LON Live Crypto, Tokenlon Turns 3!

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Tokenlon

7 min readAug 17, 2022

Tokenlon as a project started back in 2017, offering token-token swaps in the imToken decentralized wallet. In April 2018, Tokenlon as a DEX was launched following the imToken 2.0 update. In November of the same year, Uniswap was launched on the Ethereum mainnet.

Time sure flies. Tokenlon is now 3 years old! Looking back on the past 3 years, we have been through many ups and downs ; the DeFi summer that lasted too short, the launch of Tokenlon 4.0 and LON tokenomics at token launch.

The recap of the past 3 years would not be complete without mentioning the hardships we went through. The China domestic market continued to be very volatile and bearish sentiments severely affected trade volume during prolonged periods.

We want to take this opportunity to thank everyone who has stood by us over these past 3 years. Let’s go through the progress we made these past 3 years and more importantly, our plans moving forward!

A Timeline Of The Past 3 Years

Let’s take a look at the past major events

2019

07.31 Tokenlon 4.0 is born, marking Tokenlon as an independent DEX
10.29 Tokenlon launches imBTC
11.01 imBTC is listed on Tokenlon
12.01 Tokenlon Website is live!

2020

08.29 Tokenlon facilitates BTC cross-chain transactions on the web
09.25 Tokenlon trade volume hits $1 billion, LON token is launched and genesis mining begins
12.25 Tokenlon Litepaper &Tokenlon 5.0 official launch！
Tokenlon becomes an aggregator providing both RFQ+AMM trade
LON utility token moves into circulation
Start community governance

2021

01.04 Tokenlon trade volume hits $5 Billion
03.31 Tokenlon trade volume hits $10 Billion
04.01 LON Tokenomics comes live, giving users the option to stake, buyback and take part in trade mining
07.20 Tokenlon 5.2.0 goes live, migrating the protocol from 0x to Tokenlon’s own protocol

2022

03.04 Bounty program launch
05.05 Removal of minimum trade amount
07.01 Arbitrum limit order goes live
07.26 Open-source contracts

What we have achieved in the past 3 years

Numbers don’t lie. Let’s take look at some achievements in numbers

Trade volume and user activity

As of 9th August 2022, Tokenlon’s total accumulated trade volume is at $24,973,682,060.
200,000 users have successfully made a trade on Tokenlon, with a success rate of 99.76%

Everything related to liquidity

Tokenlon has started with the RFQ model integrated into the protocol, giving users the best prices for each trade pair. As of today we have aggregated volume from Uniswap V2, Uniswap V3, Curve and Sushiswap. As our DEX is designed to be open-source, we are able to aggregated more liquidity pools in the future
You can trade 129 tokens and 208 trade pairs on Tokenlon now. ETH/USDT trade pair is the most popular, as it offers the best depth and pricing

LON Tokenomics

April this year marked the one year milestone since LON Tokenomics went live. The amount of LON staked remains at around 50 Million LON, accounting for 60% of the circulating supply. Total LON bought back has exceeded 10 Million LON
To adapt to the ever changing market, we have pushed various Tokenlon Improvement Proposals (TIPs) up for voting by the community. One of the more significant TIPs pushed through was the proposal to actively manage the LON treasury. Adjustments were made to ensure tokens in the treasury could weather the bear market

The challenges, wins and opportunities of this past year

In 2021, right before we entered the bear market, Tokenlon faced several challenges, such as user churn and obstacles expanding our brand globally.

Fortunately, the Tokenlon team comprises a group of veterans who have been through many bull and bear markets. We quickly adapted to the regulatory environment by moving our headquarters in Singapore and building a team there, where the government has a more open stance towards Crypto.

The Discord and Twitter channels were revamped, with various marketing campaigns run to grow our social media following. A campaign of note was the Learn & Earn campaign in July, where 600,000 participants read and answered questions on Tokenlon and our partners.

Furthermore, we were incredibly honoured to collaborate with various reputable projects on co-marketing campaigns. This included MakerDao, Unstoppable Domain, HOPR, Opera Wallet and Coinbase. This has not only improved the reputation of our brand, at the same time it has increased our Discord and Twitter following significantly.

Besides work on the marketing end, the Tokenlon team has worked relentlessly on improving the platform features and usability. In May this year, we enabled users to trade with no minimum trade amount required.

Subsequently, after researching existing layer 2 solutions in the market, we found that there was great potential for layer 2 solutions. We then launched a “trade at zero cost” limit order feature on the Arbitrum network. This helped users to place and cancel limit orders during periods of market volatility and profit, all at zero cost. Lastly on the product end, we are preparing for the launches of multi-chain and smart order routing features. Lots to look forward to!

You the user are at the heart of all that we do at Tokenlon. We believe in taking user feedback seriously and providing the best user experience for you.

What sets us apart from the other DEXs is our belief in creating the best user experience and the willingness of our team to do whatever it takes to achieve that. Just the past year alone, we handled 2,987 tickets submitted by you. Based on your feedback and complaints, our product team has made close to 10 product updates. All these product improvements were made to give you the best user experience.

Moving forward to 2022～2023

“How are you building in this bear market” is a question we get asked quite frequently, especially of late. For a team that has been through many market cycles in DeFi, we believe the bear market gives us an opportunity to resolve any legacy issues and rapidly validate new features at a low risk. Talented employees let go by other companies are welcome in our team, as we aggressively expand globally.

While interest in the DeFi ecosystem may not be as strong compared to the DeFi summer in 2020, some perspective is needed. DeFi has grown exponentially since 2020 and we have seen the emergence of new trends, including NFT adoption, cross-chain bridges and layer 2 solutions. Emerging technology and trends is the beauty of this industry.

Tokenlon’s focus has been on building the DEX that provides you with the best user experience. Our vision remains the same and we remain committed to the roadmap set out on our whitepaper, for us to be ready for the next bull market.

Here are a few improvements we are looking to make to our platform, namely

Users can place limit orders on the Ethereum mainnet with just a simple click. Never miss out on an opportunity to profit in volatile markets
Launch smart order routing to bring you the best quotes for any trades. With smart order routing, liquidity from AMM, RFQ and limit orders are fully utilised
Launch an NFT exchange MVP. More reasons for you to trade on-chain!
Open up Tokenlon to more relayers, making Tokenlon an even more decentralized open network
Make Tokenlon SDK open-sourced, creating a developer community to build a DEX with you, for you
Introduce veLON to the LON ecosystem, improving LON governance

To wrap up

Since July 2019, Tokenlon V4 has helped close to 200,000 users complete $24 Billion worth of transaction volume. Our transaction success rate was and remains at 99.76%, the best amongst the rest of the DEX. Tokenlon’s vision remains the same, to become the open protocol for financial payment and settlement transactions.

Lastly, to thank everyone who has been on this journey with Tokenlon over the last 3 years, we have planned a series of activities. This includes an AMA session, a trade campaign and a panel discussion with our partners on the future of Web3.

P.S. We are in talks with Kucoin and Poloniex to run LON trading campaigns. Keep a lookout (:

Take part in all these activities and win attractive prizes!

Tokenlon Team

17.8.2022