What is TomoFinance？: Accelerating TomoChain’s Defi Ecosystem
TomoFinance, a platform for issuing Tomochain’s decentralized Stablecoin, TAI, is scheduled to be released on April 26.
TAI is a TRC-21 token that functions as a Stablecoin and worth equal to $1. Users can generate TAI by depositing their collateral assets (TOMO) with TomoFinance.
TomoChain, used by TomoFinance, is a blockchain that uses Proof-of-Stake Voting consensus. It features 2000 TPS, a 2-second block time, and almost zero fees while being EVM-compliant to solve the issues of Ethereum.
Using TomoChain’s native token (TOMO) as collateral to issue TAI has the advantage of providing stable operations without having to sell the TOMO.
How do I deposit my TOMO and issue a TAI?
To issue TAI, you need to create a CDP (Collateralized Debt Position) and deposit TOMO as collateral.
CDP is a smart contract that runs on the TomoChain blockchain and is the core of issuing TAI.
There are two points to note
- Deposit at least 200 TOMO to TomoFinance.
- You need to deposit at least 1.3 times as much TOMO as the amount of TAI you wish to borrow.
・Click “OPEN CDP” from the home page and enter the amount of TOMO you wish to deposit/TAI you want to generate.
※Please make sure that no liquidation will occur.
・Click on “COLLATERALIZE & GENERATE TAI” to proceed.
・Click “FINALIZE AND CREATE CDP” and click “Confirm” on the wallet.
・Click “OK,” and the CDP management page will appear.
How do I repay my borrowed TAI and receive TOMO?
You can repay any part of the TAI you borrowed.
・Click “PAYBACK” on the CDP management page to start repayment.
・You will be able to repay the amount of TAI you have borrowed.
The TAI you pay back includes interest, 50% of which will be returned to you in the form of TomoFinance’s TFI governance token. This TFI token will be available in the future for participation in governance and for earning staking rewards.
・To withdraw TOMO from CDP, click “REQUEST WITHDRAWL” on the CDP Management screen.
・Enter the amount of TOMO you wish to withdraw, and click “REQUEST. After 48 hours, you will be able to withdraw your TOMO.
Tomo.Finance official site: https://tomo.finance/