The Singaporean exchange TomoChain just launched its brand new P2P lending feature, the latest cryptocurrency news show. This feature will enable a new way of peer-to-peer trading in two weeks through the TomoDEX platform.
The announcement shows that the Singaporean exchange TomoChain will launch the lending feature in two weeks through its TomoDEX platform. We can also see that based on the published post, TomoDEX is the first decentralized exchange powered by the layer 1 protocol TomoX which will have a maximum of 150 DEXs running on it. Currently, it is in soft launch with spot trading enabled.
Details in the Bitcoin news from Singapore show that the exchange boasts a reported speed of 2,000 transactions per second. According to the CEO of Tomochain, Long Vuong, the P2P lending feature does not require a trusted custodian and there will be no information assymetry.
“All functionality is handled through auditable smart contracts and secured by the TomoChain blockchain. The P2P lending service uses a unique and familiar spot trading order book approach to provide fixed-term USDT loans of 1, 7, 30 and 90 days based on interest rate and position. Borrowers can flexibly back their loans through a choice of collateral too, including BTC, ETH & TOMO,” Vuong noted.
The Singaporean exchange TomoChain relies on a system of 150 masternodes with Proof-of-Stake Voting (PoSV) consensus that supports EVM-compatible smart contracts, protocols and atomic cross-chain token transfers.
Vuong said that the platform is “is entirely permissionless and has no centralized component, unlike most other hybrid-DEXS.” He further noted that as its functionality is being integrated directly into the base layer of the TomoChain blockchain, TomoDEX can operate at the same speed as the chain.
“Users get a fast trading experience, close to that of any centralized exchange without the downsides of trusting a third party.”
Additionally, the users of the Singaporean exchange TomoChain (and TomoDEX) do not need to hold the company’s native token TOMO as trades are wallet-to-wallet and entirely relying on chain. In addition, the Know-Your-Customer (KYC) process is optional for any DEXs that are launching on TomoX:
“TomoDEX is a facilitator that does not custody user funds or manage user accounts in any way unlike that of a traditional centralized exchange, so the onus is on the trader to be responsible for reporting gains and losses in their local jurisdictions. That said, we will observe and abide by crypto regulations as they form, and comply as is required.”
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