Pendulum Funding Request - A Core Contributor to Onomy

Nomads - Assemble!!

Pendulum’s journey since the last grant has been marked by significant milestones and relentless pursuit of progress. As the largest validator for Onomy, we stand at the cusp of another leap forward and invite you to be a part of the next phase of our contributions to Onomy, spearheading the Venetian upgrade built alongside a global set of developer contributors that we hope validators and DAO members will ratify as a leading interface for the Onomy Ecosystem.

Review of Our Journey Since Last Funding

After almost one full year, we have diligently worked towards the advancement of Onomy, achieving critical milestones:

  • Implementation of OIP-5: Supported reduced inflation rate to the 7-20% range as per Cosmos SDK standards, enhancing the stability of Onomy’s ecosystem.
  • Replicated Security Integration (OIP-4): Onomy mainnet became the 2nd ever provider chain within Cosmos, enabling an ecosystem of products that advance Onomy’s core mission of building the Internet’s Financial System. Onomy’s flagship products, as well as sovereign, independent app-chains may all leverage Replicated Security so that the Onomy Validator Guild secures all consumer chains.
  • ONEX Development: Contributed alpha and beta versions of ONEX, Onomy’s novel hybrid (AMM + orderbook) DEX, leading up to the upcoming Venetian upgrade consisting of a production UI release. This critical development includes a full suite of user-centric features like TradingView Charts, improved liquidity management, and a robust user interface.
  • Validator Set Expansion: Supported Ledger and Chorus One as new validators.
  • Wallet Integration Expansion: Supported additional wallet native integrations of NOM in Ledger Live for use with Ledger cold wallet devices and Leap Wallet.
  • Exchange Listings and other BizDev: Supported major CEX listings and other strategic partnerships.

Proposal for Continued Growth

Building on our progress, we are now poised to embark on the next phase of our growth. To achieve this, Pendulum is requesting a grant of 10 million NOM tokens. The allocation of these funds will be used to further our multi-year journey as a leading contributor to Onomy’s ecosystem and be dedicated to operations, business development, strengthening network security and decentralization via additional validator relations, continuing pursuit of strategic partnerships, ecosystem integrations, and development contributions to Onomy, as well as grant programs for community members running competitions such as the Trade Wars, Zealy tasks, liquidity incentives matching such as the one done with Osmosis, and related activities.

Commitment to Transparency

We understand the importance of responsible and transparent use of protocol funds and assure the Nomads that the requested funding will be used solely for the purpose of advancing Onomy’s Ecosystem. We are confident that the results for the Onomy community will include improved user experience, accessibility, community engagement, liquidity provision and ecosystem growth as has been evidenced from Pendulum’s contributions since the previous funding request.

If granted, Pendulum will not use the granted tokens to influence future governance proposals, that way we do not have any increased influence over DAO vote outcomes. Pendulum is excited about the future and grateful for the opportunity to continue contributing to Onomy.

With appreciation and commitment,



I think it makes sense with the dex being launched soon and reserve still needing work. if we manage to make it all happen in 2024 with this funding it’d be the best dao decision ever taken.

I Also love to see that more liquidity incentives will come to osmosis from this funding; i think launching there and having the dual nom/osmo incentives was very smart and it should be done more to get more of the cosmos folk to come in.

When does the vote go to mainnet? How about the airdrop ONEX one?


Easy yes for me. Without you, Onomy doesn’t exist. And together, we’ll drive this bad boy to mass adoption.

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Hi, new member here.

I think the ask of 10m NOM tokens is quite substantial should the price of $NOM tokens get hiked. Say NOM trades at $1 in 2months, this would be $10mn USD, at $2 it becomes $20mn

You should clearly communicate your ask in USD terms so that we can make a better decison.

Appreciate all the hard work you guys have done.

I guess the more it means eventually in dollar terms the more can be expected to grow the protocol. We’ve been shown this team can build and the proof is in the pudding. Trading on the onex wars was akin to trading on a centralized exchange so no complaints there. Price has been improving too showing there is a lot of potential to be unleashed from onomy. I vote yes.


Yes, well used. When can we vote?

As long as we keep it strategic and hold for the long term and deploy for the benefit of the protocol which I think we will as shown by the last proposal one year ago, I am onboard.

Team nomad votes yes.

