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An insight into TomoChain, TOMO, and TomoDEX Exchange

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TomoChain is an incredibly ambitious project. Let’s take a deeper dive on TomoChain and what it does.

TomoChain offered its ICO on March 1st 2018 where it was able to raise $8.5 million USD. Users could purchase TOMO – the native token of TomoChain with ETH for 0.25 USD per token.

TomoChain is a popular extensible Proof-of-stake Voting(PoSV) consensus that is powered by blockchain, and has been able to fetch 2000 TPS and a near $0 gas fee without the need to give up decentralization. In simpler words, it is a decentralized project running on the blockchain that solves the scalability issue by increasing TPS which is Transactions per second. 

The entire product ecosystem lets users of all scales build feature-rich blockchain projects and DApps using its EVM-compatible platform. The popular platform has features that aim at improving speed, provide better privacy, and fulfill overall liquidity needs. 

PoSV token holders are incentivized to stake across a huge network of 150 top-notch master nodes and control the performance and governance on an equal note.  The performance layers added due to PoSV offer several benefits like enhanced security and reduced risks of blockchain fork, faster transactions with rapid confirmations to eliminate checkpoint miseries.

Validators Include: Binance, KuCoin, CoinGecko, HashQuark.

Did you know?

TomoChain has been in mainnet since December 2018 and is the largest Blockchain from Southeast Asia, with multiple businesses using their  technology. They are regularly highlighted as one of the larger blockchains on dapp.com and dappreview.com with respect to the value of transactions taking place. 

*Gas fees are nominal and oftentimes near free, and tens of thousands of transactions can be done for a single TOMO.  

How does TOMO Work?

The PoSV consensus mechanism is used by TomoChain to run the network with increased layers of security. It does not need any hardware as it uses staking to reach consensus. All that the user needs to do is to stake their TOMO tokens online after which you will get rewards for securing the TomoChain network. Anyone can stake TomoChain but there are only 150 masternodes in the system that can vote in the network. These masternodes are elected by the TOMO token holders.

Stakers can secure the network with the automatic validation of transactions that will also focus on decentralizing. The simple mantra is that when more people stake TOMO, the better it is for the network. It is hence advisable to stake TOMO not just to yield gains but also to increase the security of the system. 

tomochain

TOMO token

TOMO is the native token of the TomoChain network that runs the network by proffering the standard value for the chain functioning in similarity with Ehtereum. The token holds the key within the ecosystem as it is an important part of staking and masternodes operation. Tokens also are used to vote for the future path of the network. The role of the token in the network is unparalleled because it also helps in lowering the risks but as is the case with any blockchain project, the asset is still characterized by high-risk. 

TomoChain is secured by staking which is a process that involves holding tokens in a compatible wallet. With the staking of TOMO tokens, stakers can get rewards on a regular basis just as you do in the case of dividends earned on stocks. According to a source, the annualized ROI for TomoChain tokens or TOMO is 6.33%! Staking rewards for TOMO are paid out every 30 minutes which is a benchmark implying stakers do not have to wait for months and months to get their passive income. Staking here happens in two ways:

Mobile Staking for TOMO is available on iOS, Android and Google Play

Where Tomo fits in with DeFi:

TomoChain has been focused in the DeFi space since its inception. Their whitepaper was published explicitly stating that their focus was on introducing an open finance approach to blockchain. 

Notably their layer 1 protocol, TomoZ, which allows any token to be issued where the gas fee is paid by the token itself.

Recent News

The latest layer 1 protocol was recently greenlit on TomoChain, TomoX.  TomoX allows any business to launch a decentralized exchange in minutes. Everything is permissionless, on-chain, and performance is at the speed of their blockchain (2000 tps)  This is because it’s a layer 1 protocol (not layer 2 as is typical).

As such their Masternodes, that secure the network, also directly manage the order book and transactions. The native TOMO backs all of the activity and governance. And no gas fees. All fees are paid in the token being traded.

