Saturday, September 23, 2023

Onomy’s Hybrid Market Establishes on Harmony


Onomy has announced a relationship with the high-throughput, low-latency chain as part of its ongoing ecosystem expansion.

Harmony, a sharded blockchain with great scalability and minimal energy, has recently joined Onomy Protocol’s growing cross-chain implementations.

Onomy on Harmony

Indeed, Harmony is a future open infrastructure for 10 billion people. Harmony builds a high-performance consensus framework that will enable decentralized economics for everyone.

By producing virtual fiat currency denominations, Onomy, hopes to boost the foreign exchange market.

Onomy’s hybrid DEX, multi-currency stablecoins, and a bi-directional bridge will deploy all as part of the integration.

Moreoevr, One of Onomy’s key features is its application-specific Layer 1 blockchain build using Cosmos Tendermint. It is a hybrid DEX/Forex marketplace, a stablecoin minting system, and a non-custodial wallet.

Harmony users will use Onomy’s planned hybrid DEX, named ONEX, once the integration is complete.

Moreover, Harmony’s high-throughput and low-fee infrastructure will facilitate more efficient trading.

Its order book UI includes limit, stop, and conditional orders, enabling frictionless cross-chain trading between crypto and forex pairs.

Users will be able to connect Harmony native assets to the Onomy Network and vice versa following the integration.

With Onomy’s stablecoins, known as “Denoms,” users could participate in Forex trading, payments, settlement, lending, and yield opportunities.

Users will be able to bridge, manage, and trade assets via an on-chain interface with a FinTech frontend and a DeFi backend, according to Onomy.

In addition to cross-chain asset storage, Harmony users can use Onomy’s non-custodial DeFi access wallet to enter and exit other ecosystems.

The Onomy DEX is Launching on Multiple Chains

Denoms are the protocol’s solution for converging Forex and DeFi markets. The Onomy reserves issued them.

DeFi users could mint Denoms of fiat money by securing Onomy’s utility token NOM as over-collateral.

However, Aside from minting Denoms, the NOM token will use in the Onomy ecosystem to let users vote on protocol decisions.

Onomy’s products will be available in 2022, and the company’s partnership with Harmony follows the protocol’s recent announcements.

CryptoSlate recently announced that Onomy’s hybrid DEX and Forex market will be heading to NEAR, as well as Polygon.

Onomy aspires to use stablecoins to enable institutions to conduct fiat exchanges on-chain and eventually become the world’s decentralized reserve bank.

Jacob Yang
Jacob Yang
Jacob Yang works at Cryptoconstellation as a writer. He has been working in finance for the past 6 years. Jacob loves sharing news about the cryptocurrency world and he, himself has invested in a few. Jacob enjoys travelling and finding the best restaurants wherever he goes.

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