Getting started
Our mission
What OMEGA is built to achieve, and the principles that govern its design.
#Mission
OMEGA's mission is to give every ADA holder access to a dependable US dollar stablecoin without selling their ADA or giving up its staking rewards, through a protocol that is transparent, conservatively designed and run entirely by its smart contracts.
#What we are building
- Dollar liquidity for ADA holders. Holders can borrow oUSD against ADA to meet expenses, manage risk or invest, while retaining their exposure to ADA and its staking rewards.
- A stablecoin native to Cardano. oUSD is minted only against over-collateralised ADA or, through the peg module, 1:1 against USDCx. Every oUSD in circulation is accounted for on-chain.
- Returns from real activity, supported by OMEGA rewards. Stability pool depositors and OMEGA stakers earn a share of protocol revenue: borrow fees, swap fees and the protocol's share of liquidations. OMEGA rewards supplement these earnings, paid from a fixed allocation of 35% of OMEGA's supply over ten years; OMEGA's supply is fixed, so no new tokens are created to pay them.
#Principles
| Principle | How the protocol applies it |
|---|---|
| Self-custody | Each loan is held in its own contract and controlled by its owner NFT. No person, the OMEGA team included, can move a user's funds; collateral leaves a loan only at its owner's instruction or through a liquidation under the published rules. |
| Conservative risk limits | Loans open at a loan level (LTV) of at most 40%, so every oUSD starts with at least $2.50 of ADA behind it. Hard limits on every setting are fixed in the contracts. |
| Verified prices | The ADA price comes from Pyth and is cross-checked against independent Minswap pools before it can be used to borrow. A price guard limits how quickly the accepted price can move. |
| Transparency | Contracts are immutable once deployed. All protocol figures are read from the chain and published on the Stats page. |
| Revenue returned to users | All protocol revenue is shared among OMEGA stakers, stability pool depositors, the protocol backstop, the insurance reserve and protocol-owned liquidity. No running costs are taken from it. |
| Changes with notice | Settings change only through governance and within hard limits. Most changes take effect only after a notice period of 48 hours to 30 days, so users can act first; only steps that reduce risk, such as pausing new borrowing or lowering the supply ceiling, take effect at once. |
#How we achieve it
The rest of this guide explains each part of the protocol in detail: