[OMG] MIP6 Collateral Onboarding Application

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

OMG Network and its 300,000 people strong community would be interested in mining DAI by using the OMG yoken as collateral.
MakerDAO itself showed interest in the past.
https://medium.com/@MakerDAO/makerdao-and-omisego-announcing-dai-and-omg-collaborations-23600a080046

2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.

The 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. Provide a 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 rebranded OMG Network as the company announce the public Mainnet beta.
Shortly after, mid-August, Bitfinex integrates with OMG Network allowing to scale USDt transactions.

4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.

Note that the token is using an old version of the ERC-20 standard which does not return anything from transfer() and transferFrom() functions.
Find out more: https://medium.com/coinmonks/missing-return-value-bug-at-least-130-tokens-affected-d67bf08521ca

5. Link any available audits of the project. Both procedural and smart contract focused audits.

The OMG Network has been audited by industry-leading companies like Consensys Diligence and Quantstamp.

Find out more:
https://consensys.github.io/blockchainSecurityDB/projects/omg-network/

6. Link to any active communities relating to your project.

OMG Network has a flourishing community of over 300,000 members across multiple channels.

7. How is the applying collateral type currently used?

The token is currently used to pay fees on the OMG Network Mainnet.

8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?

N/A

9. Where does exchange for the asset occur?

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.

10. (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.

N/A

11. (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.

N/A

12. (Optional) List any possible oracle data sources for the proposed Collateral type.

The MakerDAO community can use the various data feeds/OMG Token prices recorded from the exchanges above.

13. (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.

N/A

13 Likes

I’ve made some edits as I received feedback and suggestions from OMG Network staff after my post.
Potentially more to come later for some of the legal sections.

4 Likes