward (see reward table)
- A wallet address can earn rewards for creating markets and also for providing liquidity.
Reward Table options (these are estimations to give an idea of the rewards)
| Providing Liquidity | |||||
|---|---|---|---|---|---|
| Reward | |||||
| Rank | ETH | or | DXD | and | REP |
| 1 | 3 | 6 | 1,200 | ||
| 2 | 2.75 | 5.5 | 1,200 | ||
| 3 | 2.5 | 5 | 1,200 | ||
| 4 | 2.25 | 4.5 | |||
| 5 | 2 | 4 | |||
| 6 | 1.75 | 3.5 | |||
| 7 | 1.5 | 3 | |||
| 8 | 1.25 | 2.5 | |||
| 9 | 1 | 2 | |||
| 10 | 0.75 | 1.5 | |||
| Sum | 18.75 | 37.5 | 3,600 | ||
| ETH/USD | 230 | ||||
| USD equiv | $4,313 | ||||
| DXD/USD | 98 | ||||
| USD equiv | $3,675 |