We’re pleased to announce that TFI, the governance token of TomoFinance, is now listed on MEXC Global!
It was selected as the 11th Kickstarter project of MEXC and has been successfully listed with a total of 60731432.10 USDT worth of votes. This number is approximately 202 times the participation rate of the target.Tomochain CEO Long Vuong also congratulated the listing.
What is TomoFinance?
TomoFinance is a stablecoin issuing project built on TomoChain.
We modeled this project after MakerDAO, and by using TOMO as collateral, we can issue a stablecoin, TAI, using a smart contract called CDP.
Every time a user cancels a CDP and returns TAI, they will be rewarded with TFI.
Let's take a look at the process of issuing a TAI.
The user creates a CDP by depositing more than $200 TOMO, and the value of the CDP’s locked collateral must always exceed 130% of the value of the TAI you will generate. Seventy percent of this deposited TOMO goes to the master node.
Then, TAI is issued by the CDP contract and sent to the wallet, and you can use them in the same way as any other crypto asset.
To recover the collateralized TOMO, it is necessary to repay the interest in addition to the TAI generated. You can only pay this interest back in TAI.
Once you have returned the TAI and paid the interest, you will get collateralized TOMO to your wallet within 24 hours. Fifty percent of the amount of interest paid will be returned as TFI.
What is TomoChain, the platform of TomoFinance?
Tomochain uses a consensus algorithm called PoSV (proof-of-stake voting), which is compatible with EVMs, has almost zero transaction fees and is 80 to 100 times faster than Ethereum. The native token is TOMO.
What's new with TomoChain?
LuaSwap is a multi-chain DEX that is compatible with Ethereum and TomoChain. The design is similar to existing DEXes such as Uniswap, and the usage is almost the same.
As a feature, they have created an IDO platform called LuaStaeter, where a project called Tomo Master DAO has recently launched.
The Tomo Master DAO is a DAO that distributes funds to projects that contribute to the development of TomoChain. As a DAO, it reflects the opinions of its users in deciding which projects to support.
These approaches are expected to make it easier for new projects to be launched on TomoChain and further expand the TomoChain ecosystem.
MEXC Trading: https://www.mexc.com/exchange/TFI_USDT