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.