[Poll]: full OMNI to ERC20 swap

I think a proper swap would mean that would have to happen. Omni holders can still hold until SNT swap, but won’t be able to trade.

If we went down the wrapped solution that would work more like you want.

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As I said, not acceptable.
We need another trading pair creating if both are to exist.

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That might not be for you, but that is how other projects have done it.

It also seems silly to have two traded tokens. If I buy erc20 maid on Uniswap but can’t trade it on Bittrex, it gets very confusing and creates more friction.

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Isn’t it contradiction? If you want to HOLD OMNI MAID, than by definition you do not want to sell it. When the time happens, and you are willing to take a profit, you can convert OMNI to ERC20 and sell.

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It’s one thing to allow those who want maid-e to get it, which was the proposal.
It’s a complete other thing to block anyone who wants to stay in omni maid from trading and cashing out.

You can cash out. You swap for maid-e and then sell.

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That’s just unreasonable.
That’s not whats being proposed.
The aim is to open us to more markets and a wider group of ppl, not to open one door and close the current one.

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I want to hold omni and trade it.
I have no experience with erc and have no interest in learning about it.
I’m not against maid-e, it’s fine for both to exist.
But to close of the only markets we have and force conversion is not an acceptable solution.

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If that the case then vote no.

ERC20 is much easier to use than Omni.

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In general, if the swap from Omni to ERC20 is burning, there is no reason to ask Bittrex to switch to ERC20. UniSwap is actually bigger than Coinbase, so we don’t need a centralized ERC20 exchange at all…


Privacy. Security. Freedom

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To you, maybe so.
I have no experience with it and no clue how to secure funds on erc.
And the proposal wasn’t for a complete swap, but for those who want to access erc to be able to do so.

Killing omni maid pairs on exchanges would leave us with 0 markets and 0 liquidity until new ones were organised, exchanges might swap to erc but that question hasn’t even been put to them.

I won’t vote no just because you don’t seem to understand what’s being proposed.

And that would be great, more exchanges, more access to other ppl, I’m all for that.

Sonder seems to not understand what was being offered / polled.

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I agree that it doesn’t stop with an ERC20 token, I did not say that either, but it is the first and easiest step to get liquidity to flow into Safe Network.

It might not be easy for everyone to use, but we know for a fact that a big chunk of the $270 billion Ethereum holders, most likely understands how to use ERC20 tokens (which is another huge liquidity source by itself).

This is where liquidity has to come from in the first place or otherwise the SN token will get stuck into its own Safe Network environment. So we do need a WrappedMAID or something similar before conversion.

Dimitar makes a good point on potential censorship by CEXs, which will be avoided when you can trade on DEXs.

Also if we don’t get a bridge in place, how do CEXs move SNTs back towards the Safe Network? You need automatic “burn ERC20, create SNT” and vice versa mechanism.

Maybe I am overseeing something, but I don’t see what. And if I am not, then everyone should be concerned about this.

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Just to be clear, I’m not disputing ERC20’s attributes or desirability, just making sure we remember native integration between CEX, DEX and other e-commerce is an even bigger win.

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I agree that the jump to ERC20 must be made, rather sooner than later.
All individual motives against it (‘I don’t understand ERC20’ or ‘it complicates my taxes’) are irrelevant, in my opinion. We need to do this to get Maid on the right track. As far as I can see, Omni is the main cause of lack of exchanges; they are reluctant to integrate Omni.

If Algorand, Tether and others did it, we can do it too.

And another point; please show me any successful coins that are currently on Omni layer only. That’s right, there are none left. We need to move too.

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There are many pros and cons to all of the options being discussed and this has been very helpful to me. No one can predict the future, but I think we can make reasonable assumptions to help this project have long term success. I think having an eMAID (or like) that does NOT force any Omni holders to switch has benefits that IMO would greatly help this project with minimal downside. Overall, I think this topic is ready for the next steps. I suggest we move to determine real requirements to make this happen. As I read through this topic there are various paths forward outlined, but I am not sure which are credible. So that is really what I would like to understand. Then, another evaluation should happen to validate if this is an acceptable path forward.

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Sotros, can you please inform us how you are progressing with Wrapped?

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Not unprecedented though. If you buy BNB on KuCoin, it is a BEP2 token, which you can’t use on Pancake Swap without converting to BEP20.

Also not taxable, as far as I know…

Funny you should ask, I just sent them a follow up note about 5 min before you made your post, haha. The next step is to connect with the Anchorage team. Hopefully there’ll be more incentive to make the connection now. I do think that working with Wrapped would be the best solution to deliver ERC20 MAID. Wrapped:

  • Has done this process many times
  • Could provide custodial service for locked OMNI MAID via Anchorage (thus insuring the total number of MAID in circulation does not exceed 452.55M)
  • Would NOT require everyone to swap to ERC20 MAID
  • Still provides the option to swap back and forth between the OMNI and ERC20 version
  • Would be a great relationship to have in place when it comes time to create wrapped Safe Network Tokens
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Also, ppl need to do their DD in their country, but a few have said with regards to tax, that its not due if your loaning one coin to gain another.
I’ve no clue if that’s correct, but if so its another positive.