The Finom NOM Token (NOM) is the native governance token of the Onomy Protocol, a Layer-1 ecosystem that converges Forex and decentralized finance. NOM is used for transaction fees, bridge fees, staking rewards, and governance, and it is the only collateral capable of minting Onomy’s stablecoins, known as Denoms. The token is integrated into various products, including the Onomy Exchange, and its supply is designed to decrease over time through a programmatic buy and burn mechanism.
The Finom NOM Token (NOM) is a utility token designed to be the ecosystem's currency within the Onomy Protocol. It serves several purposes:
Staking: NOM holders can delegate their tokens to validators, earning rewards in return for supporting the security and operations of the blockchain network. This staking process also provides additional rewards from consumer appchains through the Interchain Security model.
Gas Token: NOM is used as the gas token to send transactions on the network.
Governance: NOM holders have the opportunity to participate in the decision-making process through NOM-weighted votes within the Onomy DAO, guiding the direction of the project and the use of funds in the community pool/DAO Treasury.
- Buy & Burn Mechanism: NOM is used in a programmatic buy and burn process from exchange fees, which helps offset inflation and maintain the token's supply. This process is decentralized and incentivized by rewards for users who execute the function.
To store the Finom NOM Token (NOM), you can use a variety of secure and reliable options:
Ledger Wallet: Ledger is a well-known hardware wallet that supports the NOM token. You can store your NOM tokens securely on Ledger by following the steps outlined in the Ledger Support article.
Cosmos Wallets: You can also store your NOM tokens on Cosmos wallets such as Keplr, Cosmostation, or Leap. These wallets are designed to work seamlessly with the Onomy Network.
Luno Wallet: Luno is another secure wallet option that supports the NOM token. It offers a simple and secure way to store your cryptocurrencies.
It is essential to ensure that you follow the necessary security protocols and best practices when storing your NOM tokens to protect your investment.
To buy Finom NOM Token (NOM) tokens, follow these steps:
Choose a Cryptocurrency Exchange: Select a reputable cryptocurrency exchange that lists the Finom NOM Token. You can find a list of exchanges that support NOM on websites like Coinranking or CryptoCompare.
Create an Account: Sign up for an account on the chosen exchange. This typically involves providing personal information and verifying your identity.
Deposit Funds: Deposit the necessary cryptocurrency (e.g., Bitcoin or Ethereum) into your exchange account. Ensure you have enough funds to cover the desired amount of NOM tokens.
Locate the NOM Trading Pair: Find the NOM trading pair on the exchange's platform, usually listed as NOM/BTC or NOM/ETH.
Place an Order: Use the exchange's interface to place a buy order for the desired amount of NOM tokens. You can set the price you are willing to pay or use the market price.
Store Your Tokens: Once your order is executed, the NOM tokens will be credited to your exchange account. It is recommended to transfer them to a secure wallet for safekeeping.
Remember to always follow best practices for cryptocurrency trading and invest responsibly.