Onomy Protocol
Interoperable Layer-1 ecosystem converging Forex and DeFi.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor investor investor investor investor investor investor investor investor investor investor | €0.0 | round |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
* | $10.0m | ICO | |
| Total Funding | 000k | ||
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Onomy Protocol is a sovereign layer-1 blockchain built within the Cosmos ecosystem, designed to merge the foreign exchange (Forex) market with decentralized finance (DeFi). Co-founded in December 2020 by Lalo Bazzi, a former associate at Fidelity Investments and Microsoft cloud strategist, and Charles Dusek, an engineer with experience in finance and machine learning, the protocol aims to bring the $6.6 trillion daily Forex trading volume on-chain.
The core of the Onomy ecosystem is a suite of vertically integrated products. This includes the Onomy Network (ONET), a proof-of-stake blockchain built with the Cosmos SDK that provides scalability and security. The Onomy Exchange (ONEX) is a hybrid decentralized exchange that combines an order book model with Automated Market Maker (AMM) liquidity pools, offering features like limit and stop-loss orders typically found on centralized exchanges. The Onomy Reserve (ORES) governs the minting of crypto-collateralized stablecoins, called Denoms, which represent various national currencies. Finally, the Onomy Access (OACC) wallet allows users to manage assets across multiple integrated blockchains non-custodially.
The protocol achieves interoperability through its Arc Bridge Hub, which facilitates asset transfers between various blockchains, including Ethereum, Polygon, and Avalanche. The native utility token, NOM, is central to the ecosystem. It is used for paying transaction fees, staking to secure the network, as collateral for minting Denoms, and for participating in the platform's governance through a Decentralized Autonomous Organization (DAO). In November 2022, Onomy raised $10 million in a funding round from investors including Bitfinex, GSR, and Ava Labs to further its development.
Keywords: layer-1 blockchain, decentralized finance, DeFi, Forex, cross-chain, decentralized exchange, DEX, stablecoins, Cosmos SDK, interoperability, ONEX, NOM token, proof-of-stake, Lalo Bazzi, DAO, crypto-collateralized stablecoins, Arc Bridge Hub, multichain wallet, order book, AMM