Onomy Protocol
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Onomy Protocol

Onomy Protocol — Q3 2021 Community Update

Our Treasured Community,

We are deeply humbled by your support and shared vision in Onomy this early on our journey. Onomy Protocol has accelerated from a starting team of four to now twenty devoted and skilled members, placing significant care towards building a complete suite of products that will create a stronger, safer, and more inclusive DeFi ecosystem.

We are truly privileged for the opportunity to change the world with Onomy’s technologies. Our vision stretches from converging DeFi and Forex markets with significantly enhanced user experience, to being a game-changer for the single individual without reliable access to banking or stable currencies in lesser-developed countries. On the longer term horizon, our goal is to become the onboarding route that institutions take to join the DeFi space, a feat that will be achieved through partnerships with traditional institutions like banks, payment processors, investment firms, and of course, with growing DeFi ecosystems.

This community update will showcase our latest developments, internal processes, and plans for launching Onomy Protocol and NOM, our collateral, staking, and governance token.

Team Update

We are fortunate to have inspired and recruited strong team members from renowned companies like Apple and JPMorgan, who are now joining us for software engineering and machine learning purposes. This further expands our existing industry experience, with members holding backgrounds at Microsoft, ConocoPhillips, Casper Labs, Lido Finance, NEM Group, and many other enterprises.

Our team now has dedicated members experienced with TLA+, Rust, GoLang, React, and Solidity, as well product design, product management, business analysis, and marketing professionals spearheading the success of Onomy Protocol.

Technical & Product Update

We design our software using TLA+, a formal specification language providing proof of correctness that may be likened to drawing blueprints for software systems, allowing us to uncover design flaws prior to system implementations. Before deploying the code, we conduct audits and formal verifications of our TLA+ specifications with partners like Informal Systems.

Products:

  • Overall Product Designs: Bonding Curve Platform, Onomy Exchange, Onomy Access Wallet, and Validator GUI designs have been completed with strong emphasis being placed on intuitive interfaces suitable for both newbies and crypto pros.
  • Bonding Curve Platform: We have completed and audited the Bonding Curve contract and interface for launching the NOM token. Final front-end tweaks for improved UX, mobile responsiveness, QR code scanning, and user onboarding guides are almost finalized. A video tutorial will be released with ample advance notice ahead of the sale date.
  • Onomy Exchange (ONEX): Our TLA+ specification for Onomy’s cross-chain and hybrid AMM + orderbook DEX featuring a stunning interface and functionalities unavailable on any other platform, has successfully completed the formal verification with Informal Systems — our implementation is now undergoing testing and quality checks. Moreover, we are making significant progress on the Solidity implementation for the ONEX, to be deployed in tandem with bridges to partner chains and other EVM networks.
  • Onomy Access: Our non-custodial multi-chain wallet with QR code login, governance, and staking features has been thoroughly designed with great care placed on user flows and overall intuitiveness. Development is underway and on track to launch alongside the Onomy Exchange. We are planning mobile (iOS & Android) and web apps.
  • Onomy Reserve: Our stablecoin issuance protocol is undergoing formalization of its design framework through TLA+, verification, and simulation studies. Stablecoin adoption is directly correlated with vectors of liquidity, with exposure planned to all bridged chain partners.

Integrations & Misc:

  • TradingView Charts & The Graph: Integrating TradingView’s charting engine, indicators, and other tools, as well as The Graph for data query.
  • Simulations: We are pushing core components to our solutions through a series of bug fixing, stress testing, and simulations through industry-leading simulation software.
  • EVM Bridges: We have integrated AltheaNet’s Gravity Bridge with adaptations in the Onomy Network deployment for our bridges with Ethereum, and are now extending functionality to support EVM chains.
  • Cross-chain Validator Deployment: We are deploying servers with our data center partners, iterated through many testnets, and preparing for an open public testnet. If you are an interested validator, join our Discord, get in touch via our social channels, or email us at hello@onomy.io.
  • Documentation: Updates are inbound for our products and validators, including tutorials.

Marketing Update

On the marketing side, our efforts have been focused towards creating educational content on Medium, establishing partnerships with a network of well-known publications, and crafting a flagship video capturing our goals, technology, and user benefits.

The audiences of CoinMarketCap, Bloomberg, Benzinga, Forbes, CoinTelegraph, IBTimes, and other publications have now heard about Onomy Protocol’s mission to converge CeFi with DeFi.

Some of our best performing Medium articles include:

Launch Strategy

Our go-to-market products include the Onomy Network, Bonding Curve Offering (BCO), and Onomy Access Wallet, with the Onomy Exchange soon to follow.

The NOM token is used as collateral to our Denom stablecoins, staking and protocol governance. Staking and yield incentives will be offered to NOM and Denom holders following the protocol launch, with partners being engaged for early liquidity and traction.

The Bonding Curve is an important aspect to bridging liquidity into the Onomy Network’s NOM token and the Onomy Ecosystem. The Bonding Curve Contract is deployed on the Ethereum network, conveniently enabling users to purchase wrapped NOM tokens with ETH and bridge to the Onomy Network. A successful BCO incentives users to not only participate, but to bridge the wrapped NOM into the Onomy Network. Thus, Onomy offers aggressive staking rewards early on that scale from around 15% to 100% APY, then back down and leveling off around 15% — following a bell curve. Building on this incentive, we are in discussions with partner protocols to provide additional incentives in their native token as bonus rewards for staking NOM and providing liquidity to the Onomy DEX. More details, when finalized, will be provided.

TL;DR (Too Long; Didn’t Read)

  • We are successfully on track towards proceeding with a dual ecosystem <> token launch. We will start with the BCO, Hybrid DEX, Onomy Network, and Wallet anticipated between Q4 2021 and Q1 2022, with additional products and feature updates to continue through 2022.
  • We have inspired strong team members from known companies like Apple, JPMorgan, Casper Labs, and others.
  • Our technical developments position us at the forefront of innovation in the DeFi space, with intuitive interfaces and complex products that fill the needs of newbies and pros.
  • We are being recognized by leading crypto, finance, and business partners and publications, while our native content is being shared & appreciated by our strong community.
  • We are deeply thankful for your ongoing support, trust, and shared vision in making Onomy Protocol a global success.

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Onomy Protocol

Onomy Protocol

1.2K Followers

Offering the infrastructure necessary to converge traditional finance with decentralized finance.