100 $NOM FAQs

Onomy Protocol

Published in

Onomy Protocol

22 min readJan 4, 2024

General

What is Onomy?

Onomy is a layer-1 ecosystem designed to converge DeFi and Forex. As the 2nd Cosmos provider chain leveraging Replicated Security, DAO contributors are building a novel hybrid DEX (AMM + orderbook) bringing the CEX experience on-chain, a decentralized stablecoin economy to bootstrap FX markets, Arc Bridge Hub to enable interoperability with EVM, non-EVM, and IBC chains, and multiple sovereign chains covering social, identity, and commodities with the goal of being at the forefront of the Internet’s Financial System.

What is the Internet’s Financial System (IFS)?

Exactly what it sounds like. It’s an alternative financial system residing on the web. One that abstracts away all on-chain complexity and is more akin to traditional finance, yet retains the crypto ethos and all the cutting edge features that come with it.

In simpler terms, pls? Whether you shop, chat, play, engage, create, deploy, trade, collect, or distribute, you’ll be interacting with on-chain tech. But you’ll never know it. By the time the IFS is here, it’ll all be second nature. Just like CTRL+C or putting your computer to sleep after you’re done with it. And this won’t be just you, technophile. It’ll be everyone.

Why? The IFS enshrines blockchain principles of transparency, community ownership and trustless authority, but lets institutional money and traditional finance offer their services through this medium that’s custom built for the evolving internet.

Why does Onomy want to bring FX markets on-chain?

Forex is by far, the most liquid market on the globe. It trades $6.6+ trillion per day, yet is inaccessible to retail users, time-consuming, requires significant resources, is prone to regulatory changes, slow, and expensive. On-chain FX decentralizes the world’s most liquid market, enabling anyone, anywhere to trade national currencies, sidestep TradFi fees & snail-like speeds, thus enabling a more fluid state of global capital — a cross-border utopia where everyone has the money they need, when they need it.

On-chain FX is not only meant for traders and institutions transacting millions per day. It’s also meant for retail users, who can earn in USD and seamlessly exchange their capital to the local currency, make payments, and borrow against their crypto.

You can learn more about Forex trading here.

Was Onomy Protocol audited?

Yes, Onomy contributors take all necessary steps to ensure that products being developed are secure. This includes audits by leading cybersecurity firms, formal verification of TLA+ specifications, as well as continuous internal & external testing.

What are the TLA+ specifications that Onomy uses?

TLA+ is a formal specification language that allows you to solve high-level conceptual problems in software engineering at the design stage. Essentially, it is a logical and philosophical language facilitating the discovery of obscure bugs in code before writing even begins. To do this, TLA+ draws upon concepts in mathematics to express specifications. These can then be used as a roadmap to build out successful, bug-free systems, no matter how complex they are.

Why are you building on Cosmos?

At Onomy Protocol, we firmly believe the future of decentralized finance is cross-chain, and have hence chosen to base our layer-1 network on a system that allows seamless connections, granting retail and institutional users the freedom to quickly, cheaply, and fluidly transfer assets across prominent blockchain economies.

This is the key to unlocking the crypto experience we all crave, one that isn’t siloed, riddled with fees, or downright slow upon increased usage trends.

You can learn more about Onomy’s Cosmos thesis here.

Does NOM have legal opinions stating it’s not a security?

Yes, contributors have secured LOs from leading law firms in the US, UK, and Singapore stating that NOM does not fit the characteristics of a TradFi security as defined by these jurisdictions.

How large is the Onomy contributors team?

Across the founding contributing unit, 20+, with 100+ across the board inclusive of validator firms, software development firms, advisors, strategic backers, and more.

Where can I find the Onomy block explorer?

It’s available on Mintscan, here.

Is there any airdrop?

No airdrop of NOM has happened, other than incentivised testnets, liquidity mining operations, and other community contests. However, ONEX, the governance coin of the Onomy Exchange, will be airdropped to whoever was staking 100+ NOM on the 25th of December, 2023, when the snapshot was taken.

Is the Onomy team hiring?

An announcement will be made when and if any of Onomy’s contributing entities are hiring. However, if you’re looking to contribute to making Onomy a success, you are welcome to seek community funding via the on-chain DAO treasury.

Where can I send partnership inquiries?

You can send partnership inquiries to hello@onomy.io or via Telegram/Discord.

