TEN Finance V2 Upgrade: USDEFI, TENFI & LEND Updates inside!

👋 Hey TENizens!

As the DeFi landscape continues to evolve, so too must the projects that aim to be at its forefront. TEN Finance is no exception. With the successful launch of DCNTRL Network and its groundbreaking stablecoin, USDEFI, we are thrilled to announce a significant upgrade to TEN Finance’s ecosystem. This V2 upgrade is designed to streamline our product offerings and focus on rewarding our loyal TENFI stakers and holders and incentivise more direct participation within DCNTRL & LEND when it launches.

TLDR: In short, this V2 update is streamlining our product offering now that DCNTRL network & USDEFI are live on mainnet so that we can focus on bringing more value back to TENFI stakers/holders ahead of LEND launching.

The Need for Change: Updating LP Vaults

While our existing offerings have served us well, the time has come to refine our focus so we can adjust rewards in favour of our real loyal users over farmers and dumpers. This means discontinuing certain vaults and farms, including BNBy, Biswap, BabyDoge, Belt, and Alpaca. Although these assets have shown promising statistics, the ultimate measure of success is the value they bring to our TENFI holders. If the demand and support are not robust enough, it’s in our best interest to replace these vaults with options that align more closely with our community’s desires-bringing more utility and value to the ecosystem as a whole.

👇Complete list of vaults we’re removing:

Liquid BNB Staking

• LiquidStaking BNB Vault
• Liquid Staking BNBy Vault

BABY DOGE

• BNB / BABYDOGE LP
• BNB / BUSD LP
• BTCB / BNB LP
• USDT / BNB LP
• USDT / BUSD LP

Biswap

• BSW Single Staking Vault
• BSW / BNB LP
• DAI / USDT
• USDT / BUSD LP
• USDT / USDC LP

Alpaca

• ibBTCb
• ibBUSD

4Belt

• 4Belt

What about the TENFI vaults?

All of the current TENFI staking vaults — other than TENFI single stake will be replaced with new vaults hosted on PancakeSwap.

⏰ Vault Retirement Timeline

To provide a smooth transition for our users, we have set a timeline for the retirement of these vaults. The discontinuation process will begin at the end of this month (September 2023). Once we discontinue vaults we’ll encourage all users to migrate their assets to the new date before new emissions go live to take full advantage of the new vaults and rewards systems we are implementing.

How to Retrieve Staked Assets

For future readers, who may still have assets staked in the retired vaults, there’s no need to panic. You will be able to retrieve your staked assets using the inactive vault tab.

While we strongly recommend moving your assets to the new vaults to maximize your rewards, we want to ensure that everyone has ample time to make the transition so you’ll always be able to find any of your inactive funds.

What’s Coming: New Vaults

One of the most exciting aspects of the V2 upgrade is the introduction of new vaults to compliment our ecosystem. We will be adding DCNX/BNB, USDEFI/BNB, and TENFI/USDT vaults, all hosted on PancakeSwap. These new vaults will come with a higher concentration of rewards, allowing our actual ecosystem users to benefit massively from this upgrade.

DCNX/BNB Vault

With DCNTRL Network’s DCNX token gaining traction, the DCNX/BNB vault will provide an excellent opportunity for DCNX liquidity providers to earn substantial rewards.

USDEFI/BNB Vault

USDEFI, the stablecoin that is setting new standards for transparency and stability, will also have its own vault. This will allow users to earn rewards while enjoying the benefits of a stable asset.

TENFI/USDT Vault

The TENFI/USDT vault will offer a stable trading pair for our native token, providing more liquidity and earning opportunities for our community.

TENFI Tokenomics Upgrade: More Rewards, Less Risk

The V2 upgrade will also bring changes to TENFI’s tokenomics. These tokenomics do not impact TENFI utility and have been designed to further reward our TENFI stakers. By reducing our farm offerings we are streamlining the earnings which means loyalty is rewarded with boosted TENFI rates on TENFI farms & TEN Finance ecosystem LPs.

We’re increasing the TENFI burn rate to 10%, which will reduce the overall supply increasing the scarcity over time. Additionally, emissions will be sent to a TENFI Reserve Pool, further incentivizing long-term holding and staking.

Look our for our updated token guide where we explore these in more detail.

TENLots: A Revamp

For our TENLots holders, we have some exciting changes as well. We will be revamping the TENLots and removing the TENFI/BUSD farm replacing with the TENFI/USDT farm. This change is aimed at reducing the overhead risk currently associated with BUSD, thereby creating a more secure and rewarding experience for our users.

Why All Of This Is Good News!

It’s crucial to understand that these changes are not arbitrary; they are calculated moves designed to position TEN Finance as a leader in the BNBChain ecosystem. By focusing on rewarding TENFI stakers and holders, we are building a more sustainable and community-centric platform.

1️⃣ Community First

Our new vaults and revamped tokenomics are designed with our community in mind. By concentrating rewards and reducing risk, we’re making TEN Finance a more attractive option for both new and existing users.

2️⃣ Future-Proofing

The DeFi space is incredibly volatile, with new projects and tokens launching almost daily. By streamlining our offerings and focusing on our most promising assets, we’re building a more resilient ecosystem that can adapt to changing market conditions.

3️⃣ Creating more Synergy within the TEN Finance Ecosystem

The integration of DCNX and USDEFI vaults is not just a random addition; it’s a strategic move to create synergy within the TEN Finance ecosystem. This will offer more utility and incentive for our users to use the full suite of TEN Finance products.

4️⃣ Making way for LEND

Many of our community members are keen to know about the launch progress for LEND. As we promised now that DCNTRL is live on mainnet, our attention is shifting entirely to further enhancing the TEN Finance ecosystem and of course LEND is a key part of this. Once this V2 Product update on TEN is live we’ll be ready to add additional vaults to support the LEND ecosystem in its mainnet launch. We appreciate that this has been a long journey for community members and grateful to all who stuck through, especially with CUBE & Multichain incidents requiring significant pivoting from the team. Our revamped experience with new LayerZero integration should be ready for you to get your hands on very soon.

Conclusion

The V2 upgrade is a monumental step forward for TEN Finance. While change is always accompanied by a degree of uncertainty, we are confident that these updates will significantly benefit our community and solidify our position as a DeFi leader on BNBChain. We are incredibly excited about this new chapter and can’t wait to share more details with you all.

👋 See you next time TENizens!

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