TomoChain (TOMO), a proof-of-stake blockchain platform that features a 150-masternode architecture, has been on a tear since launching its mainnet in mid-December. Over the last 2 months, TOMO has surged from roughly $0.17 to $0.434491, representing a 163% increase.
TOMO, which trades on KuCoin, YoBit, Hotbit and Gate.io, currently holds a $25.6 million market cap with a steadily increasing daily trading volume since the end of January.
TOMO/USD via CoinGecko
TomoChain notably leverages a proof of stake voting (PoSV) consensus for near-zero fees and instant transaction confirmations. The project aims to improve on the current design of the Ethereum network with novel techniques including double validation, staking via smart-contracts and uniform randomization processes. This system allows for 2 second block times and over 2,000 transactions per second.
Development Focus
TomoChain supports all EVM-compatible smart contracts, protocols and atomic cross-chain token transfers and is beginning to on-board dapps onto the platform. A focus of TomoChain dapps has been the project's mobile application, which allows investors to actively stake their tokens for daily rewards and recently added dapp browser functionality.
Perhaps the most notable addition to the TomoChain ecosystem since launching its mainnet is Axie Infinity, an Ethereum-based collectibles game that features PvP battles. Now, users can use native TOMO tokens to play around with Axie Infinity.
The addition of Axie Infinity comes as part of a larger movement to drive the adoption of the TomoChain network for gaming. To that end, the team recently hosted a seminar to introduce the potential and opportunities of gaming on the blockchain to game developers.
Final Take
Moving forward, investors should watch for continued dapp adoption and any other signs of growth in the gaming ecosystem. Given that TOMO has such a small market cap, there is significant room for additional value creation. Additionally, the project's user-friendly staking system and 11.98% yield (according to StakingRewards.com) will likely further benefit the token's price long-term.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
