Omen Token Registry List Creation - Draft Proposal

With the upcoming Omen release, a token registry list defining the tokens usable with Omen needs to be created. This draft proposal is intended to gather feedback on the needed proposal to implement this list, as well as to present the list of tokens intended to be added on it’s creation.

Tokens to be added (with their respective contract address):
• DAI - 0x6b175474e89094c44da98b954eedeac495271d0f
• cDAI – 0x5d3a536E4D6DbD6114cc1Ead35777bAB948E3643
• wEth - 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2
• USDC – 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
• OWL – 0x1a5f9352af8af974bfc03399e3767df6370d82e4
• Chai – 0x06af07097c9eeb7fd685c692751d5c66db49c215
• GNO – 0x6810e776880c02933d47db1b9fc05908e5386b96
• PNK – 0x93ed3fbe21207ec2e8f2d3c3de6e058cb73bc04d
• DXD - 0xa1d65e8fb6e87b60feccbc582f7f97804b725521

If you have any questions or comments, or suggestions for other tokens, please comment below. The team will also be putting forward a short guide & checklist on how to submit other tokens to one of the registries.

Thanks!

6 Likes

It could be worth adding xDai, as it’s got a lot of perks over DAI. Could potentially bring in people from that community as well.

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What about loopring? We should include any ecosystem friends. I guess USDT shouldn’t be out of the question, sure it’s controversial, still it has a lot of volume.

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Here you can see what tokens are already registered on Gnosis Protocol and how much trading volume they generated so far.
https://explore.duneanalytics.com/public/dashboards/ZGPuC2oB9yainys924GW6G280Pmaq0HBB7sk7ABP

sUSD is just one random example of a token that already had significant trading volume and thus should certainly be considered.

4 Likes

what is the benefit for xDAI compared to DAI?

I get that xDAI on the xDAI blockchain makes sense, but I am sceptical about someone actually using xDAI on the main ethereum chain.

I believe we have a responsibility here to push interest generating DAI version for Omen, primarily CHAI and cDAI just because then our Liquidity Providers also earn from the Dai savings rate/ Compound rate.

I am sceptical about anyone using Loopring for creating markets or buy/sell outcomes. We have a responsibility to make sure to not have tons of small liquidity pools but rather a few dominant once. I guess the market will define that but we can limit the possibility for a fragmented liquidity pools.

In some later version of Omen, we should integrate the Gnosis Protocol for seamlessly exchange any token into the collateral token used for a market.

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What about Wrapped Bitcoin?
Would love to let Crypto Twitter and especially Bitcoin Maximalists bet on things via their holy token.

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The main issue I’d raise with that is that there’s still a lot of general mistrust I’m seeing around wBTC. A lot of people are suspicious of it - while there might be audits, it’s not as transparent as many would like (ie, I can’t apparently just validate that my specific set of wBTC tokens is actually pegged & redeemable to some specific corresponding locked & cryptographically validated BTC on it’s own chain). There’s just a lot of risk exposure there IMO.

Yeah, good point. Considering how easy they are to trade directly with, I actually don’t find a lot of reason to hold the underlying asset anymore outside of risk mitigation (contract gets hacked), or some smart contract won’t accept the wrapped versions. I imagine a lot of people are moving in that direction. Personally, I’m a bigger fan of Aave these days - excellent APR most of the time & a wider range of assets than Compound. But same principle applies really.

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In short, the fees are orders of magnitude smaller and the speed of transaction is a few seconds.

@ned, have you heard of Ren protocol? Their mainnet launched today, allowing for trustless custody and interoperability between chains. They allow for ERC20 versions of not just BTC, but BCH and ZEC.

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In short, the fees are orders of magnitude smaller and the speed of transaction is a few seconds.

Those benefits are only on the xDAI blockchain, not the ethereum main network where omen contracts are deployed.

Yeah, they look really promising actually. Seeing good things about them.

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What would it say if we added Augur’s REP to the list?

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Please consider adding Ampleforth 0xd46ba6d942050d489dbd938a2c909a5d5039a161, it is a very cool project, where any holder has a percentage of the marketcap. When the marketcap increases, so does the amount of amples you hold. One coin is always trying to represent the buying power of the 2019 dollar and some other consume metrics, a stablecoin with a twist. It can thus reflect the economy in large. More buying power with increased demand and viceversa. In itself it already holds an omen!

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what happens if those AMPL tokens are pooled in one contract? What if the amount increases of AMPL inside the pool?

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Once a day there is a so called rebase and then the amount of amples is universally adjusted to get the target rate. This occurs even if amples are pooled or are bonded in a contract. The coin is natively linked to an oracle. Cool, huh?

A proposal has been made to create an Omen list on the Token registry:

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Most tokens are not interesting to be used in prediction markets. I would only list tokens which are payment tokens (so not DXD nor PNK).
So wETH, DAI, maybe CHAI.
The list should be tokens that traders have interest in, not a list of dxDAO friends (and I say that working at Kleros and proposing not to list PNK^^).

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Not disagreeing with you, I want to ask what do you think is the downside of adding PNK/DXD as options?

If my understanding is correct, beyond a point, the more tokens there are, the more the markets might be split up across these tokens and it may be less convenient for the end user. On the other side however, having DXD as an option might make more people aware of DXD and dxDAO. Or perhaps the interface could have something written like “Omen is managed by the dxDAO” with a hyperlink, but that’s somewhat tangential.

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PNK is a token used to be staked as jurors.
DXD is a token made to give pseudo-dividends (burnt) based on dxDAO revenue.

None of them have the good property for a prediction market collateral.
When I make a prediction market, I want to use ETH or a stablecoin.
Other tokens are cluttering the interface and increasing the cognitive cost of users who then need to understand what are those tokens and make their bets taking both the token expected price move and the outcome of the prediction market.

Specific tokens are also less likely to be hold by the users requiring them to find those tokens if they want to make a prediction.

6 Likes