TEN Finance Project Insight: Simplified Decentralized Finance Using Token Enrichment Network

Introduction

Decentralized Finance (DeFi) defines the current hype of the cryptocurrency markets. Alongside NFTs. It’s the buzzword and a concept that blew up the entire market. It opens limitless possibilities that most users are yet to grasp completely. What caused this sudden shift from the traditional way of earning, lending, and borrowing to the blockchain network’s decentralized forms could be attributed to several factors. One of these is the will to take over finance from a particular set of people who have dictated finance to the rest of the world.

The growing distrust of this select group of individuals, responsible for the meltdown a couple of times in the world’s history, comprising investment bankers and bankers of different cadres, gave rise to decentralized finance.

DeFi has grown due to its elimination of the traditional middlemen and a sharp shift from the usual way of doing business. It creates opportunities for earning, lending, and borrowing. No longer was it necessary to deal with financial institutions or the bank to get a deal done.

But, despite its brilliance and innovation, DeFi encounters challenges. Many users still bump into the problem of sophistication still present on most DeFi applications. Unfortunately, DeFi application users currently experience complexity with the UI/UX and transacting processes, a problem the team at Token Erinchement Network (TEN) pushes to solve.

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What is TEN?

Token Enrichment Network (TEN) emphasizes the convenience of operation within DeFi by acting as a yield optimizer/aggregator by simplifying staking and yield farming with the most liquid BNB Chain Liquidity Pools available. TEN provides a robust yield-earning environment with adaptability features to adjust to the daily liquidity needs of different pools. The protocol will also introduce simplified and profit-driven lending and borrowing systems in the coming months. 

Not everyone will become familiar with the DeFi application at the first instance. Robinhood, a free-trading app that allows anyone to trade stocks, options, cryptocurrencies, and exchange-traded funds (ETF) without paying commission or fees, is an excellent example of how simplicity could bring about increased users and usage.

TEN wishes to be the ultimate protocol for staking, yield farming, lending, and borrowing within the Decentralized Finance ecosystem while providing the high and sustainable APY most straightforwardly and safely. TEN platform’s rallying point will be its simplified User Interface and User Experience (UI/UX). This platform was created with novice users in mind. A smooth UI/UX is an essential factor that has spurred adoption these days, and TEN will be the go-to platform for all DeFi applications due to this factor. 

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TEN Key Features

The distinguishing feature of the TEN ecosystem will be its ease of use. All of its products and services will rally around its simplified application systems. Stake and Earning will be done in three clicks:

1. Connect your wallet to the platform
2. Click on the Liquidity Pool you want to Farm
3. Type in the amount you want to stake, click deposit and done

While unstaking is as easy as the staking, it’s also a three-click process:

1. Reconnect your wallet
2. Click on the liquidity pool you intend to claim
3. Click the claim button

Staking and Farming on TENFi

Staking and Yield Farming are the two key components of the TEN ecosystem. On TENFi, traditional staking is carried out as a validator node on a Proof of Stake platform like ETH 2.0. The other form functions as a Yield Farming event, where users get rewarded for locking their coins/tokens for a specific duration. Whatever the basis, all stake events are for earning. 

‍YieldEX

The flagship product of the TEN protocol, YIELDEX, is distinguished by coins/assets comprising the various pools. The YIELDEX is a feature that lets users escape the pain of pairing & un-pairing LP tokens. YIELDEX gives users a one-stop-shop with either BUSD or BNB to diversify their portfolio into multiple LP’s and take advantage of several different yield farming pools all in one place. Each YIELDEX has between 5-8 LP tokens from a variety AMMs across the BNB Chain, like BiSwap. 

For instance, the super yield will have high-quality projects like BNB and BTC offering liquidity incentives. The “Bluechip Yieldex” will provide the highest APY available in the entire DeFi space, automatically sourced and advised. Lastly, TEN stable coin Yieldex will offer low-risk APY returns. The inclusion of new coins will be determined by community vote; allocation of votes will be determined by the amount of $TENFI tokens held. 

Users will find the Rebalancing feature useful as it targets high-yielding pools and automatically moves funds to the best coins for each strategy. Top APYs, Stakes, or pools get funds automatically allocated, taking care of the gas costs incurred if users were to move funds themselves.

