A Multi-Chain DeFi Hub on Shimmer and IOTA
Onomy Protocol, a vertically-integrated ecosystem that’s bringing the foreign exchange market (forex) on-chain, is joining the Touchpoint Open Builders Program. As a Cosmos-based protocol, Onomy Protocol will be deploying a bridge, novel hybrid DEX, and stablecoins into the Shimmer and IOTA ecosystem, enabling access to advanced yet intuitive products that aim to bridge the gap between crypto-natives, institutions, and the general public.
Our story starts with user experience – a core value to unlock adoption beyond Web3 natives. In TradFi, onboarding into financial apps is seamless, thanks to a familiar UI/UX that’s been absent in the decentralized world.
On-chain forex markets are coming, but Web3 is fragmented across the multi-chain world; protocols hatch together external wallets, DEXs, bridges, and other dependencies. Each of these typically have their own interfaces and experiences, creating friction for users. Web3 applications must abstract all of this away, so that anyone, anywhere in the world, can be part of the financial revolution. We’ve set out to build the ecosystem that can support this great migration.
Onomy Protocol is therefore methodically building several products:
- A Cosmos-based layer 1 network: Secure and quick enough to support forex-level volumes, while being highly interoperable.
- A hybrid DEX: A novel feeless DEX model that combines AMM liquidity pools with an orderbook interface to enable cross-chain market, limit, and conditional orders. Deployed on top of Onomy’s Bridge Hub, the Onomy Exchange will be interoperable right out the box, with support for the Cosmos IBC and custom bridges connecting Shimmer, Cosmos, Avalanche, Polygon, Aurora on NEAR, and other ecosystems to be announced.
- A mobile DeFi access wallet: Onomy Access unifies the user experience across chains, abstracting away the need for browser extension wallets. It’s a multi-chain, DeFi-focused mobile wallet, with built-in support for multi-protocol staking, governance, and NFTs.
- A stablecoin ecosystem: A decentralized and over-collateralized stablecoin minting system, which can mint stable representations of national currencies.
We realize that being the core infrastructure (or decentralized reserve bank) on which forex markets are deployed is no easy feat. Onomy Protocol takes a comprehensive and methodical approach to solidifying a foothold in the market to give us an absolute advantage over competitors (an ecosystem, not just one app).
We boil down the long-term vision into three main phases:
- Phase 1 is the infrastructure phase – enabling Onomy to have an extremely performant layer 1, with bridges between our network and other ecosystems like Shimmer.
- Phase 2 is the deployment of the Onomy Access Wallet and Hybrid DEX. This includes the integration of bridged chains into our products: for example, integrating $SMR and $IOTA into our wallet and deploying the Onomy Exchange natively on Shimmer.
- Phase 3 is the release of our own decentralized stablecoins. This creates a robust ecosystem that grants Onomy Protocol the railways to onboard forex-level volumes into DeFi.
More about us: We’re a team of blockchain infrastructure architects, DeFi professionals, designers, marketers, forex enthusiasts, and well-versed developers with decades of cumulated experience building in Web3 and TradFi.
We reside in the Interchain: while we’re Cosmos-based, we’re connecting Web3 enthusiasts, across the multi-chain universe like Shimmer. Our positioning is rather unique, as many layer-1s focus strictly on creating and maintaining the network, whereas product builders generally focus on a single vertical. We do both, and our products will be accessible across multiple L1s and L2s via web apps and the mobile wallet.
We’ve already partnered with several layer 1s and layer 2s in the space, and are well underway on our deployments. Onomy Protocol is also on track with leading advisors, exchanges, validators, Web3 projects, and market makers for liquidity provisioning.
Our contributors have been tirelessly building for almost two years, and it’ll all be coming to fruition over the next few months. Just a few days ago (Monday, the 10th of October), we launched a new public testnet, stress-testing the Onomy network, Arc Bridge Hub, and Bonding Curve interface.
In the near future, we’ll have more testnet deployments, enabling the Cosmos IBC, custom bridges, and testing the interface of the Onomy Exchange. A public beta for the Onomy Access Wallet will also be announced in due time.”
We’re sure you’ll agree that Onomy Protocol represents an exciting and valuable addition to our ecosystem, and we can’t wait to see how their products will galvanize DeFi. Discover more about Onomy Protocol at https://onomy.io.
Onomy Protocol joins the Touchpoint Open Builders Program, offering participants a community of like-minded builders, direct access to experts, knowledge, and general support to launch and scale the next generation of decentralized applications and infrastructure on the Shimmer networks. You can learn more about how Touchpoint works and how to become a part of it here.
Shimmer is an L1 innovation network providing the core building blocks for a scalable, modular multi-chain architecture. Similar to the IOTA network, Shimmer is built on a UTXO-based parallelized, directed acyclic graph (DAG), guaranteeing higher scalability than conventional Blockchains. At the same time, Shimmer ensures interoperability and composability of L2 smart contract chains, capable of connecting any type of L2 smart contract chain anchored to it. With its unique tokenization framework, Shimmer will become a multi-asset ledger for feeless minting and transfer of native assets without middlemen or crippling gas fees.
The native token of Shimmer is SMR, which serves as the network’s economic backbone, facilitating value transactions and interactions within the Shimmer ecosystem. Shimmer users use the SMR token to launch new DeFi applications, DEXs, NFTs, DAOs, and other dApps.
Every project that participates in Touchpoint is given the opportunity to introduce itself in its own words. Statements made by projects are not verified by Touchpoint, Shimmer, or the IOTA Foundation and should not be taken as an endorsement. Individuals are advised to always conduct their own due diligence when engaging with any crypto projects.
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