Overview & Core Pillars
Offering the infrastructure necessary to converge traditional finance with decentralized finance.
Onomy Protocol is an interoperable Layer-1 ecosystem built to converge Forex and decentralized finance. Products include a methodical 3-stage rollout of an innovative multi-chain wallet, a DEX supporting an orderbook experience fused with AMM liquidity pools, and a stablecoin issuance protocol.
Onomy consists of four pillars designed to be a self-governed monetary stabilization system.
- Onomy Network (ONET): An application specific Layer 1 blockchain leveraging Tendermint BFT consensus. Powers bi-directional bridges to prominent blockchains in and outside of the Cosmos ecosystem - such as Near, Aurora, Avalanche, Polygon, and more.
- 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 non-custodially. 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 will be 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 (ORES): Governs minting of decentralized stablecoins named Denoms, utilizing NOM as collateral. Denoms may be used for FX trading, payment, remittance, lending, and settlement.
The native coin of Onomy Protocol is $NOM. NOM is used to secure the network through staking, as collateral for the minting of Denoms through the Onomy Reserve (ORES), and for governance in the Onomy DAO.
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.
Denoms - crypto-collateralized tokens pegged to the value of national currencies - are minted using NOM tokens at a minimum collateral ratio through the Onomy Reserve (ORES).
Block rewards will be available for staking Denoms in addition to NOM, both of which are controlled by the percentage of all coins staked with validators. This control variable is decided by the Onomy DAO and directly impacts supply within the market. Adjustments will incentive staking, minting, or burning of Denoms to balance the monetary system.
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 will be governed by the Onomy DAO, providing NOM holders with the opportunity to guide the decision-making process through NOM-weighed votes.
DAO-governance of Onomy Protocol includes governance of the Onomy Treasury of Funds, whereby funds are also outside of the control of any central entity. Funds may only be accessed through a successful proposal passed by the Onomy DAO. Not even core contributors will have the keys to the treasury.