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.
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 Binance Smart 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 Robinhood for staking, yield farming, lending, and borrowing within the Decentralized Finance ecosystem while providing the high and sustainable APY most straightforwardly and safely. Like Robinhood, the TEN platform’s rallying point will be its simplified User Interface and 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.
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:
While unstaking is as easy as the staking, it’s also a three-click process;
Staking has two main types; 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. Staking and Yield Farming are the two key components of the TEN ecosystem.
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.
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.
Lending and Borrowing: 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 flagship product of the TEN protocol, Yieldex, is distinguished by coins/assets comprising the various pools. 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.
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, well before the launch of the TEN platform. This audit will help establish the security of the protocol, but it is important to note that audits are not the holy grail of security. 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
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 Binance Smart 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.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The team at Ten.Fi team has purchased a sponsored article for $1150, which includes this article.Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
The People’s Republic Bank of China (PBoC), the regulatory body that governs the financial sector in China, recently released a statement reiterating its stance on the 2017 regulation. This regulation prevents financial institutions from providing banking and settlement services for crypto-related transactions. The purpose identified by the central bank is the risk of virtual currencies disrupting normal economic and financial order, illegal cross-border transfer of assets, money laundering and other illegal and criminal activities.
The central bank now requires banks and payment institutions to implement a few regulatory requirements earnestly as part of their customer identification obligations to mitigate financial risks associated with virtual currencies. Upon identification, such categories of customers must not be allowed to open accounts or to participate in activities that involve virtual currencies through the mainstream financial institutions.
The present concern is a real one although the regulation has been around since 2017. The increased effort and scrutiny by the authorities in identifying crypto related transactions is telling of the Chinese government’s firm stand against such activities. The comprehensiveness of its monitoring mechanism to identify and track such activities is crippling the domestic crypto market.
Despite shutting down its domestic crypto exchanges and making crypto ownership increasingly difficult, China allows crypto ownership. Citing the volatility of virtual currencies and price manipulation, the Chinese government has been consistently adopting a hostile relationship with crypto assets. Despite such harsh treatment towards crypto assets, the regulation and policy surrounding blockchain related development has been a totally different treatment.
The Chinese government has been making its own roadmap for adoption of blockchain technology. Recognising the need to be competitive, the two main areas that have been identified for blockchain adoption are economy and finance. This has been revealed through a document officially released by its Ministry of Industry and Information Technology.
This preferential treatment seems to lead to one conclusion: the ease of transfer of value that virtual currencies can facilitate is destabilizing to the Chinese financial system. Therefore from the list of concerns outlined by the central bank the targeted approach seems to have its focus on cross border transfer of assets. Physical assets or fiat currencies are easily regulated by the existing framework of governance. Even if it slips regulatory safeguards, it is traceable, hence the granting of autonomy to crypto assets owners can be quite concerning.
China, just like other sovereign nations, is starting to see the benefits of digital currencies. However, these digital currencies must be controlled by the sovereign state’s governing body. In most cases, it is the central bank. The recent clampdown and tightening of the regulatory noose is a knee jerk reaction from the state’s own initiative in launching its digital yuan.
In a recent development, the state owned bank, Industrial and Commercial Bank of China has allowed for conversion between the digital currency and the physical currency. Real world trials are ongoing as China is preparing to launch a nationwide adoption of the digital currency. Crypto assets that can play the role of a digital currency are seen as a threat that will invariably dilute the use of the digital yuan. In order to be coherent and consistent in its regulatory enforcement, the ban and enforcement that is currently taking place cannot be seen to discriminate against the type of crypto asset.
The crypto market continues to wean itself from relying on China, resources and focus are slowly shifting to more pro crypto nations. Since the adoption of Bitcoin as legal tender in El Salvador, initiatives are now focussed on renewable geothermal energy for Bitcoin Mining.The current devaluation of crypto assets is painful but there is a silver lining in the clouds.
The Southeast Asia (SEA) event concluded on May 30, 2021, followed by the Binance announcement of the top 5 winners in various categories on June the 5th. The event was made possible through BSC network sponsoring Dorahacks, a global Hackathon organizer.
The event raised $27,394 in funding, which was distributed to the top 5 participating projects. The event comprised 31 teams from Singapore, Vietnam, Malaysia, Hong Kong, and Taiwan, all of whom submitted their project application for the Hackathon program.
Following the official end on May 30, a 5-day grace period for the anti-Sybil attack detection and vote analysis commenced. Finally, the team posted the final matching pool distribution result on June 5. The top 5 projects include XCarnival, Bami Defi, Spherium Finance, Project ARK, and Sota Platform. The following reviews of the winning projects of the Hackathon were obtained from the BSC recap blog.
