Connect with us

Hi, what are you looking for?

Stablecoin TAI from TomoFinance to be Launched on April 26

MAHE, SEYCHELLES / ACCESSWIRE / April 22, 2021 / TomoFinance, a platform for issuing Tomochain's decentralized Stablecoin, TAI, is scheduled to be released on April 26.

TAI is a TRC-21 token that functions as a Stablecoin and worth equal to $1. Users can generate TAI by depositing their collateral assets (TOMO) with TomoFinance.

TomoChain, used by TomoFinance, is a blockchain that uses Proof-of-Stake Voting consensus. It features 2000 TPS, a 2-second block time, and almost zero fees while being EVM-compliant to solve the issues of Ethereum.

Using TomoChain's native token (TOMO) as collateral to issue TAI has the advantage of providing stable operations without having to sell the TOMO.

How do users deposit TOMO and issue a TAI?

To issue TAI, users need to create a CDP (Collateralized Debt Position) and deposit TOMO as collateral.
CDP is a smart contract that runs on the TomoChain blockchain and is the core of issuing TAI.

There are two points to note

  1. Deposit at least 200 TOMO to TomoFinance.
  2. Users need to deposit at least 1.3 times as much TOMO as the amount of TAI they wish to borrow.

・Click "OPEN CDP" from the home page and enter the amount of TOMO one wishes to deposit/TAI one wants to generate.

Please make sure that no liquidation will occur.

・Click on "COLLATERALIZE & GENERATE TAI" to proceed.
・Click "FINALIZE AND CREATE CDP" and click "Confirm" on the wallet.
・Click "OK," and the CDP management page will appear.

How do users repay their borrowed TAI and receive TOMO?

One can repay any part of the TAI he or she borrowed.

・Click "PAYBACK" on the CDP management page to start repayment.
・Users will be able to repay the amount of TAI they have borrowed.

The TAI users pay back includes interest, 50% of which will be returned to users in the form of TomoFinance's TFI governance token. This TFI token will be available in the future for participation in governance and for earning staking rewards.

・To withdraw TOMO from CDP, click "REQUEST WITHDRAWL" on the CDP Management screen.
・Enter the amount of TOMO users wish to withdraw, and click "REQUEST. After 48 hours, users will be able to withdraw their TOMO.

Tomo.Finance: https://tomo.finance/
Twitter: https://twitter.com/TomoFinance
Medium: https://medium.com/@TomoFinance

Company Name: Corefy Fintech Ltd
Email: [email protected]
TEL:0362401077
Contact Person: kenji toyoda
Website: Tomo.finance

SOURCE: TomoFinance

View source version on accesswire.com:
https://www.accesswire.com/641751/Stablecoin-TAI-from-TomoFinance-to-be-Launched-on-April-26

AccessWire
Written By

News network reaching more than 1,500 media outlets in 98 countries. The newest, fastest-growing and most disruptive newswire available today.

You may also like:

Business

If you check out rentals in Sydney, you’re in for a wild ride of prices and problems.

World

London's under-fire police force strip-searched more than 600 children over a two-year period.

Social Media

Foreign ministry spokeswoman Hua Chunying suggested the popularity of mainland Chinese food in Taiwan proved the island belonged to Beijing.

Business

All eyes are now on the release this week of US July inflation data, which is expected to show a slight slowdown from June.