Introducing Tectonic
The cross-chain money market on Cronos
Money markets are the backbones of any Decentralized Finance (DeFi) ecosystem. We’ve seen money market platforms such as Compound, AAVE, and MakerDAO become massive players in the Ethereum ecosystem over the last year, each amassing huge volumes of Total Value Locked (TVL).
DeFi money markets have essentially enabled permissionless lending and borrowing without any centralized intermediary. Any user with access to these platforms can instantaneously offer cryptocurrency liquidity and earn yields on it, as well as borrow cryptocurrency using the assets they have supplied as collateral.
Welcome to Tectonic
We are extremely excited to introduce Tectonic — the money market protocol on the Cronos blockchain.
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.
Tectonic is the combined effort of a decentralized team of BUIDLers segregated across the world that were brought together by a common passion. Our dynamic team of developers, strategists, and designers have been working tirelessly day and night and we can’t wait to bring Tectonic to the world.
Wen Launch Ser?
Tectonic’s seismic launch will be happening in a matter of weeks, making Tectonic the first ever native money market protocol on Cronos. We’ve scheduled two phases of launch over the next two months to ensure that Tectonic is up and operating smoothly for all users:
- Beta Launch: Available to all users, but with a capped $ amount on deposits and borrowings [ETA: End November 2021]
- Official Launch: Launch of Tectonic with full functionality, together with our native $TONIC token [ETA: Mid December 2021]
Why Cronos?
The Cronos blockchain is one of the first EVM compatible chains built on the Cosmos SDK. We chose to build on Cronos as we have a strong conviction that it will become a cornerstone of DeFi’s multi-chain future. Here are the key reasons why we have picked Cronos over other alternatives:
Scalable and Affordable: While DeFi money markets on Ethereum have managed to achieve massive traction, the network has been constantly constrained by high levels of congestion which results in extremely high network fees and slow transaction speeds. The democratization of finance requires a network that can handle high scale at low cost. Cronos’ average gas fee is estimated to be less than $0.1 for simple transactions, while the network itself can handle more than thousands of transactions per block.
Instant Finality: Built on top of the Tendermint core, with instant finality being the most important property of the Tendermint consensus algorithm. Transactions happening on Cronos are thus finalized as soon as a block is created.
IBC-Enabled Interoperability: Interoperability will be at the core of Tectonic. Apart from having Ethereum-based assets on Tectonic, Cronos, being IBC enabled, will allow us to facilitate the lending and borrowing of any Cosmos-based assets. This enables us to fulfil our vision of being the cross-chain money market between EVM chains and the Cosmos ecosystem.
Tapping into the Crypto.com ecosystem: Cronos gives us the possibility to access a massive retail user base within the Crypto.com ecosystem. This gives us a leg up, as well as broadens our target audience to include not only DeFi natives, but also DeFi newcomers.
Alpha, Alpha, Alfafa…
Tectonic will be governed by the $TONIC token. We will be having a $TONIC public sale in the very near future.
Do keep a close look-out across our social media platforms as more alphas about the $TONIC utilities and public sale are revealed. Detailed information about $TONIC tokenomics will be covered in our future articles as well.
What’s next?
In the weeks to come, we will be sharing more about the Tectonic protocol with you. Meanwhile, chat with the community on our Telegram and follow us on Twitter to get all of our latest updates!
From the team behind Tectonic 🌋
