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$10 Million Raised for Onomy Protocol on Brink of Launch

$10 Million Raised for Onomy Protocol on Brink of Launch

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The worlds of traditional and decentralized finance continue to converge as major financial institutions continue to explore more DeFi integration, and venture capital firms double down on their web3 investments.

Despite the current turmoil in the general markets, major investors and companies are undeterred when it comes to upcoming protocols that will change finance forever.

This is clearly the case with the upcoming release of the Onomy Protocol, which just announced a $10 million raise ahead of the protocol’s release.

Web3’s leading venture funds, market makers, validators and angels participated in the round. BitFinex, FSE, UDHC, Avalanche Foundation, CMS Holdings, Galileo, Arcanum, Kyros, Cosmostation, Citadel.One, Forbole, X-Chain Alliance and GD10 all participated.

The $10 million raise shows tremendous enthusiasm for the change Onomy plans to bring to the space. The raise announcement follows extensive coverage of Onomy’s partnership announcements with some of DeFi’s biggest players, including Avalanche, IOTA, Polygon, and Near – with whom they have custom bridges to help power the protocol.

What is the Onomy protocol?

Onomy is a fintech shell for DeFi built on Cosmos. It removes complexities like inter-chain asset transfer, governance voting, liquidity provision and of course trading in one simple application.

All assets can be held non-custodial (ie the user has the keys) in the Onomy Access wallet, and assets can flow through Cosmos Interchain and Onomy’s partner bridges directly from the wallet. A user – from a retailer to giant institutions – can interact with DeFi through a UX that feels like any banking or stock market app.

This includes trading. Onomy has created a hybrid DEX that looks and feels like CEX. It has an order book, trading UX, and limit and market orders. However, it is actually an automatic tagging maker like Uniswap. Unlike Uniswap, it does not charge static fees. Instead, it captures the difference between bid and ask and uses those fees to pay LPs. It’s the next evolution in DeFi, and Onomy’s storied backers seem to agree.

TradFi and DeFi are finally converging

Onomy is due to launch soon and its recently completed testnet was a huge success with over 800,000 transactions and a whopping 40,000 unique users. The success bodes well for the launch, as the token will be launched through a radical and radically fairer Bonding Curve Offering. TradFi and DeFi continue to converge, and with the Onomy Protocol, the river can join and carry us endlessly into the future.

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