Not long ago, the guys from Swap.Coffe mentioned in their podcast - Omnistone from the DEX exchange StonFi, as a project that deserves attention. Article on the channel.
The guys were the first to give all market participants the opportunity to interact by taking on the complex functions of finding the best price and conducting a transaction.
StonFi has opened up the testing opportunity for developers, testers, and professional market participants.
Let's go and find out if it's really that cool!
Omniston is a decentralized liquidity protocol. It aggregates liquidity from multiple DEXs and large holders or market makers to offer you the best price on the entire blockchain and execute your trade.
It is based on RFQ or request for price quotation.
The protocol analyzes prices off-chain with major exchanges or holders, finds the best one and executes the transaction, ensuring the minimum price.
The diagram shows the entire chain through which the transaction takes place.
The request for offer is made off-chain, so the user's coins remain in the wallet until the exchange and are not transferred on-chain to a 3rd party. This approach makes the exchange secure.
1. The user sends an exchange request through the application
2. The application forwards the exchange request to Omniston
3. Omniston generates a Request for Quote (RFQ) and sends it to the repositories and DEX
4. Token holders and DEX exchanges return their Omniston quotes.
5. Omniston selects the best price and executes the transaction
6. The user receives tokens to his wallet.
✅If all parties involved in the exchange comply with the protocol and the transaction goes through, then both parties receive the assets intended for them, or the exchange does not occur.
✅In case of illegal actions by any of the participants, the transaction is cancelled and all parties involved receive a full refund of their funds.
There is no limitation in the choice of coins. If they are not on the Stone.Fi exchange. The protocol finds any pairs in the#TONnetwork, and later between other blockchains.
The ability to exchange tokens in the TON and TRON networks will be launched soon. Other networks will join them.
Protocol integration is also of interest to application developers.
There is an opportunity to focus on your core functions while we deal with liquidity.
Seamless integration with applications in the TON network.
Everything looks great! I'll try to test it, later I'll make a review on the commissions.
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