OIP 9: bOMM Implementation


Change OMM staking model to a time weighted OMM locking model: bOMM model.

Locked up OMM tokens will not be transferrable, so users are committing to a long term alignment with the protocol while being rewarded for it. Weight of locked OMM tokens will decay linearly to 0 based on the amount of time one has locked. Below is an example:

  • 1 week = 0.0048 bOMM per 1 OMM staked
  • 1 month = 0.0208333 bOMM per 1 OMM staked
  • 3 months = 0.0625 bOMM per 1 OMM staked
  • 6 months lockup = 0.125 bOMM per 1 OMM staked
  • 1 year lockup = 0.25 bOMM per 1 OMM staked
  • 2 year lockup = 0.5 bOMM per 1 OMM staked
  • 4 year lockup = 1 bOMM per 1 OMM staked

In simple words, users can lock up their OMM tokens up to 4 years, and users will have more governance power and qualify for additional OMM distribution from the protocol (up to 2.5x) as they lock up more OMM tokens for a longer period of time. They will also have more meta governance influence on ICON P-reps and may receive more relevant airdrops (eg: ICX, CROWN, IAM, etc.). Those who are locking OMM tokens for a shorter period of time or not locking any tokens will be diluted in terms of how many OMM tokens they receive (as much as 0.4x). As a result, this token economics enhancement will lead more OMM to be in the hands of those who are long term aligned with the protocol.

Earning Weight of OMM Rewards = min((dollarProvided * 40 / 100) + (totalLiquidity * votingBalance / votingTotal * (100 - 40) / 100), dollarProvided)

Latest implementation of bOMM can be tested on testnet. You can learn more about bOMM implementation in the following blog post and github link.

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