Omm support

User flow for suppliers

Asset suppliers

The Omm protocol will aggregate the supply of each asset provided to the protocol by its users. To create fungibility throughout the protocol, each asset supplied to a market is represented by an IRC-2 token ('oToken'). Users will receive oTokens reflective of the amount of the supplied assets, and will receive additional oTokens reflective of interest accrued when interacting with any of Omm’s smart contracts (Lend, Redeem, Borrow, Repay, Liquidation). This design allows users to earn interest by simply holding an IRC-2 oToken.

sICX (Staked ICX)

ICX has an inherent risk-free interest rate attached to it because the ICON Network is a DPoS Network. Because of this, ICX deposits in the Omm protocol must first be sent to a Staking Pool contract. The Staking Pool contract will then issue sICX in proportion to the user’s share of the Staking Pool.
The price of sICX will be based on the following formula:
(Price of ICX x Total ICX in staking pool contract) / Total sICX outstanding

Use Case for Suppliers

Individuals or groups (P-Reps) with long-term investments in ICX and ICON- based assets can use Omm to improve their capital efficiency and generate additional returns through interest. For example, a supplier can earn variable interest rates by depositing fiat-backed stablecoins, ICX, and IRC-2 tokens. Additionally, by depositing assets, suppliers receive Omm Tokens, which represent ownership in the Omm protocol and come with several benefits discussed in the token economics section.