Hi Coinomo customers!
We have some updates & adjustments information that we’d like to share with you guys today regarding OMO Yield Farming products/plans.
If you are staking your funds in the OMO Farming plan, please take note that in order to reflect the Slippage cost for the Yield Products, we will make the following adjustments:
“OMO Farming USDN” is going to be adjusted to 14 days term and the redemption fee for this product (only charged once at redemption) will be a 0.5% slippage fee and a $3 flat fee that can be waived using OMO Points starting from 2nd of September 2021.
“OMO Farming Polygon” is going to stay the same, 7 days term and the redemption fee for this product (only charged once at redemption) will be reduced from 1.1% to 0.6% slippage fee plus the flat fee of $3 starting from 31st of August 2021. Flat fees can be waived by redeeming your OMO points starting from September 2021.
*We reserve the right to adjust the fees according to the actual cost. The slippage costs across networks and time vary, at Coinomo we always strive to provide the lowest cost.
What is the cost behind Yield Products?
There are many costs when you are using smart contracts to do yield farming. The main costs are Transaction Fees, Slippage, and Impermanent Loss (IL).
The slippage is when you deposit funds into an AMM (Automated Market Maker) pool, your fund will be exchanged for the coins inside the pool, and slippage is the expected % difference between the quoted and executed prices.
Our technologies and DeFi experts will minimize the slippage and transaction fees, and the AMM pools we used are Stablecoins pools so the IL will be very low.
With Coinomo, you only need to pay fees once, and it’s transparent. Thank you for your support as always. Happy farming!
If you haven’t already, go download Coinomo now!