Hello @charleston, @DeFi_NOMad, and @Wombat thank you for your collective thoughts (and others for supportive commentary). More ideas lead to more refinement so long as we remember to execute fast and iterate fast. We all agree Terra left a massive void yet to be filled, Onomy can do that and amplify its successes if coordinated properly across the DAO.
I’ll summarize operational steps for a soft launch with the ONEX/NOM pair, followed by iterating toward the complete IFS vision to blend together everyone’s thoughts.
- ONEX Consumer Chain Launch and $ONEX Distribution w/ March 4th target date. This will require finalizing the merge of updated validator documentation with ICS guides to the
onomyrepo. Decentrio has been making contributions in this area. - Initialize IBC Paths & Relayers between parent <> consumer with redundancy across validators. Strangelove, Decentrio, and others to support.
- Generate ONEX/NOM Pair as initial trading pair on ONEX to bootstrap as existing community will have plenty of both.
- Establish IBC Paths between partner IBC chains and the Onomy parent chain, as well as partner IBC chains and the ONEX consumer chain. i.e. Osmosis <> Onomy and Osmosis <> ONEX. This enables outward flow of NOM to all IBC chains and inward flow of partner IBC chain assets into ONEX.
- More Listings via onboarding new assets via the newly established IBC paths, with potential DAO-to-DAO collaborations on liquidity with partner IBC chains. Note that in the current iteration of ONEX, a DAO proposal will be required to make the asset visible on the front-end UI. This sparks significant co-marketing between partner IBC chains and Onomy. As this momentum builds, IBC connections will ramp up as ONEX becomes one of the leading hubs for trading.
- Introduce Stablecoins via existing dominant forms (USDT, USDC) through IBC routes with Kava (Native Tether Issuance in Cosmos) and Noble (Native USDC Issuance in Cosmos).
- New USDT and USDC markets for all existing assets will open
- First of Forex is a simple USDC/USDT swap on Onomy with native IBC versions of each. Future Reserve-minted decentralized stablecoins will add new FX pairs!
- Establish new non-IBC ecosystem pathways such as EVMs, Solana, and others, enabling cross-chain swaps beyond IBC-only assets. This amplifies prior BD-contributions done to onboard IBC assets, fulfilling Onomy’s cross-ecosystem vision.
- Become the de-facto cross-chain aggregator app in Cosmos with ONEX as the Volume → Liquidity → Users → cycle amplifies.
Additional feature stage-ins to add to roadmap for ONEX’s success includes:
1. Fee Abstraction
2. Packet Forwarding Middleware
I would love to call on @danb and Strangelove team for assistance in adding these to the chain!
3. Hummingbot & DMM Programs: I am building relationships with the Hummingbot community for with the goal of establishing a connector with ONEX, enabling sophisticated market making strategies to be deployed on ONEX. This will onboard all of Hummingbot’s community and assist in providing increasingly competitive quotes as arbitrage opportunities appear across all integrated exchanges on Hummingbot.
The above is the alternative pathway we can undertake to launch ONEX with an initial ONEX/NOM pair and grow ONEX into a monumnetal success in and of itself. A core piece to the Internet Financial System we envision.
From there, there’s a myriad of add-ins and ecosystem growth that the community is speaking about. The obvious one is the Reserve, which will introduce new decentralized stablecoins and Forex markets. Not exhaustive, but additional ones I have seen community be most excited about include commodities markets, on-off ramps, perpetuals (futures) and other derivatives, and yield-bearing instruments for the stablecoins. I am excited to add these potential deliverables into a roadmap post-ONEX mainnet launch and completing the steps detailed above.
This is a truly exciting inflection point for Onomy!