Omni Progress Update w/ @variational_lvs

The Spaces featured discussions predominantly around Omni's progress update, hiring goals, growth strategies, and upcoming features. Lucas and Mike shared an overview of Omni's recent exponential volume growth and exciting future plans. The hiring call highlighted the need for experienced developers and marketing talent. Key updates included shipping of major product features such as configurable leverage and order entry UI, as well as the highly anticipated loss refunds mechanism. Conversations also delved into Tier rewards and the unique aspects of Omni's trading environment. Looking forward, Omni is poised for significant growth, aiming for the most rewarding trading platform status through innovative features that enhance user experience and engagement.

Omni Progress Update and Future Plans

Team Expansion and Hiring

• Lucas highlighted that the Omni team is actively expanding. They are looking to hire experienced developers across various fields, including Rust backend, full-stack, and front-end developers. Additionally, there's interest in talent for growth and marketing roles.

Recent Growth and Activity Metrics

• Lucas and Mike discussed the exponential growth Omni has experienced in the last month, hitting $1 billion in volume. Recent upgrades such as a new spread model, order entry UI, and configurable leverage have significantly boosted user engagement and activity.
• Omni's growth has been organic, emphasizing the importance of shipping quality core features and engaging strategies, like competitions.

Key Feature: Loss Refunds

• Loss refunds are a sustainable and core part of Omni's product offering. They aim to provide customers with refunds on realized losses, adding a unique value proposition to the platform.
• Historical testing indicated an average of 4.4% refund odds, with substantial refunds averaging around $100, and the possibility of significant refunds up to $13,000.

Reward and Tier System

• Omni introduced tiers and rewards to incentivize active users. Features like spread discounts, increased referral rewards, aesthetics, and other beneficial unlocks are tied to user activity and progress.
• These tiers help enhance user engagement by offering more substantial incentives for frequent traders or high-volume accounts.

UI Overhaul

• A new UI (UI V2) is in development, with plans to launch it for user feedback on test net soon. It aims to offer a high-quality trading experience paired with the backend improvements Omni has made.

Financial and Revenue Model

• Omni's revenue is derived from its sophisticated market-making operations rather than user fees. The revenue is split into protocol fees, user rewards including loss refunds, and retained earnings for the public OLP.
• Lucas discussed measures to protect OLP depositors from dilution while aligning deposits with platform activity.

Podcast Appearances and Market Positioning

• Ed, co-founder of Omni, recently participated in the "Flirting with Models" podcast, discussing the marker and differentiation strategies.
• Lucas expressed interest in engaging with more podcasts, highlighting that both founders have strong experience in quant finance and derivatives.

Community and Upcoming Features

• Lucas emphasized continuous community engagement via Discord and Twitter, encouraging user feedback on new features like V2 UI and loss refunds as they approach launch.
• Trading competitions are anticipated to coincide with significant feature rollouts, enabling users to test and engage with new offerings.

Closing Remarks

• The session closed with excitement for upcoming Omni releases and improvements, stressing the "Omni summer" as a period of intense development and user engagement. Lucas and Mike encouraged active participation and feedback from the community.