I’ve seen numerous questions shared across Twitter and Telegram about TomoChain’s focus area and plans. Due to the short shelf life of social media posts, these Q’s and A’s get lost so forums are ideal places to dive deeper, as the conversation can always continue, updated, and referenced.
TomoChain’s core focus is DeFi - it’s always been the vision
TomoX is a major aspect of TomoChain’s DeFi future. So, what’s happening?
Current Technology Development
(1) Completing Core Product: The team is currently completing its features for Spot and Lending, fixing bugs, and ensuring the stability of the overall TomoX system.
(2) TomoBridge integration into DEXs: Users will be able to Deposit and Withdraw native tokens right from TomoX DEXs just like you’d do on a centralized exchange
(3) TomoWallet: Native ETH and USDT will be integrated into TomoWallet. making wrapping/unwrapping and trading on DEXs incredibly easy.
(1) Listings: The team will begin listing new tokens during Q3. This process will increase exposure to and use of TomoX DEXs with new communities. The lending function, specifically, is a great feature here since it can enable borrowing of USDT with these same tokens being used as collateral, providing entirely new use-cases for the projects and their communities.
(2) DEX Operators: TomoChain is working with different teams across the world to onboard their DEXs. Though starting a DEX is super simple via TomoX, the business framework, managing regulatory hurdles, website updates, and marketing efforts all come into play in order to get started. Looking forward to the various launches coming.
DEX operations are not new to facing Liquidity challenges. There are three areas we are exploring to continue to improve ours:
(1) Listings: Adding new tokens naturally brings in liquidity
(2) DEX Onboarding: Liquidity is shared across all DEXs. Orders placed on one DEX are seen and can be matched with traders on other DEXs accordingly. As we bring on additional DEXs we’ll see an uptick in liquidity & users across the board
(3) Partners: The team is talking with various MMs, large traders, OTCs, and the like to provide for a better trading experience.
The team will be promoting TomoDEX more heavily starting later in Q3 2020. The approach will focus on education through media coverage and activation through campaigns targeting traders. We will be tracking specific performance metrics of every marketing campaign to learn and adjust as we go along.
(1) Full Featured API: TomoX will be fleshed out further so that it can be accessed via API with any standard mobile app. So, future banking applications could simply plug into existing TomoX liquidity and create services around it for mainstream customers who will never need to know what blockchain even is, yet gain the full benefits of DeFi
The above are our current plans, but they can change as we test our approach and more information comes in. Of course, this is to be expected when operating in such a nascent space as a startup.
There are more areas to discuss that will be added on, but hopefully, this provides a view into the work that TomoChain is doing. Thank you for all the support and constructive feedback. Looking forward to conversing with the community.