Sunday, June 16, 2024
HomeDeFiOnomy's ecosystem expansion continues, announces the tie-up with the high-throughput, low-latency chain

Onomy’s ecosystem expansion continues, announces the tie-up with the high-throughput, low-latency chain

Onomy Protocol has signed a partnership with Harmony, adding the highly scalable, low-energy blockchain based on a “sharding architecture” to an expanding formation of cross-chain deployments. Onomy’s hybrid DEX, multi-currency stablecoins, and a bidirectional bridge will be deployed as part of the integration.

Onomy’s strong infrastructure consists of an application-specific Layer 1 blockchain developed using Cosmos Tendermint, a hybrid DEX and Forex marketplace, a stablecoin minting system, and a non-custodial wallet.

As soon as the integration is complete, Harmony’s users will be able to access Onomy’s planned hybrid DEX, called ONEX, the protocol said on Twitter.

Harmony’s high-throughput, low-fee infrastructure will enable more efficient trading. 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 after the integration. This would open up more liquidity channels, allowing for seamless trade between ecosystems and allowing Harmony users to engage in Forex trading, payments, settlement, lending, and yield possibilities utilising Onomy’s stablecoins, known as ‘Denoms.’

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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