Placeholder Ad Banner

DEX and interoperability upgrades show TomoChain (TOMO) wants DeFi to lead the way

1.5k
VIEWS



The cryptocurrency market has been going all out since the beginning of the year. Because of all the bullish breakthroughs, it is difficult to discern which projects are only driven by macro trends and which projects are profitable based on solid technological development and continuous improvement.

As the price of Bitcoin Fell more than $11,000 Between January 10 and January 11, many altcoins experienced double-digit losses, but some DeFi and 2-layer oriented coins bucked the trend and quickly recovered as the BTC price consolidated.

For example, the price of TomoChain (TOMO) doubled from $0.65 on January 2 to $1.29 on January 12. With such a strong performance during one of the biggest Bitcoin sell-offs in crypto history, TOMO should take a closer look to see what fundamentals support this strong move.

TOMO/USDT 4-hour chart. Resources: Transaction view

An important interoperability announcement boosted popularity

Over the past year, with the rise of the DeFi sector (most of which run on the Ethereum network), interoperability with top altcoins has become a necessary feature for any project that hopes to attract users and a large user base.

The demand for low-cost, scalable Etheruem alternative products seems to be one of the factors driving the price increase of TOMO.

On January 7, the team released updates to the TomoIssuer and TomoBridge platforms. The upgrade allows any user to issue packaged ERC-20 tokens and list them on TomoBridge as TRC-21 tokens.

As the cost of the Ethereum network soars again, developers and traders can choose to use TomoBridge to exchange ERC-20 tokens, which is more efficient than the Ethereum network.

Recently, TomoChain also launched Published by Zorro It includes an upgrade to its Ethereum Virtual Machine (EVM) and the current version of Solidity. With this upgrade, developers can “easily deploy code from other EVM chains to TomoChain with minimal customization”.

The Zorro version, TomoIssuer and TomoBridge have the potential to capture some liquidity and transactions from the Ethereum-based DeFi space, while also helping to alleviate the current congestion and high fees that plague the Ethereum network.