The Onomy Protocol has announced that it will bridging to Polygon, expanding its list of cross-chain deployments.
Onomy's application-specific Layer 1Blockchain, built with Cosmos Tendermint, powers a hybrid DEX and Forex marketplace, a stable coin minting system, and a non-custodial wallet.
The integration will unlock trading, payments, settlement, lending, and yield opportunities using Onomy's stable coin for Polygon users.
Onomy's hybrid DEX, called ONEX, combines automated market maker AMM liquidity pools with an order book user interface UI that allows traders to place market, limit, stop and conditional orders.
Polygon s full-stack scaling solution will enable more efficient trading, boosting the utility of Onomy's stable coin, called Denoms, within its budding dapp ecosystem.
Custom bi-directional bridges to other major chains including Polygon leverage frictionless cross-chain swaps due to Onomy's Cosmos-basedBlockchain, dubbed ONET, is poised for high throughput and efficiency.
On a mission to the Forex market.
Denoms are a protocol s solution for plugging Forex into DeFi, which is issued by the Onomy reserves dubbed ORES.
Users can mint Denoms of fiat currencies that they need to execute their trades by locking the protocol's utility token NOM, as over-collateral.
Their use is not limited to Forex trading. As Onomy expands into more ecosystems, Denoms have the potential to unlock yield opportunities across DeFi.
The protocol's utility token NOM plays a key role in the Onomy ecosystem and unlocks governance rights within the Onomy DAO.
Onomy has recently announced another inter-chain bridge between the mainnet and NEAR protocol, leveraging Aurora's Virtual Machine EVM capabilities.
Users can send, manage and receive assets cross-chain, but Onomy s non-custodial wallet has an NFT collection sub-feature that simplifies managing NFTs from multiple blockchains.
The opportunity to participate in the presale of the project was given to CryptoSlate, which holds a financial position in Onomy.