Well, here we are. A monumental moment in the history of Onomy. It feels somewhat of a rebirth, a new era for Onomy. The vote has passed with a historic 100% community-vote of “YES” with every validator Abstaining from the vote.
Community Vote for action on AS Tokens (Completed)
DAO Funding of $200K for 16-week plan to complete Onomy Reserve
Phasing out of ONEX Chain, sole focus on Onomy’s parent network and NOM utility
CLOB (Orderbook) DEX dedicated to powering Reserve Stablecoin trading (Forex) and other cryptos via orderbook trading
Hummingbot Integrations for sophisticated market making strategies
Request for Dev Ecosystem to submit grant requests to build a Swap-based AMM DEX
Incentivize net new creations, integrations, and partnerships
Each of the above steps may require additional grants out of the Treasury or direct purchases of NOM from Treasury to fund the steps listed. Any contributor (individuals or firms) may submit grant requests to complete one or more of the MOGA items above.
Immediate Next Step and Action Item:
To proceed with the next step of MOGA, the DAO must come together to fund the work detailed to complete the Reserve. For the sake of everyone’s continued support and involvement, we believe it prudent to have the requested $200K funding (negotiated down from $250K initial) in full up front - however, pay the $200K in tranches according to completed milestones. We must be prudent with the use of the DAO Treasury. This structure ensures that development progress does not halt midway through due to funding constraints, while also ensuring that deliverables are completed.
To that end, we would like to propose a few ways to obtain the required funding:
Dutch Auction Style in which starting NOM price would = market price, then reduce by X% every Y time interval until a bidder is found for the full $200k
Traditional Auction Style in which the highest bid wins after a set amount of time (i.e. 1 week)
Which method do you feel is best?
Please provide any commentary as this is truly a DAO-based effort with key talent across multiple people, firms, countries working together to make this a reality. Your perspective matters.
I like the “traditional auction” option as it allows for more participants over the course of the project as in if you ran it in monthly cadence for 100-150k USD tranches depending on budgeting needs for the roadmap.
Other comments I would propose as feedback are as follows:
Budget Allocation:
AS Funds Utilization- Focus on the 13M NOM returned by the community for executing the new path and vision as outlined in the objectives above.
*Execute the chosen auction method to obtain the required funds to begin the reserve build - and add other listed features that require funding “in parallel” with the reserve delivery date so it can all go live in 4 months.
(If USD funding is required for the Reserve build and other listed features )
*Maybe we should consider more auctions over the 4 months like 4 auctions to raise 100k USD per auction or whatever aligns with the budget to complete the listed points. ( maybe some contributors will rather to receive NOM so this would not need to be auctioned)
In the Future Determine how other expenses can be funded as the proposed goal should be to use these 13m NOM to finish the road map and have the project functional on main-net in 4 months (from the AS 13m NOM returned funds )
*Phasing out of ONEX Chain, sole focus on Onomy’s parent network and NOM utility
*CLOB (Orderbook) DEX dedicated to powering Reserve Stablecoin trading (Forex) and other cryptos via orderbook trading
Hummingbot Integrations for sophisticated market making strategies
*Request for Dev Ecosystem to submit grant requests to build a Swap-based AMM DEX
*Incentivize net new creations, integrations, and partnerships
*Founding Team Funding Allocate budget (vesting) to support the founding team. this is an important consideration
Milestone & Weekly update Planning
Finalize monthly milestones and set up tracking mechanisms.
Milestone Monitoring
Implement a multisig system or similar escrow for monthly milestone reviews.
Weekly Updates
Regular updates via calls, social channels, or SNS.
Next Steps:
Community Feedback
Solicit feedback on the above core objectives to first gain trust with our investors and community that we the DAO can manage the goal of pivoting to this new vision : )
The MOGA plan in the forum mentions dCLOB as a better solution for ONEX going forward and I have to agree This article while not as good as one of ours is a pretty good intro
That is a great idea, the suggested $100-150K per auction across 4 auctions would not only fund the Reserve, but also provide resources for the other parts detailed in MOGA. It will also allow time so as to not over-dilute all at once.
A plan like that can help support ongoing operations for our own contributing unit. As an update, the front-end interface and infra has officially been moved over, the last step is re-activating the graph for indexing so that we can gracefully close out the current iteration of ONEX (as part of MOGA).
If the traditional auction style is desired, then perhaps we can proceed within this forum. We envision it as follows:
Budgets are allocated to find total required $ funding in the tranche
3-day auction of Treasury NOM
Bidders submit bids accompanied with information about themselves and their involvement with Onomy (Template Provided Below)
Accepted bids make payment to a transparently community-tracked address, including a memo in the transaction that contains their Onomy address
Accepted bids receive NOM via DAO Governance Funding Proposal referencing the Accepted Bid, must be submitted from the same Onomy address as included in the payment memo to verify correct proposer
While we could build an interface for this, we feel speed is more important at this stage and the community is highly aware and in-tune with steps here. Therefore, we could effectively proceed immediately. Please find the proposed template below.
If this process is accepted, we can proceed by choosing first tranche amount ($) and a date-range in which the auction is live.
Template for Bid:
Bid Offer Price: [Enter $ Value per NOM] Bid Amount: [Enter $ Amount of Purchase] Social Profile: [Optionally provide your public social profile or website] Role in Community: [Explain what your role is in the Onomy DAO and how long you have been a Nomad. This will help determine if the DAO will accept your bid]
Please note: Any obvious spam bids may be moderated away by community managers.
