NOM
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NOM

Onomy Protocol 1-2 years
Cryptocurrency
Website https://onomy.io/
Browser
OTH RELPs
White Paper
NOM Avg Price
0.00%
1D

$ 0.0208 USD

$ 0.0208 USD

Market Cap

$ 2.429 million USD

$ 2.429m USD

24h trading volume

$ 340,805 USD

$ 340,805 USD

7d Vol

$ 3.271 million USD

$ 3.271m USD

Circulating supply

134.63 million NOM

Related information

Issue Time

2023-03-15

Platform pertained to

--

Current price

$0.0208USD

Market Cap

$2.429mUSD

Volume of Transaction

24h

$340,805USD

Circulating supply

134.63mNOM

Volume of Transaction

7d

$3.271mUSD

Change

24h

0.00%

Number of Markets

11

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Current Rate0

Available

0.00USD

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NOM Price Chart

Introduction

Markets

3H

0.00%

1D

0.00%

1W

0.00%

1M

-19.39%

1Y

-65.58%

All

-97.69%

Aspect Information
Short Name NOM
Full Name Onomy Protocol
Founded Year 2020
Main Founders Lalo Bazzi and Charles Dusek
Support Exchanges Gate.io, Kucoin, MEXC, BingX, Osmosis, CoinEx, Bitget, Bitfinex
Storage Wallet Keplr, Cosmostation, Leap, Ledger
Customer Service Twitter, Telegram, Discord

Overview of Onomy Protocol (NOM)

Onomy Protocol (NOM) serves as the native coin within the Onomy ecosystem, designed to facilitate various functions. It powers the proof-of-stake network, acts as collateral for stablecoin minting, enables governance voting, covers gas fees, implements buy & burn deflation mechanisms, and more. NOM is listed on major exchanges like KuCoin, Gate.io, Bitfinex, MEXC, and BitGet, offering liquidity and accessibility to users. With a robust roadmap encompassing decentralized finance (DeFi) and foreign exchange (Forex) integration, NOM stands as a crucial element driving innovation within the evolving landscape of financial systems...

To obtain more information, you can visit their website: https://onomy.io and try to log in or register to use more services.

Onomy Protocol (NOM)'s homepage

Pros and Cons

Pros Cons
Provides forex market functionality Relatively new and untested
Combination of DeFi and traditional finance elements
Bridges gap between digital and real-world assets
Emphasizes on price stability, scalability, and cross-chain operability

Pros of Onomy Protocol (NOM):

1. Forex Market Functionality - Onomy Protocol's design caters to the creation of decentralized exchanges that closely mimic forex markets. This functionality is not commonly found among other cryptocurrencies. It allows for more widespread adoption and utilization beyond typical DeFi services.

2. Combination of DeFi and Traditional Finance - The project uniquely combines both the innovative aspects of DeFi and the stability of traditional finance. This leads to a fusion that seeks to provide the benefits of both worlds, enhancing its functionality and usability.

3. Bridging Digital and Real-World Assets - Onomy successfully bridges the gap between digital and real-world assets, which allows for seamless integration and interactivity of finances in both domains with one another, increasing ease and efficiency of monetary management.

4. Stability, Scalability and Cross-chain Operability - System design emphasizes price stability, scalability and the capability to interact across different blockchain networks. This broadens its interconnectivity with various cryptocurrencies and platforms, favoring versatility and adaptability.

Cons of Onomy Protocol (NOM):

1. New and Untested - Being a relatively new entrant in the crypto market, the Onomy Protocol has not been extensively tested. It still needs to prove its long-term stability and potential for growth.

What Makes Onomy Protocol (NOM) Unique?

The Onomy Protocol (NOM) brings innovation to the world of cryptocurrencies through its emphasis on the fusion of decentralized finance (DeFi) with attributes of traditional finance. The protocol is designed to function as a decentralized exchange (DEX) that directly mirrors forex markets, which is not a common characteristic among other cryptocurrencies. This is a significant departure from typical DEXs, which mostly focus on crypto-to-crypto exchanges, as it visas to bring functionalities of the enormous forex market into the decentralized finance space.

