Onomy Protocol is a Layer-1 ecosystem that allows for interoperability and convergence between Forex and decentralized finance. The protocol offers a systematic three-stage rollout of a cutting-edge multi-chain wallet. It also has a decentralized exchange that integrates an order book experience with AMM liquidity pools, and a protocol for issuing stablecoins.
Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (NOM/USDT – Trade it here) on our Innovation Zone! Check it out now!
What Exactly is Onomy Protocol?
The Onomy Protocol is a groundbreaking Layer-1 ecosystem that brings together Forex and decentralized finance. The foundation of the ecosystem is the Onomy Network. It is a proof-of-stake blockchain created using the highly adaptable Cosmos SDK framework and the Arc Bridge Hub. This allows for interoperability with EVM, non-EVM, and IBC chains. Furthermore, a global group of validators maintains the network.
A key aspect of the Onomy Protocol is its Decentralized Autonomous Organization (DAO). It enables contributors to actively manage and shape the Onomy ecosystem’s features, products, and marketing initiatives. These contributions are known as Onomy Improvement Proposals (OIPs) within the community. Additionally, the on-chain treasury will directly fund the proposals that demonstrate the most potential. Meanwhile, all holders of the Onomy native token NOM will directly manage all decision makings.
What is Onomy Protocol’s Arc Bridge Hub?
Arc is a model bridge that utilizes a hub-and-spoke structure to allow users to transfer tokens between integrated chains and Onomy. To do so, users lock up tokens on the integrated chain side of Arc and mint equivalent tokens on the Onomy side. One key benefit of Arc is that it is completely non-custodial. Therefore, there is no central intermediary or third-party bridge administrators who could potentially mismanage your funds.
Onomy Validator Guild (OVG) secures the Onomy Network and Arc. It is composed of a decentralized network of independent validator firms located around the world. Furthermore, it is easy to join Onomy’s validator set as it is a permissionless process.
Onomy Improvement Proposals (OIPs)
Onomy Exchange (ONEX)
The Onomy Exchange (ONEX) is a hybrid decentralized exchange (DEX) that supports both cross-chain and multi-chain functionality. ONEX utilizes a technical architecture that combines Automated Market Maker (AMM) liquidity pools with an orderbook user interface. This approach creates a powerful, fair, and non-custodial trading experience that includes advanced features such as stop losses, limit orders, conditional orders, and advanced charting. ONEX offers users an experience that is similar to a centralized exchange (CEX) but with the added benefits of being on-chain.
Onomy Reserves (ORES)
Onomy Reserves is a decentralized stablecoin issuance. It is a decentralized reserve bank on a global scale that can serve as a trustless agent. It enables the supranational effects of central bank actions, such as those of the Federal Reserve and Bank of England, to be transferred to the global crypto economy and detached from the nation-states that currently control them. Furthermore, a decentralized organization would operate the reserve bank. It would prevent any changes to the underlying systems of the bank at a moment’s notice.
A global decentralized reserve bank could also issue virtual stablecoins with collateral backing anywhere in the world, at any time, through easy-to-use web and mobile apps. These stablecoins would have a variety of purposes. This includes simple wealth storage, portfolio diversification, debt settlement, Forex trading, payment, and remittance, all without any seam.
Tokenomics and Utility of NOM Token
NOM Token is the governance and utility token of Onomy Protocol. It has a genesis supply of 100 Million NOM with the distributions as follows:
- 45% in on-chain Treasury managed by DAO
- 20% Ecosystem to support further decentralization of the ecosystem
- 20% to Early Backers and Partners
- 15% Team and Advisory
The NOM Token has major usage across the entire Omny Protocol. The most obvious use case would be staking and governance. NOM holders can delegate their NOM to a validator, receiving rewards in return for supporting the security and operations of the blockchain network.
Meanwhile, Onomy DAO governs the Onomy Network. It enables NOM holders to guide the decision-making process through voting sessions. Furthermore, a set of rules encoded as a transparent computer program represents Onomy. Organization members have full control without the influence of a central governing body. This eliminates any bureaucracy or hierarchy hurdles that may arise.
NOM Token Buy & Burn from AMM Earnings
The AMM earnings are utilized in two ways: firstly, to pay the respective portion of AMM earnings to liquidity providers, and secondly, to purchase NOM programmatically and then burn the purchased NOM from the supply. This process is entirely decentralized, with no management by any central party or the DAO.
To incentivize this process, a programmatic reward is provided to any user who executes the buy and burn function. This creates a competitive market among users to execute the function and receive the reward, thus further decentralizing this action.
Where to buy NOM Token
You can find NOM Token here at MEXC! We are listing NOM/USDT in our Innovation Zone!
What is the Price of NOM Tokens?
The live price of the NOM token is coming to MEXC soon. You can check the live price of their token right here!
How to buy NOM Tokens
You can buy NOM Tokens on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “NOM” using the search bar to see the available trading pairs. Take NOM/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of NOM you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy NOM] to confirm your order. You will find the purchased NOM in your Spot Wallet.
You can find a detailed guide on how to buy NOM Tokens here.
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