TEN X BSC AMA SERIES
Time: October 7th, 13:00 UTC
Place: Binance Smart Chain Telegram
The below transcript is from the BSC AMA Series held in the Binance Smart Chain Telegram Group on the 7th of October, 2021, with T h o r (Binance Angel) of the BSC team hosting Mr TEN!
T h o r ( Binance Angel ): Hi Mr TEN thank you for joining us today, would you please introduce yourself to the chat and share a quick overview about TEN Finance?
Mr TEN (WILL NEVER DM YOU): 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!
As for myself, I am one of the co-founders of TEN Finance, and what seems to be now, the “face” of TEN Finance. My background is in Wall Street for the early part of my career, one in which I started my career as an analyst for a family office that traded in commodities fixed income and FX. I then moved to a portfolio manager/head trader position and managed about $50M of a $500M Fund for our clients, which were mostly ultra-high net worth individuals and their families.
I then went off on my own and managed my own hedge fund for about 5 years or so prior to going into Fintech development concentrating mainly on mobile payments with cryptocurrency being the main focus.
During my trading days, my funds traded both discretionary and systematic programs I have since been involved within the crypto/fintech space since late 2015 or so having worked on several projects/startups in the crypto/mobile payments sector over the years which has now led us to DeFi and the evolution we’ve seen with TEN Finance
T h o r ( Binance Angel ): Can you give us a brief introduction to TEN Finance? What it does, what is it’s vision and mission within the BSC ecosystem?
Mr TEN (WILL NEVER DM YOU): 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 and I think that our vision is coming full circle with our upcoming YIELDEX vaults that we’re launching on 10/10!
We aim to become a vanguard in this aspect and thus lead the way into the simplification of the yield farming process, which we feel that we’ve done tremendously with the YIELDEX
Thus 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 with BNB or BUSD via our TENZap tool and soon enough, buy TENFI tokens directly with a credit card.
And thus our core values are etched into our “genesis” per se in that TEN Finance stands for Simplicity, Sustainability, Longevity and Security
T h o r ( Binance Angel ): We’ve seen these posts about this thing called YIELDEX throughout your participation in the MVBIII, can you tell us what it is and what it does?
Mr TEN (WILL NEVER DM YOU): Hehe, yes, the glorious and mysterious, until recently, the YIELDEX!
I wrote a post recently about the YIELDEX and what it does on medium, which you can read here but I’ll give you a breakdown of what it is and does.
So the YIELDEX is basically the combination of the words Yield and Index, thus YIELDEX. Given we’re in the yield farming space, we felt the name was fitting and did exactly as we wanted it to do, simplify the process. YIELDEX is a pool of LP’s that you get to invest into with only having BUSD or BNB in your wallet, no need to create LP or buy tokens just for LP purposes, with YIELDEX, you choose the amount you want to invest, and the YIELDEX vault you’re investing in, will do the rest. We will have 3 types of vault, Stablecoins, Premium tokens (BTC, BNB, ETH etc) and High Yield, which will be more blue-chip and as the name suggests, higher APR’s and anywhere from 6–10 LP’s in each YIELDEX
The YIELDEX provides for sufficient diversification while providing you with the simplicity of being invested in DeFi and earning robust yields within a minute!
Yield farming now is a cumbersome and long and sometimes annoying process, so what we did with YIELDEX is to literally cut down these time consuming tasks…
1. Buying each individual token
2. Creating each LP for each
3. Moving to the yield farm or optimizer to deposit your LP’s
4. Withdrawing your LP’s, one by one
5. Going back to the AMM to unpair your LP
6. Then selling unwanted tokens you bought just to farm the LP
7. Repeat these steps if doing more farming
As you see here, it’s a long and time consuming process! (in the background there are literally 90–100+ transactions occurring with the creation of each YIELDEX deposit!)
The purpose of yield farming with the YIELDEX is just that, to farm for yields and not to worry about pairing, unpairing LP’s and then buying and selling unwanted tokens you got only for the purpose of yield farming in the first place!