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Nice! it’s now or never in crypto land ; ) Lets get this done NOMAD`s!
US election year
Btc Halving
Dovish FED / pivot
Global liquidity rising MoM / YoY
Inflation falling back to 3% zone (edited)
While now is certainly not the time for the DAO to penny pinch, we should take measure at regular intervals and try to benchmark how well we are doing as a DAO …

Pendulum asked for and were granted 5M Nom Jan 2023 (Proposal 4). It feels like the bulk of Onomy dev seems to be done by Pendulum and many notable milestones are rolling out - so Onomy as it is probably won’t exist without them.

Pendulum needs to bring its A game in 2024, this request and the timing of it is a very bullish signal as they seem to want to ramp up activities across the board as the roadmap hits its peak. If they can leverage the cycle timing and sync with the narratives that are forming and align with the mission of the DAO it will be $NOM that is well invested by the DAO treasury.

Generally irl we would break it down into 4 or 5 milestone payments and track progress with reporting etc for multi million dollar grants lol but hey this is crypto land after all and they have shown they can deliver for the DAO.

It would be basic DD to understand how the NOM would be liquidated if any will be to fund initiatives as this could effect the supply demand dynamics but again we would assume that Pendulum has Onomy`s best interest at heart based on past actions.


c’mon atleast think of repercussions of what happens when $NOM goes t $2-$3.

This will become $20-$30mn USD.

You don’t need more than a million to build code for a project.

Best idea is to use a TWAP average and give ~$1mn USD in NOM tokens.

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Hi Ezio,

Thank you for your thoughts. In our proposal, we’ve based the funding request on a three-month volume-weighted average price (VWAP) of $0.11/NOM, as derived from exchange data. This methodology pegs the request at approximately $1.1M, aligning with current market conditions and ensuring a fair assessment. We only factored the entire price rise and did not factor the months spent at lower prices, otherwise this request could have been much more - which we do not find necessary, especially in acknowldging the potential for $NOM’s value to increase further due to contributions by not only Pendulum - but also Cosmostation, Citadel One, Chorus One, and any number of validators and global contributors that currently exist or join Onomy in future.

This request extends beyond immediate project development; it’s for sustained, multi-year support to drive long-term growth and innovation in Onomy. If approved, Pendulum plans to initiate grant programs for developers, marketers, and validators, along with liquidity incentives. This is in addition to funding engineering and product contributions made by Pendulum. These initiatives are designed to bolster the ecosystem to provide value to the entire Onomy community, not strictly Pendulum’s contributions. Naturally, this necessitates transparency, milestones, and reports to the Onomy community of which Pendulum plans to continue providing!

Thank you for your consideration,


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As long as we keep it strategic and hold for the long term and deploy for the benefit of the protocol which I think we will as shown by the last proposal one year ago, I am onboard.

Team nomad votes yes.

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I don’t think its wise to anchor it to a 3month VWAP. Especially keeping an eye at present and at future.

I don’t think its out of the realm that we see $NOM trading at $2, in that case it will become a heavy headwind. We all saw how bankless guys were criticized for asking 1mn for an “educational program”, I don’t think we want to see a repeat of that. I’d like to know more about

" Pendulum plans to initiate grant programs for developers, marketers, and validators, along with liquidity incentives."

10mn NOM is no small ask. We need to be articulate about the spending. Concrete deliverables should be mentioned. Also, shouldn’t liquidity incentives just be discussed by the ONOMY team/entity?

This is a sensitive topic and we should not rush this. Objective and healthy discussion is required for better usage of resources.

This proposal has already passed with 92.21% of holders voting in favor.

Proposal passing 4 days? That’s quite unheard of.

Not comfortable with how the voting played out since none of the actual deliverables are mentioned.

I hope they do make better use of funds and not let down our trust.

Sorry, but lol. What mention are you talking about? The proposal was posted here for review and then posted for voting. Any participant can create a proposal asking for funding (even I can do this now). It’s DAO, man.

Yeah “it’s DAO bro”. We gotta rush proposal an send money to team without doing much diligence.

Classic Crypto governance 101.

Imagine allocating such a huge amount of fund with little or no deliberation. I’m sure community members voted en masse with size.

Please note that the majority voted to accept this proposal. If the delegates had felt that the funding request was inappropriate or too large, they would have voted against it, but this did not happen. If you want to influence the fate of the DAO treasury and the fate of the project as a whole, then delegate more of your NOM to have more voting power.

About time to think. If delegates had not had enough time to think, they would have voted against or abstained. If delegates voted in favor of the proposal, it meant they had enough time to think about it. If you don’t have enough time to think about it, you can always vote against a proposal (this one or any other).