Where can I access the Onomy SuperApp?

Right here!

Did Onomy raise venture capital?

Yes, since its inception, Onomy has raised $10M in venture capital from leading backers. More details are available here.

What’s next on the Onomy roadmap?

You can find Onomy’s high-level roadmap here.

How does Onomy use Replicated Security?

Replicated Security makes it possible to launch in the Cosmos Ecosystem and capture all benefits of the app-chain thesis without having to onboard validators, whilst stakers (or delegators) of the provider chain’s tokens earn rewards from consumer chains. As Replicated Security scales, it creates interconnected economic zones centered around provider chains (such as Onomy or the Cosmos Hub), increases throughput by separating app-chains, improves security, and so much more.

As a layer-1 determined to converge Forex & DeFi in building out the Internet’s Financial System, Onomy needs products that enable adoption, advance on-chain trading, and simplify asset management, all whilst being interoperable with the new stablecoin paradigm being built out by contributors.

The integration of replicated security enables all to build on Onomy, attracting new participants and app-chains, growing the number of teams working in the Onomy Ecosystem, diversifying the application set within Onomy, and facilitating seamless cross-chain communication and interoperability amongst all app-chains while providing interoperability with Cosmos IBC, EVM, and more via the Arc Bridge Hub. Validators in the Onomy Validator Guild (OVG) will secure additional app chains, and staking rewards plus fees from consumer app chains may be allocated toward parent chain validators and delegators of NOM.

You can learn more about Onomy & Replicated Security here.

What official resources can I read to learn more about Onomy?

Your best bet and go-to resource for all-things Onomy is the Medium blog, soon to be turned into an on-site Web3 knowledge base.

Where can I read about Onomy in the press?

Here are a few selections of the coverage Onomy has received: The Block — Cointelegraph — CoinMarketCap — Forbes — Nasdaq

How can I get Discord roles?

Actively contribute, be helpful to your peers, don’t break the rules, and consider participating in Zealy quests. OG roles were given to the initial members of Onomy’s Discords, and are not obtainable anymore.

What are some of the lesser known differentiators of Onomy?

Onomy fixes:

Convoluted interfaces (a no-starter to most non-crypto natives)
Need to utilize multiple protocols, bridges, and wallets to trade assets cross-chain
Inability to provision liquidity to orderbook CEXs and earn yield
Where can I learn more about Onomy’s developments in the last few months?

Right here: 2023 — Onomy’s Year in Review

How can I participate in future Onomy incentivised testnets?

Keep an eye out on announcements! Small-scale test events may be announced & conducted entirely on Discord, whereas more complex events like fully-fledged incentivised testnets will be announced across all social platforms.

How can I offer feedback about Onomy’s products?

You’re welcome to leave feedback in public channels so the community can debate it, on the Onomy forum, via the Discord ticketing system, or by directly emailing Onomy or DMing a contributor.

How can I get support regarding Onomy’s products?

You can seek support on Discord/Telegram, or create a ticket.

What are Onomy’s current & future product use cases?

High-level use cases include limit orders, stop orders, conditional orders, multi-chain trading, cross-chain trading, forex trading, TradingView charting, IBC compatibility, zero fees, liquidity provisioning, QR logins, seamless bridging, non-custodial asset management, DeFi access, payments, simplified onboarding, yield opportunities, lending, remittance, borrowing, institutional settlement, banking the unbanked, unbanking the banked, and much more.

What is the Bonding Curve?

The Bonding Curve was a fair-launch method of getting NOM in the hands of holders worldwide. bNOM (an ERC-20 version of NOM) was paired with ETH, with users able to purchase and sell tokens at pre-programmed price points on the curve. According to a governance forum discussion, contributors are working on repurposing the bonding curve into a launchpad for tokens belonging to sovereign consumer chains building within the Onomy ecosystem.

Where can I find Onomy on social media?

All the links you need are right here.

What is an Onomy consumer chain?

An Onomy consumer chain is a core or sovereign chain that leverages Onomy’s validator set for security.

I heard that Onomy is an application-specific blockchain — what does that mean?

Application-specific blockchains are customized to operate a single application only, rather than hosting many of them. Application-specific blockchains provide far higher levels of flexibility as developers can build in the programming language of their choice. They can also choose between multiple frameworks, including the Cosmos-SDK, Lotion, Weave, and others, based on the language preferred. Further, the consensus engine of application-specific blockchains can be swapped out or customized to meet dApp needs, freeing developers up to balance the validator set, throughput, safety, availability, and design trade-offs. Developers can also deploy automatic implementation of code and choose the cryptographic library used by the application, not possible in the case of virtual-machine blockchains.

