Blockchain technology innovates the forex market to create a complete cross-chain financial ecosystem.

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Blockchain technology brings innovation to the forex market

The forex market, as an important component of the traditional financial sector, has long experienced multiple pain points. However, with the development of Blockchain technology, these issues are expected to be effectively addressed, providing users with a better trading experience.

A certain protocol is dedicated to applying decentralized technology to the dispersed traditional forex market. By building a robust blockchain infrastructure, the protocol aims to manage and process all transactions in this vast market. The team recognizes that digital currencies (, such as stablecoins ), can effectively address many challenges faced by fiat currency exchanges. Currently, fiat currency holders cannot directly access stablecoins, and the protocol is working to fill this market gap.

Onomy, which completed a $10 million financing, can it build a decentralized forex market?

The Rise of Cross-Chain Ecosystems

The protocol is a foundational blockchain built on the Cosmos SDK, designed specifically for decentralized applications. It was established in December 2020 by two experienced founders. One of them previously worked at a large investment firm and has many years of experience in the blockchain field; the other is a senior engineer with extensive work experience in various sectors, including finance and energy.

In November 2022, the protocol raised $10 million through a round of financing, receiving support from several well-known investment institutions. This round of financing demonstrated the industry's broad recognition of the protocol's vision and technological roadmap.

Build a Complete Cross-chain Staking Financial System

The protocol is known for its openness, permissionless nature, and high interoperability, supporting cross-chain token minting, trading, and stablecoin lending. Its bridging technology facilitates cross-chain stablecoin trading, acting as a decentralized exchange and enhancing cross-chain liquidity.

By utilizing cross-chain communication protocol (IBC), the platform seamlessly connects with other Cosmos ecosystems. Its core integration points facilitate interoperability between different Blockchain ecosystems, ensuring a unified user experience. The network's native token secures the network through a proof-of-stake consensus mechanism. Token holders can earn staking rewards through delegation or validation, enjoy governance rights within the network, pay bridging fees, and serve as collateral for stablecoin issuance.

The protocol replicates existing financial infrastructure in a more decentralized and transparent manner in many ways. Its native token plays a key role in the ecosystem, used for governance, network security, and generating income from transaction fees.

Onomy completes $10 million funding, can it build a decentralized forex market?

Diversified Product System

The product system of the protocol includes the following main components:

  1. Network: Operates within the Cosmos ecosystem, utilizing Tendermint BFT consensus and the IBC protocol. It acts as a powerful P2P protocol to validate transactions and rewards validators for their contributions through native token incentives.

  2. Exchange: A powerful cross-chain DEX that supports efficient and liquid cryptocurrency trading. It integrates AMM and order book methods to facilitate stablecoin trading pegged to major fiat currencies.

  3. Wallet: A non-custodial multi-currency wallet that integrates functions for specific tokens, such as staking and governance. Users can access DeFi opportunities through a single QR login, without the need for multiple wallets or browser extensions.

  4. Reserves: As the reserve bank for this protocol, managing the collateral for stablecoins and increasing the total coin flow on the platform. This reserve further supports the issuance of debt curve, ensuring stable and predictable operations.

The protocol introduces fiat-pegged stablecoins into the DeFi ecosystem through reserve management of stablecoins. These stablecoins enable users to trade, lend, and mint within the ecosystem, expanding the stablecoin economy to include not just USD variants, but also Euro, Pound Sterling, and Yen.

The network maintains the stability of the stablecoin's value through reserve ratios, minimum collateral ratios, and other control mechanisms, aligning it with fiat currency. At the same time, the protocol simplifies user access to the native tokens through debt curves, achieved via deterministic pricing and a highly liquid market. This continuous token model replaces traditional token pre-sale methods, continuously minting new tokens based on demand and algorithmic pricing.

Onomy, which completed a $10 million financing, can it build a decentralized forex market?

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EthMaximalistvip
· 23h ago
Heh, the炒 concept has even come to forex.
View OriginalReply0
GamefiHarvestervip
· 23h ago
Waiting to be Played for Suckers, there are profits to be made.
View OriginalReply0
UncleLiquidationvip
· 23h ago
Is the stablecoin starting to do questions again?
View OriginalReply0
RunWhenCutvip
· 23h ago
Is this thing even reliable?
View OriginalReply0
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