Add Liquidity Mining rewards for OMG

BNT Liquidity Mining was recently approved by Bancor governance, with weekly BNT rewards currently being generated by liquidity providers staking in 10 rewards pools.

LPs who stake in qualifying pools earn BNT rewards retroactively when liquidity mining eventually goes live.

Following a week-long vote on Discord, 6 new tokens (JRT SNX OMG ENJ AAVE and NXM) are now up for on-chain voting to be included in the latest round of the LM program.

The 2 tokens with the most YES votes, which also achieve a 66.7% majority vote, will start receiving BNT liquidity mining rewards.

To vote to add OMG to the LM program:

:shield: Stake BNT in a protected pool on http://bancor.network

:classical_building: Receive vBNT

:ballot_box: Use vBNT to vote on http://vote.bancor.network

1 Like

Hello,

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

5. Audits

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:

https_://consensys.github.io/blockchainSecurityDB/projects/omg-network

https_://forum.makerdao.com/t/omg-mip6-collateral-onboarding-application/4211

https_://consensys.github.io/blockchainSecurityDB/projects/omg-network

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.

8. Exchanges

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)