As an application-specific blockchain, decentralized applications can optimize performance without being capped by the underlying environment.

To learn more about application-specific blockchains, read this article!

What is the Secret Nomad Society?

Ah, that’s the elite, clandestine group where the members of the Onomy Protocol convene. Rumor has it, they secretly pull the strings of global affairs from their laptops in cozy cafes and beachside hammocks around the world. They’re the puppet masters of the digital age, deciding the fate of nations between sips of artisan coffee. With their nomadic lifestyle, they’re everywhere and nowhere, always connected, always plotting. Some say they even control the internet’s supply of memecoins to maintain global degen levels.

How do I join the Secret Nomad Society?

You won’t apply; you’ll be silently summoned. An encrypted message, a covert nod in a crowded bazaar, a puzzle only you can solve. The SNS seeks the invisible influencers, the digital phantoms who leave ripples in the virtual world while drifting ghost-like through the physical realm.

Stay sharp, intriguing, and ever-elusive. If the SNS wants you, you’ll feel it — a whisper in the digital wind, a shiver down the spine of your online existence. That’s the Secret Nomad Society’s calling.

Who are Onomy’s L1/L2 partners?

Onomy has partnered with Avalanche, Polygon, Harmony, IOTA, Neon, Aurora on Near, OKX, and many others soon to be announced! These partnerships can lead to bi-directional bridges, Onomy stablecon integration, native deployments, liquidity incentives, and more.

Will Onomy support sovereign consumer chains via Replicated Security?

Absolutely! Pending DAO voting, of course, anyone can apply to launch an Onomy consumer chain that strengthens the Internet’s Financial System.

Is Onomy fully compliant with regulations?

Onomy is a DAO building decentralized products that does everything that’s necessary to remain compliant with all authorities.

Will Onomy aid institutional adoption of crypto/DeFi?

Onomy is committed to building products that improve the lives of both retail & institutional users. For instance, the Onomy Exchange was designed to be highly-scalable — built on the Cosmos SDK, it has a throughput of up to 10,000 transactions per second, with a block time of 6s. Should more power be needed, Onomy has a revolutionary, patented, consensus mechanism that will be deployed to spearhead institutional adoption of on-chain FX markets.

You can learn more about Onomy’s institutional thesis here.

Where can I find Onomy’s logos and other assets?

Right here!

How can I get involved with Onomy professionally?

Granted that Onomy is a DAO and all products are decentralized and open source, you’re welcome to begin contributing! Open a pull request, build a new feature that can be integrated into any of the products, or write up a DAO proposal to receive funding. If you’re intending to provide value, the nomad community will support you.

Is there an Onomy explainer video I can watch?

Glad you asked! Enjoy the animated explainer film!

Can I still participate in Onomy’s Zealy?

Yes! Onomy’s Zealy is still open, with a collection of evergreen quests that you can complete on your own accord, and new time-limited quests added every now and then!

NOM

Which CEXs is NOM traded on?

NOM was listed on KuCoin, Gate, Bitfinex, MEXC, and BitGet. You can find all active markets here.

Which DEXs is NOM traded on?

NOM is currently being traded on Osmosis, one of the largest Cosmos DEXs, which also had dual NOM/OSMO incentives, with more likely to be added by contributors in the future. As it is a decentralized protocol, users are welcome to list NOM on other DEXs too.

Which wallets support NOM?

NOM and the Onomy Network are natively integrated on Ledger, Leap, and Cosmostation, meaning that you can stake and do more directly from the wallet, without needing to touch Onomy’s SuperApp. NOM is also non-natively integrated on Keplr, so to use it here, you’ll need to add the chain by connecting to the SuperApp.

What is NOM’s utility?

NOM is used for gas, governance, securing the network via staking, and as collateral for the minting of stablecoins. NOM is also used as the buy & burn token of the Onomy Exchange. More details on NOM’s utility are available here and here.

What are NOM’s tokenomics?

