What is Onomy Protocol? Onomy is a decentralized open-source platform for creating, managing and trading custom digital assets. And it’s also a tier one interoperable ecosystem designed to bring together Forex and decentralized finance. The Onomy Exchange uniquely does not charge static fees to users who trade — instead, the AMM still collects fees by capturing the spread between the bid and the ask, as a normal market maker does. The native coin from Onomy Protocol Is $NOM. These earnings are then shared with LPs and used to programmatically buy and burn $NOM and deflate the overall supply over time without any central management whatsoever. $NOM will also play a central role in bringing Forex markets on-chain.

Onomy Protocol App Product

Onomy consists of five pillars designed to be a self-governed monetary stabilization system.

• Onomy Network: An application specific Layer 1 blockchain leveraging Tendermint BFT consensus, built with the Cosmos SDK.

• Arc Bridge Hub: Powers bi-directional bridges to prominent blockchains in and outside of the Cosmos ecosystem — such as IBC enabled chains and Avalanche, Polygon, Moonbeam, etc.

• Onomy Exchange (ONEX): A decentralized exchange that aims to replicate a traditional centralized exchange experience to settle the world’s high-volume demands on-chain, decentralized, and in a non-custodial fashion. It combines AMM Liquidity Pools with an Orderbook UI, enabling Liquidity Providers to earn yield and traders to engage in familiar orderbook trading strategies supporting market, limit, stop, and conditional orders. The ONEX is both cross-chain and multi-chain. Paired with Onomy Access and Onomy’s bridge network, ONEX enables users to seamlessly trade native assets between blockchains — or trade assets native to one specific blockchain.

• Onomy Access: A non-custodial multi-chain mobile wallet app through which users may manage all assets from integrated blockchains. This includes staking, governance, transferring assets, and even viewing your NFT collections from multiple blockchains — all on one singular wallet app. Access makes cross-chain and multi-chain user experience seamless. Connect to dApps by scanning a QR code — gone are the days of connecting various browser extensions to access Web3.

• Onomy Reserve: Governs minting of decentralized stablecoins named Denoms. The Onomy DAO votes on various parameters, including collateralization ratios. Denoms may be used for Forex, payment, remittance, lending, and settlement.

Onomy DAO (Governance) DAO (Decentralized Autonomous Organization) is an organization represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central governing entity. As the rules are embedded into the code, no managers are needed, thus removing any bureaucracy or hierarchy hurdles.

Onomy is governed by the Onomy DAO, providing NOM holders with the opportunity to guide the decision-making process through NOM-weighed votes. Examples of items the Onomy DAO vote on include:

• Network upgrades / parameter changes

• Exchange and other product features

• Choosing stablecoin collateral types, currencies, and collateralization ratios Liquidity deployment to the Onomy Exchange from the treasury

Onomy has been working on its vision since December, 2020. After a successful testnet of the initial products seeing over 800K transactions and 40K unique users, the protocol has decided to accelerate mainnet launch, with the date to be revealed in the coming days.

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