Description
OMG Network claims to be the leading value transfer network for ETH and ERC20 tokens. Using the OMG Network, individuals and businesses can transact on a financial infrastructure that is claimed to be several times faster, 1/3rd the cost, and as secure as the Ethereum Network — while retaining full autonomy over their funds and keys. The Network scales by centralizing transaction processing and remains safe by decentralizing security.
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Risk summary
Funds can be stolen if
Funds can be lost if
Users can be censored if
MEV can be extracted if
Technology
Fraud proofs apply to exits only
The internal system state is not subject to any checks. Only exits from the system can be challenged. This places a much higher burden on potential validators, as they have to monitor all user activity and not only the single state.
Funds can be stolen if there are fraudulent exits which nobody reported. Fraud proofs assume that every exit is checked by at least one honest and able party (CRITICAL).
Data is not stored on chain
The transaction data is stored on a plasma chain and is not recorded on the Ethereum main chain.
Funds can be lost if the external data becomes unavailable (CRITICAL).
Operator
The system has a centralized operator
The operator is the only entity that can propose blocks. A live and trustworthy operator is vital to the health of the system.
MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.
Users can independently exit the system
Independent exit allows the users to escape censorship by withdrawing their funds. The system allows users to withdraw their funds by submitting a transaction directly to the contract on-chain.
Users can be censored if the operator refuses to include their transactions. They can still exit the system.
Withdrawals
Regular exit
The user executes the withdrawal by submitting a transaction on L1 that requires a merkle proof of funds.
The mass exit problem is unsolved
In case the operator is malicious all users need to exit within a predetermined time frame. Users that do not manage to do this will lose their funds.
Funds can be stolen if users are unable to withdraw in a mass exit event.
Smart Contracts
The system consists of the following smart contracts:
This contract stores the following tokens: ETH.
This contract can store any token
The source code of this contract is not verified on Etherscan.
The source code of this contract is not verified on Etherscan.
The source code of the PaymentStartStandardExit library used by this contract is not verified on Etherscan.
The current deployment carries some associated risks:
the source code of unverified contracts contains malicious code (CRITICAL).
Website | omg.network |
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Social media | @omgnetworkhqdiscord.ggomgnetworkomgnetwork |
Documentation | docs.omg.network |
Explorer | blockexplorer.mainnet.v1.omg.network |
Source code | github.com/omgnetwork/plasma-contracts |