The Gimmick on $TOMB token
A dive into the first algorithmic elastic token on Fantom Opera chain
TL;DR — summary
- TOMB is a stablecoin that is elastic, taxable and deflationary.
- Stake TOMB-FTM LP tokens in the cemetery to earn TSHARE
- Stake your earned TSHARE in the masonry to earn more TOMB
⚠️ — if you do not understand rebase tokens, please refrain from engaging with them.
What is rebase token?
Rebase tokens or Elastic tokens, are assets whose price is pegged to a particular asset or basket of assets using an effective pegging mechanism.
Other examples of rebase (elastic) tokens are… $BASE, $AMPL, $bDOLLAR etc
Tomb Finance rebase stablecoin — $TOMB:
TOMB is a multi-token and multi-feature rebase token whose value is pegged to the value of FTM.
Unlike other algorithmic tokens where their respective value is pegged to the value of US dollar, TOMB is rather pegged to the value of FTM.
Literally, the ideology is… 1 TOMB token = 1 FTM token
The multi-token model consists of the following three tokens:
🔥 Tomb ($TOMB).
🔥 Tomb Shares ($TSHARE)
🔥 Tomb Bonds ($TBOND).
TOMB token model is designed to be used as a medium of exchange with a built-in stability mechanism in the protocol that aims to maintain the peg. Multi-features includes taxation and deflation.
Tomb Finance governance token — $TSHARE:
$TSHARE is an integral trustless and governance token of the Tomb finance ecosystem, that is created to measure the value of the $TOMB protocol.
$TSHARE protocol works by minting and distributing TOMB token to all masonry staked $TSHARE holders during epoch expansion period.
Total $TSHARES: 70,000
Available $TSHARES: 18,100
Tomb Finance Bond — $TBOND:
$TBOND is an integral token created to incentivize the changes in TOMB supply during epoch contraction period.
A unique feature of TBOND is that it doesn’t have an expiring date.
$TBOND are issued when the Time Weighted Average Price [TWAP] of $TOMB falls below the pegged FTM. When the price of TOMB is above pegged, TOMB can be redeemed for TBOND and redeeming $TOMB for $TBOND will burn the corresponding $TOMB token — thereby making TOMB deflationary and stimulating pegged retracement.
Redemption only happens as long as there is positive TOMB balance in the treasury which is common when the protocol is in epoch expansion period.
What’s in store?
Let’s look at the base token and quote token price — TOMB/FTM
current TOMB price: $0.5
current FTM price: $1.33
Recall…
TOMB/FTM = 1
Due to the increasing demand and adoption for the Fantom FTM and its ecosystem projects, the value can literally continue to go up given all market condition remain the same. This signify that for TOMB to reach pegged value, it must seek to appreciate in price — and we are looking at making a positive percentage change of ~166% (1.66x) from here if FTM remained at $1.33
Now, imagine how many more times (x) TOMB will increase if FTM retrace to its high levels ~$1.8 😉
Don’t sleep on it!
Stay Tuned for more market insight and updates
Telegram: https://t.me/ferdybitcoin
Twitter: https://twitter.com/ferdybitcoin
