DeFi Craze Skyrockets TOM Token 2,000% One Day After Listing

이선영 기자 | 기사입력 2020/11/13 [10:44]

DeFi Craze Skyrockets TOM Token 2,000% One Day After Listing

이선영 기자 | 입력 : 2020/11/13 [10:44]


Decentralized Finance or DeFi has become one of the hot topics in the blockchain industry. TRON (TRX) issued its DeFi token SUN, Ethereum’s value has surged with Uniswap, and Klaytn’s expansion into the DeFi market are some of the signs that DeFi craze is sweeping through the blockchain community. 

 

One DeFi token has stood out with its value soaring 2,000% just one day after its listing in such enthusiasm. It is the Touch of Midas (TOM) token from TMTG Enterprise HK Limited, a Hong Kong-based virtual asset (cryptocurrency) service provider.

 

TOM mining began on Nov. 11 on Uniswap, and the token was listed on Foblgate on Nov. 12 at 500,000KRW (0.97 ETH). Just one day after the listing, the strong buying has boosted the TOM price to 10M KRW (19.22 ETH), astonishing the community. The price has remained at 19 ETH for over one day, with a remarkable 2,000% increase.  

 

▲ Source: TOM chart on Foblgate


One of the reasons for the investors’ acute interest in TOM token is its scarcity. TOM Finance is in its first season of the program, in which LP coins are rewarded to the investors for staking their TMTG/LBXC pool. The LP coins can be staked on the TOM Finance to receive TOM token. A total of 25,000 TOM is available for mining for sixty days. In season 2, TOM will launch its own DeFi DEX to enable swaps and DeFi services without Uniswap. The fixed issuance of 25,000 tokens has induced the investors to acquire the token, creating a massive rise in the price. Another reason is the fact that TOM does not have VC or private investment like other blockchain projects. This means that the token has not conducted pre-mining or token allocation to enable a more user-centric and transparent DeFi project operation. 

 

TMTG Foundation official stated, “We have considered operating three pools – TMTG/LBXC, TMTG/TOM, and LBXC/TOM before launching. However, to prevent impermanent loss (IL) on the investors due to TOM volatility, we have decided to open TMTG/LBXC Pool only for price stabilization. We will add more pools in season 2.”

 

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