OIP-10: $ONEX Airdrop to $NOM Stakers

Onomy Improvement Proposals (OIPs)
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ONEX Airdrop Proposal

Background:

ONEX has embarked on a 3-phase journey towards its production launch, beginning with the implementation of OIP-4 Replicated Security upgrade to forge the ONEX Consumer Chain. After Interchain Security / Replicated Security launched on the Onomy Network mainnet post a DAO consensus and backed by the entire validator set, the initial phase saw significant progress. Onomy became the second provider chain in all of Cosmos. Subsequently, ONEX’s logic underwent a rigorous alpha test phase through community engagement and the first Trading Competition, focusing primarily on the underlying logic rather than the user interface. This phase, involving feedback from over 4,000 testers, led to substantial enhancements including feature upgrades, bug fixes, and refinements in mechanics like the Buy & Burn mechanism for NOM.

The second phase came with a beta interface alongside the second Trading Competition, ONEX tested enhanced user interface encapsulating features like TradingView Charts, Orderbook, Order Forms, and sophisticated Liquidity Management Screens for liquidity providers, among others. This interface, still evolving, aims to offer a traditional exchange experience with added responsiveness. The culmination of these iterative feedback cycles is paving the way for a production version, previewed in the Onomy community forum, in the final 3rd phase wherein ONEX will launch in mainnet with a production-grade user interface. Pendulum is extremely proud to have contributed to this progression alongside other contributors, community, validators and collective DAO support.

The Challenge with using $NOM for ONEX Governance:

While ONEX’s establishment as a consumer chain marks a milestone, the use of $NOM for governance and staking processes presents notable inefficiencies. The current system requires a 21-day undelegation of NOM, followed by an IBC transfer to ONEX, and subsequent staking of IBC NOM to be able to participate in ONEX governance, which notably does not yield rewards. This cumbersome process necessitates a reversal post-voting, adding to its complexity.

Proposing a Streamlined Solution: The ONEX Coin:

The introduction of $ONEX aims to simplify this governance model. This newly minted digital asset on the ONEX consumer chain will replace the convoluted unbond → bridge via IBC → bond → vote → unbond → bridge back → restake on Onomy process. $ONEX coin will facilitate ease of use, and be airdropped for free 1:1 to current $NOM stakers. $ONEX will therefore be used for governance by those most-aligned with Onomy, earn ONEX staking rewards, and additional utilities as decided by the DAO, enhancing overall user experience.

Airdrop Details:

The imminent Onomy Exchange mainnet launch sets the stage for the $ONEX airdrop, intended to reward community members and encourage ecosystem engagement.

Objectives:

  1. Reward Loyalty: Acknowledging early adopters and consistent contributors.
  2. Attract New Users: Offering incentives for joining the Onomy ecosystem.
  3. Encourage Participation: Promoting active user engagement.
  4. Ensure Fair Distribution: Equitably rewarding governance participants and network security contributors.

Eligibility and Distribution:

Eligibility hinges on holding a minimum of 100 staked NOM as recorded in a snapshot on December 25, 2023 at 18:00 UTC. This excludes “unbonding” NOM to ensure fairness, although a date of the snapshot was chosen to allow ample time for anyone currently unbonding their NOM to re-stake. Eligible users will receive $ONEX equivalent to their staked $NOM at genesis of the ONEX mainnet, automatically credited to their wallets, following a structured vesting period of 12 months. The first unlock of 1/12 your airdrop will occur upon genesis of ONEX mainnet, followed by monthly unlocks of 1/12 thereafter until all tokens are unlocked.

Token Distribution and Liquidity:

The total $ONEX supply will mirror the bonded NOM at the snapshot, currently standing at ~65 Million. This may be seen in the on-chain metrics section of Mintscan powered by Cosmostation. Additionally, a community-transparent wallet funded with 5% of the total supply will be established for seeding liquidity in NOM/ONEX pairs on the Onomy exchange, liquidity provisioning, and potential bonus airdrop reward via Zealy, Galxe, or related use cases. This proposal awaits DAO discussion, approval, and validator set implementation.

The ONEX Coin Utility:

The ONEX coin holds the following utility, as highlighted in its afferent Onomy Improvement Proposal forum post:

  • Minting of $ONEX Coin: A new digital asset, $ONEX, will be minted on the ONEX consumer chain.
  • Ease of Use: Eliminates the need for IBC transfers and multiple staking mechanisms.
  • Airdropped to $NOM Stakers: Those staking $NOM will receive $ONEX via an airdrop.
  • Unified Experience: Stake, earn rewards, and engage in governance without leaving the ONEX chain.
  • Utility Functions: $ONEX will serve for governance, staking rewards, and 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.
  • Airdrop to $NOM Stakers: An airdrop will distribute $ONEX to all existing $NOM stakers.
  • Governance Streamlining: $ONEX will be utilized for all governance functions on ONEX, eliminating the complexities involved in using IBC-NOM.
27 Likes
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My vote is negative because the proposal does not take into account the time in which each staker has kept his NOM tokens locked. I am one of the first users, I purchased NOM in ‘pre-sale’ and immediately staked my tokens. I’ve never sold a single one. I should have advantages over those who buy now and stake their NOM. If this is not the case, I will sell my tokens and abandon the project.

