Tenet AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
Steve Thung, CTO of Tenet
CTO of Tenet, Steve Thung
Hi everyone, this is Steve from Tenet
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
CTO of Tenet, Steve Thung
Hi everyone, I’m Steve Thung, the CTO of @TenetFarm, the project to have an IDO on PolkaStarter on Jan 5th, as well as an IFO on PancakeSwap on the same day.
In Tenet team, my charge is to develop product functionalities, smart contracts, and manage project development schedule. So far, I have 15 years of trading system development experience and 3+ years of blockchain development experience.
In general, Tenet is the whitelabel geyser solution that all DeFi projects can use to quickly spin up incentivized liquidity pools on various protocols across Binance Smart Chain and Ethereum.
CryptoDiffer team
Q2. What are core advantages of Tenet？
CTO of Tenet, Steve Thung
First, Tenet buids a cross-chain connectors and toolkits in the DeFi that provides liquidity accelerators, liquidity operation tools, DeFi trading aggregator, long tail asset lending solutions, etc. Tenet V1 will be alive soon: https://eth.tenet.farm and https://bsc.tenet.farm
Second, Tenet develops the proprietary DeFi Aggregate Trading Tool, to support liquidity provider’s one-click participation in mining and withdrawal, and to discover the optimal capital flow path which combines frequent operations including deposit, swap, withdraw, etc. among various platforms.
Third, Tenet deploys marginal diminishing returns distribution model to encourage early contributors, and ease inflation rate as mining goes on. Which is rather important to benefit early contributors.
Fourth, Tenet has strong focus on product development. Tenet V1 to be alive in a few days, which already connects a lot of AMM platforms and wallets.
Fifth, Tenet also has robust relationships with centralized exchanges. Tenen is backed by DREP Signal Labs, the token $DREP already got listed on Binance.com, Huobi is also the investor of DREP.
CryptoDiffer team
Q3. Any milestones in next 3 months for Tenet?
CTO of Tenet, Steve Thung
Most importantly, the initial public sale of Tenet token $TEN will start on Jan 5th, that is tomorrow.
Time: January 5th, 2020, Tuesday, 3pm (UTC+8)
To participate in the public sale of TEN, you can either:
(1) Via IDO on Polkastarter.com for Ethereum Users
(2) Via IFO on PancakeSwap.com, supported by Binance Smart Chain
What’s more, Tenet will launch V1 product, which will link to more DeFi protocols. Actually we already secured partnerships with some well-known projects to utilize Tenet Liquidity Tap to benefit their LPs. We’ll disclose them after our public sale.
In addition, our next development milestones will be:
1. Has supported users to create Liquidity Tap on any AMM platform based on BSC/ETH and to complete multi-chain smart distribution with one click.
2. Has completed the development of DeFi trading aggregator to fully lower price slippage, with API interface to be opened.
3. Supporting users to create Liquidity Tap on more public chains and supporting multi-chain aggregating trade.
4. Launching borrowing functionality of projects’ idle funds to increase fund utilization rate.
5. Adding current financing functionality for user funds including unwithdrawed mining yields and adding staking to bring down inflation of token.
6. Docking and independently R&D collateral borrowing for altcoins on market of long tail.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
Q1. Tenet says it gives the right to distribute TEN token reward to liquidity taps created by other projects. This is quite amazing, could you tell us the reason for this? What goal do you aim to achieve with that concept?
Q2. What mechanism has Tenet put in place to help align the incentives between token holders and liquidity demanders in such a way that early liquidity contributors won’t lose benefits because of share dilution?
CTO of Tenet, Steve Thung
A1. Tenet is not a liquidity mining platform, but an essential layer 2 facility for AMM mechanism.
Instead of being a competitor, Tenet introduces the liquidity tap + liquidity pool as a market standard in the future to fully guarantee the effectiveness and efficiency of AMMs.
For example, if a project wants to start a Balancer liquidity pool, they can start the pool, incent it with their own token and redirect TEN incentives to it all within our easy-to-use interface at https://eth.tenet.farm/pool/create. We call this idea a Layer 2 AMM connector or Liquidity Tap. It’s a ready-to-go product that cannot be found anywhere else in the DeFi universe. Check it out! And if you’re a project looking to reward your users in a fair and transparent way, get in touch with us via our Twitter or Telegram!
A2. Tenet hopes that the new mining model of liquidity tap + liquidity pool will better align the incentives between token holders and liquidity demanders, ultimately striking a balance as the agreement evolves, early liquidity contributors won’t lose benefits because of share dilution.
