25 February, 2024

Onomy Protocol Onboards the Touchpoint Open Builders Program

1 year ago

22 Nov, 2023

According to a recent announcement, the layer 1 blockchain network Onomy protocol has joined the Touchpoint Open Builders Program.

Building the Onomy Ecosystem

To help bridge the gap between crypto-natives, institutions, and the general public, Onomy, a Cosmos-based protocol, will be implementing a bridge, a new hybrid decentralized exchange (DEX), and stablecoins into the Shimmer and IOTA ecosystem, bridging the gap between crypto-natives, institutions, and the general public.

According to the announcement, Onomy protocol will realize these goals in three distinct phases.

During the first phase, the necessary infrastructure will be built so that Onomy may have a highly efficient first layer and link with other networks and ecosystems, such as Shimmer.

Onomy’s Access Wallet and the Hybrid Decentralized Exchange (DEX) will be launched in Phase 2. Among these features is the incorporation of bridged chains into its products, such as the integration of SMRandIOTA into its wallet and the native deployment of the Onomy Exchange on Shimmer.

In the third stage, it will launch its own decentralized stablecoins. A strong ecosystem is created in doing so, allowing Onomy Protocol access to the infrastructure necessary to onboard forex-level volumes into DeFi.

Open Builders Program picks up traction

Using Assembly and Shimmer, the Touchpoint Open Builders Program brings together developers, industry leaders, and financial backers to create, release, and expand Web3‘s next generation of decentralized apps and infrastructure. 

Onomy is only the most recent of many other initiatives to join the program. Last week, HiFi Gaming Society, a project that aims to ease a newcomer’s entry into the world of crypto gaming and introduce them to various games and communities, joined the program.