A Deep Dive on OmniDex, first native DEX on the Telos EVM
2022 is the year of Telos, says TJ, OmniDex developer.
Last week, OmniDex went live. They are the first native DEX to launch on the Telos EVM.
In this article, we’ll hear from TJ about the OmniDex launch process and the benefits that the Telos EVM lends OmniDex. We will even get a glimpse at the future of OmniDex!
Let’s dive in.
Before OmniDex, there was DougeCoin.
Every dApp has its own development story. OmniDex’s tale begins in late 2021, when the first memecoin, Dougecoin, deployed on the Telos EVM.
TJ first learned about Telos in April 2021. When the Telos EVM launched a few months later in November, Dougecoin grew from a post in a Telegram chat to a reality. The Telos community rallied behind Dougecoin, and TJ began to look ahead to future projects.
“If Dougecoin wasn’t produced as a coin,” he said, “OmniDex definitely wouldn’t exist today. I never envisioned myself being in this position where I could build OmniDex. So it was really great to have lots of thought leaders closeby, and bounce ideas off people.”
The community of blockchain developers, community leaders, and techies circled Dougecoin. One of those thought leaders was Telos’ Chief Architect, Douglas Horn, who passed along the open-source code from the Telos EVM DeFi demo.
Now, with that open source-code in hand, TJ had everything he needed to create the first native decentralized exchange on the Telos EVM.
The pieces began to fall into place, and TJ got to work developing OmniDex. Five days after launching in mid-January 2022, OmniDex would have around $3,000,000 in total locked value.
But let’s dive in a bit deeper — why deploy on the Telos EVM from a technical standpoint?
Why OmniDex was built on the lightning-fast Telos EVM.
The Telos EVM is a natural draw for blockchain developers due to its ease of use and its unbelievably swift performance.
On Telos, gas fees are often as low as pennies, which is vital when using platforms like farms on automated market makers that run many lines of code.
The 2-blocks-a-second speed, of course, needs to be experienced to be believed.
“We’ve had a lot of great feedback so far on the OmniDex platform,” said TJ. “Users from different chains have said that it’s such a seamless process making transactions here.
Everything is so quick.”
Deploying OmniDex on the Telos EVM means that every action, from adding liquidity to farming, is affordable and accessible. Every TLOS holder should be excited for what all this DeFi action will bring to the chain.
“Platforms like OmniDex are essential to bootstrap the DeFi markets on Telos,” said Sukesh Tedla, head of exchanges and liquidity at the Telos Foundation. “OmniDex has attracted more than $3m in liquidity and kickstarted the DeFi markets on the Telos EVM as a whole, including SushiSwap and ELK Finance. From a TLOS token holder perspective, platforms like these help increase the liquidity & depth of our markets.”
OmniDex is now over a week into their release. But, TJ says, there is much more to come.
Next Steps for OmniDex.
OmniDex continues to roll out new features. They most recently deployed a staking pool for the CHARM token, which you can read more about here.
But looking ahead, TJ is thinking hard about continuously constructing OmniDex to be the leading DEX on the Telos EVM. It’s not enough to be the first — OmniDex is looking to be the best.
“At the moment,” he said, “We’re trying to build a really talented team that’s going to help support OmniDex into the future.”
TJ himself decided to pause his studies in engineering to pursue OmniDex full time. “It’s something that I really didn’t want to pass up on,” he said. “If I could dedicate all my time into trying to dig in and learn all the code and make this product a reality, then that was a really great opportunity there.”
He said his lecturers support his decision and will offer support as needed.
The Telos community is the home to developers, builders, and incredible blockchain technology. TJ believes that 2022 will be a big year for Telos — and he’s working hard to make that statement come true.
“I really think it is the year of Telos,” he said. “This is the year when other people from across different chains start to realize about the technology and start coming over.”
Conclusion & More info on OmniDex
That’s a wrap on this deep dive on OmniDex and the story of how he launched the first DEX on the Telos EVM a short week ago!
- TJ leveraged the Dougecoin community to launch OmniDex
- Users are blown away by the speed and ease of use that the Telos EVM offers
- DEXes build liquidity & add depth to the TLOS markets
- TJ is building a team around OmniDex and has paused his studies to commit full-time to development of OmniDex
Still eager to learn more about OmniDex? Or want to listen to more of TJ’s story about developing OmniDex. We’ll point you in the right direction for more info!
Finally, you can check out OmniDex here. Remember to do your due diligence when using the multitude of tools in the DeFi world. This article is not financial advice.