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Onomy Protocol’s hybrid DEX to deploy on Harmony

written by Bella Palmer
multi-currency

Following the integration, users will be able to bridge Harmony native assets to the Onomy Network, and vice-versa

Onomy Protocol recently announced teaming up with Harmony, adding the highly scalable, low-energy blockchain based on a sharded architecture to a growing list of cross-chain deployments.

The integration will combine the deployment of Onomy’s hybrid DEX, multi-currency stablecoins, and a bi-directional bridge.

Onomy’s robust infrastructure includes an application-specific Layer 1 blockchain built with Cosmos Tendermint, a hybrid DEX and Forex marketplace, a stablecoin minting system, and a non-custodial wallet.

As the integration is completed, Harmony’s community will be able to natively access Onomy’s upcoming hybrid DEX, dubbed ONEX, announced the protocol on Twitter.

Meanwhile, Harmony’s high-throughput and low-fee infrastructure will empower more efficient trading.

Built to facilitate frictionless cross-chain trading between the crypto assets and Forex pairs, ONEX combines AMM liquidity pools with an order book UI that supports limit, stop, and conditional orders.

Following the integration, users will be able to bridge Harmony native assets to the Onomy Network, and vice-versa.

This will unlock additional avenues of liquidity–enabling smooth trade between the ecosystems–allowing Harmony users to engage in Forex trading, payments, settlement, lending, and yield opportunities using Onomy’s stablecoins, called ‘Denoms.’

Our alliance will empower users to bridge, manage, and trade assets via an on-chain interface with a FinTech frontend and a DeFi backend, explained Onomy.

Finally, Harmony users stand to benefit from cross-chain asset storage through Onomy’s non-custodial DeFi access wallet, or ‘OACC’–designed to simplify entering and exiting different ecosystems.

Issued by the Onomy reserves, ‘ORES,’ Denoms are the protocol’s solution for converging Forex and DeFi markets.

DeFi users can mint Denoms of fiat currencies by locking Onomy’s utility token NOM as over-collateral.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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