NOM vs ONEX | Need to understand distinction clearly

Hi guys, I am fairly new to the community. I joined because I feel NOM’s vision to become a Forex L1 is very different, and purpose based. However with the recent $ONEX announcment, I feel some value is being sapped away from $NOM.

I’m creating this thread, because I’m want to clearly understand the difference between ONEX and NOM tokens. I’m sure a lot of people are new, and are feeling confused. If the team could clearly communicate/list out what utilities each of these tokens will have post the $ONEX TGE it would benefit a lot of community member to better understand and vote for the ONEX airdrop proposition.

Looking forward to a candid conversation.

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$NOM:

  • Governance Onomy Network
  • Staking rewards (the reward will be not only in NOM tokens, but also additionally in other tokens who joined us through replicated security)
  • Minting of Onomy stablecoins
  • Payment of commissions for IBC
  • Also, with every transaction on the ONEX exchange, NOM will be burned

$ONEX

  • Governance ONEX
  • Staking rewards $ONEX
  • Additional utilities as voted by the DAO. This may include reduced fees, access to launchpad sales on ONEX, or a number of other items the DAO may choose to implement.
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Thank you so much for replying. I have some follow up questions regarding the points you mentioned above

1.Can you please share the vision of Onomy stablecoin? How does it come into play?
2. Where can we read how $NOME will be burned with transactions on ONEX exchange; is their a formula?
3. Launchpad sales on ONEX, does that hint towards ONEX being not just a forex exchange but a crypto exchange as well?

  1. https://forum.onomy.io/t/oip-3-onomy-reserve-ores/
  2. Feature Overview - Onomy Protocol Docs
  3. Yes, ONEX is also a cryptocurrency exchange.
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In fact, the topic is interesting and relevant, I would also like to hear the founders’ answer.

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ONEX coin is intended to mirror NOM governance on from the Onomy “provider” chain onto the ONEX “consumer” chain. This was necessary as there was no way to govern ONEX chain upgrades using NOM delegated on the Onomy chain. All of the original qualities of NOM have been retained. The only transfer of power being that of ONEX upgrades and governance. There is no dilution of power for the delegated NOM holder as they receive an amount of ONEX coin on the ONEX chain that is the same as the amount of NOM already delegated on the Onomy network. The user may choose to do what they please with the ONEX coin once vested.

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