Now that bnUSD has been added to Omm, I think it is a good time to consider which new assets to add. I would like to propose adding OMM and BALN tokens.
OMM is a governance token for Omm protocol.
BALN is a governance token for Balanced protocol.
OMM Circulating Supply/MC: 21,994,460/$9,017,728
BALN Circulating Supply/MC: 14,547,166/$23,420,937
OMM Liquidity: ~$6M across 3 pairs on Balanced
BALN Liquidity: ~$14M across 2 pairs on Balanced
OMM Volume at time of writing: ~$1M across 3 pairs on Balanced
OMM Volume at time of writing: ~$700K across 2 pairs on Balanced
OMM oracle uses a weighted average of 3 pairs on Balanced
BALN oracle uses BALN/sICX pair on Balanced
After OMM and BALN are traded on more venues, has more liquidity and/or is offered on a reliable oracle solution I would propose we migrate this method to pulling data from an oracle solution such as Band Protocol.
Because OMM and BALN are relatively new assets, there is limited amount of trading volume and liquidity, and these asset prices may be manipulated to trigger liquidations. Thus, I would recommend lower LTV and liquidation threshold initially.
OMM is also a governance token for Omm protocol, so probably doesn’t make sense to enable people to borrow OMM tokens in case they abuse it for governance process.
I’d like to propose allocating from the ICX rewards to OMM and BALN.
ICX = 36%
OMM = 2% (supply)
BALN = 2% (1% supply/1% borrow)
For LTV, I suggest setting the initial LTV for OMM and BALN to 25% (1/2 of ICX) and liquidation threshold to 32.5% (1/2 of ICX)