Proposal: Whitelist OPIUM token with 150k BNT co-investment. (ATTEMPT #2)

DAO Archive (SUBMITTED)
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This proposal is expected to appear on Snapshot for voting on Monday 31th May 2021 at 12:00 pm UTC

TL;DR

  • New attempt after extremely positive first one.
  • Opium.Team proposed to incentivise voters with NFT regardless of their vote.
  • Proposal to whitelist OPIUM.
  • Proposed co-investment is 150,000 BNT.
  • Opium Protocol and Governance Token have been audited by reputable auditors.
  • Opium is legit project.

OPIUM token address: 0x888888888889c00c67689029d7856aac1065ec11

Project Websites: https://opium.finance/ https://opium.network/

Attempt #2

Initially this proposal was positively welcomed by the Bancor community and the voting ended with 100% votes in favour to whitelist $OPIUM.

Unfortunately the quorum was not reached with as little as 1.97% missing for proposal to be accepted.

Also Opium.Team created a proposal to incentivise vBNT holders for voting on this proposal with new serial NFT from Opium NFT Collection. Every voter is to be rewarded regardless of their vote.

Token Security

The Opium team is public and it is presented on the Opium Protocol website. OPIUM does not have an elastic supply, or rebase mechanism. The OPIUM contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. Fully based on OpenZeppelin implementation of ERC20. The OPIUM token supply is fixed at 100,000,000, of which 6,546,977 are in current circulation. The contracts and addresses with the highest concentration of OPIUM tokens are predominantly the Opium Active Users fund, Investors, advisors and Opium Team token vesting contract and Governance Reserve Fund. Read more about these allocations here.

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Project

Opium is a universal and robust protocol that allows for creating, settling, and trading decentralized derivatives on Ethereum. Opium allows combining an oracle with a financial instrument. Every position is represented by a token that can be traded, sent or stored in cold wallets. Opium Exchange, built on Opium Protocol, is an open trading platform for virtually all synthetic derivatives. Swap Rate is a platform built on Opium Protocol where you can hedge against or speculate on the interest rate fluctuations in DeFi lending and borrowing. Anyone can create synthetic derivatives on Opium Exchange via the listing form or build on Opium Protocol - it’s open-source! The latest product built on opium Protocol is Opium Insurance—a user-friendly solution for buying and selling risk protection (such as smart contract exploits, credit default events, stablecoin custodian insolvency, impermanent loss, price volatility, SAFT risk and, off-chain risks).

Tokenomics

The Opium Protocol requires active and decentralized governance of certain parameters to evolve the protocol for the benefit of the community. This, in turn, results in the creation of relevant decentralized derivative contracts with sufficient liquidity — which attracts more users to the Opium ecosystem. The governance model is based on a decentralized autonomous organization (DAO). $OPIUM token holders interact with the DAO by proposing and casting votes on governance proposals, which influence the Opium Protocol and the behavior of its stakeholders. More on tokenomics here.

Community and Communication

Opium is active on Telegram, Discord and WeChat. The Opium Team also operates official Twitter and YouTube accounts. Activity on GitHub is frequent. The team and advisors are presented on the Opium Protocol website. Andrey Belyakov, the founder and CEO of Opium is the project’s main spokesperson.

Available Audits

Opium Protocol has been audited two times since 2020, by reputable auditors:

Market and Trading Data

  • OPIUM price at the time of writing is $6.25
  • All-time high: $23.01 (4th February 2021)
  • All-time low: $3.64 (28th January, 2021)
  • Price 90 days ago: $14.08
  • 6,546,977 tokens in circulation
  • 100,000,000 maximum supply
  • The current market capitalization is $35,866,783
  • The OPIUM token is available on MXC and decentralized exchanges: 1inch Liquidity Protocol and SushiSwap
  • The deepest pool on DEXes is 1inch Liquidity Protocol ETH<>OPIUM pair with $4,500,000 in liquidity and with $80,000 average volume
  • Most of the volumes are on MXC, but the liquidity there is lower than on DEXes
  • The 24-hour spot volumes range from $500,000 to $3,000,000

Benefits for Bancor

  • Opium Team will advertise the listing
  • Opium Team plans to launch joint liquidity mining program to increase the liquidity in the upcoming pool
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Thank you for the proposal, it’s much appreciated when a community comes forward with their whitelisting proposal.

I would like to address some concerns expressed by Bancor LPs, which should remain unnamed. Your response to these might help reaching quorum.

From my understanding, the OPIUM token is both a staking and a governance token correct? Some LPs feel betrayed that your governance system doesn’t allow for proper discussion before a proposal is put up on snapshot, and that even for more important ones, not enough time is given for users to unstake their OPIUM in order to vote.

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@alirun Hoping you didn’t find my reply above as an attack on Opium. Would just appreciate some feedback on topics raised by Bancor voters that might be useful to gather enough quorum to pass the proposal.

There will be a community call tomorrow on Sunday 30th May 2021 at 1pm UTC. Feel free to join us!

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@alirun - glad to see this back so soon!

You got 100% positive votes but missed Quorum - hopefully this week will be better.

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I am not an OPIUM token holder and have never held their token in the past. I hoped on their discourse forum and found the following:

which has steps on the lifecycle of a proposal. I am not familiar with their governance system (seems reasonable; discourse discussion, snapshot voting, vote execution) but just wanted to share.