Onomy Protocol

Halal Rating :
Comfortable
Contract: ibc/B9606D347599F0F2FDF82BA3EE339000673B7D274EA50F59494DC51EFCD42163
Last Price $0.0075 Last updated:
Rank 1912
1D Change 9.05 %
Market Cap $1.01m
Circulating supply 134,630,993
Maximum supply None

Crypto Overview

Categories
  • Osmosis Ecosystem
  • DWF Labs Portfolio

Purpose and Utility

Onomy Protocol aims to bridge traditional forex markets with decentralized finance (DeFi) by creating a hybrid DEX infrastructure that enables forex trading on the blockchain. The protocol includes a bonding curve automated market maker (AMM) specifically designed for forex pairs, stablecoins pegged to various fiat currencies, and cross-chain bridges.

Business Model

The NOM token serves multiple purposes within the ecosystem: governance rights for protocol parameters, staking for network security, and utility for fee payments. The protocol generates revenue through trading fees, which are distributed to stakers and used for protocol development.

Real-World Adoption

The protocol has launched its mainnet and established partnerships with several blockchain networks. While still in early stages, it has demonstrated actual utility through its DEX functionality and staking mechanisms.

Platform Development

The project maintains active development with regular updates to its protocol and infrastructure. The team consistently pushes updates to their GitHub repositories and maintains transparent communication about development progress.

Token Distribution

NOM tokens have a structured distribution model with vesting periods for team and early investors. The protocol employs a bonding curve mechanism for price discovery and liquidity provision.

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