91 lines
5.5 KiB
Markdown
91 lines
5.5 KiB
Markdown
---
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type: entity
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entity_type: company
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name: "OmniPair"
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domain: internet-finance
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handles: ["@omnaborsa"]
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website: https://omnipair.com
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status: active
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tracked_by: rio
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created: 2026-03-11
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last_updated: 2026-03-11
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founded: 2025-01-01
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founders: ["[[rakka]]"]
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category: "Combined AMM + lending protocol (Solana)"
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stage: seed
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market_cap: "$2-3M (as of ~2026-02-25)"
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funding: "Self-funded / community"
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key_metrics:
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tvl: "$250-300K (~3 weeks post-launch)"
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volume_tvl_ratio: "~0.8x monthly, trending toward 1x"
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borrow_rate: "1% annualized (conservative rate controller defaults)"
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team_size: "6"
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competitors: ["[[raydium]]", "[[meteora]]", "[[drift]]"]
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built_on: ["Solana"]
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tags: ["futarchy-ecosystem", "metadao", "leverage", "amm", "lending"]
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---
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# OmniPair
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## Overview
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Combined AMM + lending protocol on Solana — swapping and borrowing in the same pool. Currently the only venue for leverage on MetaDAO ecosystem tokens. Part of the futarchic governance ecosystem: enables large bets on decision market outcomes, increases volume, and improves signal quality in futarchy proposals.
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## Current State
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- **Market cap**: ~$2-3M (OMFG token) — approximately 1/40th of MetaDAO's valuation
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- **TVL**: ~$250-300K (~3 weeks post-launch as of late Feb 2026)
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- **Borrow rate**: 1% annualized — extremely low due to conservative rate controller defaults (only increases above 85% utilization). Market-clearing rate for META/OMFG could reach 15-20% annually.
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- **Withdrawal fee**: 1% — unique among AMMs. Exists to prevent a specific liquidity manipulation/liquidation attack. Planned fix: free withdrawal after ~3-day waiting period.
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- **DexScreener visibility**: Only ~10% of liquidity displays on some scanners (~$50K visible), making token look like a rug. Caused by Futarchic AMM structure.
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- **Program status**: NOT immutable — controlled by multi-sig. ~4 contract upgrades in first week post-launch.
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- **Pools**: ~50% seeded by MetaDAO/Colin (not formally/officially)
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## Timeline
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- **~2025-Q4** — Audit period begins (~3 months of audits)
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- **~2026-02-15** — OmniPair launches (public beta / guarded launch)
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- **2026-02-15 to 2026-02-22** — ~4 contract upgrades in first week
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- **~2026-03-01** — Jupiter SDK ready, forked by Jupiter team. Integration expected imminently.
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- **~2026-03-15 (est)** — Leverage/looping feature expected (1-3 weeks from late Feb conversation). Implemented and audited in contracts, needs auxiliary peripheral program.
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- **Pending** — LP experience improvements, combined APY display (swap + interest), off-chain watchers for bad debt monitoring
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## Competitive Position
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- **"Only game in town"** for leverage on MetaDAO ecosystem tokens currently
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- Rakka argues mathematically: same AMM + aggregator integration + borrow rate surplus = must yield more than Raydium for equivalent pools
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- **Key vulnerability**: temporary moat. If MetaDAO reaches $1B valuation, Drift and other perp protocols will likely offer leverage on META and ecosystem tokens
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- **Chicken-and-egg**: need LPs for borrowers, need borrowers for LP yield. Rakka prioritizing LP side first.
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- **Jupiter integration is the single highest-impact catalyst** — expected to roughly triple volume and close most of the APY gap with Raydium
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- **Valuation**: OMFG at ~1/40th of META market cap, described as "silly"/undervalued given OmniPair is the primary beneficiary of ecosystem volume growth
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## Investment Thesis
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OmniPair is a leveraged bet on MetaDAO ecosystem growth. If futarchic governance and ownership coins gain adoption, all trading volume flows through OmniPair as the default leverage venue. Current valuation ($2-3M) is severely discounted relative to MetaDAO (~$80-120M implied). Key catalysts: Jupiter integration (volume), leverage feature (demand driver), ecosystem growth (rising tide). Key risks: temporary moat, DexScreener visibility, small team (6).
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**Thesis status:** ACTIVE
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## Technical Details
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- Interest accrual is time-dependent (calculated on interaction, not streamed on-chain)
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- Collateral is NOT re-hypothecated (locked, not used as LP) — potential V2 feature
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- LP tokens cannot be used as collateral — potential V2 feature
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- Multiple pools with different parameters allowed; configs are market-driven
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- Circuit breaker / pause mechanism (multi-sig controlled; plans for future permissionless version with bonding)
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- Rate controller: begins increasing rates only above 85% utilization; dynamic collateral factor caps utilization at ~50-60%
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## Open Questions
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- No team token package in place yet — alignment mechanism absent
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- No airdrop/LP incentive program agreed
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- Combined AMM+lending creates novel attack surfaces not fully explored at scale
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## Relationship to KB
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- [[permissionless leverage on metaDAO ecosystem tokens catalyzes trading volume and price discovery that strengthens governance by making futarchy markets more liquid]] — OmniPair is the direct implementation of this claim
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- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — OmniPair addresses the liquidity friction
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- [[ownership coins primary value proposition is investor protection not governance quality because anti-rug enforcement through market-governed liquidation creates credible exit guarantees that no amount of decision optimization can match]] — leverage enables more aggressive price discovery
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---
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Relevant Entities:
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- [[metadao]] — platform / ecosystem
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- [[rakka]] — founder
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- [[raydium]] — AMM competitor
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- [[meteora]] — AMM competitor
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- [[drift]] — future leverage competitor
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Topics:
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- [[internet finance and decision markets]]
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