Onomy Announces New Bridge, Its Hybrid DEX and Forex Marketplace Comes to Polygon
Onomy Protocol recently announced a bridge to Polygon, expanding its list of cross-chain deployments.
Onomy’s application-specific layer 1 blockchain, which is built with Cosmos Tendermint, powers a hybrid DEX and Forex market, a stablecoin minting system and a non-custodial wallet.
The first DeFi DEX that combines AMM liquidity pools with an order book UI
The integration will unlock Forex trading, payments, settlement, lending and yield opportunities using Onomy stablecoins for Polygon users.
The integration will see the rollout of the first-ever DEX using LP AMMs and an order book for cross-chain market, limit and stop orders, as well as Onomy’s Forex market.
Stay tuned for more! 👀https://t.co/BKepZ8mREO
— Onomy Protocol (@OnomyProtocol) January 21, 2022
Onomy’s hybrid DEX, dubbed ONEX, combines pools of Automated Market Maker (AMM) liquidity with an order book user interface (UI), allowing traders to place market, limit, stop and conditionals.
Meanwhile, Polygon’s full-stack Ethereum scaling solution will enable more efficient commerce – boosting the utility of Onomy’s stablecoins, called “Denoms,” within its budding dapp ecosystem.
While Onomy’s Cosmos-based blockchain, dubbed “ONET”, is poised for high throughput and efficiency, custom two-way bridges to other major chains, including Polygon, leverage frictionless cross-chain exchanges .
On a mission to enter the Forex market
Issued by Onomy Reserves dubbed “ORES,” Denoms are the protocol’s solution to connecting Forex to DeFi.
Users can mint the Denoms of the fiat currencies they need to execute their transactions by locking the NOM protocol utility token, as an over-collateral.
Their use, however, is not limited to Forex trading. As Onomy expands into other ecosystems, Denoms has the potential to unlock yield opportunities through DeFi.
Meanwhile, the NOM protocol utility token plays a key role in the Onomy ecosystem and unlocks governance rights within the Onomy DAO.
Onomy recently announced another cross-chain bridge between the Onomy protocol mainnet and the NEAR protocol, leveraging the capabilities of Aurora’s Ethereum Virtual Machine (EVM).
Our alliance will see a multi-chain launch of the Onomy DEX with AMM LPs and an order book for market, limit and stop orders alongside our Forex marketplace.
Stay tuned for more! 👀https://t.co/1H1MDfP7F2
— Onomy Protocol (@OnomyProtocol) January 17, 2022
Onomy Access, or “OACC,” is another key product designed to boost DeFi connectivity by simplifying entry and exit from different ecosystems.
While allowing users to seamlessly manage, send and receive assets across chains, Onomy’s non-custodial wallet also comes with an NFT collection sub-functionality that simplifies management. NFTs from multiple blockchains.
Warning: CryptoSlate holds a financial position in Onomy and had the opportunity to participate in the presale of this project in exchange for news, analysis and other types of coverage. CryptoSlate was NOT paid to publish this article.
With a summary of the most important daily stories in the world of crypto, DeFi, NFT and more.
Get one edge in the crypto-asset market
Access more crypto information and context in every article as a paying member of CryptoSlate edge.
Sign up now for $19/month Discover all the benefits