From my own personal experience, if this goes beyond the couple of LP’s, you’re talking about possibly hours wasted on something that we reduced to less than a minute…
It should be noted that this is NOT an “index fund” where we buy the tokens and the value of the YIELDEX fluctuates due to price volatility of the constituents, there’s many of these around across both Ethereum and BSC running on the Balancer protocol, which resembles an ETF of sorts
YIELDEX is literally LP’s in the vault, the simplest way to yield farm multiple LP’s with one deposit
Easy to deposit and withdraw with a simple click and thus reducing your risk to Impermanent Loss through diversification of the said LP’s, it’s basically a yield farming manager for you doing all the work of the yield farming process with a click or two!
Creating the YIELDEX is a key puzzle to our motto of Decentralized Finance, Simplified!
Pairing and un-pairing multiple LP’s with one click!
And I think we’ve done a great job in simplifying this
Ok, I am done, apologies if that was long, but you can see my excitement for the YIELDEX :)
T h o r ( Binance Angel ): In recent days we’ve also seen that you plan to launch TEN Lots, can you elaborate on what it is?
Mr TEN (WILL NEVER DM YOU): Ok so the TEN Lots is a limited number of “lots” available for TENFI holders that will provide for them additional revenue stream through the deposit fees generated from the YIELDEX vaults! The TEN Lots reward TENFI holders with additional BUSD or BNB as income so long as they hold their TEN Lots and have sufficient TENFI
While users of the YIELDEX benefit from the simplicity it offers them with regards to yield farming, the TEN Lots on the other hand, rewards TENFI token holders with additional revenue stream that rewards them for holding our native token!
There are three tiers of TEN Lots, which can be claimed so long as you hold these tokens in an LP or our single token pool and is limited to 1 TEN Lot per wallet
• Tier 1–2,500 TENFI (Bronze)
• Tier 2–50,000 TENFI (Silver)
• Tier 3–250,000 TENFI (Gold)
Creating the TEN Lots also develops a mutually beneficial relationship between TENFI holders and TEN Finance in that it incentivizes TENFI holders with additional revenue on top of auto-compounded LP rewards + TENFI rewards and now being compensated in BUSD or BNB from the TEN Lots and at the same time, helps TEN Finance by reducing the “need” to sell or reduce exposure to TENFI, a win-win solution for both, we give up majority of revenue from YIELDEX to give back to our users for their loyalty
Again, I wrote a long medium post here if you want to read more: https://t.me/BinanceDEXchange/460449
T h o r ( Binance Angel ): Why was the TEN Lots created? What made you go this route to incentivize your token holders?
Mr TEN (WILL NEVER DM YOU): The answer to this is quite simple: Utility!
To give our TENFI token a utility beyond speculation!
TEN Lots obviously incentivizes TENFI holders, but what it also does is to provide for an incentive for our yield farmers to actually farm on our platform and actually keep the TENFI they farmed to claim their TEN Lots as an additional source of income!
The sad truth, for all yield farms and optimizers alike, is that when comparing the wallets of the top farmers, nearly none of them are actually holding the native token of the yield farm or yield optimizers, and this is a frightening scene for a project founder and team! And that is because, well, there is no literal use case for these tokens other than to “speculate” and to go off of future plans to then again, speculate as to what the price of a token may be!
So we wanted to create an ecosystem for TENFI so that our farmers don’t “farm and dump” and see the incentives of claiming their TEN Lots to receive additional revenue through holding our native token of TENFI from their farming!
The fact that most if not all projects face similar issues, means that for most projects out there, this cycle of “tokenomics” thus far is not and has not been a net positive and thus economically unsustainable for most to continue to survive and grow.
Therefore, creating this ecosystem for our native TENFI was important to a part of our mission for sustainability and longevity
T h o r ( Binance Angel ): Security is a very important topic in blockchain and in particular DeFi right now, what is your team doing to ensure that it is not susceptible to some of these exploits?
