Taking a step back and looking from a higher level, we should look back at the first Omen Markets Competitions and then see how we can improve it.
The “Community Competition for Omen Markets - Batch #1” can be found here:
In order to improve upon things for the 2nd competition, lets look back at the first competition.
To summarize the first Competition:
There were 18 Submissions from 9 different wallets
The reward was 100 xDAI and 500 REP in xDXdao for the top three winning markets.
The top three winning markets will be created and funded by DXdao.
The competition entry period ran for 7 days, and voting period ran for 5 days:
Competition start time: Dec 13, 2020 13:00 EST (-05:00)
Submission end time: Dec 19, 2020 13:00 EST (-05:00)
Voting start time: Dec 19, 2020 13:01 EST (-05:00)
Competition end time: Dec 24, 2020 13:00 EST (-05:00)
REP holders in xDXdao were the voters on the competition.
An estimation of about 11% of total REP on xDXdao voted on the markets. Looks to be under 10 REP holders.
The top three markets that the REP holders voted on were funded on Omen Mainnet and then also Omen xDai.
- Will uniswap v3 launch in Q1 2021?
- Mainnet volume → 12,300 DAI
- xDai volume → 0 xDai
- Will Compound Chain launch by the end of Q2 2021?
- Mainnet volume → 0 DAI
- xDai volume → 900 xDai
- Will Joe Biden be president by the end of 2021?
- Mainnet volume → 3880 DAI
- xDai volume → 140 xDai
So some takeaways from the first competition.
- We need many more participants
- We need many more market submissions
- We need better markets
- We need more voter participants
- We need REP holders to pick more successful/popular markets
To accomplish these improvement goals, what do we think is the best way to set up the competition?
We’ve already had some good feedback.
Some open questions:
Will more or fewer prizes improve all these things?
Will bigger prize money and/or more REP in general improve these things?
How do we get better choices by REP holders?
How much funding should these markets get from DXdao?
How do you make this Competition a success no matter what the results?
What if the prize money was $50k in total?
Would the marketing, hype and awareness be worth it?
Is it important to establish categories? If so should you use the categories on Omen?
How do we attract the world’s best prediction markets specialist to Omen? Bigger money? More publicity?
Now thinking about how to improve the competition, do we still have the same thoughts.
Also, it’s important to fit the competition into the parameters of the Alchemy competition scheme.