The Onomy Network has a genesis supply of 100M NOM, distributed as such:

45% in on-chain Treasury managed by DAO
20% Ecosystem to support market makers, validators, exchange listings, incentives, and more
20% to Early Backers and Partners
15% Team and Advisory

Backer, team, and advisor tokens are vested for 24–36 months, with a 12 month cliff, whereas DAO tokens are only usable following successful DAO governance votes, with the system programmatically funding proposals when approved, with no central key management by any Onomy contributor.

Why is NOM’s price increasing or decreasing?

The price of NOM, like any cryptocurrency, can increase or decrease due to a variety of factors. These include market demand, investor sentiment, technological developments within Onomy, overall crypto market trends, regulatory news, and macroeconomic factors. If there’s positive news, technological advancements, or increasing adoption of the Onomy Protocol, NOM’s price might rise. Conversely, negative news, regulatory concerns, or shifts in the crypto market can lead to a decrease in its price. Essentially, it’s a mix of investor behavior, market dynamics, and external influences, yet NOM represents an utility token which fulfills its scope regardless of the price it is traded at.

Where can I track NOM’s price?

You can track NOM’s price on any of the exchanges that it is listed on, or on CoinGecko, CoinMarketCap, Binance, Coinbase, or Kraken.

When will NOM be listed on *insert-exchange*?

Announcements regarding potential listings will never be made before a CEX’s official announcement. Keep an eye on the social media of your favorite exchanges for NOM listing news.

How do I buy NOM via OTC?

There is no official route to purchase NOM via over-the-counter transactions, with OTC-related discussions not allowed in official groups due to the potential for scams.

What is the vesting for private investors?

Backer, team, and advisor tokens are vested for 24–36 months, with a 12 month cliff. The cliff has expired, so a significant portion of tokens have already been unlocked in November 2023.

Does NOM have a market maker?

Onomy recently onboarded one of the leading market makers, as per the following DAO vote.

Will $ONEX replace $NOM?

No. ONEX is the governance coin of the Onomy Exchange. NOM utility remains stable and can only be changed via a DAO vote.

How do I transfer or receive NOM via IBC?

You can make IBC-based bridges of NOM via Leap, Keplr, and Cosmostation. Simply select one of the supported networks, enter the amount you’d like to bridge, and process the transaction. Bridging via the IBC is only available to IBC-compatible chains that have open relayers with Onomy.

You can learn more about the Inter-Blockchain Communications Protocol here.

Can I buy NOM via credit card?

Yes! If you have an account on any of the CEXs which support NOM, you’ll be able to deposit fiat via bank transfer/debit card, or other payment methods, then purchase NOM. Remember that CEXs which have listed NOM are independent third parties, with Onomy contributors retaining zero control over their operations, payment methods, or account guidelines.

Can we expect more DEX liquidity incentives?

Yes! DAO proposals for DEX liquidity incentives can be made at any time. If the DAO approves, the incentives are deployed.

How can I IBC into and out of NOM via Osmosis?

Go to the asset tab on Osmosis, search for Onomy and click on Deposit or Withdraw (depending on whether you’d like to send NOM into Osmosis, or send NOM from Osmosis to the Onomy Network). You will then be prompted to enter the amount and confirm the transaction via your Cosmos-based wallet.

Where can I see the current market cap and circulating supply?

On Mintscan, CoinMarketCap, or Coingecko.

Why can’t I discuss price on Onomy’s Telegram and Discord?

NOM is a utility coin, not a speculative asset. For regulatory reasons, price talk is forbidden in official groups linked to Onomy’s website. You are free to discuss NOM prices in any unofficial group.

Do I need to enter a memo?

Currently, entering a memo is only needed when transferring NOM from your non-custodial wallet to KuCoin. Depositing to any other CEX does not require a memo (unless you’re shown one in the deposit page). Withdrawing from any CEX to your non-custodial wallet also does NOT require a memo.

Products

What is the Onomy Exchange?

It’s the CEX experience on-chain! The ONEX is a cross-chain and multi-chain hybrid decentralized exchange (DEX), with a technical architecture that converges Automated Market Maker (AMM) liquidity pools with an orderbook UI, thus creating a powerful, fair, and non-custodial approach to trading that supports stop losses, limit orders, conditional orders and advanced charting.

ONEX is a flagship consumer appchain of the Onomy Network. Features include trading, liquidity provision, leaderboards, using platform revenue to effectuate a buy and burn on NOM, and more.

For more technical details, read the documentation!

Are there no fees on the Onomy Exchange?

