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

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The cryptocurrency market has started the year strong and with all the bullish breakouts happening, it can be difficult to discern which projects are simply driven by the macro trend and which are making gains based on solid technological developments. and improving fundamentals.

As the price of Bitcoin fell more than $ 11,000 between January 10 and January 11, a number of altcoins suffered double-digit losses, but a few DeFi and Layer 2-oriented coins held up to the trend. and recovered quickly as the BTC price consolidated.

For example, TomoChain (TOMO) saw its price double from $ 0.65 on January 2 to $ 1.29 on January 12. With such a performance during one of the biggest Bitcoin sells in crypto history, TOMO deserves a closer look to see what the fundamentals support such a move.

4 hour TOMO / USDT chart. Source: TradingView

Major interoperability announcement boosts sentiment

With the rise of the DeFi industry over the past year, a majority of which runs on the Ethereum network, interoperability with the top altcoin has become a necessary feature for any project looking to gain traction and a broad base. users.

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The need for scalable, low-cost Etheruem alternatives seems to be one of the factors driving the TOMO price up.

On January 7, the team released an update for the TomoIssuer and TomoBridge platforms. The upgrade allows any user to issue an encapsulated ERC-20 token and list it on TomoBridge as a TRC-21 token.

With fees on the Ethereum network rising again, developers and traders can choose to use TomoBridge to trade ERC-20 tokens more efficiently than they could on the Ethereum network.

Recently, TomoChain also unveiled the Zorro version which contains 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.”

Together, the version of Zorro, TomoIssuer and TomoBridge have the potential to capture some of the liquidity and transactions of the Ethereum-dominated DeFi space while helping to reduce the congestion and high fees that currently plague the Etheruem network.

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