If you don’t know what OMNISTON is, you’re missing out on the near future of the TON blockchain.
The first mention of OMNISTON was on November 10, 2023. With its release approaching, I decided to explore this topic as there seems to be some misunderstanding within the TON community about what OMNISTON really is.
What is OMNISTON? 🌐
OMNISTON is a protocol
developed by STON.fi that aims to unify all liquidity within the TON ecosystem. It will find the best exchange rates for users using RFQ and HTLC mechanisms, enabling zero-slippage and trustless transactions.
OMNISTON marks the first step toward STON.fi enabling cross-chain exchanges without bridges or wrapped liquidity.
Let’s break down OMNISTON’s functionality into key points:
Aggregator of All Liquidity on TON 📊
OMNISTON intends to combine all liquidity within the TON ecosystem, offering users the best exchange rates. It will aggregate liquidity from both DEX and CEX, interacting with centralized exchanges through market makers.
RFQ 📜
RFQ (Request for Quote) is a mechanism that allows trades under pre-defined conditions without changes during the process. Similar to limit orders on CEX, users will know exactly how many tokens they will pay and receive, eliminating slippage.
For example, if you make a deal to buy 1000 TON for 5000 USDT on OMNISTON, you will receive 1000 TON without exception.
Exchange requests happen off-chain, reducing blockchain fees, while asset transfers occur on-chain via smart contracts, maintaining security.
Token Swaps Without Intermediaries ❌👥
Using hash time-locked contracts (HTLC), OMNISTON facilitates trustless, intermediary-free swaps. Transactions occur directly between users and market makers via smart contracts.
HTLC also ensures atomicity in trades. If all participants fulfill their commitments, the transaction proceeds smoothly. Otherwise, the transaction is canceled, and all assets are returned to their owners.
SDK STON.fi ⚙️
The SDK provided by STON.fi will allow OMNISTON integration into any DeFi application. This means we’ll likely see OMNISTON even in non-custodial wallets like Tonkeeper.
For instance, Rainbow Swap has already announced plans to become an OMNISTON resolver.
Cross-Chain Swaps with OMNISTON 🔀
Initially, OMNISTON will operate exclusively on the TON blockchain. However, future plans include adding support for other blockchains, enabling true cross-chain swaps without bridges or wrapped tokens.
How OMNISTON Works in Practice 🤔
Imagine you want to buy TON with 5000 USDT. Here’s how it works:
Send an Exchange Request
Enter the token amount (5000 USDT) you want to exchange for TON.OMNISTON Creates and Sends RFQ Requests
OMNISTON sends RFQ requests to market makers and DEXs for a 5000 USDT-to-TON swap.Market Makers and DEXs Respond
They provide their quotes to OMNISTON.OMNISTON Displays the Best Quote
OMNISTON identifies the best exchange rate and presents it.Confirm the Deal
If the rate satisfies you, confirm the swap in your TON wallet.Funds Sent to the Smart Contract (HTLC)
Your tokens go into the HTLC smart contract while awaiting the other party’s deposit.Atomicity Ensures Safe Transactions
If the other party fails to deposit their tokens, the transaction is canceled, and your tokens are returned.Successful Completion
Once the other party fulfills their part, the tokens are exchanged as agreed.
OMNISTON’s Advantages 📌
Best exchange rates on the blockchainMinimal price impactZero slippageAtomic swapsZero-trust exchangesDecentralized asset exchangesEasy DeFi application integration
Current Development Stage 🛠️
OMNISTON is already live but currently accessible only to developers, testers, and resolvers.
The public launch will occur after STON.fi ensures its flawless operation, which may be very soon.
Follow the official Telegram channel of stonfidex to stay updated on OMNISTON’s release!
#TON $TON #defi