Work continues amid the ongoing bear market. Since the last roadmap update, the early contributors proposed OIP 12 to prevent an exploit similar to the one experienced by the Mango market. The Karma Bond team analysed the first bond round and made suggestions for round 2. The app has been updated to include more details at mobile and highlight validator incentives. And the Omm Monks have reported another productive month.
Exploit mitigation with OIP 12
The recent Mango exploit demonstrated how easy it is to manipulate the price of low-volume assets (usually governance tokens) in order to steal funds from a lending protocol. BALN and OMM are harder to manipulate because they’re not on a centralised exchange, but there was a slim chance that someone with a lot of capital could increase the price and use them as collateral to siphon funds out of Omm.
To prevent an opportunity for exploitation, the Omm contributors proposed OIP 12 to prevent BALN and OMM from being used as collateral. It passed with 100% approval and a 53.65% participation rate.
More changes and governance proposals are required to close the loop on these adjustments, and are currently in discussion. Proposed changes include:
- Set the liquidation threshold to 0 for BALN and OMM collateral after a 3-month grace period
- Redirect OMM market rewards (0.4% of daily OMM inflation) to the DAO Fund
- Open a borrow market for OMM
Karma Bond analysis
The Karma Bond team have completed their analysis for the first round of OMM bonds and shared it on the Omm forum. Here are some of the highlights:
- 42 people participated
- 59.63% of bonders supplied liquidity for the first time
- 66.28% of the OMM acquired from bonds was sold
- 4.97% of the OMM acquired from bonds was locked to get more bOMM
- The OMM / sICX bond was most popular, with 40% more bonders than the other two
Based on these results, the Karma team have suggested a second, larger bond round with these details:
- Increase OMM rewards to $20,000 per bond (from $10,000), with the exception of OMM/sICX, which should be increased to $30,000
- Double the target period to 20 days
- Keep the same bond price sensitivity
- Increase max bonding amount per transaction to ~$500
To read the report and discuss the best setup for the second round of bonds, view the discussion on the forum:
New detail-oriented app update
The Omm app has been updated to provide an enhanced mobile experience. To make it easier to manage your finances on the go, you can now view all market and liquidity pool details that were previously hidden on smaller screens.
The Vote page has also been updated to change ‘P-Rep’ to the more commonly-used term ‘validator’, so as to reduce complexity for users who are less familiar with the ICON ecosystem.
To make voting decisions easier, validators that share rewards with voters now have an ‘Offers incentives’ label underneath their name, which links to more information in the Omm docs. You can browse through the top 100 validators, or filter the list to view those with incentives only.
If any validators that offer incentives to Omm voters haven't been included, get them to fill in this form.
bOMM status update
43 million OMM have now been locked in 1210 wallets, and 24.4 million bOMM have been created. The average lock-up time is now 2.26 years, up 5% from last month.
1 bOMM now has 1.73 ICX of voting power, a 16.8% decrease from last month. Assuming a 4-year lock period, $1 of bOMM is equivalent to $26 of ICX voting power.
Not sure who to delegate your ICX to? The recent app update makes it easy to see which ICON validators offer incentives, and you can find more details in the Omm docs.
Omm Monks update
October was a busy month for the community group known as the Omm Monks. A few days after the last roadmap update, the Monks submitted a progress report to share the activities completed since August, and what’s still to come in this round of initiatives.
Their main focus will be to promote bOMM voting power and validator incentives in order to raise awareness within the broader ICON community.
Earlier this week, they hosted a mini AMA in the ICON Discord channel to discuss the power of bOMM delegation.
The Monks also released a video that discusses validator incentives:
They’ve given away more NFTs through raffles on the Eye on ICON podcast — which they’ve also decided to sponsor for increased awareness.
The Monks are currently working on a website at monksacademy.com to provide more information about Omm and the Monks Academy, showcase the Monks NFTs, and highlight Monks Academy collaborations and partnerships.
And they continue to support the community and facilitate discussions in the Omm Discord channel. Thank you, Monks, for your unwavering support. 🙇
Plans for November
During November, the Omm contributors plan to:
- Discuss, propose, and deploy changes that close the loop on OIP 12
- Discuss, vote on, and launch the second round of Karma bonds
- Add a Funding proposal type to the Vote page
- Continue working on a “Why Omm?” marketing page
- Add the ICX staking APY to the ICON market