Proposal for Additional Funds to Use as Capital in Omen Markets

Proposal for Additional Funds to Use as Capital in Omen Markets

As part of the initiative to bring more awareness to Omen, DXdao wants to ramp up Omen markets. It will be beneficial to use additional DXdao capital to provide liquidity to markets.

The Omen Competition is Live and can be found here:

At the completion of the competition, the goal is to have at least ten awesome markets that DXdao will create and fund.

This post introduces the discussion around a proposal to request additional funds from DXdao to be used for liquidity into markets on Omen xDai and mainnet.

There are also a handful of other initiatives around markets to bring more awareness to Omen.

Omen Squad is currently funding markets on Omen, but has a series of upcoming markets that would benefit from using additional capital.

A summary of some of the upcoming known market ideas would be related to:

  1. Omen Competition market winners (10 x $5k = $50k)
  2. UEFA Euro 2020 markets (36 x $3k = $108k)
  3. A series of ETH flippening markets (12 x $5k = $60k)
  4. Other ideas that come up ($32k)
    Total: $250k

Proposal Summary:
Send 250,000 DAI to Omen Squad multisig to be use for liquidity capital in Omen markets on xDai and mainnet.

9 Likes

UPDATE:

Following supportive discussions and some strategy optimizations on today’s Product Strategy call, this will likely move to Alchemy proposal later today.

UEFA Euro 2020 kicks off Jun 11th, and would be ideal to have higher liquidity in those markets ASAP.

Consensus determined that it would make sense for the proposal to be on mainnet and requested in ETH.
Currently, $250k at ETH price of $2,500 is equal to 100 ETH.

Majority will be turned into and used as xDAI/DAI.

Note, a majority of markets (especially on Omen xDai) will use xDAI/DAI as collateral. Some of the flippening-related markets would likely use WETH (and maybe WBTC) as collateral.

4 Likes

Posting full details about the Alchemy proposal here:

Alchemy Proposal:

Title":"Redo using Relayer: [Omen] Additional Funding for Omen Squad 0.3"

Mainnet Etherscan transaction here:

Text from IPFS hash:
https://gateway.ipfs.io/ipfs/Qmd9eWaa1PCnSJyUd9cJJWCZj3KRvQMgq2cUaSuPwhpVJc

(you can verify the IPFS hash in ‘eventlog’ )

Planning to boost this proposal.

Important Note:
This below Alchemy Proposal is a DUPLICATE:

3 Likes