SINGAPORE / ACCESSWIRE / January 27, 2021 /LuaSwap, the multi-chain liquidity protocol for trustless token swaps, has gone live on TomoChain. Introduced last September on Ethereum, LuaSwap delivers a community-governed, multi-chain protocol via its LUA token and focuses on smaller pools of emerging tokens.
On the TomoChain network, the swap protocol enables users to buy tokens at near-zero gas fees, without having to contend with the network congestion typical on Ethereum. Confirmations are also rapid, with two-second block times and a throughput of 2,000 transactions per second (TPS).. To commemorate the launch, a multimillion LUA token rewards program will launch in February to incentivize Liquidity Providers.
"The challenges users face on Ethereum-based AMMs are well documented, and the launch of the LuaSwap protocol on TomoChain is a great win for all involved," said TomoChain founder and CEO Long Vuong.
"Of course, Ethereum remains an important platform, which is why cross-chain interoperability is integral to our ecosystem. I am sure our community will enjoy the features offered by LuaSwap on TomoChain, not least the ability to swap tokens on either network at low cost."
LuaSwap is a vital element of TomoChain's decentralized finance (defi) ecosystem, and its interoperability with Ethereum means any ERC20 token can be brought to TomoChain and integrated with the protocol.
Users are free to provide liquidity for their chosen token pair, swap between assets, and yield farm without suffering from high gas fees. LUA token holders can also stake to earn a passive income via LuaSafe. While using Luaswap on the TomoChain network, users can expect to pay near-zero fees in gas costs, while its Ethereum counterpart has seen exorbitant costs when network traffic rises.
TomoChain has been gradually building out its defi stack through the TomoX protocol, giving anyone the ability to create their own DEX in minutes. TomoDEX, which launched last May, was the first DEX created with TomoX, and is run by TomoChain's core team.
Recent updates to the TomoIssuer and TomoBridge platforms mean users can now wrap any ERC20 token to be used on the TomoChain network without permission required. Once wrapped, the token becomes ‘gasless' as any fees are paid with the tokens themselves.
TomoChain is a blockchain protocol project headquartered in Singapore, which launched its mainnet in December 2018. With additional offices in Vietnam and Japan, TomoChain is strongly positioned to capitalize on the South-East Asian blockchain market. The TomoChain network features an array of original features and protocols designed to support speed, privacy, usability, and liquidity.
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