“Phasing out of ONEX Chain, sole focus on Onomy’s parent network and NOM utility”
With regards to point 3 in the MOGA plan we have some community feedback below from telegram, this is a summary of the chat
Main Option/s for Compensating ONEX Holders
Compensation
Eligibility:
Compensation should be provided only to those who gave up their NOM tokens to buy ONEX.
Exclude compensation for airdropped ONEX tokens and ONEX bought after the announcement of the new roadmap (around July 10th).
Decision-Making
DAO will decide the final compensation plan based on the results of the voting and total compensation budget available.
Ensure community involvement in decision-making.
Mechanism
Implement vesting for all NOM compensation to reduce short-term selling pressure.
Emphasized Principles:
-Fairness: Ensure that compensation is equitable.
-Transparency: Use verifiable on-chain mechanisms.
-Sell Pressure Reduction: Minimize immediate selling pressure on NOM by implementing vesting schedules.
Each bid period will be for 24 hours. Starting with an initial 10% discount, the discount will drop by an additional 10% every 24 hours until reaching the target of $100,000 in USD, here’s how the schedule looks:
Dutch Auction Schedule
Initial Bid Phase:
Bid Start Time: Day 1, 15 UTC (July 30)
Initial Discount to market price: 10%
Bidding period: 24 Hours
Price Drops (24 hours between each):
Drop 1 (Day 2): Price after 24 hrs
Discount to market price: 20%
Bidding period: 24 Hours
Drop 2 (Day 3):
Discount to market price: 30%
Bidding period: 24 Hours
Drop 3 (Day 4):
Discount to market price: 40%
Bidding period: 24 Hours
Drop 4 (Day 5):
Discount to market price: 50%
Bidding period: 24 Hours
In the event the full target amount is not raised by day 5, the DAO may begin a traditional auction for the remainder.
All bidders must agree to a 6 month cliff of their tokens, followed by linear monthly unlocks of the remainder across 6 months.
Social Profile: [Optionally provide your public social profile or website]
Role in Community: [Explain what your role is in the Onomy DAO and how long you have been a Nomad. This will help determine if the DAO will accept your bid]
Please note: Any obvious spam bids may be moderated away by community managers.
The Dutch Auction has now lapsed. Amid broad market turmoil, it appears many have become risk-off. One of the worst days in recent history led to many traditional brokerages going down, various market halts across Japan, South Korea, and over $1B in liquidations in the cryptocurrency market.
Granted the heightened risk and sentiment in the market, it is understandable why the Dutch Auction did not fill at this time. As was stated, in the event the full target amount is not raised by day 5, the DAO may begin a traditional auction for the remainder.
Current communicated bids sit at the following:
1. $50K at a ~40% discount, or $0.01 per NOM
This equates to 5,000,000 NOM out of the DAO Treasury
Pros: This covers month one costs of Reserve Development and Defiants community managers without diluting too much of the DAO Treasury
Cons: No funding is available for any concurrent development, nor the remaining founding team operations which risks loss of talent
2. $200K at an 80% discount to market price, which at the time of writing is $0.00526
This equates to roughly 38,000,000 NOM out of the DAO Treasury
Pros: The full amount needed for the buildout of the Reserve ($200K) is secured up front. It also covers continued operations of the remaining founding team at TGS Digital, while still providing for 3 more auctions to add to the runway and support items such as the dCLOB DEX development, swap interface, and more
Cons: This is a massive amount accounting for ~62% of the DAO Treasury
Update: Final pricing upon submission of on-chain vote = $0.01 and $0.006. Both bids were accepted by community.
ONEX chain removal ( as per the MOGA plan in the forum ) and or a compensation plan to users discussion is alive
Ok so the proposed options to vote on so far are :
to compensate all onex holders ( if this passes a budget would need to be set and shared across all holders)
to compensate only the ones who traded nom for Onex on the Onomy exchange app ( if this passes a budget would need to be set and shared across all holders I heard that the scale of transactions were not that large so it would be possible to pay in full in theory )
the option to no compensation to any Onex holder and just remove it and focus on NOM and MOGA plan for the future
Thank you for sharing your options. It’s time to put an end to the ONEX chain
I support point 2.
I consider point 1 unacceptable. Anyone who says that they bought more NOM for the ONEX airdrop and now wants compensation:
NOM tokens remained in the bag.
You received a reward for staking NOM
The airdrop was announced on November 28 (price $0.1476), the snapshot was on December 25 and for the period November 28 - December 25, the maximum price was $0.3333. After December 25, the NOM token reached a price of $0.5092. If you say that you bought more NOM for the ONEX airdrop, you could have made 1.5x - 3.4x by buying NOM before the airdrop and selling NOM after the snapshot, while you will still have ONEX tokens. So if you say you bought more NOM for the ONEX airdrop you could have made money after the snapshot was taken. If you didn’t sell NOM after the snapshot, then the reason you claim is not true.
The most fair and practical approach is the N°2. This ensures that those who directly engaged with the token are acknowledged, without overextending the budget. However, the next crucial step would be for the DAO to decide on how to implement this compensation. Since this will require NOM tokens, careful consideration and planning by the DAO will be essential to determine the appropriate budget and distribution method, ensuring transparency and fairness
This article while not as good as one of ours 
is a pretty good intro
May the DAO be with you