OMNI: Upcoming Changes

OMNI Vision Map

On March 28, 2023, we announced new development plans for the Beta Finance protocol. You can read the full blog post on Mirror. From its inception, Beta Finance’s mission has been to innovate the money market paradigm, and we are excited to once again push the limits with the announcement of our new vision map. Over the past year, we have seen an evolution in on-chain activity with new users, new user demands, and new technological capabilities. With these changes, we believe that there is once again a strong unmet need for new money market mechanisms on-chain. The importance of decentralized protocols and blockchain technology has never been greater, underscored by repeated problems of centralized entities from banks to exchanges to hedge funds recently. We remain committed to the mission of decentralized technologies. Some of the improvements to the protocol that are coming include:

  • Collateralization with NFTs and ERC-20 tokens + Safe Collateral 🔷

    • Chainlink supported NFT collections (BAYC, MAYC, Pudgy Penguins, Azuki, CryptoPunk, + more)

    • LP Positions (Uniswap V3, Uniswap V2, Curve, + more)

    • ERC-20 major tokens (WETH, stETH, stablecoins, + more)

    • Collateral that you want to isolate and keep safe will not be loaned out

  • Flash leverage borrows on collateral tokens ⚡

    • One click for one transaction to max recursive borrow ETH-stETH

  • Peer-to-Peer Loan Network 🤝

    • Oracle-free lending and borrowing with duration limits

    • Support of Artblocks collections (Fidenza, Chromie Squiggles, + more) as borrowing collateral

  • Soft Liquidations 🍦

    • Capital efficient liquidations focused on health factor instead of the 50% Compound/Aave use

  • Exotic long tail asset collateral 🔥

    • Be able to use tokens like $BLUR, $APE, $GMX, and more as collateral

  • OmnIM - Interest Rate Model 🧮

    • Capital efficient interest rate model for fair rates for all lenders and borrowers

    • Inspired by Euler’s PID model and research from BendDAO

  • OmniO - Oracle 👁️

    • Novel oracle design to support diverse and complex tokens, e.g. the one’s above

    • OmniO style trait boosting, inspired by JPEG’d, for NFT collateral

  • And more to be announced...

Additionally, with the improvements to the protocol we will be unlocking new utilities for the $BETA token including:

  • Governance voting for all changes and initiatives of the upgraded protocol 🗳️

    • As the community has matured, we believe that $BETA is now ready to enter a full DAO structure fully on-chain

  • Vault gauges for liquidity mining incentives 🏦

    • $BETA will be used to vote in gauges on the allocation of liquidity mining between pools

  • Soft(er) Liquidations 🍦🍦

    • Improved health factor requirements for through $BETA

  • And more to be announced...

As for the launch, we want to launch as soon as possible and bring this technology to the community. We will launch when we are confident in the security and execution of Codename OMNI, and will be engaging with the top auditors in the ecosystem. To stay updated on development progress and updates you can follow us on Twitter!

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