Unlike most DEXs, there is no static 0.3% fee on the Onomy Exchange. The only fee to be paid is gas for each transaction.

How is NOM burned via the Onomy Exchange?

In the Cosmos SDK, module accounts enable the interaction between auth.Accounts and other module accounts, facilitating the transfer, allocation, minting, and burning of tokens. Each module account is associated with a specific set of permissions, defining its capabilities and constraints.

ONEX leverages the Burner permission within the Cosmos SDK’s Bank module to execute its buy and burn function.

Upon each completed trade with the AMM on any pair, the corresponding assets are received as part of the rewards distribution to the Buy and Burn Mechanism. These assets are then utilized to programmatically place market orders on pairs with NOM within ONEX.

The purchased NOM tokens are programmatically destroyed via the Burn coins function within the Cosmos SDK’s Bank module.

This operation within ONEX is executed through an autonomous and programmatic process, adhering to the predefined permissions set within the Cosmos SDK’s Bank module. This decentralized design ensures that the burn function aligns with the network’s protocols, without any central oversight or intervention to enact the process.

Why hybrid DEX and not strictly AMM or orderbook DEX?

An AMM-only DEX is limited to simple, automated swaps via the underlying liquidity pool and common x * y = k formula. An orderbook-only DEX is limited in terms of market-order liquidity, meaning that there has to be a corresponding buyer/seller in the books for a transaction to be filled.

With Onomy’s hybrid DEX, market orders are filled via the underlying AMM, while limit orders make use of the order book.

You can read more about AMMs vs order books here, and more about Onomy’s Hybrid DEX vision here.

Will ONEX support both crypto & Forex pairs?

Yes! ONEX has all necessary features to support crypto-crypto, forex-crypto, and forex-forex pairs.

Have I qualified for the ONEX airdrop?

As long as you were staking 100+ NOM on the 25th of December at 18:00 UTC via any of Onomy’s validators.

Does the ONEX have a charting engine?

Yes! The ONEX uses TradingView for easy price monitoring, indicators, and technical analysis.

What is the Onomy Reserve?

Put simply, it is the engine of Onomy’s decentralized & crypto-collateralized stablecoins, which in turn, coupled with the Onomy Exchange, Onomy Network and adjacent products, sets the foundations of bringing FX markets on-chain.

A decentralized methodology to mint stablecoins benefits high-powered institutions, as well as democratizing access to stablecoins for individuals across payments, storage of money, currency exchanges and transfers. In conjunction with the scalable Onomy Network, Arc Bridge Hub, and the Onomy Exchange — the ORES is a significant addition to Onomy’s ecosystem by opening FX markets on the ONEX and utilizing the Arc Bridge Hub as a gateway for liquidity across all integrated blockchains.

You can learn more about stablecoin collateral here.

How do Onomy’s upcoming stablecoins work?

The Onomy Reserve:

Supports multiple currencies (USD, EUR, YEN, etc.)
Integrates NOM into a multi-stablecoin right-to-mint model
Enables a denomination staking rate to ensure appropriate capital inflows and outflows
Minimum Collateralization Ratio dictates maximum amount of denoms minted
Reserve Capture Ratio dictates capture of NOM by reserve
Reserve Burning Ratio dictates ratio of captured NOM that is burned to that which is held by reserve
Closed loop: No outside oracles, the Onomy Exchange provides pricing data via its FX markets
All parameters voted on by the Onomy DAO of NOM token holders

More details on the specifications of the ORES will be announced as the Onomy Reserve moves into public testnet.

How do I market make on the Onomy Exchange?

Indirectly, by provisioning liquidity to any of the opened pairs. Directly, through an upcoming, decentralized market making integration that will allow you to run algos on the Onomy Exchange across supported pairs.

Will the ONEX have perps/futures/leverage?

Contributors are spending significant time looking into adding margin and perps to the ONEX. Once the framework is ready, a formal DAO discussion will be commenced, followed by voting through governance.

Can Onomy’s stablecoins be used for in-real-life payments/settlement/remittance?

Yes! Just like a centralized stablecoin can be used for payments, so can Onomy’s decentralized stablecoins. Partnerships and integrations will facilitate increased adoption of USDo and other Onomy-minted coins as means of payment, inclusive of ecommerce and point-of-service terminals in retail shops.

When will the ONEX airdrop be processed?

