Harmony Will Host Onomy’s Hybrid Dex And Forex Market

• Harmony’s users will be able to access Onomy’s planned hybrid DEX, codenamed ONEX, once the integration is complete, according to the protocol’s announcement on Twitter

• Onomy’s hybrid DEX, multi-currency stablecoins, and a bi-directional bridge will all be deployed as part of the integration. An application-specific Layer 1 blockchain created using Cosmos Tendermint, a hybrid DEX and Forex marketplace, a stablecoin minting system, and a non-custodial wallet are all part of Onomy’s powerful infrastructure

• Finally, Harmony users will have access to cross-chain asset storage via Onomy’s non-custodial DeFi access wallet, or ‘OACC,’ which is designed to make entering and exiting other ecosystems easier

Onomy is expanding its ecosystem by establishing a partnership with the high-throughput, low-latency chain. Harmony, a highly scalable, low-energy blockchain built on a sharded architecture, has recently joined Onomy Protocol’s increasing number of cross-chain implementations. Onomy’s hybrid DEX, multi-currency stablecoins, and a bi-directional bridge will all be deployed as part of the integration. An application-specific Layer 1 blockchain created using Cosmos Tendermint, a hybrid DEX and Forex marketplace, a stablecoin minting system, and a non-custodial wallet are all part of Onomy’s powerful infrastructure.

Harmony Will Host Onomy’s Hybrid Dex And Forex Market

Harmony’s users will be able to access Onomy’s planned hybrid DEX, codenamed ONEX, once the integration is complete, according to the protocol’s announcement on Twitter. Harmony’s high-throughput, low-fee infrastructure, on the other hand, will enable more efficient trading.

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ONEX combines AMM liquidity pools with an order book UI that allows limit, stop, and conditional orders to enable frictionless cross-chain trading between crypto-assets and Forex pairings. Users will be able to connect Harmony native assets to the Onomy Network and vice versa following the integration.

This would open up new sources of liquidity, enabling Harmony users to engage in Forex trading, payments, settlement, lending, and yield opportunities utilizing Onomy’s stablecoins, known as Denoms. Through an on-chain interface with such a FinTech frontend and a DeFi backend, our collaboration will enable users to bridge, manage, and exchange assets, Onomy added. Finally, Harmony users will have access to cross-chain asset storage via Onomy’s non-custodial DeFi access wallet, or ‘OACC,’ which is designed to make entering and exiting other ecosystems easier.

The Onomy Dex Is Launching On Multiple Chains

The protocol’s solution for converging Forex and DeFi markets is Denoms. They are issued by the Onomy reserves or ORES. DeFi users can mint Denoms of fiat currencies by locking Onomy’s utility token NOM as over-collateral. Apart from its use in minting Denoms, the NOM token will play an important role in the Onomy ecosystem, allowing users to participate in the protocol’s governance. Onomy’s products will be available in 2022, and the partnership with Harmony follows the protocol’s recent announcements. According to CryptoSlate, Onomy’s hybrid DEX and Forex market, as well as Polygon’s, will be coming to NEAR.