Tombswap is a decentralized cryptocurrency exchange (DEX) platform that enables users to swap crypto assets. Tombswap crypto exchange was introduced as a new feature by Tomb Finance in 2022.
Tombswap allows users to trade without performing KYC verification. The platform supports users from across the world. It does not provide a list of prohibited regions. However, some countries with strict crypto policies may prohibit the use of Tombswap services and products. Users are required to research the laws and regulations of their local authorities to ensure they are not involved in illegal acts when using the Tombswap cryptocurrency exchange services. The Tombswap crypto exchange platform is available on a web platform.
Markets
Tombswap offers peer-to-peer trading. Tombswap spot allows users to easily swap digital assets with their available balances without any leverage. The platform supports more than 25 digital assets. Tombswap continuously lists more cryptocurrencies and adds liquidity. Tombswap trading pairs include crypto-to-crypto pairings.
TOMB is the native token of Tomb Finance. It is a multi-utility asset that fuels the entire Tombswap ecosystem. The token's main purpose is to provide and add use cases to the Opera Network. It is supporting the reward system in the ecosystem.
Tombswap uses an Automatic Market Maker (AMM) to create liquidity via liquidity pools. Thus, users have to trade against liquidity pools. AMM also determines the Tombswap crypto prices using market data from various sources. Smart contracts facilitate all trade without the intervention of any intermediary.
The Tombswap exchange fee is 0.5%. 0.25% of the Tombswap crypto fee is automatically fed back into the liquidity pool to ensure the long-term sustainability of the pool. Users providing liquidity to these pools benefit from these fees. The remaining 0.25% of the fees go to Tomb DAO, where they are used to build reserves to support Tomb Finance and peg when needed. This makes the Tombswap Finance ecosystem more stable and resilient.
Other Services
Tombswap’s unique liquidity pools offer users the opportunity to stake, farm, and earn decent rewards. The rewards are calculated from the time-weighted average price (TWAP) at the end of an epoch. The liquidity pools enable fees to be kept within the ecosystem for the benefit of the community.
Tomb Finance offers also other DeFi services, including the Cemetery Pools. This product allows users to stake their assets and earn high interest of up to 56% APR. Another product, Mortuary, allows users to lend their assets or leverage liquidity pools for more farming and liquidity provider rewards. This product offers up to 10X leveraged APR. Users can also lend their assets through a low-risk My Mausoleum product and earn interest calculated in APR. Other pools providing earning opportunities include Masonry and Pit.
Tombswap also offers a bridging service that enables users to bridge tokens from other networks to Tomb Chain. The platform charges a 0.1% bridging fee.
About the Company
Tombswap crypto exchange is a DEX introduced as a product of Tomb Finance. Tomb Finance is a blockchain that released the first algorithmic token on the Fantom Opera Network. The project launched its native token, TOMB, which is the foundation of the Tomb Finance Ecosystem. Tomb Finance was established to bring liquidity to the Fantom ecosystem and help develop new use cases for the Opera Network. Other network tokens are TSHARE for Tom Shares and TBOND for Tomb Bonds.
Starting September 2, 2021, Tomb Finance experienced a social engineering attack carried out by malicious actors who were determined to circumvent the protocol’s Gatekeeper fee system. An anonymous attacker set up a website that allowed people to evade the Gatekeepers tax. They went ahead to send negative spam messages across all Tom Finance discussion Channels, claiming that the project is a scam, an exploit, and doomed to explode. The incident that came at an early stage of the project affected its development, nearly leading to its collapse.
Following this incident, Harry Yeh from Quantum Fintech Group announced on September 5, 2021, that he and the team would take over Tomb in an attempt to save it. The announcement reignited confidence and faith in the project. The complete takeover took place in mid-September 2021. The move revived the aim of Tomb Finance to become the main medium of exchange on the Fantom Opera network. By launching the Tombswap cryptocurrency exchange, the project moved closer to this ultimate goal. Tombswap trade volume has been increasing with the increase in users. The annual Tombswap volume exceeded $956,682,000 in 2022.
Harry Yeh, the new team leader at Tombswap, is the founder of Quantum Fintech Group. He is an experienced entrepreneur.
