AMA series: Talking Futures with TomoChain
In this episode of our AMA, we were delighted to be joined by TomoChain, a crypto that aims to support scalability on the Ethereum blockchain. It was, as ever, a vibrant discussion with plenty of contributions from the community. First, let’s take a quick look at TomoChain and how it got to where it is today.
Founded in Singapore, TomoChain is a relative newcomer to the crypto world, beginning its journey in 2018. It aims, as stated earlier, to support scalability on Ethereum and also to facilitate interoperability.
It solves these issues through a proof-of-stake mechanism and sharding, which allows up to 30,000 transactions a second – compared to Ethereum’s standard 15 a second.
With a dynamic, experienced team behind this project, all from strong finance backgrounds, there’s little doubt that tomo is a crypto to look out for.
We were honored to partner with TomoChain to hold an AMA session for their community. The MyConstant team was joined by TomoChain’s Marketing Manager, Hong Nguyen, and, of course, the wider TOMO community.
Prior to the event, we conducted a survey to see what the TomoChain community wanted to talk about. We found a lot of interest in our Futures product and how tomo users could use our products to maximize their crypto assets.
After introducing ourselves, the focus quickly switched to tomo. We announced a series of incentives, including:
- Futures: Tomo users will be able to predict the future price of their crypto – whether it goes up or down. (Note that this product is only available outside the US)
- Priority approval: MyConstant offered to support a faster Know Your Customer (KYC) process for tomo, so the community can save time and make full use of our products quickly.
- Unbeatable rates on loans: We discounted the APR on our loan products by up to 33% on the 30-day, 90-day, and 180-day terms. This means borrowers can enjoy rates from an industry-beating 4% APR.
There was a lively discussion with the TomoChain community on investments and how to minimize risk. We were able to share more information on our investment products and the $10 million MyConstant guarantee to compensate in the unlikely event of fraud and theft. (Please note this does not cover investment risk – as with any investment, the market could go up or down.)
We also discussed MyConstant’s plan to support cryptocurrency at a broader level and set out our vision of becoming a leader in the financial sector. Our offerings of affordable borrowing rates, crypto-backed loans, and P2P lending investment products are aimed at people like TomoChain community members.
Transcript of AMA with TomoChain: The highlights
To give you an idea of how the session went with the Tomo community, we’ve put together a selection of key moments:
Can you explain the products in more detail? Firstly, what does the short-selling product offer us at Tomo?
Short-selling enables consumers to forecast when prices will decline. It’s a great tool if you want to protect yourself against unexpected market behavior. It’s a useful hedge when you’re unsure of where the market is going. While traditional investing expects prices to rise, short selling pays when prices fall. It’s a useful strategy in times of uncertainty or bear markets.
However, it’s also a speculative investing technique for individuals who are willing to gamble against the market. So, it’s important to use this product with care and only use what you’re happy to lose as leverage.
There’s a matching fee of 1% and you pay 7% APR on the USD equivalent of your shorted cryptocurrency until you repay. Interest is calculated every second.
What about using Tomo with MyConstant’s Futures product?
We recently diversified our product offerings by launching Futures. It’s an investment product that allows you to predict the future direction of crypto and gain up to 150% profit if you make the right prediction.
Here’s how it works:
When the customer puts down USD as collateral to open a Futures position, we buy the equivalent in cryptocurrency at 50x leverage. As you’re borrowing from the platform, you never take any possession of the underlying asset. You own the Futures position on that asset.
We do all the other steps for you such as purchasing, transferring, and so on, which keeps things simple for you guys.
The fee for using our Futures product is 0.2% on the total leveraged position.
For example, if you open a position at $10 at 50x leverage, the fee is calculated as follows:
0.2% of (10 x 50) = $1
Nice! Now, let’s get into the fun part. What benefits are MyConstant offering to the Tomo community?
Ooh great question, thanks for asking! We do have various advantages that appeal to TOMO customers. For TOMO users now, we are offering 33% OFF on APR for our Crypto-backed Loans product.
And let me take you through some of the other benefits:
1. We offer some of the most competitive interest rates; starting at just 6% a month.
2. We support more than 70 cryptocurrencies.
3. Excellent value-added features such as auto top-up, withdraw money/stablecoins when price is up. Tokens that are easily exchangeable on the platform.
4. We have a professional 24/7 customer care team who is always here to assist.
5. And our membership program rewards you for even the simplest actions on the platform. You can earn points and cash.
Fancy joining? Get in touch with us!
We are passionate about supporting the crypto community and we want to contribute as much as possible. If you want to explore ways to encourage your community to make the most of their crypto, boost engagement, or drive up traffic to your platform – then we’d love to hear from you!
And you don’t have to be a crypto platform either. We are willing to work with you if your site or platform has an engaged and active community interested in crypto and investments.
If this sounds like what you’re looking for, then drop us a line: [email protected]
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