By leveraging blockchain technology, FOREX and traditional assets can be supported through a multi-chain crypto style DEX that bridges traditional and decentralised finance.
Instead of using an exchange or brokerage users can earn yield from assets and positions that they have custody of on a 24 hour, 7 days per week basis.
Defi TVL is going up
The decentralised finance (Defi) space exploded in growth in recent times. The total value locked (TVL) in Defi protocols in February 2020 stood at USD 1 billion, one year later it was over $270 billion – that’s up over 2700% in only one year!
Uniswap, an Ethereum-based DEX averages over $1 billion per day in trading volume a figure which has doubled since its launch in September 2020.
So where does Onomy come in? What is the benefit of their protocol?
Onomy – Forex On Your DEX
Onomy wants to bring the Forex & crypto DEX market together and will tap into the forex market of Fiat currencies. The proposed exchange will allow you to leverage pegged stable coins as representations of Fiat currencies and traded the stable coins will be collateralised with Onomy’s protocol token called NOM.
It aims to be over 100 times more efficient than the current leading DEX and will look to build upon what Uniswap has already accomplished by reaching into traditional markets.
Many people are excited about the upcoming launch because traditional institutions want to upgrade to leverage the benefits of Defi.
The future of Defi is cross-chain. The Onomy protocol will power a DEX for crypto and forex trading, all while earning yield.
Today the team inked a deal that sees the protocol bridge with the Cardano blockchain. The deal could many more cross-chain Defi opportunities.
Although I’m not invested, I’m incredibly bullish about this project and if you get a chance to get in this at pre-sale or before launch, you’re very lucky indeed.
My opinion on Onomy?
Again, let’s see how this plays out because the market is always looking for the newest, shiniest thing. Although I do think that the team could be onto something rather special here.
They will need to execute and if they can do that there is no reason why they can’t be a success!
Join our Discord Community: discord.gg/27r73SYAkQ
Our Twitter: twitter.com/onomyprotocol
Our Website: onomy.io — Documentation is under construction
Official Announcements: t.me/onomyannouncements