The $ONEX airdrop will be reflected into your balance at the genesis of the Onomy Exchange chain. The snapshot has already been taken and cannot be modified.

Does the ONEX use a CLOB or on-chain order book?

It uses a fully on-chain order book as part of Onomy’s commitment to building a decentralized, alternative financial system.

How does the hybrid model work on ONEX?

The Onomy Exchange combines an order book model with an Automated Market Maker (AMM) model. The order book records all the current buy and sell orders, while the AMM provides liquidity through liquidity pools. This hybrid approach aims to offer the efficiency of traditional order books with the decentralized benefits of AMMs.

How do I trade cross-chain on the ONEX?

Built-in and partner bridges will allow cross-chain trading to be as simple as placing a limit order. Should you want to purchase NOM with native ETH, native ETH will be deducted from your wallet, automatically bridged to Onomy, and upon trade execution, native NOM will be reflected in your wallet balance.

How does the ONEX pool ownership work?

Users can create liquidity pools by selecting two tokens and depositing any amount for each of the two tokens. The ratio of the two token amounts during pool creation determines the initial AMM price. The pool allows other users to trade between these two tokens, and the creator receives drops, representing their share of the total pool liquidity for the given pair. A new pool will initially be wholly owned by its creator until more liquidity is added by new LPs who receive additional drops.

Leaders are selected based on the total liquidity provided metric per individual pool. In other words, the leaderboard ranks all LPs based on the % of drops (shares) they own out of the total liquidity pool for a given pair. Over time, the DAO may implement metrics such as consistency and duration.

More technical details are available here.

How are ONEX earnings captured and shared with LPs?

In ONEX, orderbook spread capture is defined as the differential between the AMM-determined price and the limit order price recorded in the order book. As the AMM price fluctuates in response to market dynamics, it may surpass the limit order price. When this occurs, the limit order is executed, and the difference between the AMM price and the limit price is captured.

The Onomy Exchange (ONEX) employs a specialized mechanism for calculating rewards for liquidity providers shares, referred to as “drops.” This process is integral to incentivizing participation in liquidity pools. Below is a detailed explanation of the rewards calculation process in ONEX.

The breakdown of pool rewards are as follows:

80% of pool rewards go toward Liquidity Providers
10% of pool rewards go toward the Buy and Burn
10% of pool rewards go toward boosted rewards for Liquidity Provider Leaders

More technical details are available here.

How customizable is the ONEX user interface?

Blocks can be resized and placed in different places within the user interface, while by default, TradingView offers significant customization features. In addition, both a dark & white theme will be available on the ONEX.

Will ONEX be available on mobile?

Yes! Contributors are looking towards in-app and in-browser mobile optimizations for all of Onomy’s products.

Will ONEX liquidity be integrated into aggregators?

As long as aggregators support Cosmos-based chains, aggregating liquidity is possible.

How do I add liquidity to an ONEX pool?

Will institutional entities provision liquidity on the Onomy Exchange?

As the ONEX is fully decentralized, anyone can provision liquidity. Additional, institutional-focused LP deployment features are in development.

What is the Arc Bridge Hub?

Arc is a hub-and-spoke model bridge that enables users to transfer tokens from an integrated chain to Onomy and back again — or to another integrated chain — by locking up tokens on the integrated chain side of Arc, and minting equivalent tokens on the Onomy side of Arc.

Arc is completely non-custodial, meaning there is no central intermediary, multi-sig, or third party bridge administrators who could run off with your funds. The security of the Onomy Network, and thus Arc, is through the Onomy Validator Guild (OVG) which is a decentralized network of globally situated independent validator firms.

Staking, Validators, Wallets, and Governance

Which validator should I delegate to?

All Onomy validators run institutional-grade gear and have years of experience validating for Cosmos & non-Cosmos chains. Decide based on your own research, who you like most, and the commission charged!

Is my delegated NOM safe?

Yes — the main ‘risk’ is that should a validator get jailed, you won’t earn APR on your staked NOM while they’re not processing transactions. If this happens, you’re able to redelegate. Some validators may offer to reimburse missed rewards should they get jailed, but mind that Onomy has no control over what independent 3rd parties do.

What is the Onomy on-chain treasury?

A DAO Wallet has been created to hold the entire protocol treasury of funds, further decentralizing management and enabling NOM token holders to participate meaningfully in not only the direction of Onomy — but its use of funds as well. In doing so, the Onomy Network has a decentralized and on-chain “Foundation” governed by NOM holders.

