Omnisig - A DAO's Multisig

Web3 Bounties
1

Name of Project

Omnisig - A DAO’s Multisig
Trustless. Seamless. Permissionless.
“The DAOist Choice”

Proposal overview

Current Environment:
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 - The Year of the DAOs
With the rise of DAOs, multisig functionalities are key to diversify Treasury risks, optimize yields, reduce transaction costs, conduct trustless transactions and provide reporting transparency.

But…

The current Harmony multisig features and capabilities are limited in capabilities, integration and user experience.

The Challenges We Faced

  1. Clunky & Manually Intensive
  • No bulk processing capability or recurring transactions
  • No push notifications
  • No mobile or chrome extension capability
  • Unable to process subsequent transaction if prior transaction not approved
  1. Lack of Swap Capability
  • No direct integration into DEX for swapping.
    • Need to transfer funds to a single sig before going to a DEX for swaps. Result in double the transaction fees
  • Susceptible to risk of fraud
  1. No DeFi Integration or Functionality
  • Unable to perform key Treasury, Investing and Operation functions
  • Challenging to be a liquidity provider, conduct yield farming, diversify assets or conduct daily DAO operations
  1. No Staking/ Bridging Support
  • 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
  1. No HR and Reporting Capability
  • Unable to query transaction reports for meaningful operational reporting or KPIs
  • No accounting or reporting capabilities
  • Payroll and benefit tools are not integrated

Note: Harmony’s multisig was forked from Gnosis Safe about a year ago - Updates have been consistently made to the Harmony multisig since. However, no additional dApps are built on Harmony’s multi-sig, hence, limiting its existing functionalities as compared to rival, Gnosis Safe.

There is an internal effort to bring Harmony’s multisig up to date with Gnosis Safe. Updates are constrained by Harmony’s team’s bandwidth as well as competing priorities. The long term goal is to transition this to the community.
Hence, the idea of Omnisig was birthed…
Note: This team participated in ETH RIO hackathon with this idea and won 1st place

Omnisig - We aspire to be the Gnosis Safe challenger. and be the DAO’s comprehensive solution for safe + wallet

  1. A secure, simple but comprehensive solution for DAOs by incorporating a multisig safe for Treasury and operational wallet to effectively run a DAO.

  2. Full range of capabilities required to manage and increase value of Treasury including staking, swapping, de-fi like liquidity pooling, yield farming, etc.

  3. Operational ease of use - including batch processing, automated recurring transactions, push notifications, reviewer/ approver controls, etc. Include HR and benefits modules.

  4. Accounting and Reporting transparency - ability to automatically generate reporting for the DAO (revenue, expenses, investment gains/ losses, risk management, etc.)

  5. Simple and seamless UX to accelerate on-boarding of crypto/ web 3 beginner. Cross chain interoperability through secure bridges.

OMNISIG - a Phased Approach

Phase 1 - MVP of critical functions

  • Rebranding
    • Swap support
    • Liquidity providing
    • Staking

Subsequent phases are required to truly bring Omnisig to life with the full capabilities. However further scoping and costing will be determined upon completion of phase 1. This proposal ask is for phase 1.

Proposal ask

(proposed for $50K grant + 10K bonus eligibility)
Per discussions with Rachel, Devin - also previously discussed with Sam.

Timeline = Approx. 4-5 weeks to completion

Metrics for success

UX/ UI Minor Re-Design

  • Rebrand and logo re-design
  • Wireframes/font/design guide
  • UI/UX changes & improvements

Key Functionalities Added

  • Swap support via Sushi Swap
    • Also includes better swap experience
  • Liquidity providing via Sushi Swap
  • Staking via a 3rd party or our own validator

Launching on Harmony

  • Launch on Harmony Mainnet
  • Includes a video training for user onboarding
  • Onboard 10 DAOs
    (Bonus additional 10K if onboard 5 of 9 signatories)

Benefits for Harmony:

  1. An alternative multisig to host Harmony DAO treasuries with swapping, liquidity providing and staking capabilities which retains more DAO funds in Harmony’s ecosystem (currently these DAOs have to swap into Gnosis Safe or use singlesigs)
  2. Offer DAOs the ability to easily earn revenue (via staking & liquidity providing) toward self-sustainability and conduct swaps for operational and treasury risk management purposes - which is critical to onboard 10,000 DAOs successfully
  3. Allows Harmony to have increased TVL through increased staking as DAO treasuries grow.
  4. Attract new cross-chain DAO treasuries with a powerful and simple multisig into Harmony’s ecosystem (to challenge the current monopoly by Gnosis Safe)

External links

[[Project link, demo, whitepaper, video]]

https://www.canva.com/design/DAE9DkN0O9Y/n93Rjx8v0bag0aQpc9PzMg/view?utm_content=DAE9DkN0O9Y&utm_campaign=designshare&utm_medium=link2&utm_source=sharebutton

3 Likes
2

Thanks for your proposal, it has been assigned and the team will review and respond shortly :blue_heart:

2 Likes
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Super excited for the day I can easily approve transactions from my phone to 40 scholars while busy running a conference :sweat_smile: and scholars don’t have to wait 5 days for this process to be completed… Oh and also for our DAO to generate passive income through DeFi because you know, DAOs wanna be self-sustainable if our multisigs allows for it :eyes:

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