Boosted OMM continued to be the focus in April. The early contributors launched the bOMM implementation for the community testnet, which includes a combination of Python and Java contracts.
However, the ICON team strongly recommended that all relevant contracts be converted to Java before bOMM is launched on mainnet. This work is currently in progress, and could take up to a few months.
After weeks of preparation, the early contributors released the bOMM community testnet last week.
For anyone who hasn’t been following along, Boosted OMM is designed to replace the existing OMM staking model.
Staking OMM comes with staking rewards and a 3-day unstaking period. With Boosted OMM, you choose your OMM lockup time at the start: 1 week, or up to 4 years. The lockup period dictates the amount of bOMM you hold, which affects your voting power and OMM earning potential.
To learn more about bOMM and try it on the testnet, make sure to read About Boosted OMM:
As bOMM will replace the existing OMM staking model, it requires community approval before it can be pushed to mainnet.
Think it’s confusing, want to pay a penalty to unlock early, or believe fees should be offered as an additional reward? Leave a comment on the forum so your feedback can be considered, and so a thorough governance discussion can take place with the community prior to a vote.
While the community tests and discusses the implementation, the developers will continue to convert the relevant smart contracts to Java. Based on Balanced’s implementation, it could take up to a few months to rewrite and test them. A proposal can be submitted to a vote in the meantime, and enacted after the smart contract changes have been finalised.
Omm Monks initiatives
The Omm Monks shared their 1-month progress report on the forum shortly after the last roadmap update. It details all their efforts engaging and informing the Omm community, and is well worth the read for the level of transparency they provided.
But they didn’t stop there. Since then, they’ve:
- Launched an Omm Monkstronauts guild for the Project Nebula space strategy game
- Opened a Monastery channel on Discord for Monks Create NFT holders
- Held Twitter competitions with NFTs rewarded to the winners
- Started a weekly quiz on Discord
- Hosted another Monks Academy session: Understanding Stablecoins
Stay tuned for their next monthly progress update on the forum.
In the last roadmap update, we mentioned that Optimus, the low-risk yield optimiser, had just added two Omm investment strategies – Supplier and Staker – with incentives of their own.
So far it’s had a positive impact on the ICX supplied to Omm: the ICON market increased week-on-week through April for a 12% gain.
If any other product teams want to leverage Omm’s functionality, reach out to the developers on Discord.
Targets for May
- Migrate the AddressProvider, Governance, Delegation, and bOMM-related smart contracts to Java
- Discuss bOMM with the community and submit a proposal to vote on
- Prepare bOMM updates for the website and docs
- Begin design for additional marketing resources: Why Omm and a Statistics page