Another distinctive feature of NOM is its ability to bridge the gap between digital and real-world assets. The seamless integration intended by Onomy leverages the portability of digital assets while providing the tangible value associated with real-world commodities.

Furthermore, Onomy places a particular emphasis on price stability, scalability, and cross-chain operability, which are key features to ensuring a versatile and adaptable cryptocurrency. This suggests a focus not solely on the proliferation and adoption of its own network, but also on greater inclusivity and functionality within the broader crypto environment.

Finally, Onomy operates through a variant of the Proof-of-Stake consensus mechanism which is designed to foster fairness and security in transaction validation and coin creation. This unique choice of consensus mechanism presents a more democratized network compared to regular Proof-of-Stake distributions.

Additionally, Onomy Protocol leverages Replicated Security and a decentralized autonomous organization (DAO) governance model, enhancing its uniqueness in the blockchain space.

What Makes Onomy Protocol (NOM) Unique?

How does Onomy Protocol (NOM) Work?

Onomy Protocol (NOM) operates as an interoperable Layer-1 ecosystem designed to bridge traditional Forex markets with decentralized finance (DeFi) applications. Here's an overview of how Onomy Protocol works:

- Interoperability: Onomy Protocol is built on Cosmos SDK, enabling interoperability with various blockchains and networks. This interoperability allows Onomy to connect with other ecosystems, facilitating the seamless transfer of assets and data across different platforms.

- Hybrid DEX: Onomy Protocol features a decentralized exchange (DEX) that combines the features of an order book with automated market maker (AMM) liquidity pools. This hybrid DEX aims to provide users with a familiar trading experience while maintaining the benefits of decentralized finance.

- Stablecoin Issuance: The protocol includes a stablecoin issuance mechanism that allows users to mint stablecoins by collateralizing NOM tokens. These stablecoins can be pegged to fiat currencies or other assets, providing stability and liquidity to the ecosystem.

- Governance: NOM token holders have governance rights within the Onomy ecosystem. They can participate in decision-making processes, such as voting on protocol upgrades, parameter changes, and allocation of resources.

- Staking: NOM tokens can be staked by users to secure the network and validate transactions. Stakers are rewarded with additional NOM tokens for their participation in the proof-of-stake consensus mechanism.

- Bridge Infrastructure: Onomy Protocol facilitates the seamless transfer of assets between different blockchain networks through its bridge infrastructure. This enables cross-chain interoperability and expands the reach of the protocol.

Overall, Onomy Protocol aims to create a decentralized financial ecosystem that bridges the gap between traditional finance and blockchain technology, offering users a wide range of financial services and opportunities.

How does Onomy Protocol (NOM) Work?

Market & Price

As of the latest data on Mar 28, 2024, the price of Onomy Protocol (NOM) stands at $0.3608, marking a 4.11% increase over the past 24 hours. With a market cap of $33,378,066 and a 24-hour trading volume of $1,256,634, NOM exhibits moderate trading activity. Despite fluctuations, NOM has shown resilience, with fluctuations between $0.3367 and $0.4394 in the past day, reflecting investor interest and market dynamics.

The all-time high for Onomy Protocol (NOM) was recorded on March 20, 2023, at $1.32, whereas the all-time low occurred on October 19, 2023, at $0.05453. These metrics provide insights into the historical price range of NOM, indicating its price volatility and potential investment opportunities.

Price

Exchanges to Buy Onomy Protocol (NOM)

1. Gate.io: A globally recognized exchange offering NOM trading pairs. Known for its user-friendly interface and security features, Gate.io provides access to a wide range of cryptocurrencies, including Onomy Protocol (NOM).

Step Description
1. Create or Login Create a new account or log in to your existing Gate.io account.
2. KYC & Verification Complete KYC and security verification.
3. Choose Buying Method Select your preferred method (Spot Trading, Bank Transfer, Credit Card, etc.).
4. Buy NOM * Spot Trading: Buy NOM at market price or set a limit order for NOM/USDT (available on Desktop & Mobile).
5. Purchase Successful Your NOM will be deposited to your wallet.

