Tokenomics(OMMI)

The OMMI token will be available after the platform launch (TBA).

The OMMI token itself will be a community token with utilities created to benefit members and those who seek to access the art investment world.

All potential changes to the protocol, including the addition of new markets or the adjustment of system parameters like platform service fees or interest rate algorithms, must pass through a proposal and voting process as specified in the governance smart contracts. OMMI is a token that corresponds 1–1 with voting power in ommniverse governance. Holders of OMMI tokens in their Ethereum wallets may delegate their voting rights either to themselves or to any other Ethereum addresses, using a utility function in the OMMI ERC-20 token contract. The recipients of delegated voting rights, known as delegates, whether they be the OMMI holders themselves or another address, may propose, vote on, and execute proposals to modify the protocol. You can see a current list of delegates on the OMMNIVERSE Governance Leaderboard.

OMMI is an ERC-20 token that designates the weight of a user’s voting rights. The more OMMI a user has in their wallet, the more weight their delegation or vote on a proposal holds. Delegation — OMMI holders cannot vote or create proposals until they delegate their voting rights to an address. Delegation can be given to one address at a time, including the OMMI holder’s own address.

Technical Properties of OMMI

The OMMI token itself will be a community token with utilities created to benefit members and those who seek to access the art investment world.

• Total Supply of OMMI is 6,000,000 (6 million)

• Burning of OMMI token through announcements.

• An occasional burning mechanism for the platform fee collected.

• The maximum burn limit is 3 million token (50% of the token supply).

• OMMI: The OMMI token powers all products in the Ommniverse, and all transactions will be conducted using ecosystem tokens. Strong burning mechanisms will cut down on the supply. Additionally, the NFT staking program will add additional utility as a cherry on top.

Examples of some benefits

• Art Events

Token holders will be able to enter competitions to win upgrades on their memberships, exclusive events, etc.

• Collectibles

Tokens will hold their value, so can be held safely in your wallets and traded later, if you so wish.

• Trading & Swapping

Trading & swapping: Members can trade NFTs for different NFT + OMMI tokens or sell theirs outright should they wish to sell their shares.

Proposals

A proposal is executable code that modifies the protocol and how it works. In order to create a proposal, a user must have at least 1,000 OMMI delegated to their address. Proposals are stored in the “proposals” mapping of the Governance smart contract. All proposals are subject to a 3-day voting period. If the proposer does not maintain their vote balance throughout the voting period, the proposal may be canceled by anyone.