What is OUP?
OUP stands for “OMI Utility Program”, a program being developed through which OMI holders will be able to stake their OMI for in-app benefits such as buying collectibles with OMI and participating in OMI drop raffles.
Usage:
I’m staking all of my OMI so I can reach a higher tier in the OUP.
Full Definition:
The OMI Utility Program is an incentive staking program for OMI token holders under development by the VeVe team.
The initial plans for the OUP have been outlined in a Medium article, but in short, the OMI Utility Program will incentivise OMI token holders to stake or lockup their tokens for benefits on VeVe.
There will be different tiers in the OMI Utility Program based on how much OMI a user stakes and for how long, but benefits will include:
- The ability to purchase collectibles with OMI
- The ability to purchase accessories with OMI
- Participating in the OMI drop raffle
- The ability to rent collectibles
The OMI utility program may also incorporate some of the benefits of the Master Collectors Program or MCP, but instead of increasing your tier by collecting and holding sets, OUP tiers will be unlocked by staking OMI.
There are three separate tiers that have been announced so far for the OMI Utility Program, but the VeVe team have stated that there may eventually be five tiers in order to get OMI holders to stake more of the token.