During October, the Omm contributors:
- Created a custom blog
- Enacted changes in preparation for the ICE airdrop based on OIP1 and OIP2
- Listed a Balanced Dollars market based on OIP3
- Prepared for the ICON 2.0 upgrade
- Tested all the smart contracts on the Sejong testnet
- Open-sourced the Omm smart contract and front-end repositories
- Fixed some bugs around markets and governance
- Refactored the Home page to be more efficient
Going forwards, the plan is to put more effort into high-quality content creation. The goal is to position Omm as an authority within the DeFi space, and provide the community with resources they can share with their peers. Word of mouth marketing brings in 5x more sales than paid media, so the community should leverage that as much as possible.
Why focus on a blog?
- Content marketing costs 62% less than traditional marketing and generates ~3x more leads
- 70% of people would rather learn about a company from an article/blog post than a traditional ad
- Annual traffic growth is 7.8x higher for content marketing leaders
And by embedding the blog into the website, we can take advantage of the fact that:
- 75% of people view aesthetic content as more credible
- At least 2/3 of people prefer to read content that’s beautifully designed
More content published from the Omm domain will increase discoverability in search results. It also reduces the friction for new readers, who can easily navigate through to the marketing site and app.
ICE airdrop preparation
With the ICON 2.0 upgrade comes the promise of an airdrop. No one knows when it will take place yet, but ICX holders will, at some point, receive a 1:1 drop of ICE tokens. Every ICX borrowed at the time of the snapshot will dilute the amount of ICE that suppliers receive, so changes to the ICON market were necessary to prevent everyone from withdrawing their ICX in the interim.
The community approved OIP1, which deactivated the ICON borrow market, and OIP2, which increased the ICON borrow APR to 120%. It had a remarkable effect: a few days before the changes were enacted, 8.8 million sICX had been borrowed. A few days after, it had dropped to 2.8 million. As of publishing, there’s around 87,000 sICX outstanding.
Details around the ICE airdrop will be announced in 2 weeks, which should provide more clarity for Omm users, as well.
Balanced Dollars market
The community proposed to add a Balanced Dollars market to Omm with OIP3, and shortly after the ICON 2.0 upgrade, the bnUSD market went live.
8 million Balanced Dollars have already been supplied, and 6 million borrowed. If you’re holding bnUSD but aren’t sure what to do with it, supply it on Omm to earn interest and Omm Tokens.
Just gonna leave these here…
You can’t use bnUSD as collateral to borrow other assets right now, but the community can submit a proposal to change this at any time.
What’s next in November
During November, our focus is to:
- Complete dark mode
- Create contribution and brand guides for the community
- Begin publishing regular content from the Omm blog
- Publish a ‘How it works’ page for the website
We also hope to see more community discussions around:
- Which assets should be added to Omm
- What should be done with the protocol fees
- Whether the boosted BALN model makes sense for Omm