A composition curable by a metathesis reaction and comprising an olefin-containing resin system and metathesis catalyst. The resin system comprises siloxane-based oligomers or polymers end-capped and/or tethered with olefin functional groups that are capable of undergoing a metathesis reaction. The composition also includes a ruthenium carbene complex catalyst, whereby the catalyst initiates the metathesis reaction of the composition. The oligomer or polymer may be, for example, one or a combination of a telechelic polydimethylsiloxane end-capped with norbornenylethyl groups, a polydimethylsiloxane tethered and end-capped with norbornenylethyl groups, a tri-functional polydimethylsiloxane end-capped with norbornenylethyl groups, or a quadri-functional polydimethylsiloxane end-capped with norbornenylethyl groups. The catalyst may be, for example, a ruthenium carbene complex, such as 1,3-bis-(2,4,6-trimethylphenyl)-2-(imidazolidinylidene) dichloro(o-isopropoxyphenylmethylene) ruthenium.