Introducing TomoDEX: The whole DeFi ecosystem in your wallet
We are delighted to announce the imminent launch of TomoDEX — the first fully decentralized exchange powered by TomoX and run by TomoChain Pte. Ltd. TomoDEX is scheduled to go live on Monday, May 18th, 2020 at 3:00 AM UTC
Powered by and secured directly through the TomoChain Masternode network, transactions on TomoDEX are blazing fast, all trades are entirely non-custodial, and liquidity will be shared with other TomoX DEXs through a common on-chain order book.
Please note: dex.tomochain.com is the only official website of TomoDEX
Immediately upon the launch, TomoDEX will enable spot trading for 6 pairs: TOMO/USDT, BTC/USDT, ETH/USDT, TOMO/BTC, ETH/BTC, ETH/TOMO and later support P2P lending for USDT backed by TOMO, BTC, ETH with 4 terms: 1 Day/USDT, 7 Days/USDT, 30 Days/USDT, 90 Days/USDT. More pairs & tokens will be added soon.
Spot trading and Lending on TomoDEX are empowered through 3 components: TomoDEX Trading, TomoDEX Lending, and TomoBridge which all have close relationships explained below
Spot trading on TomoDEX is non-custodial, which means, unlike centralized exchanges, tokens always stay in users’ wallets and never actually need to be deposited on the exchange. TomoDEX was also created with many advantages compared to the current state of existing DEX architecture:
- Fees are taken from the token traded itself (no need to hold TOMO)
- Better liquidity and user experience
- Real-time settlement
- Completely decentralized order book
The first 6 trading pairs on TomoDEX are TOMO/BTC, TOMO/USDT, ETH/TOMO, BTC/USDT, ETH/USDT and ETH/BTC. BTC, ETH, USDT on TomoDEX are wrapped tokens based on the TRC21 token standard and backed by an equal amount of the underlying asset or currency. More details on this can be read in the TomoBridge section below.
Lending on TomoDEX is powered by TomoX P2P Lending, which is a decentralized peer to peer marketplace for permissionless crypto-backed loans. TomoX P2P Lending automatically matches borrowers and lenders based on asset, term, and interest rate preference. Lending on TomoDEX is super easy where users can borrow or lend crypto with only a few clicks. Our platform ensures safety for both lenders’ and borrowers’ assets since lending is executed via smart contract with highly advanced loan management features such as top-up, auto-repay, and auto excess recall.
TomoDEX supports USDT loans backed by BTC, ETH, and TOMO with terms of 1 day, 7 days, 30 days, 90 days in the first phase. More assets will be added in the future
TomoBridge (bridge.tomochain.com) is a multi-chain gateway to support the integration of popular blockchain tokens into the TomoChain network, including BTC, ETH, and USDT.
BTC, ETH and USDT on TomoDEX are TRC21 wrapped tokens, which means that they are hosted on the TomoChain public blockchain, issued by TomoBridge, a subsidiary of TomoChain Pte. Ltd., and backed by an equal amount of the underlying asset or currency. BTC on TomoDEX, for instance, is a token worth the same as one native BTC at any given moment. The proof of reserve is on-chain, which shows the exact 1:1 between minted TRC21 wrapped tokens (the TRC21 Tokens created) and native assets stored by TomoBridge. When TRC21 wrapped token holders redeem their TRC21 wrapped tokens for native assets, the TRC21 wrapped tokens will be burned. The minting and burning of TRC21 wrapped tokens are tracked and verifiable via smart contract on TomoScan.
TRC21 wrapped tokens stay in your wallet throughout trading, lending and can be converted back and forth between the native asset and TRC21 wrapped tokens at any time via TomoBridge. So it’s like trading native assets directly, but much faster and much cheaper as they are conducted on the high-performance TomoChain public blockchain.
At TomoChain, we believe that fully-decentralized exchanges (DEXs) will be the future of cryptocurrency exchanges. Our primary goal is to make decentralized finance familiar and easily accessible by millions of users around the world. That’s why TomoDEX’s launch is a significant step to broaden our crypto-finance ecosystem. The future of DeFi via TomoDEX is now open to anyone with a smartphone and internet connection.
Let’s start the journey. Explore new finance services on the TomoChain blockchain yourself. Sign in with your wallet, and happy trading on TomoDEX.
TomoDEX is the first decentralized exchange powered by TomoX protocol. Operated by TomoChain Pte. Ltd. yet secured by the trustless TomoChain blockchain.
- Twitter: https://twitter.com/TomoDexOfficial
- Telegram: https://t.me/TomoDEX_Official
- Email: email@example.com
TomoChain is a scalable blockchain-powered via Proof-of-Stake Voting consensus and used commercially by companies globally.
Our mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits.
TomoChain’s technology and DeFi-focused flagship products include:
- Fast & Near-Zero Fees: 2000 TPS, 2-second block time, ~$0 gas fees, and EVM compatible
- An array of original features and protocols is designed to support speed, privacy, usability, and liquidity needs all in one platform.