Identifying the challenges that fiat exchanges create for traders that digital currencies with stable value (stablecoins) can address, Bitfinex’s listing Onomy protocol token ($NOM) has been able to bridge the gap in the foreign exchange market (Forex), eliminating its high risk and volatility amidst other downsides.
Bitfinex, which offers state-of-the-art services for digital currency traders and global liquidity providers, is one of the first and few exchanges to list the new $NOM token. Effective from 15th of March, 2023, traders can easily access and trade the $NOM token on Bitfinex with US Dollars ( NOM/USD) and Tether tokens (NOM/USDt).
The Onomy protocol
Opening the doors to full-scale institutional and retail adoption of Web3, the Onomy protocol plugs in the foreign exchange market into decentralised finance(DeFi), alleviating the many concerns associated with volatile digital assets.
Onomy protocol is an interoperable Layer-1 ecosystem built to converge Forex DeFi through cross-chain bridges that support a variety of crypto assets and stablecoin representation of fiat currencies. Products include an innovative multi-chain wallet, bridge hub, a DEX supporting an order book experience fused with AMM liquidity pools, and a stablecoin issuance protocol.
The Onomy Product Suite
The market is highly fragmented, with stablecoin liquidity existing on different chains, requiring multiple wallets, apps, bridges, oracles, etc., all in a complex interconnected web of entirely separated applications. Onomy has driven changes in the currently outmoded and fragmented forex market, providing a robust blockchain-powered infrastructure, where all transactions in multi-trillion dollars of the vast market and stablecoins consisting of all major national currencies stablecoins: USD, EUR, YEN, SGD, and more are managed on-chain.
Through vertical integration, a scalable layer-1 powers the Onomy product suite, a DEX providing a CEX-like experience whilst empowering liquidity providers and a multi-chain mobile wallet, creating an unparalleled on-chain experience enabling all on-chain actions to be as seamless as using a FinTech or brokerage app like Robinhood. Together, these components enable full access to onboard into Forex from any chain and fully manage all actions and primitives from a central on-chain hub with no intermediaries.
Read also: Tether (USDt) transactions made easy on one of the oldest crypto exchange platforms
Why invest & trade $NOM on Bitfinex?
The native coin of Onomy Protocol is $NOM. NOM is used to secure the network through staking, payment for transactions and bridge fees, as a collateral type for the minting of Denoms through the Onomy Reserve, and governance in the Onomy DAO. NOM is heavily integrated into various products of the Onomy Ecosystem, such as the programmatic buy & burn utilising AMM earnings from the Onomy Exchange.
Contributors have signalled their intention to transform NOM into the gold standard behind stablecoins and are working alongside the very best minds in the industry to enable the utility token to capture value from the protocol’s usage.
Bitfinex is a digital asset trading platform that has been in existence since 2012, and as one of the oldest exchanges, Bitfinex is known for its robust service and security during all market environments, bull and bear markets, for more than 10 YEARS!
The Onomy protocol on Bitfinex provides users great convenience, helping them gain prompt access to $NOM through an instant market with deterministic pricing and adequate liquidity. The protocol adopts the Bonding Curve Offering model, providing significant benefits to the token holders.
Sign up and trade $NOM on Bitfinex today!
Get NOM on Bitfinex, join the Onomy Community and contribute to the DAO. NOM is available to trade with US Dollars (NOM/USD) and Tether tokens (NOM/USDt).
Read also: Level up your investment strategy with more security and accountability
To sign up now, follow these few easy steps:
- Visit the Bitfinex website or download the Bitfinex mobile app and click on the sign-up button
- Use the African Bitfinex LEOs community affiliate code “9r9ifKfHx” to get a 6% discount on trading fees for life
- Create an account by entering the required details: username, email, password, country of residence and referral (optional).
- Create and confirm a log-in pin code or enable touch ID or face ID if your phone enables it.
- You will be directed to the setup security page. Here, download the Google Authenticator app. If already downloaded, select the “I’ve installed the app” tab.
- Open the GA app to add your new token directly. Alternatively, you can also select to use the QR or Setup key. Enter your code to enable 2FA setup.
- Check your inbox to confirm your email address via an email sent by Bitfinex.
- After email confirmation, accept the Bitfinex Terms of Service to complete the account set-up and proceed to the trading page.
- Once that is done, you can now trade the NOM ($NOM) on Bitfinex.
Key offerings of the Onomy product suite
A hybrid DEX converging an order book with AMM liquidity pools – providing the familiarity of an order book model for intuitively trading crypto and Forex pairs whilst retaining the liquidity and incentives afforded by AMMs. This unique blend empowers users to self-custody their assets without sacrificing the UI/UX provided by centralised exchanges – including support for limit, market, and stop loss orders, alongside cross-chain trading and advanced charting via TradingView.
A non-custodial multi-chain mobile wallet app enabling users to seamlessly manage assets, staking, governance, and NFTs from integrated ecosystems. QR code sign-on rids the need for browser extensions.
Onomy Network & Arc Bridge Hub:
An application-specific chain built with the Cosmos SDK, powering Onomy’s product suite. It features extended interoperability through the Cosmos IBC and Onomy’s Arc Bridge Hub that integrates Ethereum, Avalanche, Polygon, Fantom, Moonbeam, Near, and others.
A collateral-backed stablecoin issuance protocol to open on-chain FX markets, deeply integrated within Onomy’s suite.
The utilities of the $NOM token
Onomy protocol is a vertically-integrated ecosystem offering the infrastructure necessary to converge traditional finance with decentralised finance. Let’s take a moment to explore some of the use cases of the Onomy protocol ($NOM) that differentiate it from other tokens.
When $NOM holders delegate their $NOM to a validator, they are staking. Staking provides rewards in return for delegating to validators who support the security and operations of a blockchain network.
Onomy is governed by the Onomy decentralized autonomous organization (DAO), providing $NOM holders with the opportunity to guide the decision-making process through NON-weighted votes. The Onomy DAO consists of multiple pillars highlighted in Onomy’s Improvement Proposals by contributors and is designed to be a self-governed monetary system:
$NOM is a collateral type to Onomy’s Denom stablecoins, one of the improvement proposals to the ecosystem. Upon locking the token into the Onomy Reserve, users will easily mint Denoms pegged to the world’s major currencies.
Fees for the Arc Bridge Hub necessary for cross-chain trading will be payable in $NOM.
Buy & Burn from AMM Earnings
The Onomy Exchange’s AMM earnings are used in two ways. Firstly, to pay the respective portion of AMM earnings to liquidity providers. Second, to programmatically purchase NOM and then burn the purchased NOM from the supply. This is done with no management by any central party or the DAO. This functionality is incentivized by providing a programmatic reward to any user who executes the buy and burn function – thus decentralising this action and creating a competitive market amongst users to execute the function to receive the reward.
Hybrid Theory: https://coinmarketcap.com/community/articles/31837
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!