OMIC Protocol Went Up After WHO Announces New COVID Variant Omicron

2021-11-29 18:57:01
WHO News Rock The Crypto Scene

After the World Health Organization (WHO) named the new SARS-CoV-2 variant Omicron (B.1.1.529), its namesake, the DeFi protocol OMIC ($Omic), went up tenfold, or to $711.

According to Crypto.com, the protocol caught a bid of $70 right after the WHO released the initial report on Friday. And the price went up until its peak on Sunday.

Moreover, after announcing the new COVID variant, Omicron is one of the handful of currencies that not only remained stable but eventually rose up as well.

Even bitcoin, ethereum and the vast majority of the crypto market, together with equities, plummeted after the news. All except Omicron.

Omicron is a bond-based yield farming protocol, built on Abitrum, Ethereum’s scaling technology. The current maximum supply of the OMIC token is capped at 1.000.000.

However, neither of the data suppliers such as Crypto.com, CoinGecko and Messari doesn’t provide any further data concerning the market capitalization of the currency.

One fact about OMIC is that is backed by a list of different currency assets, including the resilienT USDC. In addition, it is exclusively listed on a single decentralized crypto exchange, SushiSwap.

OMIC Way of Work

The way that OMIC works, is that OMIC Holders are able to stake their crypto coins, in exchange for more tokens. According to an official representative, Omicron prints new OMIC tokens directly from the treasury:

The main benefit for stakers comes from supply growth. The protocol mints new OMIC tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration.Official Omicron Explanation

At the moment of writing, the OMIC token is trading at $619. Moreover, the entire crypto market is currently recovering after the news about the new COVID variant hit the mainstream. As a result, bitcoin is back to above $57.5, after the 9% drop to $53.820 on Friday.

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