Omm is a decentralised peer-to-contract protocol for the supplying and borrowing of IRC-based tokens. The protocol consists of free, publicly available, open-source software, including smart contracts that are deployed on the ICON blockchain.
Use of Omm involves various risks, including, but not limited to, losses in connection with the deposit of digital assets to the Omm protocol.
Smart contract risk. Omm smart contracts have been audited, but there’s always the possibility of a bug or vulnerability that compromises participants' funds. It would not be possible to recover them.
Liquidation risk. If your risk reaches 100%, you’ll lose a portion of your collateral.
Impermanent loss. If you supply two assets to an Omm liquidity pool on Balanced and the value of one (i.e. OMM) rises in comparison to the other (i.e. USDS), your supply ratio will move in favor of the USDS as people trade within the pool. On paper, your assets will be worth less than if you held them in your wallet, but the loss only becomes permanent if you withdraw liquidity before the price falls again. Learn more about impermanent loss.
While Omm is designed to be resistant to attack, assets on the protocol may be subject to expropriation, theft, and/or fraud; hackers or other malicious groups or organisations may attempt to interfere with the protocol in various ways, including malware attacks, denial of service attacks, consensus-based attacks, spoofing, and other similar tactics which may result in the loss of your assets, or the loss of your ability to access or control your assets. In such an event, there may be no remedy, and holders of virtual assets are not guaranteed any remedy, refund, or compensation. In particular, note that any third party who gains access to your private login credentials may be able to liquidate, sell, dispose, or transfer your assets.
Pages on the Omm website may hyperlink to and integrate forums and services run by others. Omm does not make any warranty about services run by others, or content they may provide. Use of services run by others may be governed by other terms between you and the entity running the other service.
The stated APR/Y (the ‘Rate’) is denominated in terms of OMM, not USD or other fiat currency. The Rate is a forward-looking projection based on our good faith belief of how to reasonably project results over the relevant period, but such belief is subject to numerous assumptions, risks and uncertainties (including smart contract security risks and third-party actions) which could result in a materially different (lower or higher) token-denominated APR/Y. The Rate is not a promise, guarantee or undertaking on the part of any person or group of persons, but depends entirely on the results of operation of smart contracts and other autonomous systems (including third-party systems) and how third parties interact with those systems after the time of your deposit. Even if the Rate is achieved as projected, you may still suffer a financial loss in fiat-denominated terms if the fiat-denominated value of the relevant tokens (your deposit and any tokens allocated or distributed to you pursuant to the Rate) declines during the deposit period.
Before using the Omm protocol, you should perform all necessary due diligence to make sure you understand how Omm works and the risks associated with your use of the Omm protocol. Omm is accessible through a variety of web and mobile interfaces; your use of any such interfaces may subject you to costs imposed in connection therewith, and additional risks relating to the use thereof. Before accessing Omm through a web or mobile interface, you should perform all necessary due diligence to ensure that you fully understand any costs, conditions, and risks associated with such interfaces.
BY ACCESSING OMM, YOU ACKNOWLEDGE AND AGREE THAT YOUR USE OF THE OMM PROTOCOL IS ENTIRELY AT YOUR OWN RISK. The Omm protocol is available for use to the public on an “as-is” basis, and no representations or warranties of any kind are made with respect to the Omm protocol, its operations and functionality, or its fitness for any specific purpose.
The Omm protocol is operated by smart contracts deployed on the ICON blockchain. Although early contributors, along with various partners, were involved in the development of the code for Omm, the early contributors do not own, control, offer, or provide the Omm protocol for use to the public. The Omm protocol is managed and administered by holders of Omm's OMM governance token. No entity or individual, including, without limitation, the early contributors, their partners, and the respective founders, officers, employees, agents, or representatives, will be liable for any losses, claims or damages whatsoever associated with the Omm protocol, including any direct, indirect, incidental, special, exemplary, punitive or consequential damages, or loss of profits, cryptocurrencies, tokens, or anything else of value.
Omm is not insured by the FDIC or any other agency. All risk of loss is borne by the user.