Do you have USDC in your wallet? Rather than watch it lose value from inflation, supply it on Omm. You'll earn yield in the form of interest and Omm Tokens (OMM), and can use it as leverage to borrow ICX and other stablecoins.
Omm leverages the ICON blockchain to provide a fast and cheap DeFi experience. And Orbit Bridge makes it easy to convert your USDC to IUSDC (and vice versa), so you can use it on Omm and other apps in the ICON ecosystem.
Get an ICON wallet and add ICX
If it's your first time using an app on the ICON blockchain, you'll need to set up an ICON wallet that can connect to them: use the Hana Chrome extension in your browser, the MyIconWallet app on mobile, or a Ledger device.
To make transactions, you’ll need some ICX. The average transaction fee on ICON is around 0.02 ICX, so you won’t need to buy a large amount to cover usage costs.
If you're already using an exchange like Binance, Huobi, or Kraken, you can purchase ICX there and send it to your ICON wallet. Otherwise, you can buy ICX via a service like Changelly, ChangeNow, or Easy Crypto.
Convert your USDC to IUSDC
Use Orbit Bridge to "wrap" your USDC for use on the ICON blockchain. Go to bridge.orbitchain.io, then click 'Select a token to convert' and choose USDC from the list. Click 'From chain' and choose Ethereum, then connect your Ethereum wallet.
Click 'To chain' and choose ICON, then enter the amount of USDC you'd like to convert. Paste in the address for the ICON wallet you created, then click 'Convert now' and complete the transaction.
ICON transactions are near-instant, so you should see IUSDC in your ICON wallet right away.
Supply IUSDC on Omm
Now that you have both IUSDC and ICX in your wallet, you can supply them on Omm. Go to app.omm.finance in your browser, or from the Browser tab in the MyIconWallet mobile app, then click 'Sign in' and choose ICON or Ledger.
After you're signed in, you'll see ICX and IUSDC listed under the Markets section as 'Available to supply'. Click the IUSDC market to expand it, then click Supply and use the slider to choose the amount. The daily interest and OMM you can expect to earn will update as you adjust the value.
When you're happy with the amount, click Confirm and complete the transaction. Omm doesn't charge you anything to supply to a market, so you'll only pay a small ICX transaction fee.
Claim and use your OMM rewards
The interest you earn from the IUSDC market will be added to your Supplied balance automatically, so you can sit back and watch it grow over time.
To receive your OMM rewards, head over to the Rewards page. The Overview section will show the amount you've earned from the markets, and it accrues in real time, so you can claim OMM whenever you see the Claim button available.
What can you do with your Omm Tokens?
To earn more rewards and participate in Omm's governance process (like voting for new markets), stake it from the Staking section (unstaking takes 3 days).
If you're less concerned about Omm governance, supply your OMM to the Omm Token market. You'll only earn OMM for participating in this market (no interest), but you can use your OMM as leverage to borrow from other markets.
Or to maximise your earning potential, supply your OMM to a liquidity pool on Balanced with an equal value of IUSDC, sICX, or USDS. Then stake your LP tokens on Omm to earn more OMM.
You can use the Balanced exchange to get more of the assets you need, or to convert ICX to its staked form, sICX. Liquidity pools aren't risk-free, so make sure you understand the risk of impermanent loss before you start.
Borrow from other markets
If you want to do more than earn a passive income, you can leverage your IUSDC to borrow up to 50% of the value from any of the markets on Omm.
Omm's variable interest rates are best for short-term loans. But as most markets reward borrowers with enough OMM to negate the borrow interest, you essentially get paid to borrow. You can see this in action if you use the toggle at the top of the page to view the market rates with/without OMM.
To borrow an asset, go to the 'All markets' view on the Home page, then expand the market you'd like to borrow from. As you choose the amount, you'll see a risk percentage that increases the more you borrow. If your risk reaches 100%, some of your IUSDC will be liquidated to bring your risk back to the maximum borrow amount, a risk level of 76%.
If you only borrow other stablecoins, your liquidation risk is low – just be mindful that the borrow interest will increase your debt (and your risk) over time.
Not sure which asset to borrow? Borrow a stablecoin to take advantage of arbitrage opportunities, earn yield from other platforms, or trade for a number of assets on the Balanced exchange. If you borrow USDS, you can send it to your bank account via Stably (requires a verified identity).
Get started with Omm
Now you've seen how you can use your USDC on Omm. IUSDC is Omm's first cross-chain market, but as the goal is to become the leading cross-chain money market, many more will be listed soon.
Get started with Omm so you can experience ICON's DeFi ecosystem first hand. We know you're going to love it.
For any questions, join the Omm community on Discord.