By identifying the challenges that fiat exchanges pose for traders and that stable value digital currencies (stablecoins) can address, Bitfinex has been able to bridge the gap in the foreign exchange (Forex) market with the Onomy protocol token ($NOM). and its high eliminates risk and volatility amid other downsides. Bitfinex, which offers cutting-edge services for digital currency traders and global liquidity providers, is one of the first and few exchanges to list the new $NOM token. Beginning March 15, 2023, traders on Bitfinex can easily access the $NOM token and trade it with US dollars (NOM/USD) and Tether tokens (NOM/USDt).
The Onomy Protocol
The Onomy protocol opens the doors for widespread institutional and retail adoption of Web3, connects to the forex market and decentralized finance (DeFi), and allays the many concerns surrounding volatile digital assets. The Onomy protocol is an interoperable Layer 1 ecosystem designed to converge Forex DeFi across cross-chain bridges supporting a variety of crypto assets and stablecoin representations of fiat currencies. Products include an innovative multi-chain wallet, a bridge hub, a DEX supporting an order book experience fused with AMM liquidity pools, and a stablecoin issuance protocol.
The Onomy suite of products
The market is highly fragmented as stablecoin liquidity resides on different chains, requiring multiple wallets, apps, bridges, oracles, etc. in a complex, interconnected web of completely separate applications. Onomy has driven changes in the currently outdated and fragmented FX market, offering a robust blockchain-powered infrastructure where all multi-trillion dollar transactions of the massive market and stablecoins consisting of all major national currencies consist of 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 that offers a CEX-like experience while supporting liquidity providers and a multi-chain wallet, creating an unprecedented on-chain experience that enabling all on-chain actions seamlessly like using a FinTech or brokerage app like Robinhood. Together, these components allow full access to onboarding into forex from any chain and full management of all actions and primitives from a central on-chain hub, with no intermediaries.
Why invest and trade $NOM on Bitfinex?
The native coin of the Onomy protocol is $NOM. NOM is used to secure the network through staking, payment for transactions and bridging fees, as a collateral type for minting denoms by the Onomy Reserve, and for administration in the Onomy DAO. NOM is highly integrated with various products of the Onomy ecosystem such as: B. The programmatic buy & burn that leverages AMM earnings from the Onomy Exchange.
The contributors have signaled their intention to transform NOM into the gold standard behind stablecoins and are working with the best minds in the industry to enable the utility token to derive value from exploiting the protocol.
Bitfinex is a digital asset trading platform established since 2012 and as one of the oldest exchanges, Bitfinex has been known for its robust service and safety in all market environments, bull and bear markets, for more than 10 YEARS! The Onomy protocol on Bitfinex offers great convenience to users, helping them gain quick access to $NOM through an instant market with deterministic pricing and reasonable liquidity. The protocol adopts the Bonding Curve Offering model and offers significant benefits to token holders.
Sign up and trade $NOM on Bitfinex today!
Get NOM on Bitfinex, join the Onomy community and contribute to the DAO. NOM can be traded with US dollars (NOM/USD) and tether tokens (NOM/USDt).
To sign up now, follow these few simple steps:
- Visit the Bitfinex website or download the Bitfinex mobile app and click the sign up button
- Use the Bitfinex African LEOs community affiliate code “9r9ifKfHx” to get a lifetime 6% discount on trading fees
- Create an account by entering the required details: username, email, password, country of residence and referral (optional).
- Create and confirm a sign-in PIN code, or enable Touch ID or Face ID if your phone allows it.
- You will be taken to the setup security page. Download the Google Authenticator app here. If you have already downloaded the app, select the “I have the app installed” tab.
- Open the GA app to add your new token directly. Alternatively, you can also use the QR or Setup button. Enter your code to activate the 2FA setup.
- Check your inbox to verify your email address via an email sent by Bitfinex.
- After the email confirmation, accept the Bitfinex Terms of Service to complete the account setup and proceed to the trading page.
- Once that is done, you can now trade the NOM ($NOM) on Bitfinex.
Key offerings of the Onomy suite of products
Onomy Exchange:
A hybrid DEX that merges an order book with AMM liquidity pools – offering the familiarity of an order book model for intuitive trading of crypto and forex pairs while retaining the liquidity and incentives of AMMs. This unique blend allows users to self-custody their assets without sacrificing the UI/UX provided by centralized exchanges – including support for limit, market and stop-loss orders, alongside cross-chain trading and advanced charting across TradingView.
Onomy Access:
A no-custodial, multi-chain mobile wallet app that enables users to seamlessly manage assets, staking, governance and NFTs from integrated ecosystems. QR code login eliminates the need for browser extensions.
Onomy Network & Arc Bridge Hub:
An application-specific chain built with the Cosmos SDK, supporting Onomy’s suite of products. It offers advanced interoperability through Onomy’s Cosmos IBC and Arc Bridge Hub, which integrates Ethereum, Avalanche, Polygon, Fantom, Moonbeam, Near and others.
Onomy Reserve:
A collateral-backed stablecoin issuance protocol for opening on-chain FX markets, deeply integrated with the Onomy suite.
The $NOM token utilities
The Onomy protocol is a vertically integrated ecosystem that provides the necessary infrastructure to converge traditional finance with decentralized finance. Let’s take a moment to explore some of the Onomy Protocol ($NOM) use cases that differentiate it from other tokens.
Mark out
When $NOM holders delegate their $NOM to a validator, they wager. Staking offers rewards in exchange for delegation to validators who support the security and operation of a blockchain network.
DAO governance
Governed by the Onomy Decentralized Autonomous Organization (DAO), Onomy offers $NOM holders the ability to drive the decision-making process through UNweighted votes. Consisting of several pillars highlighted in Onomy’s Suggestions for Improvement by contributors, the Onomy DAO is designed as a self-governing money system:
Security
$NOM is a type of security for Onomy’s Denom stablecoins, one of the proposed improvements to the ecosystem. After locking the token in the Onomy reserve, users can easily mint denoms tied to the world’s major currencies.
bridge fees
Arc Bridge Hub fees required for cross-chain trading are payable in $NOM.
Buy & Burn from AMM Earnings
The Onomy Exchange’s AMM earnings are used in two ways. First, to pay their respective share of AMM earnings to liquidity providers. Second, to buy NOM programmatically, and then burn the purchased NOM from the stash. This is done without administration by a central party or the DAO. This functionality is promoted by providing a programmatic reward to each user who performs the buy-and-burn function – thereby decentralizing that action and creating a competitive market among users to perform the function in order to receive the reward.
Usefull links:
Twitter: https://twitter.com/OnomyProtocol
Discord: https://discord.gg/onomy
Medium: https://medium.com/onomy-protocol/
Documentation: https://docs.onomy.io
Hybrid Theory: https://coinmarketcap.com/community/articles/31837
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