Cryptocurrency enthusiasts and investors are buzzing with excitement as the Onomy Protocol (NOM) experiences a surge of over 30% in its token price. The surge is attributed to the community’s anticipation of an upcoming airdrop.
The Onomy Protocol: Merging Forex and DeFi
The Onomy Protocol is a Layer-1 ecosystem that brings together the worlds of Forex and decentralized finance (DeFi). The protocol offers a range of features, including a multi-chain wallet, a decentralized exchange (DEX) with an order book and automated market maker (AMM) liquidity pools, and a stablecoin issuance protocol. This comprehensive ecosystem aims to facilitate seamless trading and the creation of stable assets.
The Cause of the Surge: Community Anticipation of an Airdrop
The recent surge in the price of the Onomy Protocol’s native token, NOM, can be attributed to the community’s excitement surrounding an upcoming airdrop. Just A Cryptosis, a crypto ethusiast, shared information about the third airdrop of NOM on their social media account.
The post also mentioned that the previous airdrop required staking tokens from various chains, but it remains uncertain if the same pattern will be followed for the third airdrop.
All You Need to Know About the Upcoming Airdrop
The upcoming Onomy Exchange launch sets the stage for the ONEX airdrop, which aims to reward community members and foster engagement within the ecosystem. The objectives of the airdrop include rewarding loyalty, attracting new users, encouraging participation, and ensuring a fair distribution.
Eligibility and Distribution
To be eligible for the airdrop, participants must hold a minimum of 100 staked NOM as recorded in a snapshot taken on December 25, 2023, at 18:00 UTC. Holding NOM in an “unbonding” state would exclude participants from eligibility to ensure fairness. However, the snapshot date was chosen to allow sufficient time for participants currently unbonding their NOM to re-stake their tokens. Eligible users will receive ONEX tokens equivalent to their staked NOM at the genesis of the ONEX mainnet. These tokens will be automatically credited to their wallets after a structured vesting period of 12 months, with monthly unlocks of 1/12 of the total airdrop amount.
Token Distribution and Liquidity
The total supply of ONEX tokens will mirror the bonded NOM at the snapshot, which is currently approximately 65 million tokens. The on-chain metrics can be verified through Mintscan 13 powered by Cosmostation. Additionally, a community-transparent wallet funded with 5% of the total supply will be established to provide liquidity for NOM/ONEX pairs on the Onomy exchange. This liquidity provisioning will also facilitate potential bonus airdrops and support other use cases such as Zealy and Galxe. The implementation of this proposal awaits discussion, approval, and validation by the DAO (Decentralized Autonomous Organization).
The Utility of ONEX Coin
The ONEX coin serves multiple utility functions within the Onomy Protocol. It will be minted on the ONEX consumer chain, eliminating the need for inter-blockchain communication (IBC) transfers and multiple staking mechanisms. The ONEX coin will be airdropped to existing NOM stakers, allowing them to enjoy a unified experience of staking, earning rewards, and engaging in governance without leaving the ONEX chain. Additionally, ONEX will be utilized for governance functions, streamlining the governance process on the ONEX chain and simplifying the complexities associated with using the IBC-NOM mechanism.
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