Onomy Protocol - About the Cosmos-based DeFi Raises $10 million in Nov

In November, Bitfinex, GSR, UDHC, Ava Labs, Galileo, CMS Holdings, and other key industry players invested $10 million in Onomy. When asked why it raised funds nearly two years later, the Co-founder Bazzi explained that the project had been raising capital for the last two years to fund the development of its products and is now closing the round. So, what exactly is the Onomy Protocol? What distinguishes it? Let's learn about the Onomy Protocol through this article.

Onomy blockchain protocol

What Is Onomy Protocol?

Onomy Protocol is a Layer-1 interoperable ecosystem designed to bring together Forex and decentralized finance. A methodical three-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 are among the products.

Onomy protocol intends to integrate the $6.6 trillion per day foreign exchange market (Forex) into DeFi, alleviating concerns about volatile digital assets and paving the way for widespread institutional and retail adoption of Web3.

Core pillars of Onomy Protocol

ONET—Onomy Network

The layer 1 blockchain network is built on the Cosmos ecosystem and uses the Tendermint NFT consensus algorithm and the IBC protocol for inter-blockchain communication. Using the advantages of these leading platforms, the Onomy Network operates as a true peer-to-peer protocol, validating and stamping transactions and rewarding validators in NOM (the native currency of the Onomy Protocol) for their contributions.

ONEX—Onomy Exchange

ONEX is a strong, cross-chain DEX that allows you to trade various cryptocurrencies. The ONEX incorporates the automated market maker (AMM) and order book methods for more efficient and liquid trading of Stablecoins pegged to the value of even the most important national currencies.

Onomy Access

Onomy Access is a noncustodial multicurrency wallet that includes token-specific features like staking and governance. Users sign in with a single QR code to access the wallet and the exciting opportunities of the DeFi world, eliminating the need to manage multiple wallets or browser extensions.

ORES—Onomy Reserve

ORES functions as the Onomy Protocol's reserve bank. It governs Denoms via collaterals, which plays a critical role in increasing total currency flow on the platform. The reserve also provides tokens to the Bonding Curve Offering, allowing it to function normally and self-stabilize.

What Sets the Onomy Protocol Apart?

onomy protocol thumb

The protocol acts as a vertically integrated ecosystem, promoting Web3 adoption through a suite of products that enable users to trade on a DEX as they would on a CEX, deploy assets non-custodially via DeFi, bridge across liquid ecosystems, and use decentralized stablecoins.

Onomy Access, a non-custodial iOS and Android mobile wallet with support for multi-chain asset storage (including NFTs) and the 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, is another nod to Onomy Protocol's care for intuitive interfaces.

Onomy Protocol's application-specific blockchain network powers the aforementioned components. The Onomy ONET, as a Cosmos-based network, will achieve 100x the efficiency of Ethereum and effectively solve the blockchain trilemma of scalability, decentralization, and security, while also allowing 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 that uses leaderless transaction ordering. Using Machine Learning (ML) and Artificial Intelligence (AI) lessons, Equity will provide the throughput required for high frequency Forex trading while also preventing validator front-running, a significant threat to decentralized economies.

Token and Tokenomics

Key metric of $NOM

Token name: Onomy
Ticker: NOM

$NOM token

The native coin, $NOM, will serve as the foundation of the Onomy Protocol ecosystem. In short, $NOM is used for transaction fees, bridge fees, rewards for assisting in network security through PoS staking, governance, collateral, and multiple tie-ins within Onomy Protocol's products.

$NOM Use Cases

The Onomy Network, which uses Proof-of-Stake consensus, is secured with $NOM. Delegators can earn rewards for securing the network by bridging tokens from the bonding curve and bonding them with validators. Staking rewards are adjusted programmatically based on the staking ratio and inflation rate, which are pre-determined prior to launch and can only be changed post-launch by DAO-vote.

$NOM will also grant holders governance rights, allowing them to vote on protocol proposals in the Onomy DAO.

$NOM is also integrated into products like the Onomy Exchange. The Onomy Exchange is unique in that it does not charge fixed fees to users who trade; instead, the AMM collects fees by capturing the spread between the bid and ask, just like a traditional market maker.

$NOM Tokenomics

The Onomy Protocol Network's genesis supply is 100M NOM, which is distributed as follows:

45%: On-chain Treasury that DAO manages
20%: Early Backers and Partners 20% to Ecosystem to support market makers, validators, exchange listings, incentives, and more
15%: Advisory and Team

Backer, team, and advisor tokens vest for 24-36 months with a 12-month cliff, whereas DAO tokens are only usable after successful DAO governance votes, with the system programmatically funding proposals when approved, and no central key management by any Onomy contributor.

Team, Partners, and Backers

This section below will provide you with all information about the team, partners and backers of Onomy Protocol.

Founding Team

Lalo Bazzi and Charles Dusek co-founded Onomy in December 2020. Bazzi is a former Fidelity Investments associate and ex-Microsoft cloud solution strategist with nearly four years of experience in the blockchain space. Dusek, on the other hand, is a seasoned engineer with a background in energy finance, private equity, machine learning, and consensus systems. They collaborated to create mining hardware using ASIC chips, as well as a global infrastructure partner network.

The two founders are joined by a team of over 20 people, including well-known developers, designers, researchers, and marketing experts.

Onomy Protocol’s Partners

Onomy protocol has announced collaborations with Avalanche, Polygon, Aurora on Near, and Harmony ONE, with many more planned. These collaborations will result in bidirectional bridges between the Onomy Network and partner ecosystems, as well as multi-chain DEX deployment, liquidity incentives, development collaboration, and currency integrations.

Backers

Conclusion

The Onomy protocol is constantly evolving, resulting in a stronger ecosystem that thrives and prospers. On its publicly accessible roadmap, the protocol has planned product launches and strategies.

Learn more about The Onomy Protocol:

Website: https://onomy.io/

Twitter: https://twitter.com/onomyprotocol

Telegram: https://t.me/onomyprotocol

Discord: https://discord.com/invite/onomy

Medium: https://medium.com/@onomyprotocol

Frequently Asked Questions

What Is the Onomy DAO?

Holders of NOM will govern the Onomy Protocol as a decentralized autonomous organization (DAO), with the ability to weigh in on key decisions affecting the development and evolution of the ecosystem by initiating and voting on governance proposals. Furthermore, the protocol Treasury will be DAO-governed, which means that funds will be independent of any central entity.

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