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Omm is a liquid staking protocol for the ICON blockchain's native cryptocurrency, ICX.
ICX staking rewards average ~7% per year. To earn them traditionally, you need to lock up ICX and vote for ICON validators. You have to claim rewards manually, and you won't have access to your ICX until you unstake it – a process that takes around 7 days.
Omm provides an easier way.
It converts ICX to Staked ICX (sICX), an asset that earns staking rewards while remaining available to spend or trade. Rewards are claimed and staked daily, so the ICX value of sICX increases over time. When you need ICX, you can pay a 1% fee to swap sICX for ICX instantly. You don't even need to care about ICON validators – but if you vote for them, they may reward you for it.
To sustain itself, Omm collects 10% of the daily staking rewards.
Use Omm to:
- Convert ICX to sICX
- Unstake sICX instantly or initiate the unstaking process
- Delegate votes to ICON validators
- Influence the percentage of ICX that each validator earns from the protocol fee