Popular scalability blockchain platform TomoChain has announced the upcoming launch of its much-anticipated TomoDEX platform.
Scheduled to go live on Monday, May 18, 2020, at 3:00 AM UTC, TomoDEX has been described by TomoChain as the first-ever truly decentralized exchange. With it, users can enjoy unlimited access to the entire decentralized finance (DeFi) ecosystem simply from their wallet.
According to an official blog post, the TomoChain masternode network will power TomoDEX. As a result, all transactions on it will be both fast and entirely non-custodial.
More details on the launch
After the launch, TomoDEX will immediately support spot trading for 6 different trading pairs. They include:
Moreover, there will be USDT peer-to-peer (P2P) lending with TOMO, BTC, ETH divided into 4 different categories:
- 1 day/USDT
- 7 days/USDT
- 30 days/USDT
- 90 days/USDT
Plans are also in place to add more trading pairs and tokens shortly.
Furthermore, TomoDEX trading, lending, and TomoBridge are the 3 components of the decentralized platform spot trading and P2P lending. Below is a description of their function on the DEX platform.
Trading on TomoDEX is non-custodial. So it implies that when trading takes place, the tokens remain in users’ wallets and there is no need to transfer them to any form of centralized body or exchange.
The various features of TomoDEX trading are:
- Deduction of fees takes place from the token to be traded. So there’s no need to retain any TOMO for payments.
- Users henceforth will enjoy more liquidity and seamless experience.
- There is an option for real-time settlement available.
- Te order books are completely decentralized.
The TomoX protocol is supporting the P2P lending on TomoDEX which will serve as a decentralized marketplace “for permissionless crypto-backed loans”. TomoX automatically links lenders and borrowers on its platform according to their asset type, terms, and interest rate. Moreover, users can now borrow or lend crypto in a few easy steps. Initially, this will support only USDT loans backed by BTC, ETH, and TOMO.
Known as a multi-chain gateway, TomoBridge will henceforth help incorporate several blockchain tokens into the TomoChain network. This will include tokens like BTC, ETH, and USDT. However, the blog post went on to specify that these tokens will be TRC21 wrapped tokens.
Leading up to the imminent launch of the DEX platform, TomoChain hailed the importance of TomoDEX as it would usher in the next generation of crypto exchanges.
TomoChain had recently launched its Excalibur hard fork on May 12. On that occasion, we hosted an AMA on our YouTube channel and also offered a celebratory giveaway where 1 winner received $20 worth of $TOMO.