LuaSwap is LIVE on the TomoChain blockchain!
We are thrilled to announce the launch of LuaSwap on the TomoChain blockchain. LuaSwap now operates independently on both the TomoChain & Ethereum Blockchains, taking advantage of each chain’s capabilities. On the TomoChain blockchain, specifically, LuaSwap allows you to purchase tokens nearly instantly, at near-zero gas fees, and without network congestion.
To help you get started, we are airdropping 0.001 TOMO to any wallet with 0 native TOMO in balance logged into TomoChain-based LuaSwap for the 1st time. It’s enough to power hundreds of swap transactions on the TomoChain version.
More details below.
1. LuaSwap on TomoChain is entirely open to all TomoChain and Ethereum projects
In recent weeks, gas costs on the Ethereum network have skyrocketed. A single trade on Uniswap, SushiSwap, and other AMMs often require over $20 in gas fees, making small value transactions incredibly expensive, and excluding all smaller traders from entering the market as a result.
The TomoChain version of LuaSwap promises near-zero gas fees and blazing fast transactions compared to Ethereum, with 2 sec block times and more than 2,000 transactions per second.
LuaSwap, on TomoChain, will become an important part of TomoChain’s DeFi ecosystem and an alternative to the challenges being faced on Ethereum AMMs. How? Any ERC20 token can be brought into the TomoChain ecosystem and integrated with LuaSwap seamlessly!
With the recent upgrade of TomoIssuer and TomoBridge, any ERC-20 token can be wrapped on the TomoChain network, by anyone without any prior approvals. This feature will enhance cross-chain interoperability between TomoChain and Ethereum, and allow for greater ecosystem access to all users.
Therefore, LuaSwap’s implementation on TomoChain allows not only TOMO and any TomoChain-based token, but also any Ethereum-based token to provide liquidity, swap, and yield farm almost instantly with near-zero gas fees.
Create a LuaSwap Pool on TomoChain for your favorite ERC20 token in 2 Steps:
(1)Wrap the ERC20 Token into the TomoChain Network
(2) Create a Liquidity Pool on LuaSwap
2. Features and Fees
Participating can’t be easier, as we use the same LuaSwap website at LuaSwap.org. Here, just choose between swapping tokens on TomoChain or Ethereum networks, and that’s it. No fuss.
The same LuaSwap features are now available on the TomoChain version. Anyone can start trading, create liquidity for any new token pair, or join the staking pool LuaSafe to earn more rewards in the form of the LUA token (TomoChain TRC21 standard).
Note: LuaSwap on TomoChain will require a miniscule amount of native $TOMO to pay smart contract gas fees
All features of swapping, adding/removing liquidity and staking into LuaSafe are the same on TomoChain as on the Ethereum version.
A, Swapping (Now available)
- Users can directly swap tokens on LuaSwap across all supported tokens.
- The swap fee is set at 0.4%, of which 0.05% goes to LuaSafe stakers (more on LuaSafe below), and the remaining 0.35% goes to LPs.
B, Add/Remove Liquidity (Now available)
- Liquidity Providers can add and remove liquidity directly on LuaSwap.
- A withdrawal fee of 0.1% is applied when an LP chooses to remove liquidity and exit. This fee is used to encourage long-term LPs and to create a healthier liquidity environment for LuaSwap users.
C, LuaSafe for Staking LUA (Coming this February)
- LuaSafe is LuaSwap’s LUA-specific staking pool, where LUA holders can stake LUA to earn passive income.
LuaSafe income is generated through a portion of fees collected and distributed in the following way:
(1) 0.05% from swap fees across all pairs
(2) 0.1% from withdrawal fees for LPs withdrawing liquidity from liquidity pools
(3) 0.5% from users withdrawing their LUA staked in LuaSafe
Stakers will need to withdraw their xLUA LP tokens in order to receive their original LUA staked plus all LUA income earned through the fees collected in the LuaSafe staking pool.
The “CONVERT” button on LuaSafe will trigger reward distribution for the selected pair by calling 2 functions directly to the smart contract LuaMaker, which will perform the following:
(1) Burn collected LP tokens from withdrawal fees and swap fees
(2) Buy LUA at market price and send it into the LuaSafe contract.
The core team will trigger distribution every Monday, generally around noon Singapore time (GMT+8) or earlier if the pair’s collected fee reaches a certain significant amount (equivalent to at least 3,000 LUA after conversion). Users do not need to pay any gas fee for the distribution unless they choose to manually trigger the distribution process themselves.
Anyone can trigger distribution at any time by selecting the “CONVERT” buttons. Users who manually trigger distribution will also pay the gas fee for the distribution.
Users who stake LUA in LuaSafe will receive xLUA LP tokens which represent their proportion of LUA staked. xLUA LP tokens will collect all income generated by LuaSafe. Stakers will need to withdraw their xLUA LP tokens in order to receive their original LUA staked plus all LUA income earned through the fees collected in the LuaSafe staking pool. There is a flat fee of 0.5% levied for all withdrawals. Withdrawals can be done at any time.
3. LUA Farming (Coming this February)
An incentive program will be announced in February to celebrate LuaSwap’s launch on the TomoChain network. The program will reward Liquidity Providers of unique pools with millions of LUA up for grabs! Stay tuned for more details.
We hope you love the TomoChain version of LuaSwap. Check it out! There is much more planned in the coming months ahead for LuaSwap.
We look forward to your continued support. As always.
Tutorials
More about LuaSwap
- Telegram: https://t.me/LuaSwap
- Website: https://luaswap.org/
- Twitter: https://twitter.com/luaswap
