Onomy Protocol is a Layer-1 ecosystem that seeks to harmonize the worlds of Forex and decentralized finance. At the core of the ecosystem is the Onomy Network, a proof-of-stake blockchain built using the highly versatile Cosmos SDK framework. The network is maintained by a distributed network of independent validators located around the globe. The Arc Bridge Hub provides interoperability with EVM, non-EVM, and IBC chains.
One of the key features of Onomy Protocol is its Decentralized Autonomous Organization (DAO), which empowers contributors to actively manage and shape the Onomy ecosystem’s features, products, marketing initiatives, and more. This is done through Onomy Improvement Proposals (OIPs), which are directly funded from the on-chain treasury managed by all holders of Onomy’s native NOM token. The current major OIPs in progress include the Onomy Exchange (a hybrid orderbook+AMM DEX) and the Onomy Reserve (decentralized stablecoin issuance).
The NOM token is the native coin of Onomy Protocol and is used to secure the network through staking, payment for transaction and bridge fees, and for governance in the Onomy DAO. Onomy is governed by the Onomy DAO, providing NOM holders with the opportunity to guide the decision-making process through NOM-weighed votes.
Arc is a hub-and-spoke model bridge that enables users to transfer tokens from an integrated chain to Onomy and back again, or to another integrated chain, by locking up tokens on the integrated chain side of Arc and minting equivalent tokens on the Onomy side of Arc. Arc is completely non-custodial, meaning there is no central intermediary or third-party bridge administrators who could run off with your funds. The security of the Onomy Network, and thus Arc, is through the Onomy Validator Guild (OVG), which is comprised of a decentralized network of globally situated independent validator firms.
To contribute to the merging of the $7T/Day Forex Market with DeFi, join Onomy’s thriving community social channels, where you can connect with fellow NOMads and receive guidance on how to get started.
Overall, Onomy Protocol presents a unique opportunity to merge the traditional finance industry with the world of decentralized finance, and its innovative features make it an exciting ecosystem to be a part of.
It’s worth noting that Onomy’s native token, $NOM, has recently been listed on two major centralized exchanges, Kucoin and Bitfinex. This is a significant milestone for the Onomy network, as it provides increased liquidity and accessibility for traders and investors looking to buy and sell $NOM. Kucoin and Bitfinex are well-established exchanges in the cryptocurrency space, and their decision to list $NOM speaks to the potential that the Onomy platform has to disrupt the traditional financial industry. As more investors become aware of the benefits that the Onomy network offers, it’s likely that we’ll see increased adoption of $NOM, which could drive up its value in the long run.
CoinMarketCap: https://coinmarketcap.com/currencies/onomy-protocol/
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