Home Altcoin DEX and interoperability upgrades show TomoChain (TOMO) wants DeFi dominance

DEX and interoperability upgrades show TomoChain (TOMO) wants DeFi dominance

8 min read

The cryptocurrency market began the 12 months in full pressure and with all of the bullish breakouts taking place it may be troublesome to discern which tasks are merely being pushed by the macro pattern and that are making positive aspects based mostly on strong tech developments and bettering fundamentals. 

As the value of Bitcoin dropped more than $11,000 between Jan. 10 and Jan. 11, numerous altcoins noticed double-digit losses however just a few DeFi and layer 2-oriented cash bucked the pattern and rapidly recovered as BTC value consolidated.

For instance, TomoChain (TOMO) noticed its value double from $0.65 on Jan. 2 to $1.29 on Jan. 12. With such a robust efficiency throughout one of many largest Bitcoin sell-offs in crypto historical past, TOMO deserves a more in-depth look to see what fundamentals are supporting such a robust transfer.

TOMO/USDT 4-hour chart. Supply: TradingView

A significant interoperability announcement boosts sentiment

With the rise of the DeFi sector over the previous 12 months, a majority of which operates on the Ethereum community, interoperability with the highest altcoin has change into a needed function for any challenge that seeking to achieve traction and a big person base.

The necessity for low payment, scalable Etheruem options seems to be one of many components driving TOMO value larger.

On Jan. 7, the workforce launched an replace for the TomoIssuer and TomoBridge platforms. The improve permits any person to concern a wrapped ERC-20 token and listing it on TomoBridge as a TRC-21 token.

With charges on the Ethereum community hovering once more, builders and merchants can choose to make use of TomoBridge to swap ERC-20 tokens extra effectively than they might on the Ethereum community.

Not too long ago TomoChain additionally unveiled the Zorro release which accommodates an improve to its Ethereum Digital Machine (EVM) and the present model of Solidity. With this improve, builders can “simply deploy code from different EVM chains to TomoChain with minimal customization.”

Collectively, the Zorro launch, TomoIssuer, and TomoBridge have the potential to seize a number of the liquidity and transactions from the Ethereum-dominated DeFi house whereas additionally serving to alleviate the congestion and excessive charges that at present plague the Etheruem community.