Onomy’s Web Wallet (Beta edition) went live at app.onomy.io on the 12th of December 2022. The layer-1 Cosmos-based blockchain network has recently released its latest new product, the public beta edition of the web wallet. Onomy beta web wallet will allow users to earn rewards, delegate and undelegate validators, and view all the data within the protocol.
Onomy aims to accelerate decentralized finance (DeFi) and forex market converging operations. The beta web wallet version’s launch clearly illustrates the company’s vision to achieve this as soon as possible. Deploying AMM liquidity pools and a stablecoin issuance mechanism, Onomy is expected to influence a revolutionary, innovative blockchain network that bridges the DeFi and forex market gap.
As Onomy promises to keep developing and releasing new modules and features within the network, the beta web wallet version has new features worth looking at.
Table of Contents
What’s New With Onomy Beta App?
- Users are set to earn rewards for staking in the Onomy Protocol
- Users can authorize and deauthorize validators.
- It’s now possible to access all protocol information (commissions, rewards, voting, staking, NOM data, balance, and industry information).
However, to access the beta wallet, you need to install Keplr. In the future, the company expects global contributors to come on board and introduce other attributes, such as cosmos wallets and mobile wallets.
How to access Onomy’s beta web wallet?
Onomy’s users can easily access the beta wallet through the following steps.
- Launch Keplr on your device
- Log on to app.onomy.io.
- Add Onomy Mainnet in Keplr by clicking on the Keplr button to initiate the connection.
- All the data is now readily available. If not, you will need to select the Keplr extension, proceed to the network tab and select Onomy Mainnet.
Onomy’s beta web wallet allows users to authorize and deauthorize validators. You can easily do it by following these steps in the Onomy Mainnet interface.
How to Authorize and Deauthorize Validators?
- All the validators are listed in the Onomy mainnet interface.
- Identify and select your preferred validator.
- Select the delegate option, input the stake amount, click ‘delegate,’ and approve the transaction on Keplr.
- The de-authorize process follows the same procedure but now select the undelegate option.
Rewards excite us all!
Onomy users are entitled to rewards after staking while delegating their validators. If you receive the rewards, you can easily claim them by following these simple steps in Onomy’s beta web wallet.
How to claim staking rewards;
- Identify and select the validator delegated previously.
- Check on the right-hand side for the ‘Claim Rewards’ button.
- Proceed to approve the transaction in Keplr; once done, the rewards will reflect in the available balance.
How to use cold wallets in Onomy’s beta web wallet:
Although the process is quite similar, there is a little twist to claiming your rewards for the users working with cold wallets.
While using the cold wallets, each transaction has to be manually approved from the cold storage device. Secondly, it is mandatory to have your cold wallet linked to Keplr before initiating any transaction.
Room for More Contributors
Onomy is integrating more tech contributors within its environment to enhance its development processes. We are seeing more partners adding innovative solutions to the Onomy Protocol. A move that strongly highlights the company’s position on future partnerships and collaborations.
The Arc Bridge Hub is already being added to Onomy’s network. Already the $NOM has been integrated into the IBCWallet by the Cosmostation group. It provides a different option for users to access the Onomy interface.
Onomy welcomes more developers and stakeholders into the Onomy network to improve the app’s functionality and user experience.
Onomy Protocol is always developing. The beta web wallet is a critical part of this process. Users can easily view all the data at any single point within the Onomy network. You can also tell the validators’ process is relatively easy and straightforward within the beta web wallet.
Without a doubt, there is much we expect from Onomy developers. Users are set to experience a simplified process, and the rewarding process is something to note. The beta web wallet provides an easier channel for users to interact effectively with the Onomy network.
Onomy protocol is a layer-1 blockchain DEX network built to bridge the gap between traditional finance and DeFi. The Onomy ecosystem currency runs on five primary protocols; Onomy mainnet network, Onomy exchange, Onomy Wallet, Onony boning curve platform, and the Onomy wallet. More protocols are expected to be integrated into Onomy’s network. This game-changer blockchain network aims to unlock the $6.6 trillion forex market industry per day.