All Omm Tokens will be earned by using the Omm protocol, and will be minted and distributed on a daily basis. Exact allocations of the daily supply will be decided prior to the launch, but will be adjustable via Omm governance decisions. The categories of OMM distribution are:
DAO fund (40%)
Omm Worker Tokens (30%)
Liquidity pools (15%)
OMM / sICX (5%)
OMM / IUSDC (5%)
OMM / USDS (5%)
4% to ICX/sICX (3.6% for supplying/0.4% for borrowing)
3% to IUSDC (1.5% for supplying/1.5% for borrowing)
3% to USDS (1.5% for supplying/1.5% for borrowing)
OMM staking (5%)
Omm Token distribution is purely based on the OMM distribution schedule, and its parameters are subject to change based on market conditions.
In addition to the entitlements highlighted below, staking Omm Tokens will be rewarded with a portion of daily OMM distribution. However, there is a 3 day unstaking period. In the future, up to 20% of the staked OMM can be used as an initial insurance pool in case of a potential exploit of the Omm protocol.
Entitlements of OMM holders
OMM holders will be entitled to governance rights of the protocol, delegation rights of the staking pool for ICX deposits, and usage of the Omm DAO fund.
Omm’s governance decision making for future updates will be based on ownership weight in OMM. Consensus among OMM holders will be required to adjust the protocol. Voting will be done on-chain and is therefore binding, so each adjustment, once approved, will be implemented into the protocol.
Governance rights include, but are not limited to:
Adjustments to Max Loan to Value (LTV)
Adjustments to Liquidation Threshold
Adjustments to the interest rate models
Adjustments to the interest rate parameters
Adjustments to the oracle address
Adjustments to Omm Worker Tokens (OWT)
Addition/removal of a specific money market
To qualify for governance rights, the Omm Tokens must be staked and the wallet staking the OMM must belong to an active borrower or supplier.
Omm Worker Tokens
Omm Worker Tokens have rights to a certain portion of new Omm Tokens minted, and are designed to incentivize contributors of the project. Initially, Omm Worker Tokens will be entitled to 30% of the Omm Token inflation, which may be adjusted by the governance decision of OMM holders.
Omm Worker Tokens can be either transferred by the holders of the OWT or via a vote by OMM holders. 100 OWT will be initially distributed to early main contributors, including but not limited to, ICX Station, PARROT9, iBriz, and Robi Markač.
OWT are expected to slowly transition to the DAO fund, which will incentivize new contributors to the project, over 4 years.