As LuaSwap yesterday rolling out a new, TomoChain-based exchange engine, the number of projects implementing layer-two solutions for Ethereum’s scalling problems is increasing.
LuaSwap is now performing Ethereum token swaps using TomoChain's second-layer solution, making trades cheaper and faster. https://t.co/F7ZFz3bYez — Cointelegraph (@Cointelegraph) January 29, 2021
The move will allow the exchange influenced by Uniswap to conduct token swaps with greater quality and accuracy than many competitor ERC-20 Automated Market Maker exchanges.
1/ #LuaSwap version on @TomoChainANN blockchain is live, entirely open to all $TOMO and Ethereum projects Users can now experience another $LUA version with: ✔️ Super speed ✔️ Near-zero gas fees ✔️ No network congestion
Although LuaSwap remains an Ethereum-based program, rather than Ethereum, transactions relating to transition operations are now conducted using the blockchain TomoChain.
TomoChain uses block lengths of two seconds and has transaction fees that are significantly inexpensive than the main net of Ethereum. Even so, on TomoChain, trades that might usually cost $10 or $20 on Ethereum can be performed for only a few cents.
LuaSwap is now live on the $TOMO blockchain! LuaSwap makes AMM trading possible for both $ETH and TomoChain based tokens. The big difference? Near-zero gas fees. pic.twitter.com/FetZYqInFL — Upblock (@upblock_io) January 27, 2021
A recently released TomoBridge enables the transfer of any two properties by covering tokens in between Ethereum and TomoChain blockchains. The method takes advantage of a recent TomoChain update, allowing any ERC-20 token to wrap and import as a TRC-21 token into TomoChain.
The Zorro Upgrade, @TomoChainANN’s latest mainnet version will pay the way for upcoming #LuaSwap implementation on TomoChain, with more speedy transactions & cost-effective gas fees LuaSwap lovers, are y ready to switch to #TomoChain?$TOMO https://t.co/hbYW6ZMp3b — LuaSwap (@LuaSwap) January 13, 2021
Presently, due to a lack of liquidity for tokens on the TomoChain side of the platform, transaction fees on LuaSwap are always greater unlike gas fees on Uniswap. Nevertheless, when a considerable number of liquidity providers have built LuaSwap pools on TomoChain, the issue is assumed to be fixed.
TomoChain is only one of a number of layer-two alternatives that seek to help solve the growing problems of Ethereum, namely Matic and Optimism.
TomoChain confirmed a collaboration with Ramp DeFi on Jan. 19 to offer innovative trading strategies facilitated by recent interoperability advances in the blockchain.
TomoChain Chief Business Development Officer Kyn Chaturvedi informed Cointelegraph in Nov. 2020 that he believes crypto traders are on a exclusive stride from centralized to decentralized exchanges, adding that conventional exchanges can not conquer the “trustless, anonymous, easy access nature that comes with DEXs/DeFi’
Source: Cointelegraph