Onomy’s hybrid DEX and Foreign exchange market to deploy on Concord

Onomy Protocol lately introduced teaming up with  Concord, including the extremely scalable, low-energy blockchain based mostly on a sharded structure to a rising listing of cross-chain deployments.

The combination will mix the deployment of Onomy’s hybrid DEX, multi-currency stablecoins, and a bi-directional bridge.

Onomy’s sturdy infrastructure contains an application-specific Layer 1 blockchain constructed with Cosmos Tendermint, a hybrid DEX and Foreign exchange market, a stablecoin minting system, and a non-custodial pockets.

Onomy’s hybrid DEX and Foreign exchange market arrives to Concord 

As the combination is accomplished, Concord’s neighborhood will be capable to natively entry Onomy’s upcoming hybrid DEX, dubbed ONEX, introduced the protocol on Twitter.

We’re excited to be partnering up with @HarmonyProtocol! 📢

Concord’s neighborhood will natively entry Onomy’s upcoming hybrid DEX, bringing AMM LPs and an order e-book for market, restrict, and cease orders, alongside FX markets.

Let’s dive deeper 👇

1/3https://t.co/cVP1cLMIIj pic.twitter.com/8FuPNUmsAR

— Onomy Protocol (@OnomyProtocol) February 2, 2022

In the meantime, Concord’s high-throughput and low-fee infrastructure will empower extra environment friendly buying and selling.

Constructed to facilitate frictionless cross-chain buying and selling between the crypto property and Foreign exchange pairs, ONEX combines AMM liquidity swimming pools with an order e-book UI that helps restrict, cease, and conditional orders.

Following the combination, customers will be capable to bridge Concord native property to the Onomy Community, and vice-versa.

This can unlock extra avenues of liquidity–enabling clean commerce between the ecosystems–permitting Concord customers to interact in Foreign currency trading, funds, settlement, lending, and yield alternatives utilizing Onomy’s stablecoins, known as ‘Denoms.’

“Our alliance will empower customers to bridge, handle, and commerce property by way of an on-chain interface with a FinTech frontend and a DeFi backend,” defined Onomy.

Lastly, Concord customers stand to learn from cross-chain asset storage via Onomy’s non-custodial DeFi entry pockets, or ‘OACC’–designed to simplify coming into and exiting totally different ecosystems.

A multi-chain launch of the Onomy DEX

Issued by the Onomy reserves, ‘ORES,’ Denoms are the protocol’s answer for converging Foreign exchange and DeFi markets.

DeFi customers can mint Denoms of fiat currencies by locking Onomy’s utility token NOM as over-collateral.

Moreover its utility in direction of minting Denoms, NOM token will play a central function within the Onomy ecosystem, amongst others, leveraging participation within the protocol’s governance.

Onomy’s merchandise will probably be launched in 2022, and the collaboration with Concord comes on the heels of the protocol’s most up-to-date bulletins.

CryptoSlate lately reported that Onomy’s hybrid DEX and Foreign exchange market will probably be arriving to NEAR, in addition to Polygon.