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

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The cryptocurrency market started the year in full swing and with all of the bullish breakouts it can be difficult to see which projects are simply being driven by the macro trend and which are making profits due to solid technological developments and improved fundamentals.

When the price of Bitcoin fell more than $ 11,000 between January 10 and 11, some Altcoins saw double-digit losses, but some DeFi and Layer 2 oriented coins bucked the trend and quickly rebounded as BTC rebounded – Consolidated price.

For example, TomoChain (TOMO) doubled its price from $ 0.65 on Jan 2nd to $ 1.29 on Jan 12th. With such a strong performance during one of the biggest Bitcoin sell-offs in crypto history, TOMO deserves a closer look at what is being seen fundamentals support such a strong move.

TOMO / USDT 4 hour chart. Source: TradingView

An important announcement of interoperability raises the mood

With the rise of the DeFi sector over the past year, much of which operates on the Ethereum network, interoperability with the top altcoin has become a necessary feature for any project that wants to achieve traction and a large user base.

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

On January 7th, the team released an update for the TomoIssuer and TomoBridge platforms. With the upgrade, any user can issue an enclosed ERC-20 token and list it on TomoBridge as a TRC-21 token.

As fees rise again on the Ethereum network, developers and traders can use TomoBridge to exchange ERC-20 tokens more efficiently than on the Ethereum network.

Recently TomoChain also introduced the Zorro version, which includes an upgrade of 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”.

The release of Zorro, TomoIssuer and TomoBridge together have the potential to capture some of the liquidity and transactions from the Ethereum-dominated DeFi space while reducing the congestion and high fees that are currently on the Etheruem network.