A process to produce an ionomer comprising reacting alkyl-cis-cyclooctene and cis-cyclooctene in a mole ratio from 1:0 to 0:1, in the presence of a difunctional chain transfer agent under ring opening metathesis polymerization conditions to form an unsaturated polyolefin reactive telechelic pre-polymer; hydrogenating the unsaturated polyolefin reactive telechelic pre-polymer to produce a hydrogenated polyolefin reactive telechelic pre-polymer; reacting the hydrogenated polyolefin reactive telechelic pre-polymer with at least one compound according to the formula aMx+b(R)y, wherein M is a metal, x is a charge of M, R is an alkyl, aryl, oxide, or fatty acid, y is a charge of R, a and b are integers of at least 1, and ax+by=0, to form an ionomer is provided. Further provided are ionomers produced thereby.