Onomy will officially launch its native Token NOM on December 6

ChainCatcher news, according to official sources, the Cosmos-based DeFi protocol Onomy will officially launch the NOM token at 23:00 Beijing time on December 6. The NOM token will be used to pay for transaction, cross-chain fees, as well as for staking and governance voting. In addition, Onomy Exchange will use a portion of the fees collected for the buyback and destruction of NOM.

The initial supply of NOM is 100 million tokens, of which 45% is allocated to the on-chain treasury, 20% is used to support market makers, validators, exchange listings, incentives, etc., 20% will be allocated to early supporters and partners, and 15% will be allocated to the team and advisors. Among them, the tokens for supporters, the team, and advisors will be released over 24 to 36 months and will require a 12-month lock-up.

ChainCatcher previously reported that Onomy completed a $10 million financing round, with participants including Bitfinex, GSR Markets, Ava Labs, CMS Holdings, and DWF Labs, aiming to expand the team size. (Source link)