Based on the new direction by the ICON Foundation, Omm’s liquid staking service won’t be needed in the foreseeable future as ICON L1 shuts down. As a result, Omm early contributors would like to propose sunsetting the Omm protocol. Here are next steps we are proposing for the liquid staking protocol:
- Distribute the fees accrued in the DAO fund (136,518 sICX) to users based on their bOMM balance
- Let users unlock their bOMM
We are also discussing best ways to unwind previous money market deposit & borrow balances, so bnUSD depositors can get some of their capital back given its 100% utilization rates. If you still have assets deposited into the money market, please withdraw them as soon as possible since the money market will also sunset completely.
I think this is the best path, does a snapshot make sense to avoid gaming this?
I don’t think the snapshot is necessary at the moment as users who are still actively monitoring the governance can boost their bOMM if they wish.
Updates regarding money market situation:
- Since money market has been deprecated, USDS and IUSDC have gone through bankruptcy and hacks, and thus will be valued at $0 for the purpose of distribution
- There is an individual (hxbffc0dd3982a8cc3b6154a58fe7fa3336e102559) who borrowed $20K+ bnUSD by supplying USDS, which is causing a large discrepancy between users’ [Total Supply - Total Borrow] balance and market’s [Total Supply - Total Borrow] balance
- Users’ net balances are $90,306 and Market’s net balances are $67,212, resulting in approximately 75% capital back to users who have not withdrawn their balances since Omm’s transition to liquid staking 2 years ago
- There are approximately 960 users with higher than 0 balance of [Total Supply - Total Borrow] when counting ICX, bnUSD, and OMM market
- $67,212 in sICX and OMM will be distributed to 960 users pro rata based on their [Total Supply - Total Borrow] balance