FAQ

Questions about Omm? Find the answers to common queries here.

When OMM will be distributed

Omm is using a guarded launch strategy, which means OMM rewards aren’t active until 48 hours after launch (August 26 at 5am UTC). Until then, you can only earn interest for supplying assets.

From August 26, you’ll see the amount of OMM you’ll earn daily from each market, and can see the total amount on the Rewards page.

You can claim OMM from the Rewards page on August 31 after 5am UTC. Your OMM earnings will then update every 2 seconds, and are claimable at any time.

How to earn rewards

ICX staking rewards. Supply ICX to earn staking rewards automatically. Your supplied ICX value will increase over time to reflect this.

Supplier rewards. Supply an asset to earn interest and Omm Tokens each day.

Borrower rewards. Borrow an asset to earn Omm Tokens each day.

Staking rewards. Stake OMM on Omm to earn more Omm Tokens daily.

Liquidity rewards. Supply OMM to a liquidity pool on Balanced, then stake your LP tokens on Omm to earn more OMM.

Liquidation rewards. Set up a liquidation bot to cover the debt of high-risk positions for a 10% profit.

How to qualify for the airdrip

In partnership with the ICON Foundation, ICX holders can participate in the ICON Community Airdrip to receive Omm Tokens.

From the day Omm launches, delegate (stake and vote for anyone with) ICX from a wallet you hold the private keys for, like Hana, ICONex, a Ledger, or the MyIconWallet app. Then sign in to omm.finance/airdrip with your wallet every week from September 7 to claim your drip of Omm Tokens. You have a week to claim each drip – if you forget, you’ll lose it.

If you use a supported wallet, like ICONFi, invest your ICX and relax. You'll automatically receive the airdrip every week after Omm launches.

ICX held elsewhere, like on Binance, or as sICX on Omm or Balanced, doesn’t qualify for the airdrip.

How sICX works

sICX (Staked ICX) is a form of ICX you can hold in its staked state and still be entitled to ICON staking rewards.

When you supply ICX, it's added to a staking pool so it continues to earn staking rewards. It's represented by sICX, and the ICX value grows over time in proportion with those rewards. You'll receive sICX when you withdraw, which you can unstake or swap for ICX on Balanced.

You'll also receive sICX when you borrow from the ICON market.