ICON’s new open money market, Omm, will be launching in just seven days.
So now would be a great time to familiarize yourself with the market and its governance token, OMM.
Omm announced Tuesday that it will be officially launching on August 24, around 5 a.m. UTC.
The team has celebrated by updating the website, focusing more on the content.
The team advises, “If you need to unstake ICX to use with Omm, you’ll want to do so now, as the current unstaking time is 7 days.“
‘ICON’s de facto money market’
As the name “Open Money Market” suggests, Omm is designed to be accessible to anyone, even those new to cryptocurrency — just sign in with Bridge to attach a wallet to your email address, then use it to buy Stably USD (USDS).
And more to the point, the market is designed for everyone to win. Whether you’re supplying assets to earn interest, borrowing assets for short-term loans or staking, you can earn OMM for doing so.
The developers say, “Omm plans to be the de facto money market for the ICON ecosystem, so we wanted everyone with ICX to benefit from and grow the Omm protocol together.“
And it’s a better deal than the banks, they say.
“Your money loses value every day it stays in the bank,” writes the team on its website. “Many countries target an annual inflation rate of 2%, but most banks offer less than a 0.5% return. You deserve better.“
Incidentally, there is an alternative option to access OMM for U.S. bank account holders via wire transfer over the Stably USDS coin. And if you choose to borrow USDS, you can have it sent to your bank account to pay for real world expenses.
Multiple blockchains via Orbit Bridge?
While focused on ICON, Omm aims to support assets from multiple blockchains.
To do this from Day 1, they’ve partnered with P-Rep Ozys and their Orbit Bridge platform to bring other assets into Omm in “wrapped” form, including Ethereum, Bitcoin, USD Coin, Tether, Dai, Band Protocol and Ren.
According to Omm, it takes just a few minutes to move your assets between the supported blockchains.
They also stress the importance of a USDC market.
“With Orbit Bridge, Omm can offer more utility to its audience,” they write. “A USDC market will make it easier to attract the average DeFi/crypto investor, provides more opportunity for capital to move through the protocol, and gives ICX holders more variation in the assets they can borrow against.“
Both suppliers and borrowers can earn Omm’s governance token, OMM, as a reward for liquidity provided to the network.
You can earn OMM tokens by supplying assets to a liquidity pool at Balanced, and if you are an ICX staker, you can earn further Omm tokens through weekly airdrip initiatives.
“Omm operates as a decentralized autonomous organization (DAO), owned by its community,” say the developers. “Omm Tokens (OMM) are the platform’s governance token: stake them for the right to shape Omm’s future, and to earn even more OMM.“
For further information, follow @ommfinance on Twitter