What is Tokenlon Network Token?
The Tokenlon Network Token, or just LON, is a utility token native to Tokenlon - a decentralized exchange deployed on Ethereum. Given this fact, LON itself is based on the ERC-20 token standard.
LON has several use cases. Firstly, it serves as a governance token. This means that LON holders receive exclusive voting rights on proposals that have the potential to change the course of the entire project.
In addition to voting, holders can also submit their own proposals also known as Tokenlon Improvement Proposal (TIP), although they must first meet the requirements to do so. TIPs can be related to anything within the scope of Tokenlon starting from treasury fund allocation and ending with supported cryptocurrencies.
Discounts are a core feature of the LON token. Simply put, LON holders are eligible to receive several discounts. One of them is a fixed discount of 0.30% which can be used for the majority of their transactions (with some exceptions).
LON holders can benefit from another discount which is different for every user as it is directly tied to the number of LON tokens held.
There is a max cap of 200,000,000 LON. As there is a limited supply of tokens, this makes LAN deflationary. In the case of increasing scarcity and steady demand, it’s possible that the LON price will grow in the future.
LON tokens have been allocated as follows:
- 130,000,000 LON - LON Network Incentive Plan (LIP);
- 49,680,000 LON - Team;
- 10,320,000 LON - Stakeholders;
- 10,000,000 LON - Reserve.
The LIP refers to a two-stage plan of mining the LON token. The genesis mining stage began in late 2020 while the trading mining began in early 2021.
You can acquire the Tokenlon Network Token via major supported exchanges. Check out the list provided above to find our recommended exchange for purchasing LON.
Additionally, LON holders can increase the number of LON in their wallets by successfully referring a friend to the platform. The reward is sent to the user’s wallet after completing their first transaction.
Interestingly, the project used a Merkle drop to launch the Tokenlon Network Token. It’s a type of airdrop where users can claim the tokens themselves. In addition to the Merkle drop, users could acquire LON via liquidity mining pools.
LON is considered to be a cryptocurrency, and, as such, tends to be quite volatile. To put it simply, the LON price experiences fluctuations. This makes it highly important to monitor the price before making a purchase decision.
Various tools can be used for this, such as the LON price chart provided above.
What are the Main Features of Tokenlon?
As discussed in the “What is Tokenlon Network Token“ section, Tokenlon is a DEX built on 0x protocol that enables atomic swaps. It boasts a high trading success rate, near-instant token exchanges, and not having slippage, just to name a few.
Tokenlon eliminates the need (inherent to CEXs) for depositing or withdrawing funds into their Tokenlon account before an asset exchange. All users need is a wallet.
One of the main differences between Tokenlon and other decentralized exchanges is that Tokenlon aggregates liquidity from multiple sources. It utilizes both on-chain (Curve, Sushiswap, and Uniswap) and off-chain automated market makers.
In addition to multiple liquidity sources, Tokenlon is powered by a Request for Quotation (RFQ) system. One of the core benefits of this approach is a price certainty of 100%.
Most importantly, users get to see the final price before the final click of a trade. This is what Tokenlon calls a “What You See Is What You Get” model.
Tokenlon has been audited by PeckShield. All of its audit reports are publicly available for anyone to review.
Additionally, the project has introduced a bounty bug program. It allows independent developers to earn monetary rewards. Their quest consists of locating vulnerabilities within the source code and providing suggestions for eliminating them.
Who Developed Tokenlon Network Token?
The Tokenlon Network Token crypto project was launched in the spring of 2018 by the team behind imToken - a mobile crypto wallet. Initially, Tokenlon was created exclusively for the users of the imToken app. However, a year later Tokenlon introduced new features and functions which ended up being one of the main reasons for Tokenlon becoming its own exchange, unrelated to imToken.
The founder behind imToken and, consequently, of Tokenlon is Ben He Bin.
Ben He Bin, Kai Chen, and Lucas Huang are the co-authors of the Tokenlon litepaper.
Major players in the crypto industry have partnered with Tokenlon including Ethereum, Polkadot, Cosmos, and Consensys, among many others.
If you’re considering purchasing the LON token, don’t forget to check out the LON price chart above. It will provide you with detailed price information and trends, among other token details.
