12 hours ago · 2 min read
Polygon › DeFi
Onomy announces a new bridge, its hybrid DEX and Forex market are arriving to Polygon
Onomy Protocol’s ‘ONEX,’ a multi-chain decentralized exchange (DEX) for trading crypto and Forex pairs is coming to Polygon.
Onomy Protocol recently announced bridging 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 marketplace, a stablecoin minting system, and a non-custodial wallet.
DeFi’s first 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’s stablecoins for Polygon users.
The integration will see the deployment of the first ever DEX utilizing AMM LPs & an order book for cross-chain market, limit, and stop orders, as well as Onomy’s Forex marketplace.
Stay tuned for more! 👀https://t.co/BKepZ8mREO
— Onomy Protocol (@OnomyProtocol) January 21, 2022
Onomy’s hybrid DEX, dubbed ONEX, combines automated market maker (AMM) liquidity pools with an order book user interface (UI)–enabling traders to place market, limit, stop, and conditional orders.
Meanwhile, Polygon’s full-stack Ethereum scaling solution will empower more efficient trading –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 bi-directional bridges to other major chains–including Polygon–leverage frictionless cross-chain swaps.
On a mission to onboard the Forex market
Issued by the Onomy reserves dubbed ‘ORES,’ Denoms are the protocol’s solution for plugging Forex into DeFi.
Users are able to mint Denoms of fiat currencies they require to execute their trades by locking the protocol’s utility token NOM, as over-collateral.
Their usage, however, is not limited to Forex trading. As Onomy expands into further ecosystems, Denoms have the potential to unlock yield opportunities across DeFi.
Meanwhile, the protocol’s utility token NOM plays a key role in the Onomy ecosystem and unlocks governance rights within the Onomy DAO.
Onomy recently announced another inter-chain bridge between Onomy Protocol’s mainnet and NEAR Protocol–leveraging Aurora’s Ethereum Virtual Machine (EVM) capabilities.
Our alliance will see a multi-chain launch of the Onomy DEX with AMM LPs & 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 further DeFi connectivity by simplifying entering and exiting different ecosystems.
While allowing users to seamlessly manage, send, and receive assets cross-chain, Onomy’s non-custodial wallet also comes with an NFT collection sub-feature that simplifies managing NFTs from multiple blockchains.
Disclaimer: CryptoSlate holds a financial position in Onomy and was given 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.