Tonic DEX — a permissionless, 100% online order book based exchange platform, built on NEAR. The platform allows anyone to create markets for any asset on NEAR L1 or Aurora. Each component of Tonic is built with developers in mind, allowing the community to build a wide range of efficient DeFi applications on NEAR.
How does Tonic DEX work?
The core of the ecosystem is the Tonic platform, which allows any member of the NEAR network to create a completely online order book. Retail traders can access the ecosystem through any of the supported interfaces. Trading bots can access the ecosystem through JS or the Rust SDK.
Tonic charges fees for customer orders and offers manufacturers a percentage of customer fees as an incentive. After the release of the Tonic (TONIC) token, one of the functions of the Tonic (TONIC) token will be to reduce fees and increase discounts for manufacturers.
Tonic - a referral program that encourages developers to build their own interfaces on top of the platform. Self-trading on Tonic is prohibited.
Traders can specify one of the following self-trading prevention options when placing an order:
| Decrement and cancel | This is the default behaviour. The larger order is reduced by the remaining size of the smaller order and the smaller order is cancelled. Both orders of the same size will be cancelled. The cancelled amount is not treated as an infill. |
| Cancel oldest | Cancel the manufacturer's order. The pickup order continues to run. |
| Cancel newest | Cancel the customer's order. The manufacturer's order remains in the book. |
| Cancel both | Cancel both orders. |
New orders match the prices of the remaining orders, i.e. the buyer gets the best price. There is no pending state for orders. The matching engine runs once every time a new order is placed and matches are performed immediately. For limit orders, the unfilled quantity is placed in the ledger. For market orders, unused funding is refunded.
Ways to interact with the platform
There are several ways to interact with and build the Tonic platform. The Javascript SDK makes it easy to build client applications by using Tonic, including exchange interfaces, trading bots and command line utilities. The official command line interface is built on the SDK. The CLI allows developers to easily access the platform without writing any code. The Rust SDK allows any NEAR developer to integrate calls into Tonic directly down the chain.