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 an innovative multi-chain wallet, bridge hub, a DEX supporting an orderbook experience fused with AMM liquidity pools, and a stablecoin issuance protocol.
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.
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.
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
- Treasury management (Funds inside of the treasury are placed in an on-chain wallet governed by the DAO. No central entity, contributor, or founding team member have access to the treasury. Funds inside of the treasury may only be accessed through successful funding proposals passed by the Onomy DAO)