5 Likes
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Any chance to replace NOM supply with ONEX? Polygon is currently doing the same from MATIC to POL. If you are airdropping these ONEX token, there could be a plan to transition to a fresh chart and erase the damage these market makers and validators did in the beginning of this project

1 Like
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Did you receive rewards for staking / delegating your NOM in the form of NOM? Those NOM rewards, if delegated, will give you more ONEX than those that didn’t stake.

2 Likes
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Ok, but in that case don’t call it an airdrop, call it NOM to ONEX conversion. The airdrop is something else. The airdrop is a reward for users who have believed in the project since its birth.

1 Like
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@FabioT you’re getting free money man… at least something is happening and its by design so everyone is equal. fair launch model, I likes.

1 Like
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good job team This will motivate users to stay and attract new users.yes

2 Likes
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My vote is negative because the proposal does not take into account the time in which each staker has kept his NOM tokens locked.

1 Like
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This is not a conversion as NOM will continue to exist. This will be an airdrop. Charles correctly answered that early adopters received a large amount of NOM through staking, given that the stakes were very high at the very beginning, thereby you will receive more ONEX token in the future.

I wasn’t too happy myself when I found out there would be another token, but it’s the only viable option for running ONEX, and suggesting a snapshot date sounds reasonable.

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Voting “Yes” I’ve been saying it, we need an airdrop and it would be a nice reward to stakers, me being one of them. My only question is where the IBC stands on this. I understand $ONEX won’t need the IBC, but I’m curious if the IBC will be subjected to changes, or if it will stay the same.

2 Likes
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yessss. M vote is positive.

3 Likes
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it was bear market, its part of the game. Don’t think blackmailing is the right approach here.

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Since ONEX is the appchain leasing interchain security form OVG, will $NOM be getting any rewards except for the 1:1 airdrop that is vested in 1yr?

1 Like
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Also, is it wise to do a 1yr vesting for $ONEX ?

I feel pvt investors are getting robbed of their rightful dues. It wasn’t their fault that you have had to create two different tokens. I think it should be released 100% to the stakers on day 1. Those who want to dump will one way or other Dump, no point in letting this pain continue for 1yr. I am no private sale investor, infact I am fairly new but I do have noticed some “maneuvering” by the team. IMO operating in bad faith is an efficient way establishing goodwill in this field. If any private sale investor is in this thread, please feel free to comment and discuss and let the team know of your professional aspirations.

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Ho Ho Ho :santa: Being involved at the bleeding edge of technology is not for the feint of Heart and sometimes we have to accept compromise and seek to find workable solutions to all barriers in our way.

The mission is the North Star and keeping up with the never ending advancements in the tech stack, and threading the needle are part and parcel of the DeFi industry and make or break many teams who fail to move forward with creative and innovative solutions that work or pivot quick when they don’t.

It’s this very framework that makes my decision a resounding YES for the ONEX proposal. By accepting this vote we are showing the world on-chain governance works and this protocols DAO is a fluid functional entity and the network is growing and is here to solve problems, innovate at the cutting edge of the technology until the DAO achieves the mission……

When it comes to making money it’s not the buying and selling that’s important but the waiting and patients that is the key, (ie., Buying BTC at 3 dollars or 30 or 3 thousand dollars makes very little difference over 10 years once it is worth 30k) The many contributors across the DAO are long term committed to the project and so am I.

Onomy is one year old and by 2030 it will be 8 years old, I hope to see you all at the North Pole in 2030 for a celebration :tada: :money_mouth_face:

It’s going to be a very merry Xmas for all NOMAD’s : )

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ONEX Airdrop Proposal appears to effectively communicate the project’s innovative steps, community-focused strategies, and commitment to enhancing user experience and governance efficiency within the cryptocurrency ecosystem.

1 Like
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will $atom stakers or those staking other tokens within the cosmos ecosystem be eligible during any time of the vesting period? because as other have said, us $nom holders from a long time ago should be at least prioritized. my thoughts. either way, I am voting yes

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$NOM, how useful that will be. Maybe what is being done is something similar to Matic to POL?

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My vote is “yes” :heart::heart:

1 Like
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I am voting yes, but i understand where people are coming from as early adopters. But think that, it’s us who’ll receive the onex token, everyone after us, will have to buy it.

For me, this seems like a great reward as an early adopter. :pray::grin:

1 Like