Omm Tokens: Liquid Staking Protocol on ICON Blockchain

What is Omm Tokens

Friends, imagine you have some money in the bank. You can earn a bit of interest, but when you want to withdraw and use it, you have to wait several days, and during that waiting period, your money can't be used for anything else. In the blockchain world, this is similar to “staking” your cryptocurrency: you earn rewards, but usually there’s a lock-up period, during which your coins are “stuck.”

Omm Tokens (OMM for short) represent the Omm Finance project, which was originally created to solve this problem. It started as a decentralized finance (DeFi) protocol running on the ICON blockchain. You can think of it as a “digital bank,” but one that runs automatically by code, not controlled by any company. Its core function is to provide “liquid staking” services.

Simply put, if you hold ICON’s native token ICX, you can deposit ICX into Omm Finance, and Omm will give you a token called sICX. This sICX acts like a “deposit certificate,” representing your staked ICX and the staking rewards it’s earning. The best part is, this certificate (sICX) is “alive”—you can use it elsewhere, such as trading or providing liquidity, while your original ICX quietly earns you returns in the background. This way, your assets earn staking rewards without being locked up, maintaining liquidity.

Besides liquid staking, Omm Finance also offered lending market services in its early days. Users could deposit assets to earn interest, or use their crypto as collateral to borrow other assets—just like saving and borrowing in a traditional bank.

However, there’s a very important update: since the underlying ICON blockchain is about to shut down, the Omm Finance project will also cease operations by the end of 2025. This means all users need to withdraw their funds and tokens from the Omm platform as soon as possible.

Project Vision and Value Proposition

Omm Finance’s vision is to make assets on the ICON blockchain more liquid and efficient. The core problem it aimed to solve was the lack of liquidity in traditional staking models. Before liquid staking, users had to lock up their tokens for a period to earn staking rewards, missing out on other DeFi opportunities during that time.

Omm Finance introduced sICX to make staked ICX “active.” Users could enjoy staking returns while using sICX in other DeFi protocols, increasing capital efficiency. It’s like depositing money in a special bank account, getting a card you can spend anytime, while your deposit keeps earning interest.

Compared to similar projects, Omm Finance focused on the ICON ecosystem, providing ICX holders with a convenient liquid staking solution and once attempted to build a complete money market.

Technical Features

Omm Finance, as a DeFi protocol, mainly runs on the ICON blockchain. Its technical core is smart contracts—think of these as self-executing code written on the blockchain. When certain conditions are met, the code automatically performs preset functions, such as converting ICX to sICX or calculating lending interest.

Its main technical features include:

• Smart contract driven: All staking, lending, reward distribution, and other operations are automatically completed by smart contracts deployed on the ICON blockchain, ensuring transparency and decentralization.
• Liquid staking token sICX: sICX is one of Omm Finance’s core innovations. It represents staked ICX and its accumulated rewards, and can be used in other DeFi protocols within the ICON ecosystem, providing asset liquidity.
• Decentralized governance: OMM token holders can participate in protocol governance by voting, deciding parameters, fees, etc.—embodying the spirit of decentralization in blockchain projects.

As for consensus mechanism, Omm Finance itself does not have an independent consensus mechanism. It relies on its underlying blockchain—ICON’s consensus—to ensure transaction security and network stability. ICON uses Delegated Proof-of-Stake (DPoS), where token holders vote for representatives (validators) to verify transactions and maintain network security.

Tokenomics

Omm Tokens (OMM) are the governance tokens of the Omm Finance protocol. Their main function is to give holders the right to participate in protocol decisions.

• Token symbol: OMM
• Issuing chain: ICON blockchain
• Token utility:
  • Governance: OMM holders can lock their OMM tokens to obtain bOMM (Boosted OMM), thereby gaining voting rights. They can vote on protocol proposals, such as adjusting fees, managing DAO funds, and even influencing sICX’s default voting delegation and the share validators receive from protocol fees.
  • Rewards: Early on, users participating in Omm’s money market (such as providing liquidity or lending) could earn OMM tokens as rewards. However, according to the latest information, Omm Finance has shifted to a liquid staking protocol, and the money market and liquidity pools no longer earn OMM.

Regarding OMM token supply, issuance mechanism, inflation/burn, and specific allocation and unlocking details, no detailed whitepaper-style description is found in public sources. But it can be inferred that, as a governance token, its issuance and distribution are typically linked to community incentives, team, early investors, etc.

Note: Since the project is about to close, OMM token circulation and value will be significantly affected.

Team, Governance, and Funds

Omm Finance, as a decentralized protocol, does not disclose its core development team information as clearly as traditional companies in public sources. However, it emphasizes decentralized governance.

