TenSpeed is a high yielding deflationary farming protocol with a native token called TENS. Behind its success is a large community of crypto enthusiasts, a stable digital asset, and a great team.
The TENS token drives the TenSpeed platform and its community comprising traders and farmers, among other participants. One important feature of the TENS token is the synergy it creates between traders and liquidity providers. For example, farmers provide locked liquidity to the platform. These farmers get their rewards from the trading fees.
What makes the TENS token deflationary is the burning process. The fact is, the higher the trading volume, the higher the burnt rate and the yield rewards. The initial supply of the TENS token is 10 000. However, the supply of these tokens will decrease every time a transaction takes place. For example, there is a 1.25% cut in the tokens, with 1% set aside for the yield vault and 0.25% for the genesis burner wallet existing on the ethereum chain.
The reward for yield farmers and the development fund comes from the 1% reserved for the vault.
TenSpeed did not hold a presale auction or airdrop. Instead, it held a general event called Starburst, which is a liquidity generation event. A starburst is a week-long event in which crypto enthusiasts participate by contributing an underlying token such as ETH to provide liquidity.
The underlying token matches a number of TENS locked up. For example, all ETH liquidity contributors get LP tokens of the TENS/ETH pair required for yield farming. The first Star-burst aimed to raise 999ETH.
However, the next Starburst is ear-marked to raise $DAI, a highly liquid crypto asset on Uniswap. TenSpeed locks the liquidity that Starburst generates. So, everyone who participates in staking locks up the underlying collateral such as ETH, indefinitely in the Uniswap pair.
Time locking of the LP tokens, audits, and multi-sigs on part of the contract make the protocol completely trustless. Above this, it is a commitment of the protocol to continue to devise other means, with the help of community members, to make TenSpeed as trustless and transparency as possible.
From the inception of the TenSpeed platform, two team members partake in strategy formulation and implementation. However, ultimately the community will completely handle all issues through the voting system. As an example, the community will make all decisions on the pools to include on Uniswap.
On its blog, TenSpeed writes, “A decentralized farm is as strong as its community–and ours is mad strong.” This shows how TenSpeed aims to create a large community that supports its project.
TenSpeed plans to enter several partnerships to improve its credibility and efficiency. It aims to create partnerships with Matic and Dai Chain, where it can replicate its yield farming. A partnership with Dai Chain, for example, will result in lower trading transaction costs.
The success of TenSpeed depends on the capability of its team. Of which, the team has vast experience in the crypto business. The members have worked with over 30 crypto projects. Apart from this experience, the team is well-connected with highly influential people in the blockchain space.
On top of this, the team members are advisors in several projects in the DeFi space. In the meantime, there is a plan to include more members in the TenSpeed team to increase inclusivity.
TenSpeed has an active community based on Telegram, Medium, Twitter and others. For greater details, you can join these.