I have drafted some guidelines for future Omnipool token listings. We've discussed these in Council and will put them to Hydration governance vote to ratify. I'd love to get everyone's feedback and edits before any on-chain proposal.
easy to read version: https://github.com/spazcoin/HydraDX-docs/blob/howToListInOmnipool/docs/howto_list_token_in_omnipool.md
you can post comments here or directly on the PR: https://github.com/galacticcouncil/HydraDX-docs/pull/189
the most important bit is:
00 Prerequisites
With all tokens pooled into a single pool, we must take extra precautions to avoid exposing the Omnipool to large swings in token values due to market manipulation. Therefore the requirements for listing a token in the Omnipool are:
- The token must have already gone through price discovery for at least eight months. Must be listed on a DEX with at least $100k liquidity and/or listed on a CEX with active market maker support maintaining a 2% depth of at least $2k. Ideally the token is listed on at least two exchanges.
- Sudo control of the chain/token must have been removed or revoked. This could involve the removal of the
sudopallet entirely, removing a registered sudo key, or in the case of AssetHub tokens the provable burning of any administrative control over the token.- The project must have active token holder governance. Ideally through the use of OpenGov. We recommend setting up automated governance notifications (such as web3alerts) to mitigate governance attacks.
- The project must have transparent market data available, including the ability to inspect transactions via a block explorer.
- The token must be sufficiently distributed to avoid individuals causing large price swings. At least 40% of the token supply must be distributed and in circulation.
- The token must have a market cap of at least $1M.
There may be exceptions, or additional criteria preventing a token from being listed in the Omnipool since it is difficult to define absolute rules that apply in all situations. HydraDX token holders will vote on each application to list a token in the Omnipool.
and
How much initial liquidity?
- For tokens with an FDV up to $50M, the minimum team/treasury deposit into the Omnipool is $300k worth of tokens.
- For tokens with an FDV above $50M, the minimum team/treasury deposit into the Omnipool is $500k worth of tokens.
Each community should consider depositing additional tokens later to bring the deposit up to $1M or up to 2.5% of FDV, in line with other community deposits. Hydra's DCA feature allows swaps to be spread out, enabling larger trades over time, but loan liquidations need to happen within a single block and therefore deeper token liquidity enables larger money markets for the token.
These proposed Omnipool listing requirements have nothing to do with currently discussed listings, but instead are my attempt to make the process more predictable for future teams by explicitly defining listing requirements based on the informal criteria that Hydra team/council/community have already been using. I've also proposed larger minimum deposits in line with the 2nd round of deposits that I'm currently coordinating.
specifically:
HydraDX has created new guidelines for future Omnipool token listings. These guidelines will be voted on by the Hydration governance before being implemented. The guidelines aim to prevent market manipulation and ensure transparency in the listing process. To be listed, a token must have gone through price discovery for at least eight months, be listed on a DEX with at least $100k liquidity and/or listed on a CEX with active market maker support maintaining a 2% depth of at least $2k, have active token holder governance, transparent market data available, at least 40% of the token supply must be distributed and in circulation, and have a market cap of at least $1M. The minimum team/treasury deposit into the Omnipool is $300k worth of tokens for tokens with an FDV up to $50M and $500k worth of tokens for tokens with an FDV above $50M. These guidelines do not affect current Darwinia processes of listing, and exceptions may be made based on community vote.