Bitfinex Lists Native Onomy Protocol Token to Tackle Forex Volatility

By Adedapo Adesanya

Top cryptocurrency trading company, Bitfinex, has listed the Onomy protocol token ($NOM) as part of efforts to use digital currencies with stable value (stablecoins) to address challenges that fiat exchanges create for traders.

With this move, Bitfinex’s listing has bridged the gap in the foreign exchange market (Forex), eliminating its high risk and volatility amidst other downsides.

Bitfinex, which offers state-of-the-art services for digital currency traders and global liquidity providers, is one of the first and few exchanges to list the new $NOM token.

Effective from March 15, 2023, traders can easily access and trade the $NOM token on Bitfinex with US Dollars (NOM/USD) and Tether tokens (NOM/USDT).

With Onomy, it will be possible to open doors to full-scale institutional and retail adoption of Web3, protocol plugs in the foreign exchange market into decentralised finance(DeFi), alleviating the many concerns associated with volatile digital assets.

Onomy protocol is an interoperable Layer-1 ecosystem built to converge Forex DeFi through cross-chain bridges that support a variety of crypto assets and stablecoin representation of fiat currencies.

Products include an innovative multi-chain wallet, bridge hub, a DEX supporting an order book experience fused with AMM liquidity pools, and a stablecoin issuance protocol.

The market is highly fragmented, with stablecoin liquidity existing on different chains, requiring multiple wallets, apps, bridges, oracles, etc, all in a complex interconnected web of entirely separated applications.

Onomy has driven changes in the currently outmoded and fragmented forex market, providing a robust blockchain-powered infrastructure, where all transactions in multi-trillion dollars of the vast market and stablecoins consisting of all major national currencies stablecoins: USD, EUR, YEN, SGD, and more are managed on-chain.

Through vertical integration, a scalable layer-1 powers the Onomy product suite, a DEX providing a CEX-like experience whilst empowering liquidity providers and a multi-chain mobile wallet, creating an unparalleled on-chain experience enabling all on-chain actions to be as seamless as using a FinTech or brokerage app like Robinhood.

Together, these components enable full access to onboard into Forex from any chain and fully manage all actions and primitives from a central on-chain hub with no intermediaries.

NOM is heavily integrated into various products of the Onomy Ecosystem, such as the programmatic buy and burn utilising AMM earnings from the Onomy Exchange.

How to Sign up and trade $NOM on Bitfinex

Get NOM on Bitfinex, join the Onomy Community, and contribute to the DAO. NOM is available to trade with US Dollars (NOM/USD) and Tether tokens (NOM/USDt).

To sign up now, follow these few easy steps:

1. Visit the Bitfinex website or download the Bitfinex mobile app and click on the sign-up button.
2. Use the African Bitfinex LEOs community affiliate code “9r9ifKfHx” to get a 6% discount on trading fees for life.
3. Create an account by entering the required details: username, email, password, country of residence and referral (optional).
4. Create and confirm a log-in pin code or enable touch ID or face ID, if your phone enables it.
5. You will be directed to the setup security page. Here, download the Google Authenticator app. If already downloaded, select the “I’ve installed the app” tab.
6. Open the GA app to directly add your new token. Alternatively, you can also select to use the QR or Setup key. Enter your code to enable 2FA setup.
7. Check your inbox to confirm your email address via an email sent by Bitfinex.
8. After email confirmation, accept the Bitfinex Terms of Service to complete the account setup and proceed to the trading page.
9. Once that is done, you can now trade the NOM ($NOM) on Bitfinex.

Bitfinex is a digital asset trading platform that has been in existence since 2012. As one of the oldest exchanges, Bitfinex is known for its robust service and security during all market environments, bull and bear markets, for more than 10 years.

The Onomy protocol on Bitfinex provides users with great convenience, helping them gain prompt access to $NOM, through an instant market with deterministic pricing and adequate liquidity. The protocol adopts the Bonding Curve Offering model, providing significant benefits to the token holders.