The Onomy ONEX protocol for trading crypto and forex pairs is coming to Polygon as we can see more today in our latest cryptocurrency news.
ONEX is a multi-chain decentralized exchange that allows for the trading of crypto and forex pairs. Its application-specific Layer 1 blockchain is built on the cosmos Tendermint but it powers a hybrid DEX and Forex marketplace as well as a stablecoin mining system and a non-custodial wallet. The integration will unlock payments, settlements, lending, forex trading, yield opportunities, and more, using Onomy’s stablecoin for Polygon users.
📢 We are excited to be partnering with @NEARProtocol & @AuroraIsNear!
Our alliance will see a multi-chain launch of the Onomy DEX with AMM LPs & an order book for market, limit, and stop orders, alongside our Forex marketplace.
Stay tuned for more! 👀https://t.co/1H1MDfP7F2
— Onomy Protocol (@OnomyProtocol) January 17, 2022
The Onomy ONEX hybrid DX combines automated market maker liquidity pools with an order book user interface and enables traders to place market, stop and limit orders. In the meantime, Polygon’s scaling solution will allow for even more efficient trading and will boost the utility of the Onomy stablecoins called Denoms in its budding dapp ecosystem. While Onomy is a Cosmos-based blockchain and posed for higher throughput and efficiency, its custom bridge will connect it to other major chains like Polygon and leverage frictionless cross-chain swaps.
ADVERTISEMENT
Issued by the Onomy reserves known as ORES, Denoms are the protocol’s solution for plugging Forex into DEFI. The users are able to mint Denoms of fiat currencies that are required to execute their trades by locking the protocol’s utility token NOM. Their usage is not limited to Forex trading alone as Onomy expands into further ecosystems, Denoms have the potential to unlock yield opportunities into DEFI. In the meantime, the protocol’s utility token NOM plays a huge role in the ecosystem and unlocks governance rights in the Onomy DAO.
@OnomyProtocol will be bridging to @0xPolygon!
The integration will see the deployment of the first ever DEX utilizing AMM LPs & an order book for cross-chain market, limit, and stop orders, as well as Onomy’s Forex marketplace.
Stay tuned for more! 👀https://t.co/BKepZ8mREO
— Onomy Protocol (@OnomyProtocol) January 21, 2022
Onomy also annoucned another inter-chain bridge between Onomy Protocol’s mainnet and NEAR protocol that leverage Aurora’s Ethereum Virtual Machine capabilities. Aso, Onomy Access is another major product that is designed to further DEFI connectivity by simplifying entering and existing different ecosystems. While allowing the users to manage, send and receive assets cross-chain, Onomy wallet also comes with an NFT collection sub-feature which simplifies managing NFTs from other blockchains.
As recently reported, Polygon is one of the most popular layer-2 scaling solutions of ETH which saw its mainnet implement one of the biggest upgrades as of late. This is the Ethereum improvement proposal latest 1559 which will start burning MATIC tokens as a part of every transaction. The reports show that EIP-1559 was scheduled to go live soon and the team announced that the update has been rolled out after an upgrade of the Mumbai testnet.
ADVERTISEMENT
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
