Onomy announces a new bridge, its hybrid DEX and Forex market are arriving to Polygon

Onomy Protocol recently announced bridging to Polygon–expanding its list of cross-chain deployments.

Onomys application-specific Layer 1 blockchain, which is built with Cosmos Tendermint, powers a hybrid DEX and Forex marketplace, a stablecoin minting system, and a non-custodial wallet.

The integration will unlock Forex trading, payments, settlement, lending, and yield opportunities using Onomy’s stablecoins for Polygon users.

Onomys hybrid DEX, dubbed ONEX, combines automated market maker (AMM) liquidity pools with an order book user interface (UI)–enabling traders to place market, limit, stop, and conditional orders.

Meanwhile, Polygon‘s full-stack Ethereum scaling solution will empower more efficient trading –boosting the utility of Onomy’s stablecoins, called ‘Denoms,’ within its budding dapp ecosystem.

While Onomy‘s Cosmos-based blockchain, dubbed ’ONET, is poised for high throughput and efficiency, custom bi-directional bridges to other major chains–including Polygon–leverage frictionless cross-chain swaps.

Issued by the Onomy reserves dubbed ‘ORES,’ Denoms are the protocols solution for plugging Forex into DeFi.

Users are able to mint Denoms of fiat currencies they require to execute their trades by locking the protocols utility token NOM, as over-collateral.

Their usage, however, is not limited to Forex trading. As Onomy expands into further ecosystems, Denoms have the potential to unlock yield opportunities across DeFi.

Meanwhile, the protocols utility token NOM plays a key role in the Onomy ecosystem and unlocks governance rights within the Onomy DAO.

Onomy recently announced another inter-chain bridge between Onomy Protocol‘s mainnet and NEAR Protocol–leveraging Aurora’s Ethereum Virtual Machine (EVM) capabilities.

Onomy Access, or ‘OACC,’ is another key product–designed to further DeFi connectivity by simplifying entering and exiting different ecosystems.

While allowing users to seamlessly manage, send, and receive assets cross-chain, Onomys non-custodial wallet also comes with an NFT collection sub-feature that simplifies managing NFTs from multiple blockchains.