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TEN Lots

TEN Lots is a way for users to earn passive income by simply staking their TENFI tokens. There are three different Tiers of TEN Lots based on the amount stake, and further divided in relation to the percentage of the revenue that the tier will split between the TEN Lots holders. Users have the choice to vest their token in TEN Lots of predetermined lengths. By vesting through TEN Lots, TENFI holders get the rights to YIELDEX revenue generated during the vesting period.TENFI holders are incentivized to hold their tokens to get more TENFI rewards and APR rewards from the vaults.

Yield Farming 

Yield Farming has the same fundamental operation as agricultural farming, both of which will mean users or farmers committing resources to a platform or soil to earn or produce. TEN will offer APY at launch, which could seem high or low depending on how users view it. From launch, the APY will be reduced at a rate of 8% daily for 30 days. For instance,  if APY for Day 1 is 1200, it will be reduced by 8%; thus 1200 X 8% = 96. Day 2 will be 1200 - 96 = 1104. This will then continue to be reduced by another 8% daily for the first 30 days. The block rewards emissions were established in such a way that the TEN ecosystem will surpass the tokenomics life cycle of most other yield optimizers/farms in the Defi space. This is done to ensure stability. In short, the $TENFI liquidity pool will dictate the rate of APY via an algorithm, thereby achieving a truly decentralized system.

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Lending and Borrowing

Lending is the next step for the TENFI protocol. The TEN platform will enable premium lending features for its users over the coming months. Users get to set their own APR based on their parameters and risk tolerance with discounted borrowing features given to $TENFI holders. The LEND feature will implement pools based on algorithmically derived interest rate models, using the most accurate and up-to-date supply and demand metrics of each respective asset. Suppliers and Borrowers of different assets will be able to interact and coordinate directly to optimize earning and paying with floating interest rates. The LEND feature will debut on BNB Chain with the expectation to advance to Avalanche, Fantom, and Polygon. 

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Liquidity Incentives

The introduction of $TENFI will provide increased liquidity rewards that intend to bring in high volume users to buy-in and provide support for the platform. The platform will be launching with a shortlist of high liquidity coins that can be staked for Yield Farming. Users will be able to deposit liquidity, stake, and withdraw without facing any fees on the native tokens while auto-compounding yields across its aggregator platform.

The liquidity incentives will result in inflationary pressure, hence the daily decline in APY to keep that in check. The $TENFI token rewards come on top of the LP rewards users will receive in each respective liquidity pool. This means users will be able to earn their respective LP tokens in addition to $TENFI tokens. This is an incentive model unique to TEN Finance as traditional farms solely give rewards in their native token. 

As per the team’s official Medium post, new features will be added to keep the platform attractive. These costs will be supported by the 18% development contribution fees allocated from the staking rewards.

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Token Metrics and Audits

• A maximum lifetime supply of 256,000,000
• A total of 2% of the lifetime/total supply available during launch, which will be 5,120,000 TENFI tokens
• 18% of Staking rewards are allocated for future development
• Fair launch, no premine, no presale, no team allocation
• Contract: 0xd15C444F1199Ae72795eba15E8C1db44E47abF62

To further ensure the security of their products, the TEN team has conducted a full security audit by CertiK pre-launch to ensure user peace of mind. This audit service includes CertikShield protection for $TENFI tokens, protecting user funds. The audit was completed in early March 2021, well before the launch of the TEN platform. The project also received an audit from PeckShield in September 2021.

For those who wish to learn more about the audit and CertiK’s services refer to the following:

CertiK Security Leaderboard - Ten Finance

CertiK Project Review: A BlockChain Audit and Blockchain Security Protocol

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Final Thoughts

Decentralized Finance concepts may seem brilliant and simplistic, but the approach adopted in most DeFi apps is far from its simple nature. While sophisticated, the industry has experienced bottlenecks that threaten the increased growth of the industry. Thus, a much more intelligent approach is needed to accommodate the increasing number of new entries, many of whom are novices to the blockchain ecosystem.

Token Enrichment Network (TEN) will address this problem. They aim to provide stable and sustainable returns to the entire BNB Chain ecosystem with a long-term horizon and safety of users in mind. Alongside the protocols yield farming, it will offer lending and borrowing systems with real value. If properly executed, its distinguishing feature and simplistic UI/UX will drive mass innovation and adoption. 

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