I’m a Community Manager for OMG Network and would like to provide more information to help decide on voting to add OMG to Bancor for liquidity mining rewards.
N.B. Note that as I’ve just created a new account I can’t insert more than 2 links so I’ve had to write them out with an “_”, please adjust to in order to browse to them.
1. Who is the interested party for this collateral application?
OMG Network and its strong community would be interested in liquidity mining rewards on the Bancor platform.
We have recently won a Community Greenlight poll over at MakerDAO: https://vote.makerdao.com/polling/QmcvCA4n?network=mainnet#vote-breakdown
2. Brief high-level overview of the project, with a focus on the applying collateral token.
The https://omg.network is a Layer-2 value transfer network for ETH and any ERC-20 token.
The Network is a scalability solution for the Ethereum Network and intends to reduce the high transaction fees and network congestion facing the blockchain.
The OMG Token is a fee token that can be used to pay for any ERC-20 transactions on the OMG Network, thereby, reducing Ethereum’s network congestion and transaction fees for all.
The token will later serve staking purposes as OMG Network’s consensus algorithm will be migrated to Proof-of-Stake.
3. Brief history of the project.
Initially known as OmiseGo, the ICO raised over $25 million around July 2017.
3 years later, during the summer 2020, the project is https_://omg.network/omisego-omg-network-rebrand as the company announce the public Mainnet beta - https_://omg.network/omg-network-scales-ethereum
Shortly after, mid-August, Bitfinex integrates with OMG Network - https_://omg.network/bitfinex-usdt-tether-integration-omg-network allowing to scale USDt transactions.
4. Links to the whitepaper, documentation portals, and source code for the systems that interact with the OMG Network, and all relevant Ethereum addresses.
- Website - https_://omg.network
- Whitepaper - https_://cdn.omise.co/omg/whitepaper.pdf
- Developer documentation portal - https_://docs.omg.network
- GitHub Organisation - https_://github.com/omgnetwork
- OMG token on Etherscan - https_://etherscan.io/address/0xd26114cd6EE289AccF82350c8d8487fedB8A0C07
- OMG token label on Etherscan - https_://etherscan.io/accounts/label/omg-network
- OMG Network Block Explorer https_://blockexplorer.mainnet.v1.omg.network
The OMG Network has been audited by industry-leading companies like Consensys Diligence and Quantstamp.
- Quantstamp: https_://omg.eco/quantstamp
- Consensys Diligence: https_://omg.eco/diligence
Find out more:
6. Link to any active communities relating to your project.
OMG Network has a flourishing community across multiple channels.
- Blog https_://omg.network/blog/
- Twitter https_://twitter.com/omgnetworkhq
- Telegram https_://t.me/OmiseGo
- OMG Staking Pool https_://omgpool.org
7. Current token use case
The token is currently used to pay fees on the OMG Network Mainnet - https_://blockexplorer.mainnet.v1.omg.network/fees.
OMG trades on over 100 exchanges.
Centralized exchanges such as CoinBase, Binance, Houbi Global, OKEx, and BitFinex as well as decentralized ones like Uniswap v2, Bancor, 1inch, etc…
CoinGecko has compiled a list of exchanges where OMG trades can be made -https_://www.coingecko.com/en/coins/omg-network#markets.
9. Increased DeFi Liquidity
Recently the liquidity has been increased on Sushiswap and Uniswap as per here: OMG Network on Twitter: "First order of business with genesisblockhk, improving liquidity on UniswapProtocol and SushiSwap! #omgnetwork #ethereum #defi Twitter(https_://twitter.com/omgnetworkhq/status/1334758981860958212)