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Poly Network AMA Recap with Ten Finance

A yield optimizer that simplifies staking and yield farming, Ten Finance (@TENfinance), was invited to Poly Network (@PolyNetwork2) AMA, taken place on July 15 in the Poly Network Telegram Community. From the Live AMA with MR Ten, Ten Finance Co-Founder, this recap fully grasps the information discussed during the AMA.

Poly Network is a global cross-chain protocol for implementing blockchain interoperability and building Web3.0 infrastructure. Poly Network has integrated almost 30 blockchains, including Ethereum, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, HECO, OKC, Neo, Ontology, Zilliqa, Harmony, Metis, etc. Since its launch, the protocol has enabled cross-chain asset transfers of more than USD 16 billion.

TEN is a yield optimizer that simplifies staking and yield farming by auto-compounding your LP’s and tokens across multiple BSC farming ecosystems. This provides a robust yield earning environment on the market while committing to simplicity, sustainability, longevity and security. TEN is the Token Enrichment Network, decentralized finance, simplified.

Q1 Can you give us a brief introduction to TEN Finance? What it does, what is it’s vision and mission within the whole crypto ecosystem?

A: TEN Finance is a yield optimizer, meaning we create vaults from multiple/different AMM/DEX’s and thus auto-compound these vaults for the users for higher “optimized” returns and also reward our users with additional TENFI tokens as a reward for using our platform.

Our motto since we started out on this journey has been, TEN Finance, Decentralized Finance, Simplified! And that is indeed our mission.

We aim to become a key player in the defi space and lead the way into the simplification of the yield farming process, which we feel that we’ve done tremendously with the YIELDEX.

So far we’ve enabled our users to easily purchase TENFI tokens directly from our website, even though we’re not an AMM, create LP tokens without the correct tokens using only BNB or BUSD via our TENZap tool and you can even, buy TENFI tokens directly with FIAT using a credit card through our partner at Guardarian.

And thus our core values are etched into our “genesis” per se in that TEN Finance stands for Simplicity, Sustainability, Longevity and Security.

Q2 What’s next for TEN? Why did Ten finance choose Poly Network among others for partnership?

A: We’re in the process of creating an entire ecosystem that will be for the collective benefit of everything TEN Finance. The next stage of this, as many of our followers already know, is LEND by TEN Finance. Our brand new LENDING protocol.

We picked Poly Network to partner with so we can easily branch out to enable a full cross-chain premium lending experience for our users. The LEND platform will be groundbreaking, as it will be the first of its kind to debut on Cube Chain & Binance Chain. We’re also anticipating to quickly expand to Avalanche, Fantom and Cronos as well!

As LEND is initially launching on Cube Chain we needed to set up a cross-chain bridge. This is where the importance of our partnership with Poly Network really shines as we have successfully used Poly’s infrastructure to bridge both $TENFI & $LEND to cube. We couldn’t be more excited about the launch.

Q3 There’s already a few lending protocols? In the crypto/defi space, what makes LEND by TEN unique and stand out from the crowd?

A: First, LEND by TEN Finance will be the first Lending protocol on Cube Chain & BNB Chain to share revenue fees of the platform with its token holders. Secondly, we’re creating an entire ecosystem that will collectively benefit everything TEN Finance.

LEND is a natural extension of the TEN Finance Ecosystem and $LEND is the name of the token. The same way $TENFI holders benefit from LEND, $LEND holders will benefit from TENFI and other protocols we bring forth. All the détails can be found here (https://medium.com/tenfinance/ten-x-lend-86e12e05c91c) and there (https://tenfinance.gitbook.io/ten/lending/introduction).

Q4 Security is always a hot topic in DeFi, what does TEN Finance do to protect their users from exploits?

A: Security, for TEN Finance, has been a key driver from the very beginning. In fact, before the original TEN Finance DAPP released, TEN was one of if not THE first project to get a Certik audit pre-launch!

While I think audits are a good way to evaluate the project, they are not everything, so due diligence into any project is important, we do not solely rely on audits, and neither should you. We also take additional steps to protect our code in other ways such as offering bug bounties — we actually set up a $100k bug bounty for YIELDEX to make sure the vaults were fully secure prior to launch.

With LEND we’ve taken the same approach. The code has been ready for a long time but we were waiting on a completed full audit by our chosen third party auditor — Peckshield. The results of the audit will be released upon the official launch of LEND.

For us it was very important to make sure that all of the TEN Finance vaults are fully secure and robust for our users to safely, securely and simply invest without any worries about any exploits within the contract.

Q5 Any exciting plan for future developments?What shall users expect?

A: The TEN Finance team isn’t planning on slowing down any time soon and has a hectic year ahead. According to the roadmap, after releasing LEND, the team will work on:

TENSwap, a multi-chain DEX Aggregator

TENDAO, a DAO for users to have a say in all ecosystem decisions

TENLaunch, an incubator for new projects

YIELDEX 2.0, an update to their novel DeFi diversification feature.

Further cross-chain expansion with Avalanche, Fantom & Cronos

The AMA with Forta was successfully concluded. We will have more AMAs coming in the following weeks. Please stay tuned!

For more info about Poly Network

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Poly Network

Enhancing connections between ledgers by providing interoperability in Web 3.0.