[Proposal] Whitelist $OSM Options.Market

Rationale surrounding the suggestion to list an options platform in development

This could seem like a shill attempt. I assure you it isn’t. When I first came across options.market I was quite skeptical. A friend of mine gave me the breakdown of an options platform that was forking Siren Markets … and I quickly discounted this. Then he told me the story and about his involvement.

My OSM Maxi friend is an options professional for over 20 years. He’s been searching high and low for an options platform in pure defi and the pickins are rather slim. He got involved in a trash platform called Option Panda and the dev team looks to have disappeared and the product was significantly flawed. He kept digging and found this project that is being developed by a team called Degen VC.

Note, I own zero Degen VC nor am I a member of the $OSM team. My friend and I are, however, in touch with the project manager who is running this platform and have gained significant confidence in the team’s ability to pull this off. In a few short weeks from getting involved, the token has appreciated … not that it really matters given a pretty light liquidity profile and some fair tokenomics to date.

The Degen team has launched the new website and have alluded to their plans to preliminarily launch on BSC despite an ETH token with rewards to be paid in this ETH token and the ability to do a cross-platform launch. The next discussions are around boosting the liquidity through some vault tactics which I typically take with a grain of salt.

BUT – There is NOTHING out there in the defi options space worth a single lick of salt. My friend is a BOSS in that industry and believes wholeheartedly in the ability to expand the derivative ecosystem in DeFi … and he’s also a LUNATIC with some positions on $MIR as I have several strategies running here as well … and I posted a forum ping with suggestions on how to boost the $MIR token value

With professional input to the team that is being well received, and concerted interest from the team to look into the Terra Network, we have a unique opportunity to use $MIR as a cross-chain launchpad for a system that can HUGELY BENEFIT $mASSET holders and insert our collective expertise to build an ecosystem that we can ALL use … the $OSM token value is very light compared to ANYTHING comparable … and sure I bought some bags but not really enough to make a dent given the current liquidity profile.

WE HAVE A HUGE OPPORTUNITY HERE TO DO SOME GOOD FOR ALL $MIR HOLDERS … As the swath of product continues to expand, some of the use cases for $MIR assets are starting to naturalize and move away from reward scalping and selling into the open market. Ecosystem expansion and partnership is essential to the platform’s long term survival.

SUPPORT THE VOTE
SUPPORT $OSM
IF WE DO, THEY WILL GET THE JOB DONE IN SHORT ORDER
GET BAND TO BUILD THE ORACLE (could be an uphill battle but it’s an ERC token so it shouldn’t be much “work” there)
START LISTING OPTIONS ON $MIR ASSETS as soon as they get up to speed on Terra, not that difficult for a talented dev team without nefarious intent … which in my research on DGVC, they have … though they tend to want to deploy product only when it’s ready.

IT’S TIME TO EXPAND AND MAKE OUR PRESENCE KNOWN AS THE PREMIER DESTINATION FOR SYNTHETIC ASSET LISTING, TRADING, and ECOSYSTEM DEVELOPMENT.

Vote with your heart … as long as your heart says YES!

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Opyn? Hegic? UMA protocol? Ribbon?

I was already skeptical, but the blanket assertion that nothing exists, with no mention of the leading options protocols on Ethereum raises some red flags. You can’t build good product without learning from the strengths/weaknesses of what has already been done.

I agree that options on mAssets would be a win for Mirror, but there is more at stake here.

What’s their token distribution? If they’re pre-launch it’s likely pretty concentrated still. If they don’t have a product yet, there is real risk that they having a mAsset available would allow them to manipulate the token price and profit from both long/short side without it being directly traceable to their official accounts. If we all short and the uni liquidity is thin, they can go long here and then push the price on uni to wipe out the shorts.

We would need short farmers here to hedge with uni LP instead of Delta farming here, to make the price harder to manipulate… but building that liquidity on uni enough to insulate us from their manipulation would boost their token price and give them a pre-launch exit opportunity (rug pull). That would be harmful to mirror holders of their mAsset, as well as mirror’s reputation.

