List OMG as Collateral Asset

Summary

List OMG as collateral asset.

For: List OMG as collateral asset Against: Do nothing

Background

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 CREAM as a collateral asset.

1. Who is the interested party for this collateral application?

OMG Network and its strong community would be interested in OMG being added as a collateral asset. 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.

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)

On the OMG-ETH pair, there is currently $4.7M available liquidity on Sushiswap and $5M available liquidity on Uniswap.

• https://sushiswap.fi/pair/0x742c15d71ea7444964bc39b0ed729b3729adc361
• https://info.uniswap.org/pair/0x48e313460dd00100e22230e56e0a87b394066844

=====contents above are drafted by @shaners42===== Discussion link: https://forum.cream.finance/t/proposal-add-omg-as-collateral-asset/375