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Onomy Protocol news
About Onomy Protocol
What Is Onomy Protocol (NOM)?
Onomy Protocol is an interoperable Layer-1 ecosystem built to converge Forex and decentralized finance. Products include a methodical 3-stage rollout of an innovative multi-chain wallet, a DEX supporting an order book experience fused with AMM liquidity pools, and a stablecoin issuance protocol.
How Does Onomy’s Vertically Integrated Ecosystem Work?
The ecosystem play to onboarding FX volumes on-chain entails several steps that aid Onomy’s goals:
First off, Onomy is building a Cosmos-based application-specific chain which helps alleviate concerns over scalability, throughput, and transaction fees by having validators that exclusively secure its products.
Secondly, Onomy has chosen to build its own multi-chain mobile wallet, which facilitates multi-protocol asset management, with features like staking, governance, and NFT collections available from a single interface that simplify the user experience instead of forcing users to rely on multiple, yet incomplete browser extensions.
Thirdly, the protocol is building the Onomy Exchange, a hybrid DEX that combines a traditional order book experience with AMM liquidity pools. Users may place advanced orders unavailable on AMMs via the order book interface, while still being able to provision liquidity of any crypto or stablecoin pairs to the underlying AMM. Effective cross-chain trading is then enabled through custom-built bridges and integration with the Inter Blockchain Communications Protocol (IBC). In addition, the Onomy Exchange will be natively deployed on multiple chains, serving loyal liquidity.
The creation of a vibrant product ecosystem will bootstrap the launch of the Onomy Reserve, the protocol’s stablecoin issuance system. To recap, FX volumes need an exclusive, secure, high throughput, and cost-effective infrastructure whose performance is not dependent on misc events like a hyped NFT mint, hence the Onomy Network. Onboarding non-crypto natives requires an all-inclusive wallet from which they may manage all their assets, hence Onomy Access. FX pairs must be traded on a feature-packed DEX that leverages traditional tools like market, limit, and conditional orders, but which is also interoperable, non-custodial, and has a powerful charting engine. Lastly, once all the infrastructural needs are in place (which are independent, yet interconnected products with market fit), the Reserve can be deployed, providing immediate utility for the Denoms as well as integrations within other Web3 ecosystems, facilitating their adoption as means of payment, credit, FX trading, remittance, and more.
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 Onomy Protocol’s Partners?
Onomy has co-announced partnerships with Avalanche, Polygon, Aurora on Near, and Harmony ONE, with many more in the pipeline. These partnerships will lead to a bi-directional bridges between the Onomy Network and partner ecosystems, alongside a multi-chain deployment of the DEX, liquidity incentives, development collaboration, and currency integrations.
What Makes Onomy Protocol Unique?
The protocol serves as a vertically-integrated ecosystem, fostering Web3 adoption through a suite of products that allow users to trade on a DEX as they would on a CEX, effectively deploy assets through DeFi non-custodially, bridge across liquid ecosystems, and use decentralized stablecoins.
For example, through the built-in bridges deployed on Onomy’s Exchange, trading cross-chain is as simple as placing a limit order, with no reliance on multiple browser extensions or need to switch networks. 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 through a native TradingView integration. Onomy’s Exchange will support trading of crypto pairs listed through permissionless pools, stablecoins, and the NOM token across chains.
An additional nod to Onomy Protocol’s care towards intuitive interfaces is represented by Onomy Access, a non-custodial iOS and Android mobile wallet with support for multi-chain asset storage (including NFTs), and ability to engage in multi-protocol staking and governance from a single interface, effectively making browser extensions obsolete and greatly improving the current state of UI/UX in Web3.
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, while also enabling Onomy to leverage the Inter-Blockchain Communications Protocol (IBC) to simply bridge to all Cosmos-based chains. 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.
What Is NOM?
The native coin of Onomy Protocol is $NOM. NOM is used to secure the network through staking, as collateral for the minting of Denoms through the Onomy Reserve (ORES), and for governance in the Onomy DAO. As a deflationary coin, $NOM is programmatically bought and burnt from the open market through AMM Keeper Bots.
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.
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 2022.
How Is the Onomy Protocol Network Secured?
Staking is overseen by a decentralized network of performant 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 behavior is promptly penalized through slashing.
In addition to securing the network through validators, Onomy’s products undergo a comprehensive development process, where system specifications and logic are first defined using a mathematical language called TLA+, then formally verified and audited by leading cybersecurity firms once developed.
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.
Related Pages:
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.
The live Onomy Protocol price today is $0.031155 USD with a 24-hour trading volume of $81,750.36 USD. We update our NOM to USD price in real-time. Onomy Protocol is up 13.33% in the last 24 hours. The current CoinMarketCap ranking is #1305, with a live market cap of $4,098,219 USD. It has a circulating supply of 131,541,925 NOM coins and the max. supply is not available.
If you would like to know where to buy Onomy Protocol at the current rate, the top cryptocurrency exchanges for trading in Onomy Protocol stock are currently BingX, MEXC, Gate.io, KuCoin, and CoinEx. You can find others listed on our crypto exchanges page.