Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»TRADING NEWS»Onomy aims to revolutionize the internet financial system by launching a new consumer chain
TRADING NEWS

Onomy aims to revolutionize the internet financial system by launching a new consumer chain

By Crypto FlexsMay 5, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Onomy aims to revolutionize the internet financial system by launching a new consumer chain
Share
Facebook Twitter LinkedIn Pinterest Email

Onomi DAO Recently, it has made notable progress since the introduction of the Onomy Exchange consumer chain, declaring its position as the second security provider within the broader Cosmos ecosystem. The decision to launch the Onomy Exchange consumer chain on the mainnet was passed with a majority vote, with 88.7% of participating members supporting the plan, representing 85.1% of the voting power held by holders of NOM, Onomy’s native token. .

In a pivotal development in 2023, Cosmos Hub implemented the following protocol upgrades: Interchain Security, revolutionizing the way app chains are distributed within the ecosystem. Before this upgrade, we used the Cosmos SDK, a comprehensive toolkit for blockchain development to create the required app chains and then attract validators to ensure the security and decentralization of the network. While this process is useful for developers looking to leverage application-specific blockchains, it often proves cumbersome for new teams with limited resources.

The Cosmos Hub DAO received the proposal with enthusiasm and quickly approved the initiative, paving the way for the launch of the first independent consumer chain leveraging the shared security framework provided by the Cosmos validator set.

Onomy has established itself as a foundational layer 1 ecosystem that will drive the next generation of consumer applications and establish itself as a core component of what is termed the Internet Financial System. The products being developed are designed to enhance adoption, improve on-chain transactions, simplify asset management, and maintain compatibility with the broader IFS ecosystem.

After extensive testing and development, including multiple testnets, the Onomy DAO has approved an upgrade that will allow the Onomy network to support interchain security. This upgrade was critical to the launch of pioneering consumer chain Onomy Exchange (ONEX), the first hybrid AMM + order book DEX that offers sophisticated trading capabilities similar to traditional centralized exchanges (CEXs) but executed on-chain. . .

The DAO’s unanimous agreement to adopt Interchain Security represents a strong consensus on the benefits not only for Onomy’s consumer chains, but also for prospective sovereign chains wishing to participate in the Onomy ecosystem. With this approval, Onomy joins Cosmos Hub as one of only two security providers. 100+ interconnected networks via IBC.

Strategic Partnerships and Support

Paolo Ardoino, CTO of Bitfinex & Tether, commented on the significant potential of the services provided by Onomy. Cosmos Ecosystem. The Onomy Validator Set, which includes key entities such as Cosmostation, Ledger, Citadel One, and Chorus One, as well as new additional entities such as Strangelove, Stakecito, and Decentrio, seeks to strengthen Onomy’s strategic expansion into Replicated Security. These partners are set to provide essential technical support, develop cross-chain testing, and support ongoing development and maintenance efforts.

Interchain security allows consumer blockchains to rent security services from the provider chain using transaction blocks generated by the provider’s validators. This contract must be approved by the DAO, similar to a service agreement where $NOM holders agree to certain terms, as $NOM holders receive protocol revenue across all Onomy-secured blockchains. This flexibility is intended to integrate and streamline various app chains focused on Forex, real assets, and payments in a single, strategically aligned ecosystem.

The new security framework not only promotes the building of the Onomy ecosystem, but also attracts new participants and app chains to diversify and enrich the ecosystem.

Additionally, enhanced security and associated staking rewards and fees are expected to attract more validators to join Onomy, expanding the community and fostering greater collaboration within the network. Lalo Bazzi, founder of Onomy, summarizes this vision by stating, “Consumer chains are not just passengers. They are sailors who can help steer the ship toward major ecosystem growth.”

Onomy’s role in the future of finance

The Onomy protocol continues to evolve as a major player in facilitating the internet financial system and promises to be a dynamic hub for the next wave, combining DeFi capabilities with a variety of consumer applications across daily foreign exchange markets, real assets and payments. Consumer applications within Cosmos and beyond.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

As the Air drop recipient is sold, the infinite price is 46% conflict after Binance listing.

September 16, 2025

Metabuses are increasing again -Records in August +13k NFT users

September 15, 2025

Web3 EXEC warns that the US dollar Stablecoin end game is not priced.

September 14, 2025
Add A Comment

Comments are closed.

Recent Posts

Green Hood Contracts Thanksgiving Summary -Ackee Blockchain

September 17, 2025

BetFury Is At SBC Summit Lisbon 2025: Affiliate Growth In Focus

September 17, 2025

FED Mining’s Cloud Mining Platform Is Helping Users Earn $8,800 Per Day, And XRP’s Growth Is Driving Market Enthusiasm.

September 17, 2025

Stablecoin Holdings Drop As Investors Pivot To SOL, XRP, And Altcoins

September 17, 2025

Flipster Partners With WLFI To Advance Global Stablecoin Adoption Through USD1 Integration

September 17, 2025

Zircuit Launches $495K Grants Program To Accelerate Web3 Super Apps

September 16, 2025

Kintsu Launches SHYPE On Hyperliquid

September 16, 2025

New Cryptocurrency Mutuum Finance (MUTM) Raises $15.8M As Phase 6 Reaches 40%

September 16, 2025

How XRP Enthusiasts Can Earn $15k/Day

September 16, 2025

Bringing 1R0R To R0AR Chain Unlocks New Incentives

September 16, 2025

As the Air drop recipient is sold, the infinite price is 46% conflict after Binance listing.

September 16, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Green Hood Contracts Thanksgiving Summary -Ackee Blockchain

September 17, 2025

BetFury Is At SBC Summit Lisbon 2025: Affiliate Growth In Focus

September 17, 2025

FED Mining’s Cloud Mining Platform Is Helping Users Earn $8,800 Per Day, And XRP’s Growth Is Driving Market Enthusiasm.

September 17, 2025
Most Popular

How to Prepare for the Next Crypto Bull Market: 5 Simple Steps

December 4, 2023

Bitcoin fell below $58,000 ahead of the Federal Reserve’s decision.

May 1, 2024

A CNBC Fast Money trader sparked controversy by saying the Solana ETF is ‘probably’ next.

May 24, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.