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To learn more about this project, check out our deep dive of Onomy Protocol.
What Is Onomy Protocol (NOM)?
Onomy Protocol is a financial ecosystem designed to converge centralized finance (CeFi) with decentralized finance (DeFi) through its intuitive blockchain products: a stablecoin issuance protocol, cross-chain decentralized exchange (DEX) employing a hybrid Orderbook and Automated Market Maker (AMM) model, as well as a native blockchain network, interoperable bridges, and wallet solution.
Onomy aims to plug the $6.6T per day foreign exchange market (Forex) into DeFi, alleviating the concerns associated with volatile digital assets and opening the doors to full-scale institutional and retail adoption of DeFi.
On-chain value is rapidly leaving fiat currencies outdated, with stablecoins recently capturing hundreds of billions in value. However, most of the market’s stable assets are siloed to the Ethereum chain, with cross-chain trading entailing a complicated learning curve that novices stray away from, preventing accessibility to other blockchain economies. Moreover, today’s stablecoins are mostly limited to representations of the US dollar (USD), effectively ignoring the world’s other currencies.
Through its product suite, Onomy Protocol enables the mintage of various stablecoins (named Denoms) pegged to the value of major currencies, with the NOM token serving as collateral. Complex stabilization mechanisms and liquidity obtained through Onomy’s network of partners helps maintain the 1:1 peg between fiat currencies and Denoms.
Onomy Protocol’s infrastructure allows users to easily mint, trade, lend, and pay with these stable assets across prominent blockchain economies. This opens the door to significant yield opportunities accessible through lending, staking, and liquidity provision, whilst also effectively moving high frequency Forex trading on-chain.
Onomy places great emphasis on building intuitive interfaces, so that the onboarding and usage experience is well suited to both newbies and crypto pros.
Who Are the Founders of Onomy Protocol?
Onomy was co-founded in December 2020 by Lalo Bazzi and Charles Dusek. Bazzi is a former associate at Fidelity Investments and ex-Microsoft cloud solution strategist with close to four years of experience operating in the blockchain space. Dusek, on the other hand, is an accomplished engineer with more than a decade of experience working in energy finance, private equity, machine learning, and consensus systems. Together, they developed mining hardware, utilizing ASIC chips, and established a global infrastructure partner network.
The two founders are joined by a 20+ strong team that also includes known developers, designers, researchers, and marketing specialists.
What Makes Onomy Protocol Unique?
The platform provides easy-to-use rails to move fiat into the cryptosphere through crypto-collateralized stablecoins. The protocol is open to integrating the world’s major currencies, including the euro (EUR), US dollar (USD), pound sterling (GBP), Japanese yen (YEN), and others. These are issued on demand by the Onomy Reserve (ORES) and can be used for trading, lending, and payments, whilst being freely movable within and outside of the Onomy ecosystem, unlocking novel opportunities unavailable in the world of traditional finance.
More so, Onomy Protocol’s innovative answer to blockchain interoperability means that stablecoins and many other cryptocurrencies will be tradeable cross-chain, without relying on a ‘middleman token’ or wrapping assets. Bridging one currency to a different chain is seamlessly achieved through the ONEX and Wallet, at the click of a button.
Further developing on the Onomy Exchange, the DEX utilizes a hybrid model that employs both order book and AMM functionalities. This unlocks additional functions, once reserved only to traditional centralized exchanges, of which we include stop-loss orders, limit orders, and advanced charting. Onomy’s Exchange will support trading of Denom stablecoins, the NOM token, and other cryptocurrencies cross-chain.
The aforementioned components are powered by Onomy Protocol’s application-specific blockchain network. As a Cosmos-based network, the Onomy ONET will achieve 100x the efficiency of Ethereum and effectively solve the blockchain trilemma of achieving scalability, decentralization, and security. At a later stage, the Onomy team will deploy Equity, a custom consensus protocol utilizing leaderless ordering of transactions. Taking lessons from Machine Learning (ML) and Artificial Intelligence (AI), Equity will provide the throughput needed for high frequency Forex trading, as well as preventing validator front-running, a significant threat to decentralized economies.
An additional nod to Onomy Protocol’s care towards intuitive interfaces is represented by Natural Rights, a non-custodial single sign-on private key management solution that allows QR code logins and device authorization. This means that there’s no longer a need to keep multiple browser extensions when engaging in cross-chain operations.
Onomy Protocol will be governed as a decentralized autonomous organization (DAO) by holders of NOM, who may weigh in their opinion and contribute to key decisions surrounding the development and evolution of the ecosystem by initiating and voting on governance proposals.
Find out more about Cosmos (ATOM). What is a stablecoin? Find out more here. What is web 3.0? Click here and find out. Take a deep dive into smart contracts and DeFi space with CMC Alexandria. Take a look at the CMC blog: product updates, partnerships, and announcements.
How Many Onomy Protocol (NOM) Coins Are There in Circulation?
As of now, there are no market statistics for the Onomy Protocol NOM token as trading has not yet begun. The NOM token will launch via a Bonding Curve Offering (BCO) model, with a supply of 100M NOM. BCOs operate as Automated Market Maker (AMM) contracts that automate the relationship between token pricing and supply, bringing forth deterministic pricing, instant liquidity, and incentives to connect purchased tokens to Onomy’s mainnet at a 1:1 ratio. The Onomy Protocol BCO will be deployed on the Ethereum network, and is expected to take place in the spring of 2022.
The NOM token will provide incentives to stablecoin minters, validators, and delegators. Bridging from the BCO interface to Onomy’s native blockchain will unlock the full might of the NOM token.
How Is the Onomy Protocol Network Secured?
Staking is overseen by a decentralized network of validators that guarantee the security of Onomy’s Proof of Stake (PoS) blockchain. Users can participate in the validation by delegating their NOM to their preferred validator, obtaining yield in exchange for supporting the network. Validator honesty is incentivised, whilst ill-willed behaviour is promptly penalized.
When Will Onomy Protocol Trading Begin?
Trading of the NOM token will likely commence in 2022, following the launch of the Bonding Curve Offering, Onomy Network, Onomy Wallet, and Onomy Bridges.
Where Can You Buy Onomy Protocol (NOM)?
The Onomy Protocol NOM token will initially be tradeable via the bonding curve interface. DEX and CEX listings will follow shortly thereafter, with all relevant information to be disseminated via the protocol’s official channels.
Cryptocurrency newbie? You can read more about how to enter the market and how to buy BTC, NOM or any other token. Check out the details here.
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