Onomy Protocol - Revolution Forex and DeFI ecosystem
Onomy Protocol is an interoperable Layer-1 ecosystem built to converge Forex and decentralized finance.
Products
Products include an innovative multi-chain wallet, bridge hub, a DEX supporting an orderbook experience fused with AMM liquidity pools, and a stablecoin issuance protocol. As an application-specific Layer 1 blockchain built using the CosmosSDK. It leverages the Inter-Blockchain Communication Protocol (IBC) to bridge with other Cosmos chains. Additionally, the Arc Hub integrates other blockchain ecosystems with Onomy as a hub to facilitate interconnectivity and a cohesive user experience across Onomy’s apps.
Use Cases
a. Staking The native coin of Onomy Protocol is $NOM. NOM is used to secure the network through staking, payment for transaction and bridge fees, as a collateral type for the minting of Denoms through the Onomy Reserve, and for governance in the Onomy DAO. NOM is heavily integrated into various products of the Onomy Ecosystem, such as they programmatic buy & burn utilizing AMM earnings fromt the Onomy Exchange.
When NOM holders delegate their NOM to a validator, they are staking. Staking provides rewards in return for delegating to validators who support the security and operations of a blockchain network.
b. Governance Onomy is governed by the Onomy DAO, providing NOM holders with the opportunity to guide the decision-making process through NOM-weighed votes.
c. Collateral NOM is a collateral type to Onomy's Denom stablecoins. Upon locking the token into the Onomy Reserve, users may easily mint Denoms pegged to the world’s major currencies.
d. Bridge fees The Arc Bridge Hub requires users to pay for their bridge transaction in NOM.
e. Buy & Burn from AMM Earnings
The Onomy Exchange's AMM earnings are used in two ways. Firstly, to pay the respective portion of AMM earnings to liquidity providers. Second, to programmatically purchase NOM and then burn the purchased NOM from the supply. This is done with no management by any central party, nor the DAO. This functionality is incentivized by providing a programmatic reward to any user who executes the buy and burn function - thus decentralizing this action and creating a competitive market amongst users to execute the function to receive the reward.
$NOM Tokenomics
The Onomy Network has a genesis supply of 100M NOM, distributed as such:
• 45% in on-chain Treasury managed by DAO
• 20% Ecosystem to support market makers, validators, exchange listings, incentives, and more
• 20% to Early Backers and Partners
• 15% Team and Advisory
Reference : docs.onomy.io