TomoDEX is the first decentralized exchange powered by layer 1 protocol TomoX. It is operated by TomoChain Pte. Ltd. and secured by the trustless TomoChain blockchain.
The TomoDEX platform contains a powerful set of 150 TomoChain Masternode networks which guarantees a secured channel along with faster transaction speed. It supports entirely non-custodial trades, and liquidity will be shared with other TomoX DEXs through a common on-chain order book.
Go to the DEX page and click on Start Trading.
It will redirect you to a new page. The default landing page will look like this:
Before you start trading, you need to unlock your wallet, i.e., linking your wallet to the DEX platform.
Click on the Unlock Wallet button (Green button in the above snapshot).
The page will give you various options through which you can import your wallet. Provide the correct details and connect to your wallet.
Once login is successful, the landing page will look like the below screenshot.
Important: TomoDEX is fully decentralized. Users have complete control over their funds and are responsible to keep their private key and backup phrase safe. The platform cannot help in case any user loses their key or backup phrase.
We will now discuss the different actions that you can perform in the DEX.
This tab will show all your asset details (different token type, token amount, token value, etc.).
If you want to transfer some tokens, you can do that from the Send option. Just press the Send button and fill out the necessary details like receiver address, token type, and the amount.
This tab will show your address and QR Code that you can use to receive tokens.
The lending tab gives the details of interest that a user will get after lending the tokens.
Lending on TomoDEX is powered by TomoX P2P Lending, which is a decentralized, permissionless, and peer-to-peer marketplace for crypto-backed loans. TomoX P2P Lending automatically matches borrowers and lenders based on asset, term, and interest rate preference.
The underlying concept of lending is based upon an auditable smart contract that provides safety to both lenders’ and borrowers’ assets. It also supports advanced loan management features, such as top-up, auto-repay, and auto excess recall.
TomoDEX supports USDT loans backed by BTC, ETH, and TOMO for 1 day, 7 days, 30 days, or 90 days in the first phase. The platform is planning to add more assets in the future.
It is a place that allows the buy/sell of assets. Spot trading on TomoDEX is non-custodial, which means tokens will stay in user wallets and do not need to be deposited on the exchange unlike in the case of a centralized exchange.
TOMO/BTC, TOMO/USDT, ETH/TOMO, BTC/USDT, ETH/USDT, and ETH/BTC are the first six trading pairs that TomoDEX supports. BTC, ETH, and USDT on TomoDEX are wrapped tokens based on the TRC21 token standard and backed by an equal amount of the underlying asset or currency.
Choose any available pair to make the transaction. The trading interface will look like this.
The circled area marked with red shows the decentralized order book. It displays the buying (green mark) and the selling (red) rate.
The yellow marked circle is the area that contains transaction-related details like any open order, order history, trade history, etc.
And the bottom white circle is a place where you can place your order. You can mention the amount of selling/buying token and the exchanged token pair value will also be visible.
The platform supports two kinds of order type:
Buying and selling of tokens with the immediate market value.
As the name implies, this option allows the users to set a limit of their buy or sell operation, i.e., at what price they want to buy/sell.
In case of buy limit orders, the transaction orders will be executed only at the specified “limit” price or at a lower value, while for sell limit orders, the transaction orders will be executed only at the higher price or at the specified “limit” price.
A limit order allows the users to make any changes or cancel the entire order if it does not get executed immediately. Also, in both order types, if the order has not been fully fulfilled, the remaining part can still be canceled or changed.
TomoDEX Trading Fee
- The trading fee: The trading fee is charged in the Quote Token at the time the order is matched.
Example: For pair TOMO/USDT:
TOMO is the Base Token and USDT is the Quote Token. So the trading fees will be in USDT.
- Cancellation Fee: Users need to pay the cancellation fee whenever they cancel an order.
TomoDEX Lending Fee
Example: If a user wants to borrow 1,000 USDT, he will be charged a service fee of
0.5% * 1,000 = 5 USDT.
Bringing liquidity and resolving network congestion are the two major factors any DEX needs to resolve. TomoChain is a promising blockchain. It is fast and reliable. TomoDEX still looks nascent and has limited trading pairs. There is not much movement in the order books. The lending functionality gives 0% interest in many cases. However, looking at the excellent quality of the product, it makes sense to scale the DEX up. The world is now moving towards Automated Market Making (AMM), pioneered by Uniswap. TomoDEX has huge competition. It needs to rapidly upgrade itself and adjust to the new norms.
References: Trading with TomoDEX – The First Decentralized Exchange on TomoX