Omnisig was born in ETH RIO 2022 by the Blu3 DAO team and scholars - inspired by their own frustration in dealing with the current multi-sig capabilities. The team participated in the ETH RIO hackathon and won 1st place for their work and innovation.
“Omnisig, the Gnosis Safe Challenger”
There is currently $9.5 billion held in DAO treasuries across all networks, with $1.3 billion held by DAOs built on Solana alone, and the remainder ($8.2 billion) on Ethereum. Treasuries have grown significantly over the past year, and we can expect the number to continue to grow with a rising number of DAOs entering the stage.
2022 is The Year of the DAOs
Harmony has committed to launching 10,000 DAOs!
With the rise of DAOs, multisigs functionalities are key to diversify Treasury risks, optimize yields, reduce transaction costs, conduct trustless transactions and provide reporting transparency.
The current Harmony multisig features and capabilities are limited in capabilities, integration and user experience.
The Challenges We Face
Below are some key challenges; not exhaustive but a good list to start.
- Lack of DEX Integration (Swap)
- Need to transfer funds to a single sig before going to a DEX for swaps.
- Defeats the purpose of a multi-sig; results in 1) double the transaction fees and 2) high risk of fraud or rug pulls
- Unable to perform key Treasury, Investing and Operations functions
- Challenging to be a liquidity provider, conduct yield farming, diversify assets or conduct daily DAO operations
- No bulk processing and/ or approval capability
- No prompt or push notifications/ workflow
- No mobile capability
- Unable to query transaction reports for meaningful operational reporting or metrics
- No accounting or reporting capabilities
- Payroll and benefit tools are not integrated
- There is no bridging capability in any multi-sigs currently
- Unable to stake ONEs directly from multisig
- Unable to easily earn staking revenue for the Treasury (in return, unable to increase TVL for Harmony)
- No bridging capability, resulting in lack of cross-chain interoperability
- The concept of DAOs itself is relatively new. The industry lead now → Gnosis Safe may have relatively good functionalities but UX is not user friendly especially for Web 3 beginners or new DAOs.
ETH RIO - Hackathon Solution:
For ETH Rio, the team selected to provide solution for #2 - swapping capability.
Go Forward Path
Since coming back from ETH Rio, we are continuing to explore options to develop Omnisig. We have received tremendous positive feedback from people within the industry, indicating the need for Omnisig.
Omnisig, a multi-sig for DAOs with De-Fi, Dex, Ops, Risk Management, Accounting, Reporting, HR and Benefits capabilities integrated in one multisig solution to support the growth and acceleration of DAOs. We aim to be the Daoist choice!
Update 4/9/2022 - Proposal for Omnisig Phase 1 Submitted
- DEX capability integrated into multi-sig including LP , swaps etc.
- accounting and reporting
- importing & exporting of transactions, including bulk approvals
- Ability to swap directly from multi-sig - reduce swap by 50% (hence reduced fees)
- Potentially staking capability directly from multi[-sig
This can potentially be huge because this is the year of the DAOs, and naturally the use of multi-sigs will increase. Long term wise - it is the way DAOs/ multi-sig will manage their funds for yields, risk mgmt and reporting.
We spent so many hours collectively within the governors this week - just to approve transactions for our scholars and it was painful and inefficient (its like going back to dinosaur years).
Add a module
Gnosis Safe Modules enable additional access-control logic for your Gnosis Safe account. Read more about what they are and how they can be used in this article. Besides, Spending Limits we currently don't have a designated feature to add Gnosis Safe Modules. However, advanced users can manually add new modules using a custom contract interaction.
Difference between Dework and OmniSig:
DeWork is an integrated DAO tooling and has some pretty cool features. But DeWork and Omnisig are quite different.
Dework looks good for some functionality that we can definitely use for Blu3 DAO but Omnisig is more holistic as a wallet and safe function. Dework seems more of an operational management integrated with payment processing for their community via bounty.
Dework: Integrates project / task management and payment (bounties) Integrated with Discord to communicate with bounty person Workflow
Omnisig: More towards financial/ treasury/ accounting/ benefits functionality
- Ability to swap, stake, liquidity pool (treasury management)
- And later phases, we aim to include accounting and reporting functions, HR/ benefits and differentiation between treasury vs. operational wallet.
- This is how DAO can manage their money effectively - when they can balance between maximizing yields in their Treasury, while managing operational liquidity needs)