Introduction
OMEGA lets you borrow dollars against your ADA without selling it, while your ADA keeps earning staking rewards.
#What OMEGA is
OMEGA is a lending protocol on Cardano. You lock ADA in a loan of your own and borrow oUSD, a stablecoin worth one US dollar. Your ADA stays staked the whole time, so its rewards keep coming to you. Repay the oUSD and your ADA is yours again.
Everything runs on Cardano smart contracts. There are no forms, no credit checks and no account to open: your wallet signs, and the contracts do the rest. Nobody, the OMEGA team included, can move your funds.
#Three ways to use it
- Borrow. Lock ADA and borrow up to 40% of its value in oUSD, at a borrow fee fixed for 90 days at a time.
- Earn. Deposit oUSD in the stability pool and earn a share of the protocol's revenue, plus OMEGA rewards.
- Stake. Stake the OMEGA token and earn 35% of the protocol's revenue, paid weekly.
#Built to hold a dollar
Every oUSD borrowed starts out backed by at least $2.50 of ADA. Prices come from Pyth and are cross-checked against Cardano's largest dollar pools on Minswap. The stability pool stands behind every loan, and a peg module swaps USDCx and oUSD one for one.
OMEGA is on the Cardano test network (Preprod) today, using test tokens with no value. It launches on mainnet after independent audits.