Just the TONIC: Tectonic rises 38% as it teases ‘something new is coming’
Tectonic (TONIC) has seen its price rise by more than a third in the wake of a Twitter tease by its developers that “something new is coming”.
As of 13:02 GMT on 5 January, TONIC was trading at $0.0000001235, up 38.41% compared with the previous day, according to CoinMarketCap.
The price rise came six days after TONIC hit its all-time low of $0.00000008151 on 30 December 2022. In contrast, today’s price was still below TONIC’s all-time high of $0.000004029, achieved on 23 Decebmer 2021.
It was on 3 January 2023 that TONIC made the “something new” announcement to its 54,400 followers on Twitter. At the time of writing, the cross-chain money market had still to reveal what the new development actually was.
Gm #Tectonians ????
— Tectonic.cro (@TectonicFi) January 3, 2023
something ???????????? is coming ????
????
Crypto.com’s links with TONIC
TONIC was created by the blockchain-based incubator Particle B, which was founded by Gary Or – the former chief technology officer (CTO) of cryptocurrency exchange Crypto.com.
CoinMarketCap states TONIC launched in December 2021 on Crypto.com’s Cronos chain, which uses the native CRO token as its cryptocurrency.
The CEO of Crypto.com Kris Marszalek follows the official TONIC page on Twitter.
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Why is it called Tectonic?
Just before its launch, the TONIC blog explained that the crypto was called tectonic because “residing along the crusts of two crypto supercontinents, tectonic will be a cross-chain money market at the heart of Cosmos and Ethereum, empowering users to earn passive yields on their Cosmos and Ethereum-based assets, and to get access to instant crypto-backed loans.”
According to CoinMarketCap: “Investors can deposit their crypto assets into the Tectonic [money market] to earn dynamic yield without lockup periods while borrowers can borrow liquidity by supplying their crypto assets as collateral.”
Additionally, TONIC is modelled after compound (COMP), “a decentralised finance (DeFi) lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform”.
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