SINGAPORE, SINGAPORE / ACCESSWIRE / April 1, 2021 / Yield farming, liquidity mining, APY…, these are the terms born from the decentralized finance (DeFi) craze. It is astonishing to imagine how the total value locked in DeFi rose exponentially from around $680 million in January 2020 to $45 billion in March 2021. The 6,500% increase happened in just a matter of 14 months, affirming the success of the DeFi industry. However, the biggest achievement of DeFi was perhaps the moment when its daily and monthly trading volume managed to surpass Coinbase, the biggest US-based centralized exchange.
Just when the DeFi hype is looking nowhere near to end, a new wave of blockchain innovation called non fungible token (NFT) is taking the crypto sphere by storm. The minds of crypto and non-crypto communities were blown away by the NFT mania when a piece of NFT artwork was sold for $70 million in March 2021. Back in 2019, anyone would have been deemed insane for even trying to predict that the tokenized version of Jack Dorsey’s first tweet will be sold for a whopping $2.9 million.
Irregardless of which hype, one thing is clear, though:
“Every crypto trend is built on the solid foundation of utility and value.”
The ICO fever helps projects and companies to bypass the complex fundraising mechanism of the traditional finance space. DeFi enables everyone to access a wide range of financial services without the involvement of centralized figures, as long as the person has access to internet services along with an internet-compatible device. The boom of NFT gives birth to a new community, crypto artists, who seek to protect and monetize the original ownership of their artworks across the internet.
As smooth as the rise of different crypto trends, the crypto space has unconsciously entered into a new age of utility innovations which will ultimately lead to the mainstream adoption of crypto. However, the collective adoption goal that the space shared will always remain as a distant dream, not until the crypto industry has a way of connecting every cryptocurrency user into a single central hub, like a social media. The financial and time consequences from building crypto connections across different social platforms will only delay the adoption dream of the space.
Launched on the 1st of July 2020, Torum is a social media platform specially designed for cryptocurrency users. Symbolizing the nature of the platform, the name Torum was born from the combination of “Tokenized” and “Forum.” The platform strives to connect worldwide cryptocurrency users to form a one-stop crypto ecosystem of the industry.
Like Binance, Torum operates on a remote team organization. The 18-member team is formed from founders and core developers from Malaysia, India, and Turkey with a diversified background of UI/UX, mobile app, cybersecurity, etc.
With a $300,000 initial development fund, the team behind Torum built the community organically with a top-down humble approach. Starting with just 1,000 seed users on its beta launch, the number has now risen exponentially to over 25,000 registered users.
Placed in the top 50,000 Alexa rank, Torum is now a favourite hangout spot visited by cryptocurrency communities from every corner of the world, including the US, Canada, Switzerland, Italy, India, Singapore, Australia, etc.
Riding the DeFi and NFT wave
Unique from other social media peers, Torum positions itself as a social media platform that is always willing to embrace the latest utility innovations. It is a brilliant strategic move where Ah Go, the CEO of Torum, says,
“The rise of DeFi and NFT is a perfect catalyst that brings on board a wave of newcomers into the space, and Torum is definitely their ideal starting point.”
Competing face-to-face with social media giants like Facebook, Twitter and Reddit is plain suicidal, which is why Torum is fundamentally designed only for crypto addicts and followers. This separates Torum from other crypto social media contenders that accept users from different backgrounds, including those who do not even share the same crypto interest.
Integrating crypto innovations like DeFi and NFT provides crypto communities with a solid reason to join Torum while ensuring the platform remains appealing only to people who are interested in cryptocurrency and blockchain-related topics and discussions.
The first social media project on Binance Smart Chain
Inspired by the DeFi & NFT innovations, retailers and brands are entering the crypto space at lightning speed. The trend has unfortunately stretched the Ethereum blockchain to its limit. Realizing the future economic disadvantage brought by Ethereum’s network congestion, Torum (XTM) will be migrating to Binance Smart Chain (BSC) and become the first-ever social media project in the ecosystem.
The migration has received full support from the Torum community, which means that everyone is able to enjoy the on-chain transaction fee at a fraction of Ethereum network, while the upcoming Torum NFT Marketplace will be one of the first few NFT platforms to be launched on the BSC ecosystem.
It will be interesting to see how the BSC ecosystem will benefit Torum in the long run. In time, the platform seeks to become the adoption bridge that connects the general public to the crypto space.
SOURCE: Torum Technology Sdn. Bhd.
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