Omm + Orbit Bridge: Bridging popular assets to ICON’s DeFi ecosystem

Read this post on the Omm blog.

Since Omm’s inception, the vision was to create a money market that supports assets from multiple blockchains, not just ICON. To make that a reality from launch day, we’ve been working with Ozys and their Orbit Bridge service to offer a market for USDC.

Ozys is an ICON P-Rep (public representative), and their Orbit Bridge allows assets from other blockchains to be used on ICON in a “wrapped” form:

  • Ethereum > ICON Ethereum (IETH)
  • Wrapped Bitcoin > ICON Wrapped Bitcoin (IWBTC)
  • USD Coin > ICON USD Coin (IUSDC)
  • Tether > ICON Tether (IUSDT)
  • Dai > ICON Dai (IDAI)
  • Band Protocol > ICON Band Protocol (IBAND)
  • Ren > ICON Ren (IREN)

…And so on. You can use the bridge to move your assets between supported blockchains, and it only takes a few minutes.

Why a USDC market matters

With Orbit Bridge, Omm can offer more utility to its audience. A USDC market will make it easier to attract the average DeFi/crypto investor, provides more opportunity for capital to move through the protocol, and gives ICX holders more variation in the assets they can borrow against.

We’ll have a wider range of assets to choose from in a few months with the release of BTP, but thanks to the work of Ozys, Omm can support cross-chain markets from day one.

Convert your USDC to IUSDC

If you hold USDC and would like to supply it on Omm, you can use Orbit Bridge to convert it to IUSDC. You’ll need access to both Metamask and an ICON wallet in your browser.

To get started, go to bridge.orbitchain.io, or check out the Orbit Bridge guide (PDF).

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A money market where anyone can lend and borrow assets, earn interest, and earn OMM for doing so. Coming soon to the ICON Network.

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Omm

Omm

A money market where anyone can lend and borrow assets, earn interest, and earn OMM for doing so. Coming soon to the ICON Network.

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