Buying link: https://www.gate.io/how-to-buy/onomy-protocol-nom

2. KuCoin: A leading cryptocurrency exchange with a strong reputation for security and reliability. KuCoin supports NOM trading pairs and provides advanced trading features for users interested in Onomy Protocol (NOM).

Step Description
1. Create Account Sign up with email/mobile number, password, set your country
2. Secure Account Enable 2FA, anti-phishing code, trading password
3. Verify Account Enter personal information, upload valid ID
4. Buy NOM Look for NOM trading pairs in the KuCoin Spot Market
Place an order (market or limit) to buy NOM with your funds

Buying link: https://www.kucoin.com/how-to-buy/onomy-protocol

3. MEXC: A popular exchange platform offering NOM trading pairs and a wide range of other cryptocurrencies. MEXC is known for its liquidity, security, and user-friendly interface, making it a suitable choice for trading Onomy Protocol (NOM).

4. BingX: An emerging exchange platform supporting NOM trading pairs. With a focus on security and user experience, BingX provides a seamless trading environment for users interested in Onomy Protocol (NOM).

5. Osmosis: A decentralized exchange (DEX) built on the Cosmos network, offering liquidity pools for NOM tokens. Osmosis allows users to swap and provide liquidity for Onomy Protocol (NOM) in a decentralized manner.

6. CoinEx: A well-established cryptocurrency exchange offering NOM trading pairs. CoinEx provides users with access to a diverse range of digital assets, including Onomy Protocol (NOM), along with advanced trading tools and features.

7. Bitget: A comprehensive cryptocurrency derivatives trading platform supporting NOM trading pairs. Bitget offers futures, options, and perpetual contracts for Onomy Protocol (NOM), catering to both institutional and retail traders.

8. Bitfinex: A reputable cryptocurrency exchange known for its advanced trading features and liquidity. Bitfinex supports NOM trading pairs and provides a secure and reliable platform for users interested in Onomy Protocol (NOM).

Exchanges to Buy Onomy Protocol (NOM)

How to Store Onomy Protocol (NOM)?

The Onomy Protocol's NOM tokens can be stored in several wallets:

  • Keplr: Keplr is a non-custodial wallet designed specifically for the Cosmos ecosystem, providing users with seamless access to NOM and other Cosmos-based tokens. It offers features such as staking, governance participation, and secure asset management.

  • Cosmostation: Cosmostation is a versatile wallet supporting various Cosmos-based assets, including NOM. With its user-friendly interface and robust security features, Cosmostation allows users to securely store, send, and receive NOM tokens, as well as participate in governance and staking activities.

  • Leap: Leap is a decentralized wallet built for the Cosmos ecosystem, offering NOM storage and management along with other Cosmos-based tokens. Leap prioritizes security and usability, providing users with full control over their assets and supporting features like staking and governance participation.

  • Ledger: Ledger is a hardware wallet known for its high level of security and protection against unauthorized access. With Ledger, users can store NOM tokens offline, providing an extra layer of security against hacking and unauthorized access, making it an ideal choice for long-term storage of NOM tokens.

How to Store Onomy Protocol (NOM)?

Is It Safe?

It's essential to consider several factors to assess the safety of the Onomy Protocol (NOM) token:

1. Technology: Onomy Protocol operates on a layer-1 ecosystem built on Cosmos, leveraging Tendermint consensus and Cosmos SDK. These technologies are known for their security features and robustness.

2. Community: The strength and engagement of the Onomy Protocol community play a significant role in ensuring the token's safety. A vibrant and active community can contribute to the network's security and resilience against potential threats.

However, no investment is entirely risk-free investors should do their own research and be careful before investing in any cryptocurrency.

How to Earn Onomy Protocol(NOM)?

Earning Onomy Protocol (NOM) can involve various methods depending on the features implemented by the protocol.

