TOMI Bets on Unusual IDO Method, Wins Big

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The crypto industry is not in want of innovation as it was practically founded on innovation and subverting the norm. This has extended into its fundraising methods and blockchain and crypto firms have devised a number of interesting ways to raise funds at various times. 

One of the newest ways is Initial DEX Offerings (IDOs), which is the first-time launch of a token on a decentralized exchange and it is becoming more popular these days. A recent example was an IDO effort from TOMI, a DeFi project that has seen big wins since it went live. 

TOMI Takes a Leap

When TOMI set out to raise funds for the purpose of reducing its token supply it opted for an NFT sale. Non-fungible tokens (NFTs) are quite popular these days but TOMI towed an unusual path by strictly using them as a source of funding. Besides this, TOMI chose to have three separate sales as opposed to a single one. The prices of the NFTs for each sale were slightly different from the other depending on market conditions and the sales lasted roughly 30 minutes each.

While this short sale window, unusual pricing mechanism and the use of NFTs might have been a risk, it appears to have paid off significantly. The presale attracted many investors, proceeding to sell out and all three sales rounds also sold out. In total, 485 holders emerged from the sales, which were held on SushiSwap and Polygon. 

Out of the 750 million TOMI that was allocated to the SushiSwap pool, only 4.922 million tokens remain and the daily volume for the pool is over $8.4 million. For those who bought into the token, it has proven to be a wise investment as the value of the tokens has increased by over 56,655% in the last 24 hours alone.

With the over 450 Ether that was raised from this sale, the TOMI team is buying up and burning tokens to reduce the overall supply which will only drive the price of TOMI up further. This token burning effort has been made public through a public address here.

This way, users can follow the token burning effort. TOMI has also given its community power of the management of its liquidity pool, with 600 ETH that was in the SushiSwap liquidity pool moved to the master pool.  

TOMI’s Future Outlook & Transparency

Now that the NFT and IDO sales have been concluded, TOMI is looking towards transforming the larger DeFi system and giving the best to its customers. First, TOMI will be launching its own decentralized Exchange called TOMISwap in October 2021. While this exchange will be launched on the Ethereum blockchain, TOMI plans to keep transaction fees to 0.3% of the total transaction value and avoid issues with transaction speeds. 

TOMI has also been keen to show investors that it intends to make a difference when it comes to transparency. To this end, TOMI are bringing forth 4 promises they have fulfilled which show the project’s dedication to the betterment of the crypto industry: 

• Promise 1 - NFT Funds went into the Tomi Pool before Public launch 

• Promise 2 - Increase rarity and value by burning TOMI 

• Promise 3 - Tomi Control Goes to Community

• Promise 4 - No Tomi’s for the founders 

These promises being fulfilled shows TOMIs commitment, both to token holders, and to future developments. All of these promises can be verified via public blockchain activity, and at https://www.tomitoken.org/transparency.html. Along with TomiSwap, TOMI also plans to launch a platform called TOMIFundMe that gives grants to worthwhile projects as well as its native blockchain in 2022. 

It is an interesting time indeed for TOMI, and it will be exciting to see what the project brings forth in the coming weeks and months.

For more information, visit the website at https://www.tomitoken.org/

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.