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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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Deriswap: What you Need to Know

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Deriswap launched defi legend Andre Cronje – the founder of Yearn Finance

The founder of the revolutionary DeFi protocol Yearn. Finance, Andre Cronje has been an avid crypto promoter. In his attempt to bring products that will redefine the industry, Andre Cronje has introduced a new project.

Dubbed Deriswap, the new protocol will meld the different segments of DeFi including swaps, options, and loans all in one platform. His latest project ‘Deriswap’ is a move towards bringing capital efficiency, something which has not been envisioned in the industry. 

In a post published Cronje said:

“Deriswap allows for a consolidated, capital-efficient market for trading, Options, Futures, and Loans, allowing LPs [liquidity providers] to keep their exposure and enjoy additional fees and rewards,” 

Deriswap information has been restricted to a point because it is still under audit. He has explained that this new protocol would immensely benefit liquidity providers(LPs) in addition to maintaining exposure and extending additional rewards. There are many popular protocols that enable swaps and loans, however, Deriswap varies in its ability to offer multiple functions within one contract. 

Cronje has been around for some time and has already participated in a lot of projects. His other recent projects include Eminence and Keep3r. Eminence garnered the ire of critics as the gaming platform was hacked for $7 million in users’ funds.

But Andre Cronje’s popularity and his intellect with respect to the industry have been always high which is why despite all the earlier troubles people have been funding the contract even before the project has been audited and announced. 

deriswap

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Basis Cash launches a new-age stablecoin in DeFi space

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Basis Cash : What is it?

Basis Cash, originally known as Basecoin, has launched its stable coin into the new DeFi era. Basis Cash is was based (pun-intedned) on a stablecoin basis which had $133 million in funding after which the US regulators intervened.

The smart contracts opened early Monday, but what also has to be remembered is that this is not the first time when any base-inspired stablecoin is released. At the end of August Empty set was released and now has $100million in market cap.

One of two anonymous leaders off the project who goes by ‘Rick Sanchez’ said: 

“In the long term, we look forward to seeing Basis Cash be used widely as a base layer primitive such that there is organic demand for the asset in many DeFi and commercial settings.”

As is the case of most stablecoins. Basis Cash (BAC) stands pegged to the US dollar implying that one BAC should be equal to the crypto equivalent of one USD. The price of one BAC should be equal to the crypto equivalent of one USD.

Two crypto assets Basis Bonds and Basis shares will be managing the Basis Cash’s price.  Beginning at the end of November 50,000 BAC will be given in a 5-year period implying that 10,000 per day to people who would put any of the 5 stablecoins  DAI, YCRV, USDT, SUSD, and USDC in their smart contract. 

basis cash

In this case the depositors would not lose more than 20,000 stablecoins from any single account. In addition to this, an incentive on a daily basis will be paid on a pro-rata basis. The users also will get their coins back at any point in time. 

Basis Cash will have nothing locked away to guarantee its worth. The only thing that backs it will be an algorithmic method which will help in finding the real market demand for BAC.If the BAC drops below a dollar, the system will automatically issue Basis Bonds. The bonds issued can be bought for one BAC and can be redeemed for one new BAC when the price is much more than $1.

Nader Ali-Naji who originally launched Basis said: 

“A lot of people have reached out to me about Basis Cash. It seems to be gaining traction among the people who backed me with Basis given how many people have asked me about it, but I don’t know anyone who’s definitively decided to back the project.”

basis cash

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Saffron Finance: SFI a new DeFi bluechip? This hidden crypto gem seems primed for massive growth.

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November 10, 2020

Saffron Finance or SFI, is currently one of the hottest defi projects right now that is still very much under the radar. 

Just as we have reported on YFI, CORE, and Curve long before most DeFi news organizations, this is one we’re definitely adding to our watchlist. 

Just like the aforementioned tokens, SFI seems to be in the same league of technical expertise mixed with an extremely creative application, all with code that is completely original. Here’s what you need to know about Saffron Finance.