We should be extremely cautious about anything too concentrated or thinly traded.

Vote with your brain. My brain says NO

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I see a “buy” option redirecting to a Uniswap pool , and an underlying Ethereum contract holding 100,000,000 pre-minted OSM.

Can you explain what is the advantage for Mirror to list non-terra native tokens for which the control of the inventory minted or burned at any time is done on another chain , without any assurance that the assets backing is guaranteed via Terra stablecoins ?

I think you need to probably learn more about Mirror and Terra in general before posting maybe ?

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Token has already been launched and the distribution is widespread. The $OSM token will remain on ETH while supporting options across multiple ecosystems rather than spreading the token across multiple protocols. To Opyn, Hegic, UMA, and Ribbon, each platform has severe flaws that are not being addressed … and mainly to do with the volatility publishing method and static flow. I’d hardly call those platforms “leading”

Re: Understanding the stablecoin environment as value add use cases for the Terra ecosystem … I see an opportunity to have an options platform partner utilize $UST as the stable side of their platform – with a leap of faith into this platform, I’m confident we’ll be able to help shape the ecosystem’s development while at the same time furthering use cases for $UST across each protocol that the partner chooses to deploy on.

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Tyler this is a great proposal. I think options would be a great addition for Mirrored Assets!

Personally, I think there is limited information on this proposal for voters to make the proper informed decision.

TTLG just recorded a special edition episode to talk about this proposal to present all pros and cons of this and we would like to invite Option.Markets on the show to talk about this proposal to give the community the most accurate information for voters.

Ryan @ TTLG

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A good options platform on mirror would benefit everyone.

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Great conversation. Options are super powerful and clearly the next step. I do have to echo a few of the comments here @Tyler_Durden and add some additional feedback.

  1. Options…hell yeah.
    BUT
  2. Why fork Siren? Technologically what is the rationale. Additionally, Siren has a well articulated grant program…why not take advantage of that instead of forking and spinning up a company?
  3. What is there to be an “OSM Maxi” about? What is the value prop?

I am sure all of these questions have reasonable answers…if you are in touch with the Project Manager - get them over in the forum to chat it all out.

Healthy skepticism is an important mechanism for discovery…no doubt you agree.

Last note, the stats and presentation on the repo are a bit perplexing. Perhaps the PM can discuss a bit about that too.

Looking forward to the chat.

-s

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The proposal is not about whether an options platform would be of benefit, it’s about whether listing a synthetic of OSM would benefit.

MIR-UST is a 300-weight pool with $51million in liquidity and an APR of 48%.

OSM-UST would be a 30-weight pool (1/10th the rewards of MIR-UST). If it attracts enough liquidity to bring the APR down to 480% (it would likely attract much more than that), then it would have 1% the liquidity of MIR-UST, or ~$500k. Meanwhile, the uniswap pool that the proposal indicates for oracle has…
https://v2.info.uniswap.org/token/0X9B75848172677042269C63365B57B0A51C21D031
image

Listing a mAsset where the synth has more than 10x the liquidity of the underlying oracle would be extremely dangerous for Mirror Protocol and make us all look like complete amateurs.

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[quote=“Tyler_Durden, post:4, topic:1872”]

There is no use case on Mirror for whitelisting an asset that is

  1. Not collateralized by another Terra asset
  2. For which the inventory is controlled by a 3rd Party
  3. At such a low cap and (possibly) concentrated supply that oracle manipulations are easy

I would encourage the OSM folks to create pairs with UST on their side and seek support from Mirror community funds to incentivize liquidity , but I have voted NO as OSM cannot be the options solution for Mirror (it would have to be a native solution)

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I don’t see any upside to listing a new/low liquidity token in Mirror. As others pointed out, having a token with higher liquidity inside Mirror than outside is a huge risk for Mirror LPs.