• Governance mechanism: OMM token holders are the “owners” of the protocol. By holding and locking OMM (to get bOMM), they participate in protocol governance. This means any major changes, parameter adjustments, fee settings, etc., must be decided by community vote. This model aims to ensure decision-making power is in the hands of the community, not a few centralized entities.
• Treasury and funds: As a decentralized autonomous organization (DAO), Omm Finance typically has a community-controlled treasury (DAO Fund) to support protocol development, maintenance, ecosystem building, etc. OMM holders can vote to decide how treasury funds are used.

However, given the project’s imminent closure, the team’s ongoing maintenance and the runway (funds supporting project operations) will also come to an end.

Roadmap

Since Omm Finance will close by the end of 2025, its future roadmap no longer has traditional development plans. Instead, the most important “roadmap” now is guiding users to safely withdraw their funds.

Key historical milestones and events:

• Project launch: Omm Finance launched as a DeFi protocol on the ICON blockchain, offering liquid staking and money market services.
• Introduction of sICX: Allowed users to convert ICX to sICX, enabling liquidity for staked assets.
• OMM token issuance: Launched governance token OMM, granting community governance rights.
• Protocol vulnerability/attack event: A protocol vulnerability occurred, leading to subsequent “restricted launch.”
• Transition to liquid staking protocol: Omm Finance, through community proposals (OIP 18 and 19), transitioned to a pure liquid staking protocol; the money market and liquidity pools no longer earn OMM.

Future key plans and milestones:

• End of 2025: Omm Finance will go offline with the closure of the ICON blockchain.
• Now to end of 2025: Guide users to unlock OMM and withdraw funds from the market as soon as possible.

Common Risk Reminders

Investing in any blockchain project comes with risks, and for Omm Tokens (OMM), the risks are especially pronounced due to the project’s imminent closure. Here are some key risks to note:

• Project closure risk (confirmed): This is the most direct and significant risk. With the underlying ICON blockchain shutting down, Omm Finance will cease operations by the end of 2025. This means the project will no longer be maintained, and its tokens and services will become worthless or lose most of their value.
• Liquidity risk: As the project nears closure, OMM token trading volume may drop sharply, leading to liquidity drying up. Users may find it difficult to sell their OMM tokens.
• Smart contract risk: Although smart contracts aim for automation and decentralization, they are not immune to vulnerabilities. Past “exploit” events show that even mature protocols can face smart contract security issues, resulting in fund losses.
• Market risk: The crypto market is highly volatile. OMM token prices may fluctuate sharply due to overall market sentiment, project closure news, and other macroeconomic factors.
• Operational risk: Users need to pay close attention to official project announcements and complete all necessary fund withdrawals and token unlocks before the project closes, or risk losing assets.
• Not investment advice: Remember, all information above is for reference only and does not constitute investment advice. Always conduct your own research and risk assessment before making any investment decisions.

Verification Checklist

Given Omm Finance’s imminent closure, the following checklist is now mainly for confirming project shutdown status and guiding fund withdrawal:

• Omm Finance official website: Visit omm.finance to confirm project closure announcements and latest guidance.
• Block explorer contract address: Check OMM token and Omm Finance-related smart contract addresses on the ICON blockchain explorer to verify their existence and transaction history.
• GitHub activity: Review Omm Finance’s GitHub repository (if public) for code updates and maintenance status. However, with the project closing, code activity may have dropped sharply.
• Community forums/social media: Follow Omm Finance’s Reddit community (e.g., r/OmmFinance) or other official social media channels for the latest information and community discussions on project closure and fund withdrawal.

Project Summary

Omm Tokens (OMM), representing Omm Finance, was once an important decentralized finance protocol on the ICON blockchain. By providing liquid staking services, it enabled ICX holders to earn staking rewards while maintaining asset liquidity, and once built a money market, contributing to DeFi development in the ICON ecosystem. OMM, as its governance token, gave the community the right to participate in protocol decisions, embodying the concept of decentralized autonomy.

However, a crucial and unavoidable fact is that, with the underlying ICON blockchain set to close by the end of 2025, the Omm Finance project will also cease operations. This means the project has entered the end of its lifecycle, with no future development potential. The current core task is to ensure users can safely and promptly withdraw all their assets from the platform.

For anyone considering activities related to Omm Tokens or Omm Finance, including holding OMM tokens, it’s essential to fully understand the major risk of project closure. All information about this project should be based on official closure announcements and guidance. Be sure to conduct thorough research and carefully assess all potential risks—this is not investment advice.