OmniSwap & OmniLending: Revolutionizing the Optimism Ecosystem with OmniBTC
Hey OmniFans and Optimists! We are thrilled to announce that OmniBTC has been granted by Optimism Foundation 90,000 $OP! With the grant, which will be distributed to Optimism and OmniBTC users, we will build a more robust, decentralized, open-source, and transparent Optimism Ecosystem.
What is OmniBTC?
OmniBTC is an omnichain DeFi platform that connects all the on-chain liquidity using interoperability protocols such as L0, Wormhole, Celer Network, and Connext. OmniBTC is also a decentralized cross-chain swap and lend/borrow platform built across multi-VM ecosystems, aiming to connect and unify all the on-chain liquidity for seamless and low-cost cross-chain transactions.
We offer a few key features and benefits:
1.OmniSwap(Cross-chain Swap): Users can swap TokenA in ChainA from/to any other assets on Optimism with one click. We realize the cross-chain swap by integrating with multi-interoperability protocols.
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Internal Swap on Optimism(DEX Aggregation): It is a DEX aggregation function built on Optimism. By aggregation, users can avoid asset loss on account of the slippage.
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OmniLending(Cross-chain Lending): Users can easily deposit $OP in our pools and borrow other assets on any chain. They can also deposit assets on other chains but borrow assets on Optimism. The biggest advantage for users is that they don’t need to bridge bridge bridge, but directly leverage assets on Optimism. Now it is just the alpha version.
Besides, OmniBTC was granted by Web3 Foundation and Sui Foundation.
$OP Incentives Program
The grant will be used for at least 4-months incentives.
The incentives will be in 2 parts, for OmniSwap, and for OmniLending. For OmniSwap, it will start on 28th Aug 2023 and continue for 5 weeks. There is a fixed budget for each week, once there is $OP remaining, the rest will be used in the next week’s incentives. For OmniLending, it will start on 2nd Oct 2023, and continue for at least 10 weeks. There is a dynamic budget for each week, once there is $OP remaining after 10 weeks, the rest will be used in the next few weeks on account of the on-chain data.
To avoid Sybil attacks, we design the two standards to avoid Sybil attacks. Swap users who want to claim $OP reward need a Gitcoin Passport(>15 scores) OR have at least 100 transactions on Optimism OR they need to be active on Optimism in at least 2 distinct months.**
However, if you are a lending user, you don’t need to satisfy the standard. We think depositing assets into the pool is the best approach to avoid Sybil’s attack.
Reward Distribution and Standard:
1.14k OP — Phase 1 (2 weeks): Incentives To Users Who Bridge Assets to Optimism. OmniBTC will incentivize users who bridge assets from other chains to Optimism.
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Daily dropped $OP = 1,000. The first 1,000 users who bridge assets worth ≥ 200 USD can get 1 $OP. Each address can be accessed once per day. FCFS!
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The reward will be accumulated the next day if there are not enough users/tx. For example, if there are only 100 users eligible for the reward on the first day, the rest 900 $OP will be calculated on day 2, which means 1,900 $OP will be distributed to the first 1,900 users on day 2. The rest will be calculated too.
2. 15KOP — Phase 2(20 days): Incentives to users who realize OmniSwap from/to Optimism.
- Incentivize users to realize OmniSwap from/to Optimism in three weeks. Users must finish their swap via Uniswap V3 on Optimism.
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Daily dropped $OP = 750. The first 1,000 users who bridge assets worth ≥ $10 can get 0.75 $OP. Each address can be accessed once per day. FCFS!
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The reward will be accumulated the next day if there are not enough users/tx. For example, if there are only 100 users eligible for the reward on the first day, the rest 675$OP will be calculated on day 2, which means 1,425 $OP will be distributed to the first 1,900 users on day 2. The rest will be calculated too.
3. 50K $OP — Phase 3: OmniLending on Optimism incentives.
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We divided the weekly allocation into 2 parts, for Lenders and for Borrowers.
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We set 3 thresholds for lenders, less than $1.5 MM, between $1.5 MM and $3 MM, from $3 MM to $5 MM.
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Note: the estimated APY was calculated based on 1 $OP = $1.5 when users meet the up-limit deposit at every stage.
- We set 3 thresholds for lenders, less than $1 MM, between $1 MM and $2.1 MM, from $2.1 MM to $3.5 MM.
- To make it easier for users, we don’t clearly set variable reward APR for every pool based on its own depth and volume. For example, suppose there are $1.6 MM assets deposited in OmniBTC on Optimism and $1.5 MM is $USDC. In that case, there will still be 700 $OP allocated to $USDC, and 300 $OP to $OP/$ETH/$WBTC, so that other users will be attracted to supply multi-assets into the pool.
4. 8k $OP — Referral Activities. Users who invite new users to deposit & borrow assets into OmniLending on Optimism can claim the reward.
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Successful Invitation. Invitees who deposited assets(≥200USD) or borrowed assets(≥100USD) on Optimism. They also need a Gitcoin passport > 15.
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Inviters. Each successful invitation can give inviters 1 $OP, if they successfully invited 10 invitees, they can get an extra $OP.
- Invitees. Users who passed successful invitations will be regarded as invitees. Each invitee can get 1$OP, then they can get 1$OP per week in the next 4 weeks and 3 $OP in the fifth week if they keep a deposit (≥200USD)/borrow(≥100USD) in OmniBTC. We don’t want users to withdraw assets after the first week of incentives, that’s why we provide a little bit of incentives at first and a 3 $OP reward in the final week.
5. 3K $OP — Marketing and Awareness(3 weeks): The grant funds can be allocated to marketing efforts aimed at increasing the visibility of Optimism and attracting more users. This could involve targeted advertising campaigns, content creation, social media outreach, and partnerships with relevant industry players. By effectively marketing Optimism and its applications, the Experiments team can reach a larger audience and drive user adoption.
How to Claim Reward?
There will be “Claim” pages for OmniSwap users and OmniLending users. Users who are eligible can claim $OP reward weekly.
In Conclusion
We’re thrilled about the journey ahead. With OmniBTC, we’re poised to redefine the DeFi landscape on Optimism. Our gratitude once again goes out to the Optimism Foundation for their trust and support.
Stay connected with us:
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Website: https://www.omnibtc.finance/
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Twitter: https://twitter.com/OmniBTC
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Discord: https://discord.gg/Z2EzZcJ72x
Your feedback, participation, and enthusiasm drive us. Here’s to a decentralized future, crafted together!