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Finom NOM Token

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Discover Finom NOM Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Finom NOM Token?

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.

How is Finom NOM Token used?

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.

How do I store Finom NOM Token?

To store the Finom NOM Token (NOM), you can use a variety of secure and reliable options:

  1. 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.

  2. 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.

  3. 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.

How to buy Finom NOM Token?

To buy Finom NOM Token (NOM) tokens, follow these steps:

  1. 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.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing personal information and verifying your identity.

  3. 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.

  1. Locate the NOM Trading Pair: Find the NOM trading pair on the exchange's platform, usually listed as NOM/BTC or NOM/ETH.

  2. 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.

  3. 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.

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History of Finom NOM Token

The Finom NOM Token (NOM) is a utility token that was part of a tokenized equity offering by Finom AG, a financial blockchain corporation. The token sale took place from November 15 to December 31, 2017, and raised $41 million. Each investor who purchased the security token FIN received a bonus utility token NOM in a 1:1 proportion.

The NOM token was designed to provide commission discounts and special privileges when using Finom bank cards and the Finom advertising system. It was expected to be listed on cryptocurrency exchanges after the token sale.

Finom, formed by the merger of several companies including Nanopool, TabTrader, Cryptonit, Cryptal, and Beetle.io, aimed to create a comprehensive blockchain ecosystem for financial operations. The project included plans for banking integration, payments processing, factoring, and the launch of a cryptocurrency bank with a network of terminals by 2020.

Despite the ambitious goals, the project faced concerns about its transparency and trustworthiness. Some investors expressed frustration over the lack of updates and the high cost of the ICO, which was $2 per token. Additionally, there were questions about the team's background and the decision to register in Switzerland despite apparent connections to China.

The NOM token's price performance has been tracked, showing its all-time high at $0.0000479 on October 22, 2018. However, its current market cap and trading volume are not well-documented, raising suspicions about the project's progress and legitimacy.

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How Finom NOM Token works

The Finom NOM Token (NOM) is a utility token that operates within the Finom ecosystem, which is a dual-token system. The other token in this system is the Finom FIN Token, which is an ERC20 security token. Each FIN token represents four shares of the company, and it is designed to provide dividend payouts and voting rights to its holders.

The NOM token, on the other hand, is accrued for each FIN token held and offers discounts and privileges within the Finom ecosystem. It can be used to purchase advertising on the platform and is traded separately from the FIN token. The NOM token is designed to provide utility within the Finom ecosystem, which includes various financial services such as mining, cryptocurrency exchange, and brokerage.

In terms of technical analysis, the NOM token's price movements can be examined using various indicators such as Moving Averages, Momentum Indicators, Trend Indicators, and Oscillators Indicators. These indicators help traders identify trends, predict future price movements, and make informed trading decisions.

The Finom ecosystem is the result of a merger between several companies, including Nanopool, Cryptonit, Tabtrader, and Beetle.io. The team behind Finom is large and experienced, with executives from each of the merged companies playing key roles. The project aims to create a comprehensive financial ecosystem, but its complexity and the lack of transparency in some areas have raised concerns among investors.

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Finom NOM Token's strengths

The Finom NOM Token (NOM) has several strengths that contribute to its potential in the cryptocurrency market:

  1. Governance and Staking: NOM is the native governance token of the Onomy Protocol, allowing holders to participate in decision-making processes through NOM-weighted votes. Additionally, staking NOM provides rewards and supports the security and operations of the blockchain network.

  2. Utility and Functionality: NOM serves as the gas token for sending transactions on the network and is used to mint Onomy’s Denom stablecoins. It also plays a crucial role in the Gravity Bridge, facilitating asset flows between EVM-compatible and Cosmos SDK-based chains.

  3. Deflationary Mechanisms: The token's supply is influenced by deflationary pressures, such as the Buy & Burn mechanism from exchange fees and the locking of tokens into the Onomy reserve for minting stablecoins. This can lead to a decrease in circulating supply over time.

  1. Inflation Control: The target inflation rate for NOM is between 7-20%, which is offset by various sinks in the Onomy Ecosystem, ensuring a balance in token supply and demand.

  2. Decentralized Governance: The Onomy DAO, governed by NOM holders, manages the community pool and treasury, enabling decentralized decision-making and fund allocation.

These strengths position NOM as a versatile and functional token within the Onomy Protocol ecosystem, offering a range of benefits to its holders and users.

Finom NOM Token's risks

The Finom NOM Token (NOM) carries several financial risks that investors should be aware of:

  1. Market Volatility: NOM, like other cryptocurrencies, is subject to significant price fluctuations. Market conditions, global economic trends, and regulatory changes can all impact the token's value, leading to potential losses for investors.

  2. Inflationary Pressure: NOM has an inflationary emission schedule, which means that the token supply will increase over time. This could lead to a decrease in the token's value if the demand does not keep pace with the increasing supply.

  3. Staking Risks: NOM staking rewards are programmatically adjusted based on the staking ratio and inflation rate. If the staking ratio is low or the inflation rate is high, stakers may not receive the expected rewards, which could negatively impact the token's value.

  1. Regulatory Risks: Cryptocurrencies are still largely unregulated, and changes in regulatory environments can significantly impact the token's value. If governments or financial institutions impose stricter regulations or bans on cryptocurrencies, the value of NOM could drop.

  2. Security Risks: As a blockchain-based token, NOM is vulnerable to security breaches and hacking attempts. If the Onomy Protocol's security is compromised, investors could lose their tokens or see the value of their investment decrease.

  3. Liquidity Risks: NOM's liquidity is dependent on the Onomy Exchange and other market participants. If liquidity dries up, investors may struggle to sell their tokens, leading to potential losses.

  1. Governance Risks: NOM holders have governance rights, but if the Onomy DAO makes decisions that are not in the best interests of the token holders, the value of NOM could be negatively impacted.

  2. Interoperability Risks: Onomy's multi-chain approach relies on partnerships with other blockchain networks. If these partnerships fail or if the interoperability frameworks are not successful, the value of NOM could suffer.

  3. Team and Management Risks: The success of NOM is heavily dependent on the Onomy team's ability to execute their vision. If the team fails to deliver or if there are management issues, the token's value could decline.

  1. Competition Risks: The cryptocurrency market is highly competitive, and NOM faces competition from other tokens and protocols. If Onomy fails to differentiate itself or keep up with competitors, the token's value could decrease.

Investors should carefully consider these risks before investing in the Finom NOM Token.

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Did Finom NOM Token raise funds?

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Finom NOM Token's ecosystem

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Finom NOM Token’s team

  • Kirill Suslov: CEO of Finom and TabTrader Founder.
  • Anton: Founder of Nanopool, product manager, and curator of miners at Finom.

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