While designing and developing Omen Version 1, I realised that there are several improvements which can be made to improve the user experience. I also want to introduce features which could increase the usability and may enable the collective to generate revenue in the coming months.
Introducing the new market details view
One of the main issues with V1 is that users don`t have an overview of a market life cycle. Omen´s market life cycle starts with the creation of the market and with that the trading starts. After the defined resolution date it transitions to the market finalization where realit.io defines the correct outcome of a market. Once realit.io finalizes the correct outcome the market transitions into the closed state. Anyone can call an arbitrator for a fee which will set the correct outcome. With the new market state progressbar the user will always know the start, the current state of the market and when it will close. It will also indicate if an arbitrator has been called. With that, Omen will be more transparent and clear which results in an improved user experience.
Integrating the realit.io service into Omen.eth
Realit.io is used to set outcomes for Omen markets and also to invoke arbitration. In Omen Version 1 users are simply redirected to realit.io for these interactions. With a frontend integration with realit.io in Omen Version 2, users will be able to interact with realit.io directly via the Omen.eth app.With the integration of realit.io omen users can participate in setting an outcome of a market by staking Ether. With that, traders and liquidity providers can set the correct outcome and call the arbitrator without leaving Omen.eth. This will improve the user experience.
The new category & market state picker
The current category picker was designed with the knowledge that the amount of categories are fixed. It turns out realit.io is capable to work with any type of market. With that Omen V2 will allow users to define their own category on market creation and introduces a new dropdown which enables the UI to scale and replaces the current horizontal category picker.
With the introduction of the new category picker we take the chance to get the market state picker closer to the category picker as they are strongly connected. When picking a category, the market state picker will dynamically get updated to show the total number of open markets. The new market state picker will keep the current states (Market Open, Market Pending, Market Closed, My Markets).
A more polished Markets Overview widget
With replacing the vertical navigation for the category and market state with dropdowns which will move outside of the main widget, we can clean up the markets widget which keeps the search and filter options. Overall the new markets widget will get a more polished look by replacing the “top outcome indicator” with our star icon which should be established as the indicator for potential winning outcome and the actual winning outcome.
Introducing a trading fee
By leveraging the gnosis safe proxy kit we can integrate a fee through the omen dapp. Everytime an omen user is buying or selling an outcome we could take a small fee (0.025%).
Allowing Liquidity Providers to earn interest
By leveraging the gnosis proxy kit, we can enable liquidity providers to seamlessly earn interest powered by interest bearing DAI tokens like CHAI or cDAI. The DXdao could govern which interest bearing DAI version should be used or market creators can decide for themself. With that, users with any DAI version could participate on any DAI version markets without the hassle to manually exchange it. This will improve the user experience for liquidity providers.
Introducing a fee token for cDAI
Similar to Dharma, the DXdao collective could decide to deploy their own dxDAI token which would be a fee token for the interest bearing cDAI token. With that, the DXdao could generate revenue by taking a cut (10% of the interest earned in the liquidity pool) of all markets which are using interest bearing assets as a collateral token.
Integrating Gnosis Protocol
By integrating the Gnosis Protocol users who don`t have a specific ERC-20 token could exchange it to the collateral token used in the prediction market. Users would need to wait min. 10 minutes but it would provide a safe and potentially fair exchange.
With the integration of DXswap, Omen can enable market creation, betting and liquidity provision without actually having the specific collateral token. We can leverage the Gnosis Proxy Kit to batch an Omen transaction with the DXswap exchange into one ethereum transaction. With that, users can use Omen without thinking about exchanging tokens.
What do you think about the UI/UX improvements and the potential features? Which features should the collective prioritise?