The blockchain + foreign exchange segment can solve multiple pain points in the traditional foreign exchange market and allow users to enjoy a better trading experience.
Onomy is driving the application of decentralized technology in the fragmented and traditional foreign exchange market, managing and processing all transactions in this huge market through a powerful blockchain infrastructure. Onomy realizes that solving the challenges faced by fiat currency exchanges can be achieved through digital currencies such as stablecoins. However, fiat currency holders currently cannot directly obtain stablecoins, and Onomy is working hard to fill this gap.
With $10 million in financing, Onomy has a place in the cross-chain field
The Onomy network is a basic blockchain built on the Cosmos SDK and is designed for decentralized applications.
Onomy Protocol was founded in December 2020 by Lalo Bazzi and Charles Dusek. Bazzi previously worked at Fidelity Investments and has four years of experience in the blockchain field, bringing strategic insights to the project. Dusek is an experienced engineer with more than a decade of experience in finance, energy, machine learning, private equity, and consensus systems, complementing the team's technical expertise.
In November 2022, Onomy raised $10 million in a funding round, backed by investors including Bitfinex, GSR, Ava Labs, CMS Holdings, and DWF Labs. The round showed widespread industry confidence in Onomy's vision and technical approach, despite the lack of a lead investor.
Based on the cross-chain communication protocol IBC, Onomy has built a complete cross-chain staking financial system
Onomy is known for its openness, permissionless nature and high interoperability, supporting cross-chain token minting, trading and stablecoin lending. EntangleMint bridge technology facilitates cross-chain stablecoin transactions, acts as a decentralized exchange, and enhances cross-chain liquidity.
Onomy can seamlessly connect with other Cosmos chains using the Inter-Blockchain Communication (IBC) protocol. Arc Hub acts as a central integration point to facilitate interoperability between different blockchain ecosystems and ensure a unified user experience. At the core of the Onomy network is its native token, NOM, which is secured through a proof-of-stake consensus mechanism. NOM holders can earn staking rewards through delegation or validation, enjoy governance rights within Onomy, pay Arc bridge fees, and serve as collateral for stablecoin issuance.
In many ways, Onomy replicates existing financial infrastructure in a more decentralized and transparent way. The native token $NOM plays a key role in the Onomy ecosystem, being used for governance, network security, and collecting revenue from transaction fees.
Overview of Onomy's product system + stablecoin products and their corresponding anchoring mechanisms
ONET — Onomy Network: Running on the Cosmos ecosystem, ONET utilizes Tendermint BFT consensus and IBC protocol. It acts as a powerful P2P protocol to verify transactions and rewards validators for their contributions through NOM. It leverages Cosmos’ multi-chain architecture to enhance liquidity and local asset availability.
ONEX — Onomy Exchange: A powerful cross-chain DEX that supports efficient and liquid cryptocurrency trading. ONEX integrates AMM and order book approaches to facilitate stablecoin trading pegged to major fiat currencies.
Onomy Access: A non-custodial, multi-currency wallet that integrates token-specific features such as staking and governance. Users can access DeFi opportunities through a single QR login, without the need for multiple wallets or browser extensions.
ORES — Onomy Reserve: As the reserve bank for the Onomy protocol, ORES manages Denom collateral and increases the total coin flow on the platform. This reserve further supports debt curve issuance, ensuring stable and predictable operations.
Onomy manages Denom through ORES, bringing fiat-denominated stablecoins to the DeFi ecosystem. These Denoms enable users to trade, borrow, and mint stablecoins within the Onomy ecosystem, expanding the stablecoin economy beyond just USD variants to include EUR, GBP, and JPY.
The Onomy network maintains the value of stablecoins through reserve ratios, minimum collateral ratios, and other control mechanisms to keep them consistent with fiat currencies.
The Onomy Protocol simplifies user access to $NOM through debt curve issuance, enabled by deterministic pricing and highly liquid markets. This continuous token model replaces the traditional token pre-sale method, continuously minting new tokens based on demand and algorithmic pricing.
