Overview
Tonic DEX (TONIC) is an older book DEX built on Near. The project makes it possible for users to buy and sell any asset on NEAR and AURORA quickly and with low transaction fees as well as better liquidity without too much deviation in price. Also promoting Defi on the NEAR ecosystem in general. What’s more, Tonic incorporates NEAR’s Nightshade sharding for fast transaction speeds and low fees.
Outstanding Features
Low Fees
Because it is built on NEAR, transaction fees will be 100 times cheaper than on Ethereum, and on-chain trading is cost-effective.
Lightning Fast
Transactions will be confirmed in 1 second thanks to Near’s fast block generation and processing speed.
Open Platform
Easily build different trading products on Tonic with the project’s easy-to-use SDK and development kit.
Secure and Reliable
Because all transactions are done on Near, it is safe and fast
How does Tonic work?
Self-trade prevention
Tonic’s operation is the same as that of other DEXs. But users are allowed to place and cancel trading orders at their discretion of each user. When connecting to the exchange, users need to transfer the assets to the exchange’s wallet for trading. Self-trading is not allowed on Tonic. The user will therefore be able to choose one of the following options to not deal with themselves:
- Reduce volume or cancel: If an order is in large volume, subtract the correct amount of buy or sell to form order with a smaller volume. Smaller volume orders are canceled. Two buy and sell orders of equal volume will cancel both.
- Delete the oldest command and delete the newest command, or delete both commands.
Order matching
New trades will match pending trade requests at the best price. That is, the taker (taker) will receive the current best price in the market.
There will be no pending status for trading orders. Every time a new trade request is placed, the order matching system runs and the calculation executes immediately. With limit orders, the values that are not matched will be placed in the order book to wait for the transaction. A market order will be executed immediately and the quantity not matched will be returned.
Fee structure
Tonic charges a buyer’s limit orders and offers 1% of the buyer’s fee as an incentive. Current fees and discount rates are as follows
For example, in a transaction using the base fee tier with 1000 USDC, the buyer fee is 2 USDC and the producer rebate is 0.20 USDC.
Information about TONIC token
Currently, Tonic has not announced the token, but one thing is that if you hold Tonic tokens, you will receive a reduced transaction fee when buying and selling.
Roadmap and project development team
Tonic’s roadmap has yet to be announced specifically. But now Tonic has a testnet, users can experience and get acquainted with this DEX Orderbook.
The project is developed by a team of former software engineers of a leading technology corporation (FAANG) with extensive experience in developing high-performance systems, security, and financial applications.
Backer
Tonic DEX raised $5M in a seed round on April 26, 2022. This money will be used by the project to continue to expand and develop its team. As well as providing a scalable trading platform and building Dapps
The funding round was led by Electric Capital and Move. In addition, Framework Ventures, NetZero Capital, Daedalus, and Bixin Ventures also participated in this seed round.
Summary
With the outstanding features of Tonic DEX, it is still necessary to monitor more and wait for the project to do, but Near is still one of the bright spots of the market so you should also pay attention to this AMM DEX because it may explode. Future.
So through the above article, I have helped you better understand the Tonic DEX project. Hope the above information will help you better understand the project.
See ya in the next article !
Don’t forget to follow useful articles about Crypto Market from team Holding B !!!
- Telegram Channel: https://t.me/HoldingBcom
- Telegram Group : https://t.me/HoldingB
- Website : https://holdingb.com/
- Twitter : https://twitter.com/HoldingBcom
 – DEX Orderbook on NEAR){kind=link}