Tokenlon as a project started back in 2017, offering token-token swaps in the imToken decentralized wallet. In April 2018, Tokenlon as a DEX was launched following the imToken 2.0 update. In November of the same year, Uniswap was launched on the Ethereum mainnet.
Time sure flies. Tokenlon is now 3 years old! Looking back on the past 3 years, we have been through many ups and downs ; the DeFi summer that lasted too short, the launch of Tokenlon 4.0 and LON tokenomics at token launch.
The recap of the past 3 years would not be complete without mentioning the hardships we went through. The China domestic market continued to be very volatile and bearish sentiments severely affected trade volume during prolonged periods.
We want to take this opportunity to thank everyone who has stood by us over these past 3 years. Let’s go through the progress we made these past 3 years and more importantly, our plans moving forward!
A Timeline Of The Past 3 Years
Let’s take a look at the past major events
- 2019
- 07.31 Tokenlon 4.0 is born, marking Tokenlon as an independent DEX
- 10.29 Tokenlon launches imBTC
- 11.01 imBTC is listed on Tokenlon
- 12.01 Tokenlon Website is live!
- 2020
- Tokenlon becomes an aggregator providing both RFQ+AMM trade
- LON utility token moves into circulation
- Start community governance
- 08.29 Tokenlon facilitates BTC cross-chain transactions on the web
- 09.25 Tokenlon trade volume hits $1 billion, LON token is launched and genesis mining begins
- 12.25 Tokenlon Litepaper &Tokenlon 5.0 official launch！
- 2021
- 01.04 Tokenlon trade volume hits $5 Billion
- 03.31 Tokenlon trade volume hits $10 Billion
- 04.01 LON Tokenomics comes live, giving users the option to stake, buyback and take part in trade mining
- 07.20 Tokenlon 5.2.0 goes live, migrating the protocol from 0x to Tokenlon’s own protocol
- 2022
- 03.04 Bounty program launch
- 05.05 Removal of minimum trade amount
- 07.01 Arbitrum limit order goes live
- 07.26 Open-source contracts
What we have achieved in the past 3 years
Numbers don’t lie. Let’s take look at some achievements in numbers
Trade volume and user activity
- As of 31th July 2022, Tokenlon’s total accumulated trade volume is at $24,973,682,060.
- 200,000 users have successfully made a trade on Tokenlon, with a success rate of 99.76%
Everything related to liquidity
- Tokenlon has started with the RFQ model integrated into the protocol, giving users the best prices for each trade pair. As of today we have aggregated volume from Uniswap V2, Uniswap V3, Curve and Sushiswap. As our DEX is designed to be open-source, we are able to aggregated more liquidity pools in the future
- You can trade 129 tokens and 208 trade pairs on Tokenlon now. ETH/USDT trade pair is the most popular, as it offers the best depth and pricing
LON Tokenomics
- April this year marked the one year milestone since LON Tokenomics went live. The amount of LON staked remains at around 50 Million LON, accounting for 60% of the circulating supply. Total LON bought back has exceeded 10 Million LON
- To adapt to the ever changing market, we have pushed various Tokenlon Improvement Proposals (TIPs) up for voting by the community. One of the more significant TIPs pushed through was the proposal to actively manage the LON treasury. Adjustments were made to ensure tokens in the treasury could weather the bear market
The challenges, wins and opportunities of this past year
In 2021, right before we entered the bear market, Tokenlon faced several challenges, such as user churn and obstacles expanding our brand globally.
Fortunately, the Tokenlon team comprises a group of veterans who have been through many bull and bear markets. We quickly adapted to the regulatory environment by moving our headquarters in Singapore and building a team there, where the government has a more open stance towards Crypto.
The Discord and Twitter channels were revamped, with various marketing campaigns run to grow our social media following. A campaign of note was the Learn & Earn campaign in July, where 600,000 participants read and answered questions on Tokenlon and our partners.
Furthermore, we were incredibly honoured to collaborate with various reputable projects on co-marketing campaigns. This included MakerDao, Unstoppable Domain, HOPR, Opera Wallet and Coinbase. This has not only improved the reputation of our brand, at the same time it has increased our Discord and Twitter following significantly.
Besides work on the marketing end, the Tokenlon team has worked relentlessly on improving the platform features and usability. In May this year, we enabled users to trade with no minimum trade amount required.
Subsequently, after researching existing layer 2 solutions in the market, we found that there was great potential for layer 2 solutions. We then launched a “trade at zero cost” limit order feature on the Arbitrum network. This helped users to place and cancel limit orders during periods of market volatility and profit, all at zero cost. Lastly on the product end, we are preparing for the launches of multi-chain and smart order routing features. Lots to look forward to!
You the user are at the heart of all that we do at Tokenlon. We believe in taking user feedback seriously and providing the best user experience for you.
What sets us apart from the other DEXs is our belief in creating the best user experience and the willingness of our team to do whatever it takes to achieve that. Just the past year alone, we handled 2,987 tickets submitted by you. Based on your feedback and complaints, our product team has made close to 10 product updates. All these product improvements were made to give you the best user experience.
Moving forward to 2022～2023
“How are you building in this bear market” is a question we get asked quite frequently, especially of late. For a team that has been through many market cycles in DeFi, we believe the bear market gives us an opportunity to resolve any legacy issues and rapidly validate new features at a low risk. Talented employees let go by other companies are welcome in our team, as we aggressively expand globally.
While interest in the DeFi ecosystem may not be as strong compared to the DeFi summer in 2020, some perspective is needed. DeFi has grown exponentially since 2020 and we have seen the emergence of new trends, including NFT adoption, cross-chain bridges and layer 2 solutions. Emerging technology and trends is the beauty of this industry.
Tokenlon’s focus has been on building the DEX that provides you with the best user experience. Our vision remains the same and we remain committed to the roadmap set out on our whitepaper, for us to be ready for the next bull market.
Here are a few improvements we are looking to make to our platform, namely
- Users can place limit orders on the Ethereum mainnet with just a simple click. Never miss out on an opportunity to profit in volatile markets
- Launch smart order routing to bring you the best quotes for any trades. With smart order routing, liquidity from AMM, RFQ and limit orders are fully utilised
- Launch an NFT exchange MVP. More reasons for you to trade on-chain!
- Open up Tokenlon to more relayers, making Tokenlon an even more decentralized open network
- Make Tokenlon SDK open-sourced, creating a developer community to build a DEX with you, for you
- Introduce veLON to the LON ecosystem, improving LON governance
To wrap up
Since July 2019, Tokenlon V4 has helped close to 200,000 users complete $24 Billion worth of transaction volume. Our transaction success rate was and remains at 99.76%, the best amongst the rest of the DEX. Tokenlon’s vision remains the same, to become the open protocol for financial payment and settlement transactions.
Lastly, to thank everyone who has been on this journey with Tokenlon over the last 3 years, we have planned a series of activities. This includes an AMA session, a trade campaign and a panel discussion with our partners on the future of Web3.
Take part in all these activities and win attractive prizes!
Tokenlon Team
2022.08.17