What is Saffron Finance?

Saffron. Finance is bent towards innovative offerings in the crypto world. It is a protocol meant for the tokenization of on-chain assets. There is an advantage of the format of the tokenization of on-chain assets as it allows the liquidity providers great flexibility and unhindered access to the base collateral leveraging the benefits of staking.

Typically due to the overcrowding of different scenarios, Liquidity providers have to undergo insurmountable impermanent losses as a result of extreme volatility.

Yet, Saffron is one such protocol that narrows down such outcomes and provides liquidity providers with the necessary dynamic exposure. 

Customize your risk

Liquidity providers can now select and customize their risk and return profile with the use of Saffron Pool Tranches. Pools are segregated into different tranches each having their own set of properties. The different tranches here are:

AA Tranche: In this case, the LPs add liquidity to the AA tranche earn less interest but are protected and covered in case of loss from platform risk. The covered capital comes from the principal and interest earnings of A tranche LPs. They have a great share in the SFI token generation grabbing 80% from it all. 

A Tranche: Under this category, LPs add liquidity to the A tranche and earn far better interest compared to the previous, yet vulnerable enough to lose their interest in case they are exposed to platform risks. The liquidity providers under this tranche earn 10% of the SFI tokens generated per epoch. Their earnings will not be included in covering the first loss of AA tranches. 

S Tranche: The S tranche like the A tranche earns 10% of SFI generated per epoch. The S epoch has an underhand mechanism to maintain the exact value of the tranche interest multiplier. It maintains the position of equilibrium between A and AA tranches with its functionality. 

Saffron individually tokenizes the future earning stream and the NPV of the used-up capital in every tranche. The earnings-based on tokenized holdings are distributed across all tranches through payback waterfalls. 

Epochs

The Epochs are discussed in tranches are of 14-days in length. In the epoch period, the liquidity providers can earn interest on the platforms and mine SFI tokens – the native token of Saffron Finance. 

When liquidity gets locked in the pool, they can trade their Saffron LP tokens defining their ownership of the pool. But when the 14-day epoch period ends, the Liquidity providers can remove their liquidity with SFI mined and interest earned. The first epoch was already kicked off on 1 Nov and all the liquidity was added to the S tranche. The other two tranches will be available in the second epoch. 

Liquidity mining

Saffron has been launched with DAI liquidity mining. With this, all DAI will be added to the Saffron pool and is used for compounding and earning interest. The best part about it all is that in the future versions of the protocol additional currencies and platforms will be added dynamically.

SFI is generated at the end of the epoch and is redeemable in proportion to the total outstanding dsec tokens generated during that epoch. They are redeemable in proportion to the total outstanding dsec tokens generated in that epoch. 

saffron finance

Smart Contracts

Saffron smart contracts have already been deployed and their code has been verified on etherscan and already been added to a GitHub repository. The team is still working on code audits but the team’s ongoing development timeline has allowed for it and the entire set of Saffron smart contracts. The Saffron Pool, adapter, strategy, and token contracts have been tested with 10,000 DAI in the best test epoch on the Ethereum mainnet. 

SFI Pools and Adapters

The platform has pools of liquidity that collect deposited base assets from LPs and deploy them on platforms in order to earn interest. Adapters connect this pooled capital to platforms.

The already launched first adapter is DAI/Compound adapter which connects the DAI pool to the Compound platform giving the DAI pool LPs the chance to pool together and earn interest on Compound. This strategy connects all pools and adapters together, selects the best adapter for capital deployment. It also generates and distributes SFI tokens to LPs at the end of every epoch. 

By offering asset collateralization on its platform, liquidity providers have access to dynamic exposure and have a great advantage of selecting customized risk and return profiles. 

saffron finance sfi

Saffron Finance Telegram: https://t.me/saffronfinance
Website: https://saffron.finance
Twitter: twitter.com/saffronfinance_
Saffron Medium: medium.com/saffron-finance


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