Project ARK is the world’s first carbon-neutral NFT marketplace for rare digital collectibles. They directly fund animal and environmental conservation efforts worldwide. The projects mission is to connect passionate artists with purpose-driven buyers to support international NGOs like the World Wildlife Fund (WWF) and organizations related to the environment.
The protocol signed a partnership with the WWF. Its first-issued NFTs will directly fund community-driven conservations creating collective rewards systems that turn communities into conservationists. In addition, the protocol has signed over 150+ artists from around the world, including Emmy award filmmakers, famous recording artists, and even the IP owner of Pokemon. To learn more about Project ARK, visit Hackerlink.
The India-based protocol is a mobile-first cross-chain wallet that optimizes the returns on crypto-assets while minimizing the risks involved within the transactions. The team plans to bring DeFi to the masses by making it a more user-friendly and all-in-one concept.
Its dApp is currently compatible with BSC and Ethereum networks. They plan to move to Polygon Layer 2 to optimize speed, scalability and reduce transaction costs for users. The protocol is not bounded by one chain, and provision for listing projects to achieve cross chain is made possible by the integration of bridges which can help move tokens from one chain to another. To learn more about Spherium Finance, check Hackerlink.
Bami is a Vietnamese DeFi project seeking to leverage the financial viability of DeFi. It’s an economic city in which the currency will be BAMI (Bami native token). In Bami city, the citizens (users) use BAMI for trades, exchanges, investments, including Bami Dashboard, Bami Exchange, Bami Lend, Bami Portfolio, Bami Pay, NFT.
Bami sees DeFi as a service and have implemented a multichain financial application that aims to bring permissionless money solutions to the mass, built to integrate interchain solutions in savings, payment, trading, money market, etc. The team has expressed in the Hackathon its intention to focus on the Vietnamese market in the early phase but has plans to move to the international market. The protocol will be open-sourced, and its governance will be by the community. To learn more about Bami DeFi, kindly check out its Hackerlink.
Sota Platform is a Vietnamese-owned project that concentrates solely on the creation, sales, and distribution of NFTs. The platform will be on multichain with a start being on BSC and a gradual move to HECO chain and other chains in the future.
The team joins four others to become part of the SEA hackathon program 2021. To learn more about Sota Platform, check out its Hackerlink.
XCarnival took the first position in the Hackathon event. Experts involved in establishing the new Generation Synthetic Assets Aggregator for everyone in the DeFi and blockchain space are from Australia, the United States, and China. The CEO is a serial entrepreneur, an expert in DeFi, and a well-respected influencer in the blockchain space.
The protocol aims to bring down entry barriers for users by providing new products that are easy to use and maximizing the platform’s liquidity.
XCarnival presented four products in the Hackathon, including;
To learn more about XCarnival, visits the weblink.
Other participating teams in the Hackathon events include; Wooracle, Uptick, Deri Protocol, Hashtagger, Evolution Land, TrustFi network, etc. Visit the BSC recap page to learn more details about each team.
The BSC team extended their thanks to partners of the event, including Bifrost, DeBank, dForce, ETCLabs, Loopring, OKExChain, AngelONE, Solana, Konomi, Collinstar, Coinbene, YBB, SevenX for sponsoring and supporting this event.
It also extends its gratitude towards Blockchain&Dapps, Ethereum Singapore, Blockchain @NTU, Polkadot Singapore, Taiwan Blockchain Academia, NUS Fintech Society, Paulus from Clovers Ventures, NGC, Signum Capital, LongHash Ventures, Pendle, CMS, and IOSG for their help and participation.
DoraHacks Global Hackathon series is going on to host the US Crypto Summer Hackathon (online) via Hackerlink. It's the hope of the community that the sequence of events can help more open source developers to enrich their ideas and projects and build valuable blockchain products that will benefit more users.
Token Enrichment Network (TEN) emphasizes the convenience of operation within DeFi by simplifying staking and farming with the most liquid Binance Smart Chain Liquidity Pools available. TEN platform’s rallying point will be its simplified User Interface and Experience (UI/UX).
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.
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 Binance Smart 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 Robinhood for staking, yield farming, lending, and borrowing within the Decentralized Finance ecosystem while providing the high and sustainable APY most straightforwardly and safely. Like Robinhood, the TEN platform’s rallying point will be its simplified User Interface and 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.
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:
While unstaking is as easy as the staking, it’s also a three-click process;
Staking has two main types; 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. Staking and Yield Farming are the two key components of the TEN ecosystem.
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.
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.
Lending and Borrowing: 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 flagship product of the TEN protocol, Yieldex, is distinguished by coins/assets comprising the various pools. 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.
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, well before the launch of the TEN platform. This audit will help establish the security of the protocol, but it is important to note that audits are not the holy grail of security. 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
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 Binance Smart 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.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The team at Ten.Fi team has purchased a sponsored article for $1150, which includes this article.Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
