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DEX and interoperability upgrades show TomoChain (TOMO) wants DeFi dominance

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The cryptocurrency market began the yr in full pressure and with all of the bullish breakouts taking place it may be tough to discern which tasks are merely being pushed by the macro pattern and that are making good points primarily based on strong tech developments and bettering fundamentals. 

As the worth of Bitcoin dropped more than $11,000 between Jan. 10 and Jan. 11, quite a few altcoins noticed double-digit losses however a number of DeFi and layer 2-oriented cash bucked the pattern and shortly recovered as BTC worth consolidated.

For instance, TomoChain (TOMO) noticed its worth double from $0.65 on Jan. 2 to $1.29 on Jan. 12. With such a powerful efficiency throughout one of many largest Bitcoin sell-offs in crypto historical past, TOMO deserves a more in-depth look to see what fundamentals are supporting such a powerful transfer.

TOMO/USDT 4-hour chart. Supply: TradingView

A serious interoperability announcement boosts sentiment

With the rise of the DeFi sector over the previous yr, a majority of which operates on the Ethereum community, interoperability with the highest altcoin has turn out to be a crucial function for any venture that trying to achieve traction and a big consumer base.

The necessity for low charge, scalable Etheruem alternate options seems to be one of many components driving TOMO worth increased.

On Jan. 7, the staff launched an replace for the TomoIssuer and TomoBridge platforms. The improve permits any consumer to challenge a wrapped ERC-20 token and listing it on TomoBridge as a TRC-21 token.

With charges on the Ethereum community hovering once more, builders and merchants can decide to make use of TomoBridge to swap ERC-20 tokens extra effectively than they may on the Ethereum community.

Just lately TomoChain additionally unveiled the Zorro release which accommodates an improve to its Ethereum Digital Machine (EVM) and the present model of Solidity. With this improve, builders can “simply deploy code from different EVM chains to TomoChain with minimal customization.”

Collectively, the Zorro launch, TomoIssuer, and TomoBridge have the potential to seize a number of the liquidity and transactions from the Ethereum-dominated DeFi area whereas additionally serving to alleviate the congestion and excessive charges that at present plague the Etheruem community.