From the perspective of the liquidity provider, the LP gets a share of the transaction fees in various AMM pools. The mining model is users must persistently lockup their funds to earn passive transaction fee benefits. In the long run, later entrants will find it difficult to compete with first movers and will face the challenge attracting enough liquidity providers. Tenet has therefore optimized the algorithm for incentive rewards to motivate liquidity providers.
At the same time, in order to circumvent, in a certain extent, the inflation caused by liquidity mining, Tenet’s embedded algorithm also includes an optimization for LP token rewards; it incentivize more Token holders to deposit assets to the Tenet Liquidity tap, weakening the negative impact of bonus hunters on Token inflation rates.
Cryptodiffer Community
How many slots are available on the $TEN token presale this time then is there a minimum Transaction to participate in the #TENETFARM presale and how do I make a payment during the pre-sale and where can I buy $TEN tokens?
CTO of Tenet, Steve Thung
1. TEN IDO on POLS:
Public Pool — we’ll pick no mor than 1500 participants
POLS Pool — we’ll pick no mor than less than 700 participants
TEN IPO on PancakeSwap: no limit
2. TEN has no any presale before, no minimum requirement in IDO/IFO.
3. You can buy TEN after IDO/IFO on Uniswap, Pancake etc. TEN will also get listed on leading CEX soon.
Cryptodiffer Community
How does Tenet increase efficiency and what are the advantages of unused LP tokens to capital efficiency by accepting shares in DEXs as collateral for liquidity providers?
CTO of Tenet, Steve Thung
Benefits when Liquidity providers use Tenet:
(1) Compared to process on merely AMMs, deposit, swap and withdraw are simple on Tenet with one-click.
(2) Tenet’s unique aggregate trading tool benefits LPs, as they can now acquire LP tokens rather quickly and easily, and start mining. The one-click exchange function by tenet reduces the complexity of finding different contract addresses and swapping for another token manually.
(3) LP can have more options for mining and can get double minging rewards via Tenet.
Cryptodiffer Community
1.There has been an overwhelming subscription of $TEN token for the upcoming IDO/IFO. How do you plan to accommodate excess demand? Why limit maximum contribution to 1ETH per person?
2.You’re allocating 60% of $TEN Tokens Supply to Mining farm. Isn’t that too much? Are you not afraid of a possible market manipulation (pump and dump)?
CTO of Tenet, Steve Thung
1. As it’s an initial offering, we should make it more decentralized and involve more early contributors.
2. Tenet deploys marginal diminishing returns distribution model to encourage early contributors, and ease inflation rate as mining goes on.
Cryptodiffer Community
How do i mine Tenet? what are the requirements? and please also explain what are the benefits and risks?
CTO of Tenet, Steve Thung
The reward during the initial incentive period is 10 TEN / block on ETH (0.2 TEN / block on BSC). The initial mining period will receive double rewards, lasting 20,000 blocks on ETH (100,000 blocks on BSC). $DREP token holders will have the privilege to participate in $TEN initial mining phase.
Cryptodiffer Community
The TEN token will be based on a deflationary model. Maximum amount of TEN to be issued will be 7,650,000, of which 5,720,000 (75%) TEN tokens will be on Ethereum and 1,930,000 (25%) TEN will be on Binance Smart Chain.
We all know that the Ethereum Network has a lot of problems such as scalability issues, high fees, slow speeds, and more, Why did you choose to build more of your TEN tokens on the ERC20 network? Why not just focus on the BSC network?
CTO of Tenet, Steve Thung
First, we have to admit that, for now, most of crypto assets are on ETH.
Tenet is a cross-chain connector, we are not a connector for more chains. Tenet will disclose some progress in Polkadot ecosystem as well.
Cryptodiffer Community
Q1) What’s Liquidity Tap, how does it work and how it’s different from Liquidity Pools?
Q2) After launching TENET token sale, what are TENET’s next steps? Will DREP token holders has benefits from TNET project?
CTO of Tenet, Steve Thung
1. The Liquidity Tap is the powerhouse of the Liquidity Pool, employing a dynamic algorithm to give the Liquidity Providers fairer, richer and more efficient incentives. Thus, Tenet has the ability to attract more token holders to provide liquidity overtime.
2. DREP holders have the privilege to participate in TEN initial mining phase.
Cryptodiffer Community
Does DREP hodler have any specific consideration in your system? What will be the future of DREP and TENET?
