This is what I did: when the price is low (like it’s $0.43 now), i use my existing TOMO (10k) as collateral to borrow $3k USDT, then use these USDT to buy 6.9k TOMO. Hopefully in the next 7 days (lending term) the price will raise up to $0.5 again, then I can sell my TOMO to payback the loan, and make 15% profit easily.
What’s your strategy to profit when the market gets low?
Nice idea. i would personally prefer longer loan durations as tomo prices have shown a tendency to be trade in a tight range for a period of time…maybe 1 month, 3 months might be my preferred time horizon to take out a loan
I share the same view and strategy. With expectation that TOMO’s price will increase while USDT is quite stable, I will borrow USDT to buy TOMO then I can sell TOMO at higher price later to payback the loan and make profit.
What platform do you use to borrow USDT against Tomo? I looked in the Tomo wallet and don’t see how to do this. Tks
Hi Justin, thanks for the reply. For any borrow timeframe greater than 1 day how come the Tomo staked in Tomo master aren’t available to borrow against?
Since it only takes 48 hours to un-stake, would you have any background why staked Tomo isn’t eligible collateral.
Thanks,
D