How can I stake my NOM?

Go to https://app.onomy.io/wallet/staking, connect your wallet, select the validator you would like to stake with, enter the amount of NOM you’d like to stake, and confirm the transaction via your wallet. You’ll then instantly start earning rewards.

You can find a step-by-step guide and more details here.

What’s the unbonding time?

21-days before your unstaked funds become usable — Cosmos SDK standard. If you’d like to switch validators, you can use the redelegate feature so you don’t have to wait 21 days.

What is the NOM max supply?

The Onomy Network is a proof-of-stake chain akin to Ethereum, so there isn’t a maximum supply. The chain inflates at a steady rate as voted by the DAO, but with the Buy & Burn functionality integrated upon the mainnet launch of the Onomy Exchange, NOM can become deflationary.

How is the staking APY determined?

The total staking rewards determined by the inflation rate are divided among a validator’s staking pool according to each validator’s weight. Their rewards are then divided among delegators in proportion to each delegator’s stake. Note that validators may charge a commission on their delegators’ rewards before it is distributed.

You can find the real-time staking APY here.

How can I submit a funding governance proposal?

To submit a governance proposal, go to the Onomy SuperApp’s Governance page, click on New Proposal, enter the amount requested, the recipient address, and the proposal description. Then, confirm the proposal, and pay the 500 NOM proposal submission fee (to avoid spam). Delegators & validators will then vote on whether you will receive the requested funding. If the proposal passes, your funding NOM will be automatically sent to the recipient address you’ve entered from the on-chain treasury.

To increase the likelihood of having your proposal approved, do consider making a forum post for an Onomy Improvement Proposal (OIP), highlighting your desired contributions and allowing time for community discourse.

How do I use NOM with Ledger?

Here’s a full guide on staking directly via Ledger Live. Ledger is a validator for the Onomy Network, which was the 2nd Cosmos-based network to be natively integrated on Ledger — you may consider delegating to them.

How can I join the validator set?

As prerequisites, you’ll need to operate a synced Onomy full node and hold 225K NOM for the minimum self-delegation. Details on the commands to run and recommend technical specifications are available here.

You’re also welcome to seek support from existing validators or contributors on the Onomy Discord.

Where can I discuss governance proposals?

Contributors recommend publishing and discussing governance proposals on the Onomy Forum, but discussion can take place in any public square like Discord, Telegram, or Twitter.

Is an auto-compounding feature available for Onomy?

Yes, via Restake.App through Chorus One, with twice-a-day reward compounding. Mind that Restake is operated by a 3rd party.

Can I get a grant/loan for the minimum self-bond required to join Onomy’s active set?

Onomy contributors may offer grants or loans on their own accord to strategically-aligned validators that can commit to providing value add to the Onomy ecosystem. If that’s you, reach out to a contributor to explore opportunities.

How can I vote on a governance proposal?

As a NOM staker, you’re encouraged to make your voice heard on Onomy’s updates, products, and future. To vote on a DAO proposal during the designated voting period, navigate to the Onomy SuperApp, click on governance, click on the proposal, cast your vote (yes/no/abstain/veto), and process the transaction via your wallet. If you don’t vote, your stake will follow the vote of the validators that you delegate to.

Why is Onomy capped to 20 validators?

By keeping the number of validators under 20 whilst keeping performance standards high, Onomy is able to scale significantly and onboard FX-level volumes. The validator cap can always be modified via DAO vote.

What’s gas and is it expensive?

Gas is a small computational fee that covers the cost of processing a transaction added on to all transactions to avoid spamming. Validators set minimum gas prices and reject transactions that have implied gas prices below this threshold. Any transaction that does not contain enough gas will not be processed.

Gas on the Onomy Network adheres to the Cosmos SDK standard — cheap enough that you won’t feel it!

Is there a separate governance portal for the Onomy Exchange?

The governance portal of the Onomy Exchange will likely share the same interface as the Onomy Network. The only difference is that instead of voting with staked $NOM, you’ll vote with staked $ONEX.

How can I run an Onomy node?

You can find all relevant node installation & sync steps here. If you need support, you’re welcome to ask for it in the Discord and a contributor will try to assist.

100 $NOM FAQs

General

NOM

Products

Staking, Validators, Wallets, and Governance

Written by Onomy Protocol