Low-Cap DeFi Altcoin Surges After Crypto.com Retail Listing

A low-cap decentralized finance (DeFi) altcoin has bucked the overall crypto market trend and surged in price this week after receiving expanded retail support from a popular exchange.

The Singapore-based Crypto.com listed Tectonic (TONIC), the 1275th-ranked crypto asset by market cap, on its mobile app Sunday.

Tectonic bills itself as “a cross-chain money market for earning passive yield and accessing instant backed loans.” TONIC, the project’s protocol token, is used for governance and staking. Crypto.com first listed the token on its website earlier this month.

Tectonic, which is built on the Cronos blockchain, also announced on Twitter this week that it was working with Immunefi, a platform that rewards hackers for reviewing code and discovering any vulnerabilities in systems.

“Protocol security is always our No.1 priority. Today we are proud to announce that Tectonic smart contracts and price oracles are now under the scope of @cronos_chain Bug Bounty Program on @immunefi.”

TONIC was trading around $0.00000044 prior to the listing and has since surged to $0.00000075398 at time of writing, a more than 71% price increase.

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Featured Image: Shutterstock/Astafjeva/Natalia Siiatovskaia