CTO of Tenet, Steve Thung
DREP aims to build connectors and toolkits for public chain system. Tenet is committed to building connectors and toolkits in the DeFi that provides liquidity accelerators, liquidity operation tools, DeFi trading aggregator, long tail asset lending solutions, etc. That’s why DREP incubated Tenet last year.
DREP token holders have the privilege to participate in TEN initial mining phase, which has a decent APY.
Cryptodiffer Community
What’s the relationship between Tenet and Drep for you to make Drep token holders as the only eligible candidate to be Whitelisted? Is the CEO of Tenet a former Drep team member?
CTO of Tenet, Steve Thung
Tenet is incubated by DREP signal labs, and backed by DREP foundation. Tenet will also benefit from the robust relationships with centralized exchanges. DREP already listed on Binance.com, Huobi is also DREP’s investor.
Cryptodiffer Community
After launching TENET token sale, what are TENET’s next steps? Will DREP token holders has benefits from TNET project?
CTO of Tenet, Steve Thung
Significant milestones of Tenet product:
1. Has supported users to create Liquidity Tap on any AMM platform based on BSC/ETH and to complete multi-chain smart distribution with one click.
2. Has completed the development of DeFi trading aggregator to fully lower price slippage, with API interface to be opened.
3. Supporting users to create Liquidity Tap on more public chains and supporting multi-chain aggregating trade.
4. Launching borrowing functionality of projects’ idle funds to increase fund utilization rate.
5. Adding current financing functionality for user funds including unwithdrawed mining yields and adding staking to bring down inflation of token.
6. Docking and independently R&D collateral borrowing for altcoins on market of long end.
DREP token holders have the privilege to participate in TEN initial mining phase.
Cryptodiffer Community
On medium site you mention that TEN will be ERC20 first. Does it means that in the future TEN will change to another blockchain? What is the reason for this change?
CTO of Tenet, Steve Thung
TEN will be BEP20 and ERC20 first, as a cross-chain AMM connector, we’ll also link to Polkadot and more.
Cryptodiffer Community
What is the main reason why you choose BSC & ERC?
CTO of Tenet, Steve Thung
Tenet aims to build a cross-chain and cross-platform toolkit protocol that serves as a relatively easy entrance for all DeFi participants. More to be connected such as Polkadot.
Cryptodiffer Community
Will the TEN token be based on a inflationary or deflationary model? And will the tokens be sold on Ethereum Network alone considering the high rate of gas fees?
CTO of Tenet, Steve Thung
Tenet deploys marginal diminishing returns distribution model to encourage early contributors, and ease inflation rate as mining goes on. In a long-run.
Cryptodiffer Community
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
CTO of Tenet, Steve Thung
$TEN has no any pre-sale before. All IDO/IFO participants are start from $1.
$TEN Initial Market Cap — $1.53M (about $0.53M on ETH, about $1M on BSC)
Total Token Supply — 7.65 million $TEN
5.72 M $TEN are ERC20 (75%)
1.93 M $TEN are BEP20 (25%)
Cryptodiffer Community
Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress?
CTO of Tenet, Steve Thung
Technology Roadmap of Tenet
2020.Q4–2021.Q1
1. Has supported users to create Liquidity Tap on any AMM platform based on BSC/ETH and to complete multi-chain smart distribution with one click.
2. Has completed the development of DeFi trading aggregator to fully lower price slippage, with API interface to be opened.
3. Supporting users to create Liquidity Tap on more public chains and supporting multi-chain aggregating trade.
4. Launching borrowing functionality of projects’ idle funds to increase fund utilization rate.
5. Adding current financing functionality for user funds including unwithdrawed mining yields and adding staking to bring down inflation of token.
6. Docking and independently R&D collateral borrowing for altcoins on market of long end.
2021.Q2-Q4
1. Supporting cross-chain bridging of Liquidity Tap, transferring LP funds automatically between platforms and Pools.
2. Launching callable bonds for projects, used for liquidity and market capitalization management.
3. Docking and independently R&D insurance for earnings of AMM and lending.
Cryptodiffer Community
Is this the first IDO on BSC? Will this have good impact on launch price. Are Tenet and DREP incubators and related?
CTO of Tenet, Steve Thung
Nope, it’s not the first IDO on BSC, but the most popular one. $TEN Price at IFO/IDO — $1, no difference.
Tenet is incubated by DREP, which already get listed on Binance.com.
Cryptodiffer TEAM
Thank you for you answers, it was an insighfull session
Thank you everyone who participated, great questions as always!
CTO of Tenet, Steve Thung
Thanks everyone. Feel free to join in our channel, we already store more big news for you all: https://t.me/TenetFarm
