Cosmos-based DeFi protocol Onomy announced that it would officially launch its native token NOM.
The NOM token will be launched on December 6 at 15:00 UTC. It is used for transaction fees, cross-chain fees, staking, governance, collateral, etc.
The genesis supply of NOM is 100 million, 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.
NOM is staked to secure the Onomy Network, which uses Proof-of-Stake consensus. By bridging tokens from the bonding curve and bonding them with validators, delegators can earn rewards for securing the network.
Staking rewards are programmatically adjusted depending on the staking ratio and inflation rate, which are pre-determined before launch and can only be changed post-launch by DAO-vote.
Backer, team, and advisor tokens are vested for 24–36 months, with a 12-month cliff. In contrast, 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.
The mainnet for Onomy is scheduled to go live soon. It claimed that over 800,000 transactions and 40,000 distinct users occurred on its testnet. With fresh capital in hand, Bazzi plans to continue enhancing the protocol and “methodically” scale the team. There are currently 15 full-time employees working for Onomy and Bazzi looks to add some more developers in the near future.
Onomy will transform into a decentralized autonomous organization (DAO) at the launch of its mainnet, giving holders of its native token NOM the chance to influence its choices.
An ecosystem called Cosmos consists of various blockchains that can exchange currency with one another. According to DeFiLlama, the total value locked across all of these blockchains is approximately $1.17 billion. The technologies from Onomy “have the potential to play a crucial role in Cosmos,” according to Bitfinex CTO Paolo Ardoino.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
