Fantom Ecosystem Spotlight – Tomb Finance
For all the project names related to specters, the afterlife, and so on, the Fantom Network teems with life. We feel privileged to interact with developers and community members who are so incredibly ambitious and thoughtful, just like the team driving Tomb Finance.
Under Harry Yeh’s careful oversight, Tomb is quickly growing into a critical source of liquidity on the network. We’re dying (pun intended!) to see how this project evolves going forward.
1. What is Tomb Finance?
As the first algorithmic token pegged to $FTM on Fantom Opera, Tomb Finance has chosen to align its mission to provide value to and derive value from the network’s future growth.
In addition to existing and future use cases such as FTMpad, $TOMB’s primary aim is to become the main medium of exchange on Fantom Opera.
As the network grows and more $FTM is locked into validator nodes, $TOMB will serve this purpose by providing users with an exchangeable, mirrored, liquid asset to $FTM.
2. How do you introduce Tomb Finance to a novice or someone who knows relatively little about DeFi?
As a simplified example, let us assume that apples are the world’s agreed-upon money – they are a store of value, and they are a measure of exchange that makes it easy for people to use when transacting with one another. In the real world, $FTM serves this purpose as the native token of Fantom Opera.
In our hypothetical example, however, everything is measured in terms of apples, whether that’s your weekly salary, the price of milk, or the cost of a new computer. And you need apples to buy literal gas to get to the supermarket or the computer store.
But imagine if nobody wanted to part with their apples and preferred to keep them in their kitchen instead. Since the value of everything gravitates in relation to apples, there would need to be something out there that is 1:1 “interchangeable” with an apple.
So then, even if all the apples in the world were in people’s home kitchens, there would still be a supply of something exchangeable that mirrored those apples. People could continue to transact freely with the assurance that whatever they received would be able to be traded in for an apple at a later point in time if desired.
That’s what $TOMB hopes to become for $FTM, and early adopters benefit from bootstrapping its expansion phase.
3. How have Tomb Finance goals evolved since Harry Yeh assumed the direction of the project?
As with any experimental algorithmically-pegged token, the initial growth phase consisted of survival: making it to the next epoch without losing the peg.
With Harry’s adoption of the project and Tomb’s DAO fund now under the professional management of a hedge fund, the goals and timelines have moved from “the next 24 hours” to “the next five years.”
The main area of focus is educating Fantom ecosystem protocols on the benefits of integrating $TOMB into their offerings and establishing new partnerships with them.
All of this is with the long-term vision of garnering widespread agreement that $TOMB is a suitable and frequently favorable alternative to any DeFi use case involving $FTM.
4. How many team members are there, and what’s your background?
We’re a core team of five who love Fantom, love Tomb, and most importantly, love the Tomb community. We have a diverse range of backgrounds and areas of expertise in the software, finance, and marketing industries.
5. How did you learn about Fantom?
Like many others, we became interested in DeFi because of the opportunities it provided to achieve financial independence.
But the high gas prices on Ethereum made farming and DeFi in general inaccessible to users without access to large amounts of capital, thereby replicating some of the same issues found in the legacy financial system.
Fantom’s low gas fees and fast transaction speeds made it a no-brainer to build for the audience we aimed to attract.
6. What brings you to DeFi, and what excites you most about the space?
DeFi offers the possibility for anybody to achieve financial freedom so long as they have access to a mobile device or computer.
Seeing the life-changing opportunities that DeFi has afforded people — from quitting their dreaded 9-5 job to buying a home — is an invigorating experience that makes you want to give it your all every day.
Where the traditional finance world closes the door to most of the population through obfuscation and gatekeeping, DeFi welcomes, educates, and elevates anyone with an interest in bettering themselves.
7. How has the community received Tomb, especially in this new iteration?
There’s been a lot of excitement. Those who’ve been around for a while know that Tomb has gone through some serious turbulence, but a firm conviction in the strength of the project and its community, now backed by Harry’s industry expertise, has supercharged a new era of growth for Tomb.
8. What can you tell aspiring developers about your experiences working on Fantom?
Solidity is still the best language for smart contracts, but having Fantom as a load balancer network for Ethereum really makes a big difference since you can deploy contracts quickly and inexpensively.
Fantom is wonderful – a great place to start and grow projects and ultimately take them cross-chain as we live in a world quickly evolving towards interoperability.
Engage with Tomb Finance: