Onomy Emerges as a Top Security Provider in the Cosmos Ecosystem

The Onomy DAO has become the second security provider in the Cosmos ecosystem, following the launch of its Onomy Exchange consumer chain. This move allows app-chains to lease security services from a provider chain, reducing the burden on new and resource-limited teams. Onomy, a layer-1 ecosystem, aims to enhance adoption, improve on-chain trading, and streamline asset management. The Onomy Validator Set includes leading entities such as Cosmostation, Ledger, and Citadel One, providing support for Onomy's strategic expansion into Replicated Security. The new security framework attracts new participants and app-chains, diversifying and enriching the ecosystem.

Onomy Emerges as a Leading Security Provider in the Cosmos Ecosystem

The Onomy Decentralized Autonomous Organization (DAO) has recently cemented its position as the second security provider within the vast Cosmos ecosystem, a remarkable milestone following the successful launch of its Onomy Exchange consumer chain. This strategic move has received overwhelming support from the community, with 88.7% of participating members endorsing the initiative, representing 85.1% of the voting power held by stakers of NOM, Onomy's native token.

This pivotal decision marks a major advancement in the Cosmos ecosystem, fueled by the groundbreaking Interchain Security upgrade implemented by the Cosmos Hub in 2023. This transformative upgrade has revolutionized the way app-chains are deployed within the Cosmos network, simplifying the process and opening up new possibilities for developers.

The Dawn of Consumer Chains

Prior to the Interchain Security upgrade, creating an app-chain required developers to utilize the Cosmos SDK and secure their network through independent validators. While this approach offered benefits for application-specific blockchains, it often presented challenges for resource-limited teams and hindered wider adoption.

The Cosmos Hub DAO enthusiastically embraced the Interchain Security proposal, paving the way for the launch of the first independent consumer chains leveraging the shared security framework provided by the Cosmos validator set. Onomy has positioned itself as a foundational layer-1 ecosystem, driving the development of next-generation consumer applications and establishing itself as a core component of the Internet's Financial System (IFS).

Onomy's Pathbreaking Onomy Exchange Consumer Chain

After rigorous testing and development, the Onomy DAO approved an upgrade that enabled the Onomy Network to support Interchain Security. This crucial step facilitated the launch of its pioneering consumer chain, the Onomy Exchange (ONEX).

ONEX stands out as a first-of-its-kind hybrid AMM + order book DEX, combining the advanced trading functionalities of centralized exchanges (CEXs) with the security and transparency of on-chain execution. The DAO's unanimous adoption of Interchain Security signifies a strong consensus on its benefits, not only for Onomy's consumer chains but also for prospective sovereign chains seeking to join the Onomy Ecosystem.

With this endorsement, Onomy joins the Cosmos Hub as one of only two security providers among the 100+ interconnected networks via IBC.

Strategic Partnerships and Unwavering Support

Paolo Ardoino, CTO of Bitfinex & Tether, has expressed confidence in Onomy's potential within the Cosmos ecosystem. The Onomy Validator Set, comprising leading entities such as Cosmostation, Ledger, Citadel One, and Chorus One, has pledged to support Onomy's strategic expansion into Replicated Security. These partners will provide vital technical support, conduct interchain tests, and assist in ongoing development and maintenance efforts.

The Interchain Security framework enables consumer blockchains to lease security services from a provider chain, effectively outsourcing the production of transaction blocks to the provider's validators. This arrangement is governed by DAO approval, resembling a service agreement where NOM holders agree on specific terms. Notably, NOM stakers are entitled to receive protocol revenue from all Onomy-secured blockchains.

This flexible approach aims to unify and streamline various app-chains focused on Forex, real-world assets, and payments under a single, strategically aligned ecosystem. The new security framework encourages increased development activity on the Onomy ecosystem, attracts new participants and app-chains, and contributes to the ecosystem's overall diversity and vitality.

Moreover, the enhanced security and associated staking rewards and fees are expected to attract more validators to Onomy, expanding the community and fostering greater collaboration within the network. Lalo Bazzi, founder of Onomy, aptly encapsulates this vision: "Consumer chains aren't just passengers—they're sailors who can help steer ships towards major ecosystem growth."

Onomy's Role in Shaping the Future of Finance

Onomy Protocol is continuously evolving as a key player in the development of the Internet Financial System, seamlessly integrating DeFi capabilities with diverse consumer applications spanning the $6.6T daily Forex market, real-world assets, and payments. As a dynamic hub for the next wave of consumer applications within the Cosmos ecosystem and beyond, Onomy promises to redefine the landscape of finance.