Omm is a money market made for everyone. But ICON investors are special. Built on the ICON blockchain, Omm was designed for ICX holders first – while also being accessible to beginner and experienced DeFi users.
If your ICX is staked in your wallet, you’re already making a decent return. Why complicate that with another platform? Because on Omm, staking rewards are just the tip of the iceberg.
Supply ICX to earn triple rewards
As a money market, people who supply assets earn interest from those who borrow them. So if you supply ICX, the amount will increase over time from the interest you’ll receive.
The interest you’ll earn varies based on supply and demand. The demand to borrow ICX usually isn’t high – as you’ll see from the interest history chart – but by holding your ICX in Omm you’ll benefit from any interest spikes.
Passive staking rewards
When you supply ICX to the market, it’s converted to sICX in the background. Your ICX is added to a staking pool, so it continues to earn staking rewards. This gradual increase is reflected in the value of ICX vs sICX, but may be slower than traditional staking due to the combination of ICON’s initial 48-hour delay for staking rewards, and continual interactions with the pool.
You can switch between ICX and sICX in the supply section to view the supplied value and the amount held in your wallet.
OMM is the governance token for Omm, and is used to incentivise specific activities. You’ll earn OMM for as long as you supply ICX. It accrues in real time, and you can claim it on the Rewards page whenever there’s a balance available.
Leverage your ICX to borrow
If you want to take a short-term trade, or need to cover expenses but don’t want to sell ICX immediately, you can borrow from a market using your ICX as collateral. You'll get paid OMM to borrow, but you'll need to repay your loan plus interest, based on the variable interest rate.
Choose from bnUSD or other stablecoins. Stably USD (USDS) can be transferred to your bank account via Stably, so it’s a good option for those with bills to pay. Just be aware that if the USD value of your supplied ICX drops, your risk will increase.
You can also borrow ICX to trade on exchanges, cash out to fiat, or stake to earn more rewards. If you plan to spend or trade it, be aware that if the USD value of ICX increases, so will the dollar equivalent you have to repay.
If you’ve never used leverage before, be careful. When your risk reaches 100%, some of your supplied assets will be sold to reduce your debt back to the maximum borrow amount (risk of around 76%).
Use your OMM to earn a passive income
What’s better than Omm Tokens? More Omm Tokens. After you’ve earned some OMM, put it to work so you can keep earning more.
If you lock up your OMM, you’ll receive more OMM as a reward and will also hold voting power.
Or if the returns are better, you might choose to supply your OMM to the Omm Token market instead.
Participate in governance – or not
Care which ICON P-Reps you vote for? After locking up OMM, you’re entitled to vote for up to 5 P-Reps. Some P-Reps offer voting incentives, like ICON Asset Management and GangstaBet.
Voting isn’t required to earn rewards: if you don’t want to participate, you don’t have to. Your votes will be allocated towards the Omm early contributors until you choose otherwise.
And if, after trying Omm, you care about the decisions that will affect its future, like which markets to add or what the borrow fee should be, you can participate in Omm’s governance process, as well. Read and participate in discussions on the forum, and approve/reject each proposal when it goes to a vote. You’ll see a notification in the app whenever there’s a proposal ready for you to vote on.
Ready to do more with your ICX? Supply it on Omm and dip your toes into DeFi.