In Q4 of 2020, the team plans on launching their next Layer 1 Protocol, TomoP.  TomoP is the Privacy Suite which completes the trifecta of DeFi Layer 1 protocols on TomoChain.  The team says it will allow for the fastest privacy sends of TOMO, its tokens, and wrapped BTC, ETH, and more.

Additionally, there are plans to allow for Dapps to integrate private functionality. 

TomoDEX

tomodex
TomoDEX

This is an order-book which was built on the TomoChain officially launched this year in May. The Tomo Decentralized exchange is the first DEX which is powered by TomoX protocol mainly to create liquidity. 

TomoDEX at present supports 6 spot tradings and P2P lending. Users can use the TomoWallet to create an account on the TomoChain. 

The pairs it supports are TOMO/BTC, TOMO/USDT, ETH/TOMO, BTC/USDT, ETH/USDT, ETH/BTC, YFI/USDT, FTT/USDT, VNDC/TOMO. Its corresponding ETH, BTC, USDT are wrapped TRC-21 tokens swapped by the TomoBridge. The governance of the exchange is taken care of by its core team.

TomoDEX, specifically, is now listed on Coinmarketcap, CoinGecko, Dapp.com, DappReview.com and other sites.

Exchanges/Payment Services: 

TomoChain earned their listing on Binance by winning the 2nd ever community vote on BinanceDEX. 

They are also listed with FTX, Crypto.com, Simplex, KuCoin, MXC, BiKi, Changelly and many others.

Conclusion

TomoChain is an incredibly ambitious project, and its token serves several use cases. The ecosystem they are building is certainly very impressive and shouldn’t go unnoticed. They have also partnered with several blockchain projects like Constant, Terra Money, Morpheus Labs to access exclusive user bases.

defirev

TomoChain has a very passionate, loyal, and intelligent community that finds holding the TOMO token to be a very wise investment, especially when it comes to staking and the ability to run a masternode.

There are several areas where you can discuss the project with other enthusiasts and traders. Its most noteworthy communities are:


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Visor Finance (VISR): The YFI for NFT’s?

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Visor Finance: A smart user-controlled platform to interact with DeFi protocols

Within the realms of liquidity mining in the decentralized Finance sector, there are several issues that need to be supervised. Right from discoverability and reputation to programmability to the security of liquidity, the issues are hard to deal with. 

Visor Finance is a truly ground-breaking protocol that overcomes this issue and works towards building the liquidity mining protocol. Its solution aims to mint and interacts with NFT Smart vaults where users will have the ability to interact with the existing DeFi protocols but with their VIsor NFT’s. The team put up a great FAQ for beginners here.

This implies that in a Liquidity rewarding program, rather than depositing tokens in the project’s smart contract, the users lock them to their NFT and will still be eligible for rewards. 

Key aspects of Visor NFT

NFT’s or non-fungible tokens are everywhere. It was once just an obscure part of the blockchain technology world but its boom has led to a sudden embrace in its entirety. NFTs are usually associated with digital art or in-game assets but Visor Finance has implemented an NFT for a use case that is not related to art or game but it has been designed to interact with multiple DeFi protocols. 

Let’s take a look at some key aspects:

  • Visor NFT will act as the key interface between the user’s funds in custody and DeFi protocols to which they interact with. Every single Visor is easily identifiable by its singular string of digits which also is a complaint ERC721 id. 
  • During its liquidity mining program, the user funds are immediately unlocked without any counterparty risk during the mining program if needed.
  • Assets can also be assigned to diverse liquidity mining programs. This can be done without the need for the assets to leave user custody and attaching it to the required endpoints. 
  • The best part is that the user funds are quickly discoverable by liquidity mining programs. The platform users can then authorize staking and unstaking to their Visor NFT for reward distribution. 

