Onomy’s hybrid DEX and Forex market to deploy on Harmony
Onomy continues to expand its ecosystem–announcing a collaboration with the high-throughput, low-latency chain.
Onomy Protocol recently announced teaming up with Harmony, adding the highly scalable, low-energy blockchain based on a sharded architecture to a growing list of cross-chain deployments.
The integration will combine the deployment of Onomy’s hybrid DEX, multi-currency stablecoins, and a bi-directional bridge.
Onomy’s robust infrastructure includes an application-specific Layer 1 blockchain built with Cosmos Tendermint, a hybrid DEX and Forex marketplace, a stablecoin minting system, and a non-custodial wallet.
Onomy’s hybrid DEX and Forex market arrives to Harmony
As the integration is completed, Harmony’s community will be able to natively access Onomy’s upcoming hybrid DEX, dubbed ONEX, announced the protocol on Twitter.
We are excited to be partnering up with @HarmonyProtocol! 📢
Harmony’s community will natively access Onomy’s upcoming hybrid DEX, bringing AMM LPs and an order book for market, limit, and stop orders, alongside FX markets.
Let’s dive deeper 👇
— Onomy Protocol (@OnomyProtocol) February 2, 2022
Meanwhile, Harmony’s high-throughput and low-fee infrastructure will empower more efficient trading.
Built to facilitate frictionless cross-chain trading between the crypto assets and Forex pairs, ONEX combines AMM liquidity pools with an order book UI that supports limit, stop, and conditional orders.
Following the integration, users will be able to bridge Harmony native assets to the Onomy Network, and vice-versa.
This will unlock additional avenues of liquidity–enabling smooth trade between the ecosystems–allowing Harmony users to engage in Forex trading, payments, settlement, lending, and yield opportunities using Onomy’s stablecoins, called ‘Denoms.’
“Our alliance will empower users to bridge, manage, and trade assets via an on-chain interface with a FinTech frontend and a DeFi backend,” explained Onomy.
Finally, Harmony users stand to benefit from cross-chain asset storage through Onomy’s non-custodial DeFi access wallet, or ‘OACC’–designed to simplify entering and exiting different ecosystems.
A multi-chain launch of the Onomy DEX
Issued by the Onomy reserves, ‘ORES,’ Denoms are the protocol’s solution for converging Forex and DeFi markets.
DeFi users can mint Denoms of fiat currencies by locking Onomy’s utility token NOM as over-collateral.
Besides its utility towards minting Denoms, NOM token will play a central role in the Onomy ecosystem, amongst others, leveraging participation in the protocol’s governance.
Onomy’s products will be launched in 2022, and the collaboration with Harmony comes on the heels of the protocol’s most recent announcements.
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.