Onomy Protocol. Review
The Onomy protocol is a L1 compliant ecosystem created to combine Forex and decentralized finance. The products include an innovative multi-chain wallet, bridge hub, DeX, supporting work with the order book, combined with AMM liquidity pools, and the stablecoin release protocol.
Onomy consists of five pillars designed to become a self-managed monetary stabilization system:
- Onomy Network: A Layer 1 blockchain for a specific application using the Tendermint BFT consensus created with Cosmos SDK.
- Arc Bridge Hub: Provides bidirectional bridges to well-known blockchains in the Cosmos ecosystem and beyond, such as chains with support for IBC and Avalanche, Polygon, Moonbeam, etc.
- Onomy Exchange (ONEX): A decentralized exchange, the purpose of which is to copy the traditional experience of centralized exchange to meet the world's needs in large volumes along the chain, decentralized and non-cathodic. It combines AMM liquidity pools with the Orderbook UI user interface, allowing liquidity providers to make profits and traders to use familiar orderbook trading strategies that support market, limit, stop and conditional orders. ONEX is both cross-chain and multi-chain. In combination with Onomy Access and the Onomy Bridge Network, ONEX allows users to seamlessly exchange their own assets between blockchains - or trade assets tied to one particular blockchain.
- Onomy Access: An application for a multi-chain mobile wallet, unrelated to storage, with which users can manage all assets from integrated blockchains. This includes placing bets, managing, transferring assets, and even viewing your NFT collections from multiple blockchains-all in one wallet app. Access ensures the smooth operation of users between chains and multilanguages. Connect to dApps by scanning a QR code-gone are the days when various browser extensions were connected to access Web3.
- Onomy Backup System: Manages the minting of a decentralized stablecoin named Denoms. Onomy DAO votes on various parameters, including collateral coefficients. Denoms can be used for Forex trading, payments, money transfers, loans and settlements.
The native coin of the Onomy protocol is $NOM. NOM is used to ensure network security by placing bets, paying transaction fees and bridges, as collateral for Mint Denoms through Onomy reserve and for management in Onomy DAO. NOM is largely integrated into various products of the Onomy ecosystem, for example, they are programmatically purchased and burned using the AMM revenue from the Onomy exchange.
When the NOM owners delegate their Nom to the validator, they make a bet. Placing bets provides a reward in exchange for delegating authority to validators who support the security and functioning of the blockchain network.
https://github.com/onomyprotocol/