Benefits of the platform

VisorNFT allows users to lock assets into several concurrent liquidity mining reward programs. The users will have the ability to sign ahead in time permissions for top DeFi platforms at the protocol level. The owner of the vault can submit a signature for assets in the vault to become collateralized. The user-controlled contract vault also has something called the Visor’s factory which will allow for the introduction of updates and extensions to the Visor NFT without breaking compatibility across reward platforms. There are several contract templates which the users can choose for minting new versions of the Visor NFT. 

Visor also aims to keep the NFT with its unique ID and immutability with several paths for upgrades and extensions. The purpose of the upgrades will be for easy migration of assets through the web user interface.

How do the upgrades take place?

The Visor smart vault factory boasts an ownable admin. The admin will be able to introduce new templates for upgrades and extensions to the Visor smart vault. They will also set the default behavior for active templates. Visor Finance strives to pass on these rights to the community and with more developments, it intends to make it their top priority. 

The Visor Factory will also have a default active template which will also double up as the stable release of the Visor Smart vault. Users will have the go-to choose alternative templates to mint for different reasons. The canonical release will be considered the default and will be put under upgradation consideration only after it has been discussed with top industry leaders.

visor finance

Liquidity Bootstrapping pool

The Visor community participated in the liquidity Bootstrapping pool with full zest and enthusiasm. The event in association with Balancer Labs was a huge success and marked the successful launch for Visor Fiance. More than 900 addresses participated in the Pool event.  450 people also went through the NFT minting process through the web UI and now own their Visor NFT smart vault. 

It also has brought about two governance proposals which were suggested by the Visor community members. Based on their suggestions and inputs, the team has adjusted the rewards program as given below:

Proposal 1: Additional communities for Phase 1 consideration

Proposal 2: Very active participants in DeFi, why not adding INV and RULER

The whitelist rewards will be extended to many other active DeFi communities which have active snapshots and run liquidity mining programs. It will also extend to those communities which run yield farms that will align with the use-case of Visor. The proposals at the end will allow for greater participation in phase one of the rewards program but will also accelerate the overall use of the Visor NFT. 

Hence, in essence, Visor NFT is a user-controlled systematic, hassle-free vault that holds assets, and provides safe exposure to DeFi protocols without giving up on custody. The Visor NFT is not about those properties that are manifested in the art of in-game assets.

They go a step ahead to utilize and assist in accelerating NFT’s capacity for being singular, unique for different purposes. For the user, this is a golden opportunity to expose their vault’s history of past interactions with DeFi protocols with Merkle roots of hoards of permissioned addresses, enhanced liquidity visibility more so at a network level.

The users are at liberty to choose their own strategy but they will never have to relinquish their assets. The community per se values being given the autonomy to choose and since the Visor NFT platform is all about user-control it will help in the wider and higher participation in future developments. The platform is now looking to integrate with projects to implement their rewards program in order to be compatible with the UniversalVault standard that the Visor NFT uses. 

Rewards go live Monday, more details can be found here.

visr

Visor Finance CoinGecko: https://www.coingecko.com/en/coins/visor

Visor Finance Vault: https://vault.visor.finance

Visor Finance Twitter: https://twitter.com/VisorFinance


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BAO FINANCE CRYPTO: WHAT IS IT?

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BAO FINANCE CRYPO TAKING OFF! WHAT IS IT?

Bao Finance crypto token has exploded recently with unprecedented growth due to its numerous unique features. Bao Finance focuses clearly on providing a fair and equitable distribution and the creation of synthetic assets. It is an innovative second layer for synthetic assets that have been built on top of Uniswap, SushiSwap, and Balancer.

Bao Finance will use an upgraded version of the SushiSwap farming infrastructure and intends on capitalizing on the yield farming distribution model. However, at present, the APY is very attractive to farmers.

The BAO Finance crypto token acts as the governance token for the community-run project. It also is backed by an insurance fund where all the BAO fees get accumulated. 

