ODIN-GEO Liquidity Pool Creation and Token Migration (+EVM community airdrop)

Summary:

This proposal suggests the creation of an ODIN-GEO liquidity pool on the Osmosis DEX and the conduct of a community airdrop to facilitate the migration of the $GEO token from Ethereum and Polygon to the COSMOS ecosystem. The aim is to increase liquidity for GEO and stimulate demand for the token while providing opportunities for ODIN token holders to acquire more $ODIN. The revenue generated from the pool’s swap fees can be utilized to incentivize community activities or other purposes, subject to the GEO Sub DAO’s decision.

Proposal Details:

Token Migration:

a. The multichain wallet, “Wallace,” currently has its reward system on Polygon.

b. It intends to migrate fully to the COSMOS ecosystem, on top of Odin Protocol.

c. The reward token $GEO has limited liquidity on the COSMOS network, with the majority still on Ethereum.

d. Around 124,000,000 $GEO tokens can be migrated from Ethereum to COSMOS through a burning and minting mechanism.

e. The GEO token distribution on Ethereum is as follows:

  • 0x1a966Ae420D5aC79E110d33A29dE5056FdA16548 (Multisig Wallet With Daily Limit) - 95 million $GEO
  • 0x40ec5B33f54e0E8A33A975908C5BA1c14e5BbbDf (Polygon Bridge) - 18 million $GEO
  • 0xd10122eF86ae040EfEe3f53F35D3247230CA670C (Uniswap V2) - 10 million $GEO
  • 0xD4b91931C37B01e00107B0FaaB91031f946f53b3 (Token Bonus Airdrop Final) - 1.6 million $GEO
  • 0x89B5B5E83686ECBa19ab93FE34862C5a7fd12374 (Uniswap V3) - 200k $GEO
  • 0xf1976b71fDE78bd211FE47C76484968FAA6D6c62 (SushiSwap ) - 130k $GEO

Ethereum and Polygon to Odin Protocol mainnet migration airdrop:

The Eth (and Polygon) to Odin migration airdrop process will encompass the following steps:

  1. Upon the approval of the proposal, the team will generate a new wallet dedicated to the migration process. Due to EVM the public address on Polygon will be the same as on Ethereum.

  2. ETH and Polygon $GEO holders will be required to send their $GEO tokens to this specified wallet, including their ACTIVE $ODIN address in the memo field to be eligible. Please have at least one $ODIN coin in your wallet (the instructions on how to buy and move $ODIN to your ODIN address can be found here)

  3. After a one-month time window, following the proposal’s approval, the registration for the airdrop closes, all transactions will be carefully reviewed and the ODIN addresses provided will be registered.

  4. Subsequently, the GEO tokens received will be sent to the null address (0x0000000000000000000000000000000000000000), effectively removing them from circulation.

  5. An equivalent amount will be minted on the ODIN blockchain. The airdrop proportion will be distributed among all eligible participants, and the respective tokens will be sent out accordingly.

Please note that this description outlines the logical flow of the Eth migration airdrop process and may be subject to adjustments based on changes in the pool ratios on the ethereum blockchain.

ODIN and GEO Ratio:

a. The proposed ratio between $ODIN and $GEO tokens is 1:20.

b. This ratio will be used as a basis for creating the ODIN-GEO liquidity pool.

ODIN-GEO Liquidity Pool Creation:

Uniswap and SushiSwap Pools:

a. Currently, there is a remaining balance of around 9.28 $WETH in the Uniswap V2 pool.

b. Additionally, there is around 0.11 $WETH in the SushiSwap pool.

c. The combined total of these amounts is 9.39 $WETH, which is equivalent to approximately 13,831.22 $OSMO at the moment of creation of this proposal.

Allocation of OSMO Tokens:

a. The OSMO coins obtained from the Uniswap and SushiSwap pools as $WETH and then converted, can be divided into two equal parts for distribution to pool 777 and 787.

b. Considering the current exchange rate of 1 $OSMO to 10.85 $ODIN, the first part of the OSMO allocation can be added to pool 777 together with an amount of approximately 75,034 $ODIN.

c. Additionally, with the exchange rate of 1 $OSMO to 222.33 $GEO at the moment of creation of this proposal, the second part of the OSMO allocation can be added to pool 787 together with an amount of approximately 1,537,547 $GEO.

