What Is NOM?
NOM serves as Onomy Protocol's utility token and is endowed with several use cases as defined below. NOM will initially be available through a Bonding Curve Offering, with exchange listings planned shortly thereafter.

๐Ÿ›๏ธ Collateral

NOM is the single collateral to Onomy's Denom stablecoins. Upon locking the token into the Onomy Reserve, users may easily mint Denoms pegged to the worldโ€™s major currencies.

Properties of NOM as Perfect Collateral

  • Malleable: Ability to mint any denomination of a stabilized virtual currency
  • Scarce: Predefined release into circulating supply and burning of supply
  • Transferable: Transactions on the Onomy Network finalize near instantaneously
  • Durable: Secure decentralized system capable of self-stabilizing from attacks
  • Verifiable: Anonymous accounts are publicly verifiable on the network
  • Fair: Transactions are ordered by which arrives at the most nodes first

๐Ÿ”’ Staking

NOM is staked or delegated to validators to assure network-wide security for Onomy's native layer-1 Cosmos-based blockchain network, unlocking rewards for those that help secure the network.
The primary network security of the ONET is assured by a Proof of Stake model that bonds NOM to validators either by the validators themselves or through delegation. Network security depends on the bonding to create both incentives for good behavior and disincentives for bad behavior. Staked NOM may not be used to mint new Denoms while staked, but will receive the staking rewards, up to 100% yearly depending on the amount of NOM staked.

๐Ÿ—ณ๏ธ 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 government. 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.

๐Ÿ“ˆ Rewards

The Onomy Exchange, a hybrid AMM/orderbook and cross-chain DEX, will offer incentives to NOM holders who may obtain rewards from exchange fees and bridged liquidity pools.
Last modified 3d ago