Onomy Protocol not too long ago introduced bridging to Polygon–increasing its record of cross-chain deployments.
Onomy’s application-specific Layer 1 blockchain, which is constructed with Cosmos Tendermint, powers a hybrid DEX and Foreign exchange market, a stablecoin minting system, and a non-custodial pockets.
DeFi’s first DEX that mixes AMM liquidity swimming pools with an order guide UI
The combination will unlock Foreign currency trading, funds, settlement, lending, and yield alternatives utilizing Onomy’s stablecoins for Polygon customers.
@OnomyProtocol shall be bridging to @0xPolygon!
The combination will see the deployment of the primary ever DEX using AMM LPs & an order guide for cross-chain market, restrict, and cease orders, in addition to Onomy’s Foreign exchange market.
Keep tuned for extra! https://t.co/BKepZ8mREO
— Onomy Protocol (@OnomyProtocol) January 21, 2022
Onomy’s hybrid DEX, dubbed ONEX, combines automated market maker (AMM) liquidity swimming pools with an order guide person interface (UI)–enabling merchants to position market, restrict, cease, and conditional orders.
In the meantime, Polygon’s full-stack Ethereum scaling resolution will empower extra environment friendly buying and selling –boosting the utility of Onomy’s stablecoins, referred to as ‘Denoms,’ inside its budding dapp ecosystem.
Whereas Onomy’s Cosmos-based blockchain, dubbed ‘ONET,’ is poised for top throughput and effectivity, customized bi-directional bridges to different main chains–together with Polygon–leverage frictionless cross-chain swaps.
On a mission to onboard Forex
Issued by the Onomy reserves dubbed ‘ORES,’ Denoms are the protocol’s resolution for plugging Foreign exchange into DeFi.
Customers are capable of mint Denoms of fiat currencies they require to execute their trades by locking the protocol’s utility token NOM, as over-collateral.
Their utilization, nevertheless, is just not restricted to Foreign currency trading. As Onomy expands into additional ecosystems, Denoms have the potential to unlock yield alternatives throughout DeFi.
In the meantime, the protocol’s utility token NOM performs a key function within the Onomy ecosystem and unlocks governance rights inside the Onomy DAO.
Onomy not too long ago introduced one other inter-chain bridge between Onomy Protocol’s mainnet and NEAR Protocol–leveraging Aurora’s Ethereum Digital Machine (EVM) capabilities.
We’re excited to be partnering with @NEARProtocol & @AuroraIsNear!
Our alliance will see a multi-chain launch of the Onomy DEX with AMM LPs & an order guide for market, restrict, and cease orders, alongside our Foreign exchange market.
Keep tuned for extra! https://t.co/1H1MDfP7F2
— Onomy Protocol (@OnomyProtocol) January 17, 2022
Onomy Entry, or ‘OACC,’ is one other key product–designed to additional DeFi connectivity by simplifying coming into and exiting totally different ecosystems.
Whereas permitting customers to seamlessly handle, ship, and obtain belongings cross-chain, Onomy’s non-custodial pockets additionally comes with an NFT assortment sub-feature that simplifies managing NFTs from a number of blockchains.
Disclaimer: CryptoSlate holds a monetary place in Onomy and was given the chance to take part within the presale of this undertaking in trade for information, evaluation, and different kinds of protection. CryptoSlate was NOT paid to publish this text.
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