TomoFinance, which is a Defi project based on TomoChain, launch in Q1 2021
Corefy Fintech Co., Ltd. is in partnership with blockchain development company BACOOR INC. to research and develop a platform which issues decentralised stable coins “TAI” unitedly. BACOOR INC. also handles Pantagraph, which jointly developed with HB Wallet and Tomochain.
We will adopt Tomochain as the main chain, issue the same chain-based stable coin for the first time in history, and build the infrastructure of Tomochain DeFi.
The ever-growing DeFi market and the challenges
DeFi (Decentralised Finance) was the only rapid growth area in the global crypto-asset industry in 2020. Ethereum (ETH), the native cryptocurrency of the Ethereum blockchain, has risen 266% since the beginning of the year. DeFi is a term used to describe a financial application built on the blockchain to disrupt financial intermediaries and is currently built mainly on the Ethereum blockchain by using smart contract technology.
In the DeFi market, which showed a sharp rise last summer, the number of related decentralised exchanges (DEX) usage and trading volume rose. The trading volume for the past month until September last year is less than $15 billion (approximately 1.5 trillion JPY). As a result, ETH transaction fees have also increased significantly.
According to DefiPulse, which provides DeFi utilisation data, the total lock value (TLV) in the DeFi protocol currently amounts to about $ 14.1 billion. In September last year, the “sushi boost” caused the total lock value to plummet temporarily. However, due to the market recovery from October last year, the scale was much larger than the summer DeFi boom. On the other hand, the concern is the increase in scalability and transaction fees on the Ethereum chain.
It’s a challenge because it’s a rapidly expanding market, but it’s an obstacle to growth. Meanwhile, other blockchains are also aiming at the DeFi field and proceeding with development. In the DeFi market, which expects to continue to grow in the future, we will adopt Tomochain, which is highly compatible with the Ethereum blockchain, and aim to build infrastructure and make DeFi borderless building the DeFi ecosystem of the chain.
TomoChain provides solutions to the scalability issues of Ethereum blockchain and other blockchain platforms. It is highly compatible with EVM and can manageable with the same address as Ethereum.
The transaction fee is 1/18000 of ETH, and the transaction speeds 80 times that of ETH, which is overwhelming. It features a 150 master node architecture that includes proof of stake voting (POSV) consensus and instant transaction confirmation.
You can also receive DeFi service borderless by wrapping crypto assets of other blockchains, such as BTC and ETH to Tomochain’s token standard “TRC-21” via TomoBridge.
Partnership with BACOOR
Tomochain published the partnership with BACOOR on December 12th last year. BACOOR developed HB Wallet, which boasts the world’s top-class number of users. BACOOR is also jointly developed Pantagraph, a blockchain development company based in Malaysia and Vietnam, attracted attention through joint development with Tomochain.
This partnership will strengthen collaboration with Tomochain and make it easier to access the Tomochain ecosystem.
Tomo.Finance scheduled to launch in Q1 2021
Tomo.Finance is a platform that issues decentralised stable coins TAI on Tomochain. By locking TOMO as collateral, users can borrow stable coin TAI and sell or lend it for operation. As more users issue TAI, more TAI will be released to the market. By purchasing TAI, ordinary users can avoid the volatility of crypto assets.
Stable coins can be conveniently issued by an entity responsibly, such as USDT or USDC, but it also means that they have the authority to freeze coins.
Although it is very convenient, coins placed under the issuer’s control or a specific country that transcends national borders and positions against people unfairly persecuted by the government or live in a particular country cannot provide it.
From that perspective, it will be used mainly in the Tomochain ecosystem as a “distributed” stable coin like TAI. The launch is scheduled for Q1 2021, and the details will be published on the official site, community, etc.