The Omm Token (OMM) is Omm's governance token. It represents ownership in the protocol, which you earn through participation. The best way to obtain some is to use Omm's money markets. When you have some, you can:
- Lock up OMM to boost your rewards
- Use bOMM to participate in governance
- Supply to the OMM market to get leverage and earn rewards
- Trade OMM and/or supply liquidity for it on Balanced
Lock up OMM to boost your rewards
Locked OMM earns a continuous stream of OMM, known as Boosted OMM rewards. To get them, lock up your OMM on the Rewards page for as little as 1 week, or as long as 4 years. The longer you lock up OMM, the higher your earning potential will be. Just be aware that you can't unlock it early.
If you've participated in any markets or liquidity pools, locked OMM will also "boost" the amount of OMM you can earn for your position in each. To see how your rates compare to the market average, check the boost value shown under 'Market rewards' and 'Liquidity rewards'. It ranges from 0.4x – 2.5x.
Make sure to visit the Rewards page periodically to claim your OMM rewards. If you choose, you can lock up your new OMM, and even extend the lockup period. The amount of OMM you can earn will decrease as the unlock date draws closer, so if your goal is to earn maximum rewards, you'll want to adjust it regularly.
To learn more, take a look at Get Boosted OMM.
Use bOMM to participate in governance
After you lock up OMM, you'll have Boosted OMM. bOMM gives you the power to submit and vote on Omm governance proposals, and delegate ICX to P-Reps on the ICON Network.
Your voting power (in bOMM and ICX value) is shown at the top of the Vote page. All votes for Omm are weighted in bOMM value. You can find the most recent Omm proposals in the section underneath, and if there's a vote ongoing, the app will draw your attention to it.
Before a proposal is submitted for a vote, it gets discussed on the Omm forum and in Discord. Make sure to check in to stay up to date with the discussions. It's a good way to learn from others and share your perspective before voting, especially if the rationale for a proposal isn't clear.
Boosted OMM also gives you ICX voting power. The ICX held in the ICON market has been staked, so you can delegate a portion of it towards up to 5 P-Reps (blockchain validators). They earn rewards for your support, and some even share rewards with their voters.
At the time of publishing, 1 bOMM has the voting power of 2.25 ICX, even though you can buy and lock OMM for a fraction of the ICX price, so P-Rep voting via Omm is a popular utility for many in the ICON community.
Supply to the OMM market to get leverage and earn rewards
Omm includes an Omm Token market: supply OMM to it to earn even more OMM. If you have an appetite for it, you can also use it as collateral to borrow up to 25% of the value from other markets.
To view the current rates for suppliers and borrowers, set the Home page toggle to 'Rates with OMM'. The amount of bOMM you hold and the size of your position will affect the rates you receive for each market.
To compare the market rate against your own, go to the 'All markets' view and expand the OMM market. The top level rate is the average, and the secondary level is your rate:
For more guidance, learn how to supply assets to a market on Omm.
Trade OMM and/or supply liquidity for it on Balanced
Balanced is the decentralised exchange for ICON, and complements Omm's DeFi services. If you want to mix up the markets you participate in, Balanced makes it easy to trade between all the assets Omm supports. But if you don’t want to sell your OMM or want an alternative income stream, you can supply liquidity for OMM instead.
If you supply OMM to a liquidity pool with an equal value of sICX, USDS, or IUSDC, you can earn more OMM for it on Omm. For now, liquidity providers earn more OMM than anyone else, with the current interest rates around 45%. But as with the money markets, the amount of bOMM you hold and the size of your position will affect the rates you receive.
If you’ve never supplied liquidity, be aware that it does come with some risks, so take a look at Provide liquidity for OMM for guidance.