Onomy Protocol revealed that it is expanding its list of cross-chain deployments and bridging to Polygon. The financial platform aims to bridge the gap between the fiat and stablecoin worlds. The project has a hybrid DEX and Forex marketplace, a stablecoin minting system, and a non-custodial wallet.
Is Onomy a Revolutionary Platform?
Onomy is out to change the crypto space with its innovations and alliance with Polygon. The project is developing a multi-chain DEX to bridge traditional finance and the DeFi space. The platform attempts to stop the heavy reliance on Ethereum’s DeFi ecosystem. As a result, users of nearly every major smart contract-enabled chain will access similar products.
Onomy will provide a genuinely integrated on-ramp to DeFi across all blockchains with its products. The platform will shun the current segmented approach in the DeFi space. It will also guarantee that everyone can optimize the liquidity of their asset. Onomy plans to achieve this without concerns about single chains.
What Does This Mean for Polygon Users?
As a result of this integration, Polygon’s community can place cross-chain market, limit, stop, and conditional orders. Furthermore, the platform will allow users to carry out normal trading activities across several asset networks. Also, assets can be kept in a single non-custodial wallet. As a result of this integration, users can access Onomy’s stablecoins for various purposes. For example, these stablecoins can trade Forex, make payments, and provide yield opportunities and lending services.
Furthermore, Polygon’s complete Ethereum scaling solution will facilitate faster trading of crypto pairings and FX stablecoin marketplaces. In addition, it will add value to the company’s growing dApp ecosystem.
— Polygon | $MATIC 💜 (@0xPolygon) January 21, 2022
This venture connects the world’s blockchains. It also makes DeFi more accessible. Onomy Protocol is confident it will change the DeFi market with its Forex market ambitions with Polygon on its list of cross-chain deployments,
Onomy’s Forex Ambitions
The entirety of Onomy’s activities is on Cosmos. The platform is largely viewed as one of the most advanced blockchain systems in the crypto space. Cosmos boasts 100 times the effectiveness of Ethereum and huge throughput capacities. Onomy intends to capitalize on these features to integrate the $6.6 trillion per day Forex market with DeFi. Furthermore, the platform aims to remove the risks associated with fluctuating digital assets. As a result, Onomy will pave the way for widespread DeFi acceptance.
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