Originating in 2017, the Tokenlon project was established to address the requirements of imToken users for direct currency transactions within their wallets. The integration of Tokenlon into the imToken 2.0 version, released in April 2018, provided users with decentralized transaction capabilities, making it an early counterpart of Uniswap by six months.
On July 31, 2019, the DEX Tokenlon, initially integrated into imToken, underwent an upgrade, becoming an independent decentralized exchange. Subsequently, on December 23, 2020, Tokenlon 5.0 was officially launched. Now, as an independent DEX, Tokenlon has completed a four-year journey.
Beyond enabling transactions within imToken's decentralized wallet, the Tokenlon team envisions building liquidity to serve as an open financial payment and settlement infrastructure.
In this open letter, I will take you on a journey through the past four years and share our aspirations for the future. Below, you will find data on Tokenlon&LON, along with some of our accomplishments and plans for further development. Please take a moment to explore these insights.
Tokenlon & LON
Over the past four years, the DeFi industry has witnessed remarkable growth, with the DEX track representing 6.9% of the entire crypto industry. As of July 31, 2023, Tokenlon has facilitated over 1 million transactions for more than 230,000 users, totaling a staggering $29 billion in cryptocurrency transactions.
In the last year alone, the transaction volume reached $4,598,124,784.14, resulting in a protocol capture fee of $7,865,293.76. Tokenlon stands proudly in the 9th position among the most profitable DEX platforms, as seen in the protocol fee capture ranking.
Tokenlon consistently ranks in the top 10 on the Ethereum mainnet, according to DeFillama's Ethereum DEX ranking.
During these four years, Tokenlon has conducted buybacks of 18.7262 million LON, accounting for over $23.7 million in fees. The LON staking contract holds 66,717,241.9 LON, generating an impressive annualized income of 29.98% (monthly basis). Additionally, the LON liquidity pool, comprising Uniswap and Sushiswap, holds a locked amount of 8,190,071 LON, contributing to a total liquidity pool of $7.21 million.
Tokenlon DEX Aggregator
By releasing Tokenlon 5.0 on the existing RFQ model for professional market makers, AMM liquidity such as Uniswap V2, Uniswap V3, Curve and SushiSwap are added to the aggregation. This will help users to get the best quotations on the chain, and allows more tokens to be traded for a better trading experience.
Tokenlon is closely in line with the development of the Arbitrum ecosystem and launched the Limit Order feature on Arbitrum in July 2022. This feature was already launched on Ethereum mainnet in April this year. The Limit Order function allows users to set their desired transaction price in advance. When the market price reaches the preset level, the transaction is automatically executed, saving users time from constantly monitoring the market. This feature offers greater convenience in managing transaction expectations and facilitates users in completing decentralized and diverse transactions.
TRON cross-chain bridge to Ethereum
At Tokenlon, we observed that USDT holds significant importance as a stablecoin in the cryptocurrency ecosystem, being issued on multiple chains and networks. TRON USDT, in particular, is widely used within the TRON network. As users seek more scenarios to utilize stablecoins, they often want to transfer USDT from TRON to Ethereum to participate in various ecosystem applications. To address this high-demand requirement, Tokenlon successfully implemented the TRON cross-chain bridge function, which is now integrated into the imToken wallet.
Community and Ecological Development
Arbitrum DAO ecosystem rewards
As an early partner of the Arbitrum ecosystem, Tokenlon deployed the limit order function on its network, receiving funds from the Arbitrum Foundation to the treasury DAO. We were rewarded with a total of 75,000 ARB as an acknowledgment of our efforts. The core team then released a community proposal, TIP 36, allocating these rewards to motivate the Tokenlon community and users to actively participate in the Arbitrum ecosystem.
Over the past year, Tokenlon has been actively nurturing its community by issuing rewards totaling $91,510.00 to encourage user engagement. We organized 17 events and co-sponsored 7 community governance initiatives, with 300 user addresses participating in voting. As a result, we have garnered a total of 17,117 fans on Twitter and 3,246 members on Discord.
The team is currently developing a new Tokenlon protocol with the goal of deploying a new chain quickly. The new protocol aims to enhance the platform's ability to discover new tokens, cater to the daily user growth, and adapt to changing market conditions and operational needs.
Adjustment of LON economic model
The constantly evolving market presents new challenges and demands for economic models. In the current market environment, it may be necessary to adjust the previously set LON economic model to align with the real-world scenario. Over the past two years, we have gained valuable experience and realized that flexibility and adaptability in the economic model are crucial for the long-term success of the project. As a result, the core team is actively exploring new economic models for the protocol to address market changes and user requirements.
Originally, the concept of blockchain and cryptocurrency aimed to grant individuals complete autonomy in managing their assets. With the industry's development and recent incidents involving centralized exchanges, the Tokenlon team recognizes the potential of decentralized financial management tools. Our commitment is to explore ways to meet users' transaction needs while providing a more convenient experience and ensuring the security of their assets.
While Ethereum remains the most secure network for asset storage and transaction settlement, the growing user base and usage scenarios suggest that more applications will emerge on Layer 2 in the future. Low transaction costs and fast settlement will offer users an improved experience. Tokenlon believes in the value of multi-chain deployment, but it is also focused on security and transaction confirmation. Considering the long-term perspective, seamless multi-chain integration will be essential under mature cross-chain protocols. The team is working on integrating Layer 2 with new business capabilities and interactive experiences in Layer 2 network scenarios.
We extend our heartfelt gratitude to the community users for their unwavering support and encouragement to the Tokenlon core team. Your continuous support and motivation drive us to move forward and innovate. The achievements of Tokenlon are inseparable from the contributions of each community member.
Together, we are forging ahead steadily in the ever-changing cryptocurrency world, making Tokenlon a thriving ecosystem. In the future, Tokenlon will always uphold the principles of openness, fairness, security, and transparency. We firmly believe that only through collaboration can the ecosystem flourish. Moving forward, we will remain dedicated to these principles and work closely with every community member to create more opportunities and achievements together.
Celebrate Tokenlon’s 4th birthday! 🎉
To mark the fourth anniversary of Tokenlon, the team has prepared an array of exciting activities and generous anniversary gifts for the community.Surprise event：
- 🚀 Community AMA: It's been a while since we engaged our community and we'd like to take this chance to chat with everyone, and answers some questions along the way. We will also share Tokenlon's new plans moving forward.
- 📚 Round table panel discussion: Glancing backwards on the evolution of the industry since DeFi summer, and how the future looks to the team.
- 💰 Trading campaign: Take part in Tokenlon’s ecosystem trading campaign and win prizes!
Please refer to the event poster for the activity details. The specific event times will be announced by the team later. Join our Discord community now and celebrate Tokenlon's 4th birthday with us! 🎂🥳
Our team's continuous development is fueled by exceptional talent. If you believe that Web3 represents the innovation and opportunities of the new era, and you aspire to make an impact, we welcome you to build the future with us.
- Contract development
- Business Operations
Check out the specific recruitment details or contact us directly in the community.