OmniDex Decentralized Exchange Review

OmniDex is an automated market-making (AMM) decentralized exchange that enables you to earn income through your digital assets on the Telos EVM blockchain. The software was created in December 2021 by the Telos community members with the goal of developing a native trading platform to meet the increasing needs of traders.  

OmniDex overview

The features of the DEX are described below:

• Swap tokens

The platform offers traders a chance to swap their tokens to earn income on the Telos EVM network. 

• Farm

You also can farm your LP tokens and begin earning the CHARM token, a utility token that will be utilized in supporting the future governance of the exchange. 

• Supply liquidity

Through the platform, you can distribute liquidity to pools so as to earn trading fees.

How does OmniDex work?

The platform allows you to do the following

• Trade
• Add liquidity
• Farm
• Stake

In the future, you will be able to engage in lending and governance, as the team is working on these features to make them available to users. 

What can you buy on OmniDex?

Some of the tokens you can buy on this platform include:

• USD Coin
• Tether USD
• Ethereum
• Avalanche
• Binance
• Fantom
• Matic
• Aris
• Harmony
• Elk
• Sushi Token
• Gold 
• Momentum
• ZapKiller
• EasySwap
• Telos Coin

Is OmniDex safe?

OmniDex’s servers are scattered across the world. This makes it virtually immune to hackers’ antics. This is in contrast to centralized exchanges, whose servers are usually more concentrated. Another thing, OmniDex never stores your digital assets. So, if by bad luck a cyber attacker manages to hack it, they can never access or steal your funds. 

OmniDex fees, compatible wallets, and transactions

To begin trading with OmniDex, you need to have either of these supported wallets—Metamask, Anchor, or WalletConnect. It is common practice for crypto trading platforms like OmniDex to pay transaction fees to network providers for using their network. Notably, the gas fees paid to Telos are very small, just a few cents. So, they cannot affect trading costs significantly. A 0.25% trading fee is charged for users who make a token swap trade on the platform. It is distributed the following ways:

• 0.17% is given back to liquidity pools and allotted as rewards to LP providers
• 0.04% is utilized in funding the continuous development of the DEX
• 0.04% is sent to the OmniDex treasury to fund other initiatives in the future

What are the ways to trade on OmniDex?

OmniDex provides a variety of trading options for users. We explain them in detail below:

• Stake charm pools

This entails holding a single type of token with the goal of earning rewards. This is mainly useful for those users that anticipate the price of their selected token to increase rapidly compared to other tokens. This, in turn, avoids decreasing profits attributable to impermanent losses. 

• Trade tokens

The platform gives you the chance to exchange different tokens and earn extra money as a result. 

• Add liquidity

Adding liquidity is similar to putting an equal value of 2 tokens to make LP tokens. Trading fees charged for that pair are forwarded to liquidity providers. As a user, you are allowed to stake your LP tokens in Farms so as to earn CHARM.

• Farm

By engaging in farming, you stand a chance to earn additional CHARM tokens as a reward for supporting OmniDex and staking your LP tokens. The calculations of these rewards vary, so you can see the amount earned as it occurs. 

Customer support

For customer support services, just visit the FAQ and troubleshooting page to see if it highlights some of the questions you might have about the service. For more help, you can chat with the team by joining the growing communities in the Telos ecosystem on Twitter, Discord, Medium, and Telegram. 

Should you trade with OmniDex?