TomoX - Current Developments and Direction

General Discussion
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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.

Business Development
(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.

Liquidity
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.

Marketing
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.

Future
(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.

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Thanks for your information, Kyn. Best wishes for the team.

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Thanks for the update Kyn. hopefully this thread becomes a repository of tomo’s progress and an avenue to engage newcomers into the tomo community.
As TomoDex 's are something that the tomo team is working on , it might be a good idea to give an update of progress with the Dex’s especially when geographically new ones come online.

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That’s a great idea Reji. Will certainly communicate and share information about other DEXs

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nice updates. thank you kyn :smiling_face_with_three_hearts:

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Of course. This is an open forum so feel free to ask Q’s if anything comes up. Really do want to maintain as much open communication as possible with the community :slight_smile:

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:100: :100: :100: Very nice update!

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The main improvement required to the DEX is the bridge. We need to find a way to fully decentralise the bridge and incorporate this into the DEX so that the end user doesn’t have to a) swap coins via the bridge in order to use the DEX and b) have concerns about the storage of the native asset. Maybe consider something similar to REN whereby the nodes or relayers generate, maintain and transfer the keys for the native assets rather than the multi-sig wallet approach. Then have the native assets convert to/from TRC21 via a deposit/withdraw button rather than a separate site as is mentioned in your point 2 of the above post.

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Right. True decentralization with a cross-chain solution is a real technical challenge. So while the team is researching its own methods to improve TomoBridge they are also evaluating all options for managing native assets in TomoBridge from traditional secure custody services to solutions like Ren.

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good updates kyn. i like to know some more information about tomochain in future.

  • any update regarding the tomop protocol?
  • will tomo focus STO space?
  • any plan for new token economy model? ( i.e. KNC, LEND, SNX )
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Hi Ami,

  1. We decide to focus on developing and promoting the latest products TomoX protocol and TomoDEX in the next few months. Launching many products in a short period of time does not seem to be a good idea since it is hard to convey the message effectively. So we expect to launch TomoP mainnet in Q4. Thanks for asking.
  2. Yes but no ETA atm.
  3. Leave this to @Kyn :grin:
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thanks for reply. 1 more question,
how fiat-ramp works in tomodex. any details?
when enable it, i mean timeline.

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Any plan to list tomodex on https://defimarketcap.io/ ?

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Adding onto @Alex for (3), it’s certainly being explored, like some form of an automated Liquidity pool. But for the moment it’s about strengthening what we have built right now. The team had their hands in so much product dev as is so let’s give them a little time on entirely new features :slight_smile:

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Nice. You know, what would actually be cool is if we have a thread that identifies all of the key DeFi listing sites that the community would collectively like to be listed on. Would you be interested in starting that thread?

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Yes Kyn. Do one thing and do it well first. :smiley:

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Sure. But I didn’t decide the category :slight_smile: Help me to choose it please.

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DEX Relayers could be ideal :slight_smile:

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Done :slight_smile:? = DeFi Listing Sites

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@Kyn any comment on this