Onomy Protocol Partners with Avalanche to Build Cross-Chain Stablecoin Economy
Onomy Protocol firmly believes that the new paradigm of finance whereby centralized finance will migrate on-chain is not only inevitable, but imminent. Stablecoins are the vehicle that will onboard liquidity from traditional institutions with significantly less friction, but they may only thrive within a cross-chain environment. To achieve the goal of establishing an interoperable stablecoin economy, Onomy Protocol is building bi-directional bridges to the world’s leading blockchain networks.
We are excited to announce that we are now integrating our products with Avalanche’s ecosystem, making it possible to seamlessly trade stablecoin pairs and native assets between the two blockchain networks.
With the implementation scheduled to be finalized in Q3 2021, Onomy and Avalanche users will experience significant efficiency and non-custodial security on their transactions. As Denoms become a trusted substitute to fiat currencies, inter-blockchain transfers will benefit communities looking to access stablecoin liquidity on Avalanche, as well as those looking to engage in Forex trading via Onomy Protocol.
This partnership is one of the stepping stones towards the genesis of a stablecoin economy that isn’t short of cross-chain liquidity aggregation capabilities.
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is able to process 4,500+ transactions/second and instantly confirm transactions. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
About Onomy Protocol
Onomy Protocol is the financial infrastructure sustaining the CeFi to DeFi migration. Users may easily mint, trade, and lend Denoms (fiat-pegged stablecoins) across prominent blockchain economies, in a highly scalable, secure, and efficient process, plugging the $6.6T per day Forex market into DeFi.