Proposal: Add support for OMG (OMG Network)


I’m a Community Consultant for OMG Network and would like to make a proposal to add OMG to AAVE for lending and borrowing.

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

OMG Network and its strong community would be interested in lending and borrowing on the AAVE platform.
We have recently won a Community Greenlight poll over at MakerDAO: Community Poll

2. 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. 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. There are more integrations actively being worked on at present.

4. Links to the whitepaper, documentation portals, and source code for the systems that interact with the OMG Network, and all relevant Ethereum addresses.

5. Audits

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

Find out more:

OMG Network - Blockchain Security DB

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

OMG Network has a flourishing community across multiple channels.

7. Current token use case

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

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 .

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