10M+ BETA will be distributed to users of Omni by Beta for Omni Overdrive, Season 1

With the launch of Omni by Beta on November 21, 2023, we are excited to announce the launch of ⚙️ Omni Overdrive, Season 1, today. Omni Overdrive is an incentives program for Omni by Beta where 10 million+ $BETA will be distributed Omni Overdrive, Season 1 will run from now until March 16, 2024 (with some easter egg events along the way). Any user of the Omni Protocol starting now is eligible to receive points that will play a factor in the amount of $BETA received at the end of Season 1.

We’re very excited to initiate this program, which is the start of the steps will be taking to open the protocol to collective ownership with a decentralized governance system going fully in place sometime Q1 2024. Omni Overdrive will be a step forward to decentralizing ownership in the protocol to participants of the ecosystem organically. We are excited to take this step to build a robust ecosystem around the Omni Protocol and further demonstrate it’s reliability and security. The protocol’s adaptability and flexibility through enabling personalized risk management for lenders makes it an easy channel for the listing of future assets, whether it be real world assets (RWAs), NFTs, and more, safely and securely with instant access to liquidity and a battle-tested protocol.

How it works

Every user who interacts with the protocol in point-eligible activities will receive points that play a factor in the amount of $BETA received at the end of Season 1 out of the 10 million+ $BETA. There are two major points categories:

• Deposit Points

• Borrow Points

With additional ways to overdrive (boost) your points earnings through:

• Loyalty

• Activity that leverages the unique features of Omni

• Special Events

Additionally there will be a public leaderboard updated on a daily (24 hour) basis that grants an additional overdrive of up to 2X on everything for the top 25 point earners in the 24 hour time period. The leaderboard will go live next Wednesday, November 30, 2023.

Deposit Points

Deposits points are centered around lending activity on the Omni protocol. To help users better understand deposit points here are some tips:

• Deposit points are rewarded on all assets that are borrowable that are deposited

• Within an asset that is borrowable, deposit points that take on greater risk will earn the majority of the points

• The longer your deposits are in the protocol, the more points you’ll receive

• More points are rewarded to deposits into pools that have higher borrowing demand

• Deposits that are not borrowable will only earn points if they are collateralized and have active borrows

• The amount deposited and type of asset is a factor in deposit points

Borrow Points

Borrow points are centered around borrow activity on the Omni protocol. To help users better understand borrow points here are some tips:

• Borrow points are awarded on all assets that are borrowable and non-borrowable

• Collateral and the type of collateral used when borrowing will be a factor for additional borrow points

• Maintaining a safe health factor when borrowing is also important for borrow points, i.e. too risky behavior will be penalized

• The longer your borrows are active and the more interest that is paid, the more points are received

• The amount borrowed is a factor in borrow points

Overdrive (Boost)

Overdrive is a way to put your account into a boosted state where you will earn points at an increased rate. Entering overdrive enables you to further maximize the amount of points earned!

• Making Omni the primary protocol of activity for your lending and borrowing activities on-chain

• Leveraging the unique features of Omni, e.g. personalized risk, subaccounts, more collateral assets, and risk pools

Additionally, there will be special events over the course of Season 1 that introduce opportunities for users who are more active on the protocol to earn even more points through special categories, and sometimes extra rewards!

Conclusion

Our aim is to distribute BETA to the community members that want to see the protocol succeed. We are excited to have old members and new members join our community as we go through a period of innovative development.