Dunedin, New Zealand, August 24, 2021 (GLOBE NEWSWIRE) – (via Blockchain wire) Omm (omm.finance) today announced the launch of its decentralized money market at the ICON blockchain. Omm allows anyone to lend or borrow digital assets and earn interest, and includes bridge as a login option and Fiat on / off ramp.
In traditional finance, money markets provide short-term funding and liquidity to borrowers. They are attractive to investors because of their relatively high interest rates and instant liquidity, making the money market a cornerstone for retail investors, small businesses, and corporations.
With $ 80+ billion Now locked into DeFi, money markets are becoming just as important in the blockchain ecosystem. However, they are not easily accessible to people unfamiliar with crypto due to foreign concepts such as private keys, gas charges, and slow transaction speeds. Omm simplifies the process of decentralized lending / borrowing and liquidity generation through direct fiat onboarding and offboarding through bridge. When people sign up with Omm, they have the option of depositing USD directly from their bank account via Bridge and Stable, or to connect a wallet that already contains supported assets.
“Omm will begin as a pillar of the ICON DeFi ecosystem, but plans to develop as a cross-chain money market. Our big vision is to create an open money market that drives the mass adoption of DeFi by allowing anyone around the world to experience it – without having to know they are interacting with a blockchain service, “said a former employee of Omm.
Omm consists of two market participants: lenders and borrowers. Once enrolled, participants can provide assets to earn interest and borrow (pay interest) assets, with interest rates automatically adjusting for supply and demand. Participants earn Omm Tokens (OMM) as a reward and can use them or provide them as liquidity Balanced to earn even more. OMM gives the holders governance authority and allows them to vote on the future of the protocol.
Bridge allows Omm users to borrow funds and then transfer them directly to their bank account. In addition, people with no blockchain knowledge can liquidate Omm tokens and participate in governance. ICON native cryptocurrency holders, ICX, can also use Omm to borrow stablecoins against their ICX to trade and continue to earn staking rewards.
Omm is the result of a collective effort by ICX station, iBriz, and PARROT 9. Hashed, CMS Holdings, FBG Capital and several renowned personalities are there strategic partner. The protocol was checked by Slowmist. To find out more, check out the Omm websitejoin in Omm Discord Channel, or follow Omm on Twitter.
Omm is a decentralized money market on the ICON blockchain. Omm enables anyone to loan or borrow digital assets and earn interest with direct fiat onboarding and offboarding. Omm is made up of two market participants: lenders and borrowers. Lenders receive interest and borrowers pay interest, with interest rates automatically adjusting for supply and demand. Participants earn Omm Tokens (OMM) as a reward and can use them or provide them as liquidity Balanced to earn even more. Omm is a fair launch protocol and its tokens give holders governance powers that allow them to vote on the future of the protocol.