What is Tokenlon?
Tokenlon is an Ethereum-based decentralized exchange (DEX) and payment settlement system based on the 0x protocol. Previously, the exchange was embedded into imToken, a self-custodial wallet, and could only be accessed through the imToken wallet application. Tokenlon has been a stand-alone web-based DEX since 2020, and it is interoperable with various wallets such as Metamask and Wallet Connect. The exchange was established in order to promote high-precision, rapid, and secure transactions (low slippage). Tokenlon is a decentralized exchange that does not keep your assets and does not let you to deposit or withdraw funds. Rather, you're trading straight from your wallet.
The Tokenlon decentralized exchange is a real-time swap exchange where market makers regularly give traders the best price quotes. Traders use this price quotation issued by market makers to place trade orders, which are promptly signed and forwarded to the ox smart contract protocol. The ox smart contract protocol makes a one-time swap of the token to the choice token that the user selected. After one or two Ethereum block confirmations, the transaction is completed instantly, and the user receives the required token into their imtoken wallet. The Tokenlon decentralized exchange team chose to connect to the Ethereum network blockchain via the ox protocol smart contract. The reason for this was because of the ox protocol allows users to swap and trade ERC-20 tokens at lower fees on the Ethereum blockchain directly from their wallets.
Tokenlon, as a decentralized exchange, uses an off-chain market maker matching method as well as an on-chain settlement mechanism based on the ox protocol network's smart contract. Following the on-chain settlement, the token swap takes only one or two block confirmations on the Ethereum network blockchain.
Tokenlon is a decentralized exchange built on the ox protocol that provides a secure and trustless platform for token-to-token trading. The exchange ensures that trades are confirmed in seconds, as soon as users decide on a trading price and go-to trade. The trade is confirmed quickly, and the token pair the user is trading is promptly swapped. When trading, the Tokenlon decentralized exchange provides an extra degree of security and confidence to its consumers.
For single big quantities of trade, the exchange may need customers to provide facial ID and fingerprints; for significant trades, the exchange may ask users to provide an imKey hardware wallet.
Users can swap tokens from wallet to wallet on the Tokenlon exchange and fully own their cryptos. The LON is the network token of the Tokenlon decentralized exchange. The LON token is essential to the network's community governance. It is used to vote on major changes, upgrades, and any other subject related to the network's and community's governance.