1. Staking: Users can earn NOM tokens by staking their tokens on the Onomy Protocol network. By participating in the proof-of-stake consensus mechanism, stakers help secure the network and validate transactions, for which they are rewarded with additional NOM tokens.

2. Providing Liquidity: Users can earn NOM tokens by providing liquidity to decentralized exchanges (DEX) or liquidity pools on the Onomy Protocol platform. By adding their tokens to liquidity pools, users facilitate trading activities and are rewarded with fees generated by trading volume.

3. Contributing to Governance: NOM token holders have governance rights within the Onomy Protocol ecosystem. By actively participating in governance processes, such as voting on protocol upgrades or proposals, users can earn rewards in the form of NOM tokens.

How to Earn Onomy Protocol(NOM)?

Conclusion

The Onomy Protocol (NOM) token represents an innovative approach to bridging the worlds of Forex and DeFi through its layer-1 ecosystem built on Cosmos. With features like governance, staking, and collateral for stablecoin minting, NOM offers potential opportunities for investors.

However, as a relatively new player in the field, there are uncertainties related to its long-term stability and prospect of growth. The success of the Onomy Protocol relies heavily on the pace and extent of its adoption, since a wider user base typically contributes to a better functioning and more robust market.

As for its potential to appreciate in value and earn money, this largely depends on a wide range of factors. These include the overall trend of the crypto market, demand for the services offered by Onomy Protocol, competition from other projects, the integration and cooperation with other blockchain networks, as well as the regulatory environment among others.

As a result, while the Onomy Protocol presents a unique proposition in the market with potentially rewarding features, interested investors should conduct in-depth research and be aware of risks associated with cryptocurrency investments. It is not possible to guarantee the return or appreciate value.

FAQs

Q: What consensus mechanism does Onomy Protocol use?

A: Onomy Protocol employs a variant of the Proof-of-Stake consensus mechanism.

Q: Can I stake Onomy Protocol (NOM) tokens?

A: Yes.

Q: What are the benefits of using Onomy Protocol?

A: Key advantages of Onomy Protocol include its forex market functionality, blend of DeFi and traditional finance elements, integration of digital and real-world assets, and a focus on price stability, scalability, and cross-chain operability.

Q: Can I store NOM tokens in any type of cryptocurrency wallet?

A: NOM tokens can be stored in Keplr, Cosmostation, Leap, Ledger.

Q: How does Onomy Protocol differentiate from other DeFi projects?

A: What sets Onomy Protocol apart from other DeFi projects is its unique ability to mimic the forex market, bridging digital and fiat currency environments, and interconnecting with various other blockchains on top of its DeFi functionalities.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

More

5 ratings

Participate in evaluation
LIE30219
The Security audit reports for NOM are informative and detailed, providing valuable insights into the project's vulnerabilities and strengths. Though not perfect, they offer a comprehensive view of the platform's security measures.
2024-04-01 14:19
0
ธีรวัฒน์ ทับศรี
Thriving online community fosters trust and engagement with transparent communication and strong developer support. Exciting potential for long-term growth.
2024-07-11 11:07
0
Nathan Lazareno Eugenio
The NOM Utility excels in practical applications and market demand, boasting a strong team with a transparent track record. Security measures and community support add to its appeal, making it a competitive player in the volatile market.
2024-06-24 09:13
0
Geyee
The tokenomics of this project show a fair distribution model with a sustainable economic structure, promising long-term potential and solid community trust. Exciting prospects ahead!
2024-06-02 10:28
0
Kennethng
Great technology and scalability, solid consensus mechanism and anonymity. Real-world utility and market demand. Experienced team with strong reputation and transparency. Growing user base and developer activity. Well-balanced token economics and sustainable ecosystem. Strong security with no major vulnerabilities. Future regulatory potential. Stand out from competitors with unique features. Engaged community with strong support. Historical price stability and high potential for growth. Impressive market value, liquidity, and fundamentals.
2024-03-23 09:01
0