DeFi startup Omm launches decentralized money markets on ICON Blockchain to disrupt the current banking system

In the United States, The average bank interest rate for interest checking accounts is a meager 0.03%. Savings accounts aren’t any better either. The average savings account rate is currently 0.06%, while the average money market account interest rate is 0.09%. Considering that the annual inflation is at least 4% or more depending on the country you live in, your money loses value every day it stays in the bank.

Enter Omm, a DeFi (Decentralized Finance) money market platform where anyone can supply assets to earn interest, borrow assets for short-term loans, and earn OMM for doing so. Omm makes DeFi lending or borrowing and liquidity mining easily accessible to anyone with just an email address and bank account.

Omm is the result of a collaborative effort by ICX Station, iBriz, and PARROT9. Hashed, CMS Holdings, FBG Capital, and multiple renowned individuals are strategic partners. The protocol was audited by Slowmist.

Today, Omm today announced the launch of its decentralized money market on the ICON blockchain. Founded by Daeki Lee, Omm allows anyone to lend or borrow digital assets and earn interest and includes Bridge as a sign-in option and fiat on/off-ramp.

In traditional finance, money markets provide short-term funding and liquidity for borrowers. They’re attractive to investors because of their relatively high-interest rates and immediate liquidity, making money markets a cornerstone for retail investors, small businesses, and corporations.

With $80+ billion USD now locked in DeFi, money markets are becoming equally important in the blockchain ecosystem. However, they’re not easily accessible to people unfamiliar with crypto, due to foreign concepts such as private keys, gas fees, and slow transaction speeds. Omm simplifies the process of decentralized lending/borrowing & liquidity mining by providing direct fiat onboarding and offboarding through Bridge. When people sign in to Omm, they have the option to deposit USD directly from their bank account using Bridge and Stably, or to connect a wallet that already holds supported assets.

“Omm will start off as a pillar of the ICON DeFi ecosystem but plans to evolve as a cross-chain money market. Our grand vision is to create an open money market that pushes the mass adoption of DeFi by letting anyone around the world experience it – without even needing to know they’re interacting with a blockchain service,” said an early contributor for Omm.

Omm consists of two market participants: lenders and borrowers. After signing in, participants can supply assets to earn interest, and borrow assets (paying interest), with rates automatically adjusting based on supply and demand. Participants earn Omm Tokens (OMM) as a reward and can stake them or provide them as liquidity on Balanced to earn even more. OMM gives holders governance power, allowing them to vote on the future of the protocol.

Through Bridge, Omm users can borrow funds and then send them directly to their bank account. In addition, people with no knowledge of blockchain can liquidity mine Omm Tokens and participate in governance. Holders of ICON’s native cryptocurrency, ICX, can also use Omm to borrow stablecoins against their ICX to trade and continue to earn staking rewards.