OIP-2: Onomy Exchange (ONEX)

Onomy Improvement Proposals (OIPs)
14

ONEX has entered into a 3-phase testing journey to production launch. First was leveraging OIP-4 Replicated Security to create ONEX Consumer Chain. This has been launched on mainnet after a DAO vote with full validator set support. Next, ONEX logic was stress-tested via an alpha release to the community and Trading Competition #1. The focus was on logic, and not the interface. Feedback was gathered from over 4,000 testers and contributors made feature upgrades, squashed bugs, and improved many mechanics such as the Buy & Burn mechanism of NOM applying on a per-trade basis rather than only on redemption of liquidity.

Now, a beta version has been released alongside Trading Competition #2 with an upgraded user interface that will be continually upgraded with responsive features and a more traditional exchange look. Features of the interface live on the beta version include:

  • TradingView Charts
  • Orderbook
  • Order Forms
  • Improved Liquidity Management Screens
  • Trade History
  • Position History
  • And more!

After rigorous feedback and iteration cycles, contributors are working to release a production version with the production interface teased in this forum.

Now that we are up-to-date, considerations must be made on the maintenance, scalability, performance, and governance of ONEX as a consumer chain.

The Problem with Using $NOM for ONEX Governance

ONEX as a consumer chain has successfully been established, but the current utilization of $NOM for its governance and staking processes is cumbersome and inefficient. To interact with ONEX governance, a user must follow a convoluted procedure:

  1. Undelegating NOM: Users must first undelegate their staked $NOM.
  2. IBC Transfer: The $NOM must then be transferred to ONEX via IBC.
  3. Staking IBC NOM: After the IBC transfer, the user stakes the IBC $NOM for voting.
  4. No Staking Rewards: Staking IBC $NOM yields no rewards.
  5. Reversal: After voting, the entire process must be repeated in reverse to revert to the original state.

A More Elegant Solution: Introducing ONEX Coin

The proposed introduction of $ONEX offers a streamlined approach.

  • 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.

Share your thoughts here in the forum or in Onomy’s social channels!

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