Cosmos-Based L1 Blockchain Onomy Raised $10 Million
Despite the prolonged bearish cryptocurrency market, Onomy has completed a $10 million funding round as it nears launch. With major investors Ava labs, GSR, Bitfinex, Galileo and Arcanum Capital coming on board, the company is set to accelerate its currency markets and DeFi converging operations. Needless to say, Onomy’s crowdfunding success stamps a statement on the builders’ crypto market.
The company’s Twitter account posted:
We are thrilled to announce that we have closed a $10 million round, bringing Onomy closer to its goals of converging DeFi and Forex while re-architecting the Web3 user experience.
A significant step towards realizing the company’s new protocol development goals.
Onomy is developing a unique protocol to serve as the critical interface between traditional currency markets and the Decentralized Exchange (DEX). Onomy’s protocol runs on the Cosmos blockchain, and has undergone important developments since 2020.
The DeFi and currency markets converge the process of Onomy is set to draw a series of events. It is set to provide a blockchain bridge within the layer 1 blockchain network built on the cosmos blockchain. This will be combined with Onex, a decentralized exchange network and a non-custodial wallet.
Lalo Bazii, Onomy’s co-founder, has stated that the $10 million crowdfunding is secured through a simple agreement for future tokens (SAFT) model. He insists that the company does not have a main investor, but a group of interested parties working together to achieve a common goal. Such commitment is critical as Onomy’s will go live on the mainnet.
Onomy to be Live on Mainnet
In the coming days, Onomy is expected to be fully integrated and operational in the main network. This will serve as a real test for the co-founders and investors. The company is set to bring in more developers in addition to the 15 that exist today.
Onomy’s recently conducted testnet recorded over 40,000 new users and 800,000 transactions. Holders of the Onomy native token (NOM) are expected to have voting rights on the company’s decisions during the launch of the mainnet.
The mainnet launch will see the cosmos-based network convert to a decentralized autonomous organization (DAO).
What’s next for Onomy?
Onomy has reported that the progress made by the developers is exciting and significant. The Onomy Network (Layer 1 infrastructure) and Crypto-Universe-Onomy Network bridges are ready and set. In addition, several cross-chain and multi-chain network deployments have occurred. Notably, Cosmos, Polygon, Ethereum, Avalanche, Harmony and Aurora have all been integrated with the rest soon to follow.
Onomy is DAO! The company has completed DAO development, a mandatory module in the cosmos blockchain set to manage treasury funds. Means total decentralization, as no one can access the module’s private keys.
Onomy has expressed the possibility of more partnerships as it thrives on achieving decentralized finance (DeFi), currency markets converge. Leveraging existing collaborations with key players in the blockchain community, the company believes these partnerships will significantly accelerate its efforts.
Despite the turmoil in the crypto industry after the FTX saga and the dwindling crypto market, Onomy is taking advantage of the builder’s market to prosper. Undoubtedly, Onomy is a promising project that is expected to cement itself among the big boys in the crypto-blockchain space.