Remaining Allocation for the ODIN-GEO Pool:

a. After the allocation of tokens from the OSMO distribution, there will still be a remaining allocation for the ODIN-GEO pool.

b. The remaining, rounded up allocation would consist of 5,750,000 $ODIN and 115,000,000 $GEO.

The proposed swap fee for the pool remains at 0.3% to incentivize trading activity and contribute to the revenue generation for the Odin Protocol.

Benefits and Use of Revenue:

a. The ODIN-GEO liquidity pool will increase liquidity for $GEO on COSMOS and drive demand for the token.

b. Acquiring more $ODIN will require individuals to purchase $GEO from the new pool or pool 787 on Osmosis (Trade on Osmosis Zone).

c. Arbitrageurs and bots will help maintain liquidity and balance prices across all related pools.

d. The increased trading volume and fees generated by the pool can be utilized by the Odin Protocol team to incentivize community activities or support ambassadors.

e. The revenue, in the form of $GEO and $ODIN tokens collected as swap fees on Osmosis, can be burned or used for other purposes as determined by the GEO Sub DAO.

Implementation and Timeline:

This proposal requires the following steps to be executed:

Communicate the migration process to $GEO token holders on Ethereum and Polygon via all existing channels. If this proposal passes, announce a specific time window of one month for liquidity providers and $GEO token holders on Ethereum and Polygon, so that they have a chance to manage their funds and qualify for the airdrop.

  1. This time period can also be used by the team to prepare everything for the migration.
  2. Generate a new wallet that’s gonna be used specifically to receive $GEO from airdrop participants and publish the public address and according instructions.
  3. Withdraw the corresponding amount of $GEO from the corresponding addresses and send them to 0x0000000000000000000000000000000000000000. Also withdraw the corresponding amount of $WETH from the above mentioned liquidity pools.
  4. Collect the 5,750,000 $ODIN from either the consisting validator delegation rewards or withdraw them to a designated new and by core team members controlled address.
  5. Mint the equivalent to the burned $GEO on the Odin Protocol chain (including the allocation of 7,462,453 $GEO -which is 5% from the remaining 122,462,453 $GEO after subtracting the amount that goes to pool 787- for the airdrop that will be spread accordingly between eligible participants).
  6. Convert the $WETH to $OSMO via e.g. rango.exchange or transfer the $WETH via satellite.money directly to the OSMOSIS DEX to swap it to $OSMO.
  7. Divide the amount of $OSMO into two parts and add those with the corresponding amount of $ODIN and $GEO to pools 777 and 787.
  8. Create the ODIN-GEO liquidity pool on Osmosis with the specified initial token allocation and swap fee and communicate the pool creation and migration to the Odin Protocol community to e.g. gather feedback and support from community members.
  9. Assess the revenue generated from the swap fees and engage with the GEO Sub DAO to determine the best utilization of the funds, whether through burning or allocation to community incentives.
  10. Conduct the airdrop after the one month period to all eligible participants ($GEOs received after the specified time window are not counted) , after burning all the received $GEO on Ethereum and Polygon and announce the completion on all channels.

Conclusion :

The creation of an ODIN-GEO liquidity pool on Osmosis, along with the migration of GEO tokens from Ethereum and Polygon to COSMOS, will enhance liquidity, stimulate demand, and strengthen the ecosystem surrounding Odin Protocol. By providing opportunities for ODIN token holders to acquire more ODIN and leveraging the revenue generated from the liquidity pool, Odin Protocol can incentivize community participation and drive further growth.

Vote YES, if you agree with the proposal

Vote No, if you disagree with the proposal

Vote No with veto, if you strictly disagree with the proposal and wanna burn the underlying deposit

Vote Abstain, if you just want to help reach the proposal quorum or cannot/ don´t wanna make a decision.

5 Likes

This is a final and adjusted form of the proposal, created and previously discussed on: Commonwealth

1 Like

I vote Yes
if it benefits ODIN why not?

1 Like

I am in favour of the proposal. Airdrop is a good way of incentivising active users of a platform

It isn’t a airdrop through, its basically bridging geos on to odin chain.

