TomoChain, a popular cryptocurrency exchange based in Singapore, announced today that it will be launching a P2P or peer-to-peer lending feature within two weeks’ time. The P2P lending product will be part of the company’s TomoDEX platform.
TomoDEX is the first DEX, short for decentralized exchange, that uses the TomoX lay 1 protocol. The exchange will have as many as 150 decentralized exchanges running on it. During a soft launch that offered spot trading, TomoChain reported that DEX was able to processes 2,000 transactions per second.
TomoChain CEO of Long Vuong stated that the P2P lending feature operates without a trusted custodian. In addition, there is no information asymmetry. Vuong said, “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.”
TomoChain utilizes a 150 master node system with Proof-of-Stake Voting, also known as PoSV, consensus. The system offers full sport for EVM-compatible smart contracts and protocols, as well as atomic cross-chain token transfers. This allows for a permissionless platform with no centralized components.
With TomoDEX, users can expect a fast trading experience that rivals that of centralized exchanges without being forced to trust a third party. Users of TomoDEX aren’t limited to using TOMO, which is TomoChain’s proprietary token, since trades happen on chain from wallet to wallet.
Long Vuong remarked, “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.”
More information about TomoChain and TomoDEX can be found at tomochain.com.