Make Onomy Great Again — A Roadmap Update

Out with the old, in with the new. Restructures aren’t pretty, but sometimes we must tear down what once was to build things right from the ground up. Onomy’s MOGA team has accomplished what feels like 3 years of progress in just 3 months time.

As a recap, Onomy has voted to restructure and carry forth a Make Onomy Great Again restructure plan that detailed a brand new model for the Onomy Reserve, a decentralized stablecoin issuance platform (Collateralized Model), as well as plans for new product releases, and chain upgrades.

If you’ve missed it, here is the DAO governance discussion @ MOGA.

Since then, a few short months have led to:

The Onomy Network

• Upgrading to Cosmos SDK v0.5: Onomy is amongst the very first Cosmos chains to make the shift to the newest version of the SDK; this enables faster block times, the ability to add new modules, improved efficiency, better security, various bug fixes, and more.
• The DAO’s on-chain Treasury has been moved to the Community Pool module to enhance compatibility with the SDK, removing a bloated module that may have posed integration risks further on.
• IBC compatibility issues have been addressed through several upgrades.

The Onomy Reserve

• A whole new Reserve module has been architected from scratch, removing unneeded dependencies, untested integrations, and additional tail risk from the original module.
• An internal testnet for the Onomy Reserve is live, with the Onomy Validator Guild ensuring all works smoothly.
• As we rapidly approach the finalization of the user interface, the Onomy DAO looks forward to launching a public testnet within the next couple of weeks, to be followed by the mainnet release once all potential findings are fixed and once feedback on quality-of-life improvements is integrated.

Not up to date on the new Onomy Reserve model?

• The Reserve stablecoin issuance model operates on Collateralized Debt Positions (CDP) vaults. They are smart contracts that let users lock up cryptocurrency assets as collateral to mint stablecoins. You deposit assets into a vault, and in return, generate stablecoins pegged to a stable value currency. The minted currency is usually the USD, but the Reserve has a multi-currency model that enables users to mint the USD, JPY, EUR, and other national currencies. The collateral ensures the stablecoins are backed by assets exceeding their value, maintaining stability even during market fluctuations. You can reclaim your collateral by repaying the stablecoins plus any fees.
• In the event that collateral value drops below the required minimum threshold, a liquidation process will ensue.
• Various liquidation scenario tests to ensure viability of the platform were conducted. You can view the report here.

Partnerships

• All Onomy Validator Guild members — some of the best across Cosmos and other ecosystems — remain in the validator set and stand ready to support what is to come.
• Market making partnerships with Wintermute and DWF Labs have been secured — these are the biggest players in liquidity, and Onomy market making is done by them. Notably, Onomy is one of the few low-cap projects that Wintermute has chosen to support.

Up Next

The Reserve is just the beginning! With the Reserve in production, development focus will return to a brand new dCLOB DEX to facilitate FX trading of the Reserve stablecoins. The DEX will support other stablecoins such as USDC and USDT, positioning Onomy’s new DEX to become the home of IBC Stableswaps, a la Curve on steroids with full order book trading and advanced market making connectors enabling HFT and sophisticated strategies.

Token Ticker

Many community members have voiced support for a token ticker change from $NOM to $ONFX, signaling the new era of Onomy. This will likely go to a vote soon.

Onwards!

Onomy Protocol