Well-known blockchain platform TomoChain has announced several updates to its previous swapping fees.
According to the TomoChain, it has been subsidizing fees on the TomoBridge so its users can enjoy low swapping fees. The blockchain platform believes it is time to revamp these fees.
The blockchain platform made this announcement in a series of tweets. Pointing out that the decision to revamp its fees is a result of the ever-increasing Ethereum chain gas fees.
Ethereum gas fees are currently at an all-time high. The blockchain platform is also generally slow and suffers greatly from congestion. Ethereum has, however, disclosed plans to launch its ETH 2.0 update. An update it has touted as the solution to all its scalability issues.
TomoChain also disclosed that it has been subsidizing most of the actual swap fee since the inception of TomoBridge. Adding that it was no longer feasible to continue with the subsidies.
▶️ USDT (TRC21) -> USDT (ERC20): $60 per transaction
▶️ ETH (TRC-21) -> ETH (ERC-20): 0,03 $ETH per transaction
▶️ LUA (TRC-21) -> LUA (ERC-20): 480 $LUA per transaction
📌Changes take effect starting Mar. 22, 2021. pic.twitter.com/M2xgI8RnMY
— TomoChain (@TomoChainANN) March 22, 2021
The revamped fees
Despite the increase in fees, TomoChain assured users that the updates have been kept to the minimum level possible. The fees updates were on its TomoBridge USDT, ETH, and LUA swapping fees. The updates include
- USDT (TRC21) tokens to USDT (ERC20) then is now $60 per transaction.
- ETH (TRC-21) tokens to ETH (ERC-20) will cost 0.03 ETH per transaction.
- Lastly, LUA (TRC-21) tokens to LUA (ERC-20) will cost 480 LUA tokens per transaction.
These fee changes are expected to commence from March 22, 2021.
TomoChain furthermore thanked its entire community member for the continued support and assistance.
Binance adds support for TomoChain’s TOMOE
Alongside the swapping fee update, popular cryptocurrency exchange Binance has added support for TomoChain’s other native token TOMOE. This is also great news for the entire TomoChain community. Now, community members can easily deposit and trade both TOMOB (this was added some time back) and TOMOE on the Binance exchange. So now Binance supports 3 versions of TOMO on 3 chains: TomoChain, Binance Chain, and Ethereum.
The blockchain platform confirmed this announcement via Twitter. Also adding that the support from Binance is a great addition to its platform.
We highly appreciate this great addition which benefits our users in many ways. pic.twitter.com/0ymzh47I0N
— TomoChain (@TomoChainANN) March 18, 2021
At the time of writing, TOMO was trading at $2.81, with a market cap of $227,202,663 and a 24-hour trading volume of $73,842,459.
Also, join us on Telegram to receive free trading signals.
Find out more about the crypto and blockchain space on the Altcoin Buzz YouTube channel.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by TomoChain. Copyright Altcoin Buzz Pte Ltd.