Mirror protocol benefits from listing assets that have big demand/liquidity, as they attract users that want exposure/access to these assets in a different platform. Listing an unknown token here just open the users to market manipulation.

If OSM takes off and there is high demand for their options tokens, then we could add them later.

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@slickrick37 Ryan,

The OSM team is 100% willing to discuss this matter with you to discuss pros and cons of this proposal in your forum. The best way for me to encourage direct setup for the SPECIAL EPISODE is to have you come join the telegram chat at Telegram: Contact @options_market so you can coordinate timing directly with the team.

The rest of you all make some good points, and it would be exciting to continue this discussion so that both communities could provide their feedback in order for all stakeholders to come together in concert.

While engaging via this medium has certainly been an unorthodox way to promote what I can only describe as a potentially groundbreaking relationship with myriad synergies, it’s an honor to have been able to facilitate it.

Let’s see how this shakes out… if it doesn’t work out, perhaps all parties part as friends and greater partnerships can be formed and born of the discussion.

-Tyler
Co-Founder, Project Mayhem

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Hi I’m the co-founder of DGVC and owner of the OSM project. I’m keen to chat on a podcast or indeed on this forum and will take some time to respond to queries here if relevant. Thanks, Paul

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Thanks for reaching out Paul. The team looks forward to meeting you and discussing options.market!

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OSM is definitely trying to run before they walk on this proposal…why whitelist an asset before you even have a product, working website, or even a github with actual work done on it? Simple…Money grab. Would love to see you reply to this comment in a podcast :slight_smile:

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@DYair When I posted this proposal, I noted that I am NOT a member of the OSM team. I’m glad the proposal brought to light the opportunity, if if OSM is not whitelisted to trade on $MIR could be a partner in the development of derivatives for the $MIR ecosystem… and if the vote passes and oracles are subsequently created, then the $MIR community would have continued vested interest in the success of this platform for the benefit of all mAsset holders and potentially the $LUNA ecosystem at large. Run before walk … sure … this is DeFi… and at least there is a platform plan in place with a talented development team, veteran industry advisors, and a fair tokenomics structure to incentivize all parties to move forward.

Note on the shill side … not a single wallet who was not already involved in the $OSM project has purchased the token since the discussion threads have been launched. It’s not about the money… it’s about building for a better tomorrow. Full stop.

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I’m genuinely confused how you are shilling a project so hard based on…nothing? Lol their website is not complete, the github is a fresh fork with no indication how this will operate differently…Not saying they are a scam, but you have to be VERY skeptical in the defi space. They aren’t running, they aren’t walking, they literally have no legs…LOL. Look through my posts, I WANT an options protocol :slight_smile:

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@DYair we did not put forward this proposal - it was done by one of our community members. Perhaps head to our Gitbook and see what our token distribution looks like, and postulate a money grab from a doxxed team of myself (ex-bank Treasurer) and my colleague, MBA, engineer & ex-Olympian? Money grabs are arguably really tough for people like us. Sure, I’ll answer same on the podcast with pleasure!

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Would much rather see a working options protocol than a token distribution roadmap…

This is from your twitter…want to explain how options are ‘lower-level risk’ than stocks while you are at it :joy:?

In all honesty, I really hope you guys succeed because options are great.

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Finally, I can agree with your sentiment wholeheartedly. OPTIONS ARE GREAT.

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Then you should be coming on here talking DOWN this proposal. If you really had people’s best interests in mind you’d see why a synthetic version priced based on a low liquidity version of your crypto is a terrible idea.

You’d tell people not to vote yes, but to instead check out your platform and tell us that you’re going to work with Mirror to see how we can collaborate.

But you didn’t. Your shills came with never before seen accounts, being vague about their affiliation to the project, and then you appeared out of nowhere (despite this Proposal being from an “unaffiliated community member”) talking it up.

“Doxxed” bankers make money grabs all the time, even in TradFi. You being doxxed doesn’t help anyone outside of you just stealing all the money

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