2023 — Onomy’s Year in Review

Nomads — buckle up for we’re entering 2024, The Year of the Onomy.

Back in 2020, Onomy’s mission was simple — bringing Forex markets on-chain. While it remains unchanged to this day, Onomy has evolved into much more — the backbone of the Internet’s Financial System, a top-to-bottom ecosystem designed to serve not only crypto-natives, but retail & institutions alike. A system designed to onboard masses. A system designed to seize financial sovereignty. A system designed to change the status quo. A system designed to bring the internet of money into the now.

Here’s everything DAO contributors have been up to this past year, navigating through the coldest depths of the crypto winter.

The Onomy Exchange (ONEX)

Big DEXs need CEX energy to function. Onomy’s hybrid DEX synergises AMM liquidity pools with an order book interface to bring the CEX experience on-chain. No static fees. $NOM buy & burns from protocol revenue. One-click cross-chain swaps. Liquidity provisioning rewards. And more. Much more.

In 2023,

• The first ONEX testnet was launched. Dubbed the ONEX Wars, it witnessed tens of thousands of transactions, billions in trading volume, and significant $NOM token burning. This phase focused on testing the back-end logic via a simple, no-fuss interface.
• The second ONEX testnet featured an advanced beta interface, with responsive design and refined features such as TradingView Charts, orderbooks, pool creation and liquidity management. Just as contributors have come to expect, v2 of the ONEX Wars attracted immense participation, with thousands of nomads battling over PnL while trading $BTC, $ETH, $NOM, $USDT, and $USDC. The victors earned $NOM rewards after a hard-fought battle.
• As the ONEX is a consumer chain to the Onomy Network, contributors ideated $ONEX — the governance coin for the Onomy Exchange. A DAO proposal was published, highlighting its utility, inclusive of governance voting, rewards, VIP levels, and access to launchpad sales, pending DAO approval.
• The $ONEX airdrop was announced, with a snapshot date on Christmas 2023, to be distributed on a 1:1 basis to $NOM delegators staking at least 100 NOM with any of Onomy’s validators.

Ecosystem

An ecosystem designed to support the next generation of Internet Money. Always evolving. Paradigm breaking.

In 2023,

• Onomy introduced Replicated Security (RS), becoming the second ever Cosmos provider chain reinforcing its role as a cornerstone in the Internet’s Financial System and enhancing security for its core and consumer chains.
• Chorus One, a prominent institutional validator, began securing Onomy as a member of the validator set, bringing extensive experience from managing over $1.6B+ across 45+ networks.
• The first inter-blockchain communication (IBC) paths were successfully launched with Osmosis, Injective, and OKX’s OKB Chain.
• Ledger, the leading hardware wallet manufacturer that operates Ledger Live software, also became a validator on the Onomy Network.
• A strategic partnership was forged with the OKX Chain, enhancing interchain interactions and facilitating mutual integrations within both the Onomy and OKX ecosystems.
• OKX Chain enabled IBC transfers for the NOM token on their front-end, expanding its accessibility.
• A DAO proposal was published to transform the Bonding Curve into a $NOM-powered launchpad for the Onomy ecosystem. This V2 product is designed to facilitate token distribution for new chains, pair token launches with $NOM, and drive ecosystem growth.

SuperApp

The cornerstone of the Onomy ecosystem — your all-in-one interface for accessing the Onomy Web Wallet, governance portal, Onomy Exchange, and soon enough, the protocol’s stablecoin economy — the Onomy Reserve.

In 2023,

• Cosmostation Wallet was added as a new login option for the Onomy SuperApp.
• The SuperApp’s responsiveness was enhanced, bringing improvements like sticky sidebar/table headers, repositioned buttons, APR data on validator pages, and various bug fixes.
• Leap was integrated as an additional login option for the Onomy SuperApp.
• Contributors implemented a feature allowing delegators to switch validators seamlessly, eliminating the 21-day waiting period associated with unbonding.
• A governance portal within the Onomy SuperApp was introduced, enabling users to directly review and vote on proposals.
• Production UI for ONEX mainnet, dubbed the ‘Venetian Upgrade’ was announced by contributors

NOM

The reason you’re known as Nomads. Onomy’s utility coin — a 3rd gen asset unlocking governance, staking, collateral, buy & burns, ecosystem access, liquidity incentives and much more for the ecosystem.

In 2023,

• $NOM was listed on leading exchanges like KuCoin, Bitfinex, Gate, MEXC, BitGet, and others, accompanied by numerous community events, contests, AMAs, and Twitter Spaces.
• NOM achieved a remarkable, all-time 24-hour trading volume peak of $66M across exchanges.
• $NOM became the second Cosmos-based asset after $ATOM to be integrated on Ledger, who also joined the validator set, allowing holders to independently store, send, manage, and stake their $NOM via Ledger Live, without having to connect to a 3rd party wallet.
• Onomy and $NOM were natively integrated into Leap wallet, supporting NOM management, staking, and governance voting functionalities.
• NOM staking rewards were re-aligned with the Cosmos SDK standard of 7–20% through a DAO proposal, enhancing the sustainability of its tokenomics.
• DAO Treasury $NOM delegations to validators were removed via governance, with plans to redefine the delegation policy to reward contributing validators, pending community vote.
• The Osmosis DAO voted to list $NOM on their DEX and provide dual $NOM-$OSMO incentives to liquidity providers.

Community

The reason DAO contributors live, breathe, and build the next-gen of finance. To all of you, thanks for sticking around throughout the bear. Contributors are beyond excited for you to use Onomy’s flagship products, soon on mainnet.

In 2023,

• Onomy launched an impactful Zealy campaign, rewarding ambassadors with significant NOM airdrops for completing diverse tasks such as article writing, translations, video creation, meme design, and publishing.
• Witnessed a remarkable influx of 30,000 new members joining the ecosystem.

Readiness is all. We’re ready, and we know you, loyal Nomad, are too. Flagships are beginning to sail on the mainnet, and the horizon has never been so limitless. Let’s boldly go where no Nomads has been before.