Bao Finance crypto
Sample Menu

BAO creates a second-layer protocol and the users will utilize the assets from Uniswap, SushiSwap & Balancer to take part in the BAO ecosystem. BAO finance can also be seen as the first L2 DeFi that aims to add its protocol’s features to existing infrastructure. Users will be able to generate synthetic assets by using their LP tokens from other protocols. This has many benefits as users will be able to:

Earn fees and yield rewards by being a Liquidity provider in Uniswap, SushiSwap, and Balancer.

They will also be able to earn rewards in $BAO by staking their LP tokens as collateral. They also can issue furthermore, synthetic assets to invest in other assets. Essentially speaking BAO finance focuses on early distributive equity and the generation of synthetic assets. 

Yesterday, February 4, Hotbit launched BAO Finance on its global section. The deposit function was launched yesterday at 9.00 AM UTC and the trading function was launched at the same time yesterday. The launch comes with the unraveling of 2 trading pairs – BAOFI/USDT, BAOFI/ETH for the same. Hotbit cryptocurrency exchange is also a cryptocurrency trading platform that integrates different forms of solutions like spot trading, financial derivatives, and DAPP also integrated into one platform. 

The most interesting thing about yield farming here is that there are several hundreds of LP pairs available to yield farms. Though users will only get 5% of the BAO token which they farm the remaining period will be the vesting period of over 3 years with a 1-year cliff!

bao finance crypto

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AAVE CRYPTO ASSET SOARING

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AAVE SOARING TO NEW HEIGHTS AS IT BREAKS $500 USD

AAVE is on fire reaching new all-time highs in rapid succession. As of today, February 4th, 2021, an earth-shattering volume of nearly 3 billion dollars of AAVE was traded in the past 24 hours.

Aave clocks in a new ATH ever since the v2 migration tool launch

Aave (AAVE) has been going strong ever since February began. In just 5 days, AAVE has increased by 76% and today the token hit a new all-time high of $520. The protocol to date has successfully captured users and has done well against its competition. The latest rally for Aave started on Jan 28 when the protocol announced the v2 migration tool. The tool allowed users to easily migrate all account information including the borrowed positions and staked tokens. 

The new tool also facilitates easy migration of user information to the updated protocol. Recently on the 1’st of February, the team from Aave protocol posted an update about the same:

“Today is the last day to vote on the AIP to add $BAL on Aave V2.”

A day following the announcement the proposal was passed by the community. The Balancer (BAL) was added on Aave 2 and it was around that time that AAVE rallied from $284 to $300.

The DeFi platform of AAVE is also rejoicing since the platform is undergoing immense upgrades. As per DeFi pulse, the total value locked in the DeFi protocol is now at $4.96 billion ranked second after Maker which has $5.16 billion in total value locked. 

AAVE, which is the 15th largest coin in terms of market cap, also recorded a staggering 24-hour trading period. Its trading volume in the last 24-hours touched $2.4 billion! Treyce Dahlem who is a research analyst believes that the recent surge in AAVE price has been fuelled by the big players and institutions who are becoming increasingly interested in DeFi.

He added, “Billionaire Mark Cuban recently spoke about the “unlimited upside” of DeFi and according to a snapshot of his on-chain portfolio, he is an AAVE whale holding more than $150,000 worth of the token. Grayscale recently filed more than a dozen altcoin trusts with Delaware’s corporate registry, one of those altcoins being AAVE. Additionally, Bitwise added AAVE to their Bitwise 10 Large Cap Crypto Index. These announcements have caused investor sentiment to reach a new YTD high of 83.5 (very high).”

aave crypto
https://www.coingecko.com/en/coins/aave

AAVE is quickly becoming a household name in DeFi for its revolutionary approach to decentralized lending, and our analysts believe that with the stellar leadership of Stani Kulechov, the Founder and CEO of AAVE, we predict AAVE will move into the top 10 digital assets quite quickly.

It seems apparent that AAVE is the de facto industry leader in its sector, and we surmise that it will be the perfect way for the everyday individual to get their feet wet with DeFi.

Recently, the migration tool from V1 to V2 was made available:


aave

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