The Onomy project aims to create a bridge between Cardano and Onomy, which is integrated with the Cosmos IBC framework, to open value transfer to and from many blockchain economies. The proposal is to leverage and modify Althea’s Gravity Bridge to construct a bridge between Cosmos and Cardano. Through this bridge, holders of ADA, ATOM, Onomy and NOM will have more value.
For instance, Cardano will have a functioning Cardano and Cosmos bi-directional bridge as well as the ability to bridge from Ethereum to Cardano through the Onomy Backbone. Assets can move from any of these blockchains to the other. Additionally, developers in Cardano and Cosmos ecosystems will be able to take advantage of the bridge technology to deliver new DeFi products and services that are currently unavailable.
Onomy aims to solve the centralized issues in the forex market such as the possibility of being scammed during a trade as well as high interest rates. Market fragmentation is also an issue in the forex market, as there are many exchanges to trade from, meaning that there can be delays when dealing with them. Therefore, robustness can be a huge issue for traders. Onomy is creating a platform that allows users to enjoy instant settlements during trades. The bridge between Cardano to Cosmos will allow traders to move their assets from Cardano to Cosmos and also Ethereum, allowing them to trade seamlessly through a secure platform.
This proposal was brought forward by a member of the platform called Lalo Bazzi. Bazzi is the founder and CEO of Onomy and has been a member of Project Catalyst since Feb. 5, 2021. This is his only contribution to the platform so far. He claims to have former work associations with Microsoft and is interested in forex and the DeFi sector.
Onomy is integrated with the Cosmos IBC framework, which has already completed the implementation of a Gravity Bridge between Cosmos to Ethereum. This is a confidence boost in that there is already a similar successful project, linked to a genuine platform. Onomy is also backed by very big companies such as AU21 Capital, Magnus Capital, PolkaBase, CMS, PNYX Ventures, and Lotus Capital. The backing from these recognizable brands indicates that they support the platform and believe in its operations.
The project is seeking funding amounting to $25,000. This is meant to achieve different milestones grouped in three categories. The first category is a one-month goal of converting and testing current ETH to Cosmos bridge contracts with Cardano test net. The second is a three-month goal of test net running with bridge between Onomy and Cardano (Cardonomy) while the third is a six-month goal to deploy Cardanomy on both Cardano and Onomy mainnets.
The important KPIs for the project are to build product capacity, complete successful transfers, and successful reward payment to bridge operators.
The flow of value in and out of the Cardano ecosystem is essential to attract more users and projects. Without the creation of such bridges, Cardano risks being unable to attract or access established DeFi ecosystems, which are shaping the future of blockchain. This project is therefore important, as it will allow more assets to be exchanged and moved across blockchains with minimum risks and cost. The project is backed by great blockchain platforms that have conducted other successful projects of similar magnitude. Therefore, there is a reference point for the Project Catalyst users to base their decisions on, as well as to view how the completed project will work. This project proposal is meant to benefit many more users in other blockchains, not just Cardano.
If you’d like to know more information or have questions/comments regarding the Onomy proposal, check out the link provided: https://cardano.ideascale.com/a/dtd/Bridging-Cardano-to-Onomy-Beyond/341926-48088#idea-tab-comments