Two of ICON’s top DeFi platforms have released their progress reports.
In short, they’ve been very busy. And they’re about to get even busier.
OMM Focuses on bOMM
Let’s start with OMM.
The ICON ecosystem’s money market focused on two things in March:
- The Boosted OMM update
- The Java smart contract migration
According to the OMM team, most of the “hard work” has been completed for the Boosted OMM (bOMM), and we can expect to see a community testnet version in April.
What the heck is a Boosted OMM, you ask?
Well, there’s a long answer to that question, which you can read here. But to make things simple:
“In simple words, users can lock up their OMM tokens up to 4 years, and users will have more governance power and qualify for additional OMM distribution from the protocol ( up to 2.5x) as they lock up more OMM tokens for a longer period of time. They will also have more meta governance influence on ICON P-reps and may receive more relevant airdrops (eg: GG, IAM). Those who are locking OMM tokens for a shorter period of time or not locking any tokens will be diluted in terms of how many OMM tokens they receive. As a result, this token economics enhancement will lead more OMM to be in the hands of those who are long term aligned with the protocol.”
Like many other platforms across the Icon Republic, OMM has been converting its smart contracts from Python to Java. They’ve finished converting some of them, but they’ll be able to focus more on this task after the Boosted OMM upgrade is complete.
OMM — and the OMM Monks — have also engaged in some marketing and educational activities.
In April, the money market will focus mostly on the bOMM update, including:
- Releasing the bOMM community testnet
- Publishing bOMM-related content to guide the community
- Resuming bOMM discussions on the forum
- Submiting a bOMM governance proposal
OMM says, “If everything goes according to plan and the community approves the change, bOMM could be live in around a month.”
Balanced Focuses on Java
Meanwhile, DeFi hub Balanced spent March focusing on migrating its smart contracts to Java.
All but two smart contracts have been converted into Java, but in case you wanted to get the whole picture:
- Loans – Translation complete, pending review
- Rebalancing – Review complete, pending deployment
- DEX – Translation in progress
- Rewards – Translation complete, pending review
- Governance – Translation in progress
- Emergency Reserve – Deployed to mainnet
- Token contracts – Review complete, pending deployment
- Router – Review complete, pending deployment
- Fee Handler – Review complete, pending deployment
- DAO Fund – Review complete, pending deployment
- Dividends – Translation complete, pending review
- Staking Management – Deployed to mainnet
Balanced also added a page dedicated to bnUSD, its algorithmic stablecoin. It has also added a “monthly performance” section to its monthly roadmap update. For example, loan fees increased by over 41% over the last month, and the platform earned nearly 10% more in March than it did in February. The DAO fund also gained over 5% over the past month.
In April, Balanced will be completing the smart contract migration to Java. It will also activate continuous awards, implement protocol-owned liquidity, finish multi-language support for the Balanced frontend and make other improvements.
For the longer term, Balanced is looking at a number of new features, including:
- Multiple collateral types to grow the Balanced community and bring more stability to bnUSD
- Adding to the Balanced exchange a stableswap invariant pricing mechanism for like-kind assets (i.e. bnUSD and USDC) and the ability to lend Balanced liquidity on Omm to earn additional yield for liquidity providers
- Getting back to work on Boosted BALN (bBALN), which is basically the same concept as Boosted OMM
- Coming up with a sustainable cross-chain strategy for the BTP era.