I do not agree with removing all liquidity from Ethereum and Polygon, since I think that it is good to have visibility on those chains as well. If Geo will become more popular again, I do think that especially Ethereum will give it more credibility (most people still dont know about Cosmos, they only care about Eth and Bitcoin) , also most money is still on Ethereum, so if trading would pick up there, it could be very good for the price.

The things I do agree with is that there needs to be a bridge between Ethereum and Cosmos bases chains, because right now, they are two different tokens, which doesn’t make sense to me. But in my opinion it shouldn’t be a one way bridge, but a two way bridge.
Also I would support the creation of the Odin - Geo liquidity pool, but I don’t know if that is possible without removing the liquidity from Ethereum and Polygon

1 Like

I agree in providing more GEO liquidity incentives on COSMOS however I agree with Mark’s above point that it is good for GEO to stay multi-chain. There are discussions now on how only being available on COSMOS may be limiting for ODIN. This means that ODIN well may become multi-chain in the future. If ODIN becomes multi-chain then it will make sense for GEO to become multi-chain. As GEO is already multi-chain it is probably better to stay multi-chain. Though an ODIN-GEO pool on Osmosis would still do wonders as Nicchelas has identified.

1 Like

Just throwing in an argument guys:

Ethereum trading won´t pick up for GEO as there´s absolutely no upside or usecase for Eth GEO. And with no bridge available, there´re two completely separate assets, that can´t be arbitraged, which is completely senseless and unbeneficial for the ecosystem and its look towards potential investors.

Every new investor will ask whether there´s a bridge and will get the same answer over and over again, without any specific date, which will sooner or later kill interest for GEO on EVM and on COSMOS.

So imo, instead of thinking far ahead into an uncertain future, we should act now and build up liquidity and hype to have the tools and potential to later build up the “Multi Chain” narrative, as atm it´s only a narrative but not a working system. For that, wallace should have had a partnership with axelar and implement, aswell as replace the current one chain swap ui with a multichain aggregator ui like squid router or rango

I vote yes

but with the explicit instruction is when geo pumps in the future post migration window, then pleas for reopening are not listened to.

Sure thing!

Migrating liquidity doesn´t mean that EVM GEO gets terminated. It´s still remaining as a contract and there can always be a spontaneous, tactical decision to move xyz amount of GEOs to any of the EVM pools by burning and minting. But atm GEO lp is much more needed on OSMOSIS than on EVM. This is where we´re going and this is where all the traction will happen. So being illiquid on OSMOSIS rn is just fatal and has to be solved asap.

The point is, whatever Luis or Anant say, we have to be realistic and think strategically instead of being opportunistic. I mean no offense. I alrdy said that I´m deeply concerned about the “swimming with the flow mentality”.

But in reality there is no bridge and there won´t be any for a long period of time. And the price of GEO on EVM and OSMOSIS is completely different due to the current situation and the lack of arbitrage opportunities. Early GEO investors will benefit from the proposal aswell, don´t any of you worry. Though it´s up to them to participate in this event, as soon as this goes on chain.

What is actually needed to facilitate the airdrop event?

This can be done by a community volunteer solely. I can simply get a .csv with all transactions that have been done from a certain date till a certain date, filter them with the help of excel and prepare a worksheet with all eligible odin addresses.

Not a hard task and no additional workload for the team.

I want to point out that ETH geos has way more trading volume than the COSMOS chain currently.
Do agree that it would make sense for the COSMOS area would be better to centralize alongside ODIN but since all investors and original holders on ETH experienced the price flatline if some form of burning or not 1:1 ratio for them will prove to be an issue.
Think it would gave to be either a migration which allows for all holders to keep their pots or utilize the ETH chain wih its future listings.

1 Like

I agree to this, it needs to all be in one place as theres an unbalance.

And to those like myself that used the wallace app to buy geo tokens on poly we have been left behind abit from the growth on the cosmos geo.

I agree with some coments that the interoperability is nice to have on projects but even now with cosmos geo and poly geo it isnt interoperable, they cant interact or bridge its just two different tokens really on two different chains.

Pulling everything onto odin makes sense to bring all the utility to odin and grow the network having geo, odin and doki all in one place