Omen launches on xDai!
DXdao continued its multi-chain journey with the launch of Omen on xDai in February! xDai is an EVM-compatible sidechain with over $30m in total value locked. xDai’s smaller validator set means much cheaper transactions for Omen, as high gas prices drive many dapps away from Ethereum main net. xDai is accessible through most Ethereum wallets, like Metamask (here’s a handy guide to accessing the xDai network on Metamask). The Omen team is also exploring launching on Arbitrum, a Layer 2 scaling solution.
The new Omen release also launched scalar markets to allow predictions to be made at a particular amount. Some fun markets to check out:
- What will be the DeFi Dominance (vs. Global) on CoinGecko at the end of Mar 2021? [current prediction 5.4%]
- What will the price of Unisocks Edition 0 (“SOCKS”) be at the end of March 2021? [current prediction $47k]
- What will be the Total Value Locked in xDai at the end of March 2021? [current prediction $25.5m]
In addition to scalar markets, the new Omen release also adds DXdao to the list of arbitrators users can select when creating a new market. On mainnet, Omen collateral used for liquidity provisioning can now be deposited on Compound, allowing liquidity providers to earn a yield during a market’s duration.
Outside of xDai, the community is also discussing the launch of an Omen Guild and (potentially) the OMN token. This governance structure could help curate markets more quickly, while OMN tokens can be used to incentivize liquidity providers and engage the community. The idea is still in the discussion phase.
Mesa and Swapr
February was a month of building for Mesa and Swapr. Mesa, a decentralized IDO and auction platform, is in a development sprint in order to launch Mesa v2 with a brand new UI and new smart contracts. The initial design is now complete and work is being done on a subgraph to reflect changes to the smart contract.
Swapr is moving closer to its Beta release, which features a liquidity mining interface for new projects, multi-chain support, and the tentatively named “smart swap”, which allows Swapr users to access Uniswap and Sushiswap liquidity pools for no added fees. As seen here:
Elsewhere in Swapr land, the community is moving closer to depositing DXdao funds from the treasury. There is a proposal in the queue to send 150 ETH to Swapr on xDai to create a WETH-xDAI pool and another proposal to deposit 100 ETH in Swapr on mainnet and test the liquidity relayer. If successful, DXdao will move to deposit additional liquidity in Swapr on mainnet, xDai, and other chains, like Arbitrum.
To coincide with the upcoming Swapr Beta release, an AMA is being planned for next Friday, March 12th of 2021. The Swapr team will be available for 30 minutes to discuss “smart swaps’’, layer 2 integrations, liquidity mining, and much more. Want to know when it starts? Keep an eye on Discord and Twitter for an announcement in the next few days!
Governance 2.0 and Treasury Updates
DXdao agreed to its long-anticipated Governance 2.0 upgrade after signal proposals passed on mainnet and xDai. Gov 2.0 will align REP and DXD holders through a new unified voting power equation. It incentivizes DXD holders to commit to future staking or LPing in DXdao products as well as introducing a decay function for inactive REP holders. There are also good governance incentives and a REP <> DXD swap. Check out the announcement for more details.
Governance was also busy in February diversifying the treasury and selling some ETH for stablecoins. The Treasury Diversification Authorization Proposal set out to purchase $3m of four different stablecoins through the Member Balancer Program, trades through the dev multi-sig and the Gnosis Protocol Relayer.
In total, the treasury is $37m, including 19k ETH.
DXdao governance has also been focused on shifting processes and payment flows to its xDai base for gas savings. An initial proposal authorized and funded the xDai base with 100 ETH and several worker proposals and signal proposals have already gone through. There are issues with tracking REP across the two different bases, but such is the life of a multi-chain DAO!
BizDev, Marketing, and Community
DXdao is uniquely positioned to be the first user of decentralized products and services. Considering this, community members have been discussing “DXventures” — a proposed internal investment fund. DXventures would search for and fund promising projects that address problems that decentralized organizations face. Prefatory to this initiative, DXdao has approved an initial funding proposal for Almonit.
The problems that DXdao needs solved are the same problems that all DAOs will likely face. If we believe that the future will be full of these types of organizations, then we probably also believe that teams building solutions to these problems are also likely good investments.
DXdao also passed a signal proposal to join Radicle’s Seeders Program, among key DeFi players such as Aave, Synthetix, Uniswap, and others. Radicle aims to build a decentralized Github and represents an opportunity for DXdao to become a more open and censorship-resistant distributed collective.
For the community, February marked the formal launch of the DXdao Discord server alongside the first Community Incentive Program. These have been effective in rekindling the DXdao community, with a significant increase in discussion and participation observed. During the month of February, the server grew by more than 6 times its previous size!
Some new Discord features include DXdao emojis, bridged chat channels with Telegram, price tracking bots, and more. Looking to the future, DXdao is aiming to make Discord the premier location for community discussion and communication.
February Popular Forum Discussions
About DXdao: DXdao is a decentralized collective that builds and governs DeFi products. DXdao was spawned in May 2019 through a collaboration between Gnosis and DAOstack. Reputation (REP) is voting power in DXdao, and DXD is the financial token with a claim on profit from DXdao products.