Omm: a money market made for everyone

2021-10-11 00:46:44 · 591 views · 4 min read

Omm is a money market on the ICON blockchain, designed to make financial opportunities accessible to all. You can supply assets to earn interest, borrow against them for short-term loans, and earn OMM for doing so.

There are numerous decentralised finance platforms out there, what makes Omm special? 

  • It's designed to be accessible to people new to blockchain, so they can sign in with only their email address. 

  • It's built on ICON, so transactions are fast (2 seconds) and cheap (~$0.01), and it can list assets from a variety of blockchains, making it primed to become the leading cross-chain money market.

  • Omm is a decentralised project owned by a thriving community. If you use the protocol, you'll earn Omm Tokens (OMM), which give you additional earning opportunities and voting power, so you can help shape Omm's future.

Here's how to get started.

 

1. Sign in to Omm

You can sign in to Omm with a Ledger or ICON wallet extension (Hana, ICONex) on your computer, or through MyIconWallet on mobile.

If this is your first blockchain app, you can also use Bridge to sign in with your email address – no extensions, passwords, or private keys required.

 

2. Supply assets to a market

If you have supported assets in your wallet, you can supply them to a market. You'll see them listed as 'Available to supply', along with your balance and the current interest rate for supplying it. This rate will vary based on supply and demand.

If your wallet is empty, add a supported asset, or learn how to buy Stably USD (USDS).

Once you have a supported asset, click the market to expand it, then click Supply and choose the amount. You'll see the interest and Omm Tokens you can expect to earn daily, based on the current rates.

When you're happy with the amount, click Supply to complete the transaction.

 

3. Borrow assets for short-term loans

After you supply an asset to a market, you can borrow against it. It will accrue interest each day based on the variable interest rate, so it's best for short-term loans.

Click to expand the market you'd like to borrow from, then choose the amount to borrow. In addition to the daily interest and Omm Tokens, you'll see a risk percentage. Keep it below 50% to reduce your risk of liquidation (some of your supplied assets getting sold to cover your debt) if the price of the assets you supply or borrow fluctuates.

When you're happy with the amount, click Borrow to complete the transaction.

If you borrow USDS, you can use Stably to withdraw it to your bank and cover everyday expenses.

 

4. Claim and stake OMM

If you participate in the markets on Omm, you'll earn Omm Tokens (OMM). Rewards accrue in real time, so you can claim OMM from the Rewards page whenever you have some available.

Once you have OMM, you can stake it to earn additional OMM, and to hold voting power for the Omm protocol.

You can also provide OMM liquidity on Balanced, although this includes the risk of impermanent loss.

 

Join the Omm community

Omm has been live since August 24, 2021, and already has a strong community behind it. To learn more about Omm, visit the website or join the community discussion on Discord.

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