The recent launch of OMM, a new Defi platform on the ICON ecosystem has been creating a lot of buzz around the crypto community. The new money market has received an overwhelming response from the ICON community, with over 31 million worth of assets supplied and over 1 million worth of assets borrowed in the first two days of launch. Since OMM is a new platform for the community, there have been a lot of questions from the new users. Here we have listed some of the FAQs asked on OMM discord and telegram channels:
- Will there be any Airdrop like in Balanced?
Yes, there will be an OMM airdrip every week. The first Airdrip drops on Monday, 6 September at 7 am UTC
To be eligible for Airdrip:
-Delegate (stake and vote with) the ICX from your ICONex, ledger, or MyIconWallet.
For ICONFi users: Stake your ICX. You’ll automatically receive an OMM token every week.
- How can I get OMM tokens? What are OMM tokens used for?
You can mine OMM tokens by
- Supplying or borrowing assets like USDS, iUSDC, ICX to OMM protocol
- Supplying liquidity for DEX on OMM/sICX, OMM/iUSDC, OMM/USDS pool
- Staking OMM tokens into OMM protocol
- OMM tokens are used as currency in different transactions in OMM protocol and they can be used in OMM to earn interest. They can also be exchanged to USD.
- Can I deposit FIAT?
Bridge will initially support USD ACH and debit/credit cards and support WIRE shortly afterward.
- In what countries will the Bridge widget be available in terms of depositing/withdrawing into a bank account? Does minting USDs imply transferring Fiat USD to a bank? What kind of banks will there be at launch?
Initially, OMM will have ACH integrated, so you will be able to deposit dollars from any U.S. bank. OMM plans to add the WIRE and debit/credit cards feature in the near future.
- What is the main difference between “OMM” and “Balanced”?
Balanced is for synthetic assets and users don’t earn interest for their collateral in Balanced, but users get interest for their collateral in OMM. Balanced also doesn’t have any interest rate or interest accrued from borrow, but OMM has a variable borrow rate that depends on the total deposit and borrowed amount in the pool.
- What is the OMM token economics? How much supply? Is there going to be a max supply of OMM tokens?
Total Supply: 383,000,000 OMM Tokens + 3% annual Omm Token inflation (year 5+).
- Will Omm require KYC? Do I need KYC to buy USDS stable coins??
OMM does not require KYC. However, Fiat on-ramp/off-ramp of Bridge will only be open to those who go through KYC since you are sending fiat from your bank to Stably.
- If I lend USDs through OMM what will be my reward? If I lend/borrow how do you know you gonna get it back? Will I be able to lend short term?
Yes, there will be a reward for lending which is dependent on your proportion of lending compared to all other lenders of that asset. Users can withdraw their deposit anytime through UI. There is no restriction of time while lending, you can lend on OMM for any duration of time
- How much time can we have until liquidation occurs?
Liquidation will occur immediately if your collateral value gets below the liquidation threshold. There is no time limit on liquidation.
- Do OMM token holders share the network fees similar to BALN?
No, all the network fees go to the DAO treasury in OMM.
- sICX is essentially the same as the sICX on the balanced platform. Will this not get confusing if they are separate from each other?
sICX is a representation of staked ICX on the ICON network, irrespective of OMM or Balanced. If a user has sICX, they can unstake that to get equivalent ICX.
- Is OMM going to list all tokens that are connected with BTP?
Most of the BTP tokens will be gradually listed in OMM, in addition to more assets from different chains.
- Will OMM also help ICX token?
Yes, the deposited ICX will be staked which will decrease the ICX circulation. Also apart from that, users can collateralize their ICX and borrow other assets.
- So will we lose rewards for the first 2 days?
Rewards don’t start until day 2, so no one is losing rewards.
- Will there be an early adopter’s incentivization scheme?
The daily OMM rewards for the first month are very high, which ensures early adopters are well incentivized.