Mr TEN (WILL NEVER DM YOU): Security, for TEN Finance, has been a key driver from the very beginning
I think, going back to March of this year, we were one of the first, if not THE first project to get a Certik audit pre-launch! (I’m sure there are/were others, but not many at the time)
While I think audits are a good way to evaluate the project, it is not everything, so due diligence into any project is important, do not solely rely on audits
All of our contracts/strategies/farms are forked from previously audited contracts with just minimal changes to resemble our project and anything new, like the YIELDEX, is being fully audited by a third party auditor, including an internal audit that was conducted
The YIELDEX code has been ready for over a month now, but it’s been undergoing an audit with Peckshield and thus we will make the audit public on the day of launch 10/10/21
For us it was very important to make sure that the YIELDEX vaults are fully secure and robust for our users to safely, securely and simply invest without any worries about any exploits within the contract
In addition to our now 3 audits (2 Certik audits and 1 Peckshield) we will be setting up a bug bounty for the YIELDEX worth up to $100,000 with Immunefi!
Stay tuned for further details on that in the coming days please
T h o r ( Binance Angel ): What can you tell us about your future plans?
Mr TEN (WILL NEVER DM YOU): While most people will point to their roadmap, which for the most part has been kept true and in line with most things and I think we’re progressing at a decent pace with regards to that…and while continuing to innovate is important, a great product is nothing without the proper user base!
Therefore, our main priority is to further develop and expand into more global communities!
Currently we support multiple languages (English, Spanish, French, Chinese (traditional/simplified), Vietnamese, Indonesian, Thai, Korean, Japanese, Portuguese and Russian) on our site and have communities on telegram, so expanding and growing these communities is quite important for us
We feel that DeFi and yield farming in particular is and will be a key driver of money and finance in both the present as it’s already shown and most definitely in the future, hence we want to be a part of this growing ecosystem and in particular, being a mainstay of the BSC ecosystem for the future that is to come
So for us, this stems right into our collective mission of Simplicity, Sustainability, Longevity and Simplicity.
The Below Questions are from the Community Q&A session that followed the main AMA session with T h o r ( Binance Angel )& Mr TEN
Irfane: I have read the whitepaper and I’m quite confused on TEN Lots. Can you share us what is TEN Lots Process? How do we claim and withdraw? #TENFI
Mr TEN (WILL NEVER DM YOU): To be eligible to claim a TEN Lot, you need to first qualify by having TENFI tokens and having them staked in either our single token pool or one of our LP’s, the claim part will check against your total TENFI you have staked and the withdrawal part will have a vesting schedule as described in the medium article
mindmatter01: How does the #TENFI project offer strong incentives for users to join the platform? I mean, why is it a good option to choose your token among the hundreds of tokens that currently exist in the defi space? Also, what are the specific problems that your platform aims to
Mr TEN (WILL NEVER DM YOU): Yes this is called the TEN Lots, please have a read here and you will have a better understanding along with all the other benefits and features that the upcoming YIELDEX will offer as well
Sergei Bait: TEN Lots only ten? For example, I was in the top ten major holders. And then someone else bought more tokens than me. When will I stop receiving additional rewards? Is there a hold time for tokens?
Mr TEN (WILL NEVER DM YOU): you keep your TEN Lots so long as you have not yet claimed them, every time you claim, you will have to re-claim your TEN Lots, this gives users the opportunity to enter the TEN Lots if they didn’t have a chance before, thus creating a more fairer opportunity for all TENFI holders
M B: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term? #tenfi
Mr TEN (WILL NEVER DM YOU): I think everyone who’s been a part of our journey can tell that our team is working on creating a unique ecosystem in which all our TENFI holders will benefit, both the yield farmers and more importantly the TENFI holders, hence why we created YIELDEX, TEN Lots and to come some more exciting innovations in the defi space to come in the months to come
Very: When will TENFI be listed on centralized exchange? #TENFI
Mr TEN (WILL NEVER DM YOU): lol when Binance lists us, we only strive for the best!
sorry, had to pick an easy one, hope you’re not a bot ;)
Poker: I was looking your roadmap and I realized that you’ll integrate a service called “TENsure” , so can you tell us what is this ?#TENFI
Mr TEN (WILL NEVER DM YOU): TENSure is something we’re working on that will provide for insurance coverage against your TENFI tokens and further incentivize TENFI token holders
Mr Morty: How about your confidence? Seeing bunch of Finance project around on BSC? #TENFI @tenfinance_admin
Mr TEN (WILL NEVER DM YOU): we are very confident that in 1 year from today, we will still be here on BSC, we’re not a “fad” or a “meme” project that may go out of fashion or run out of super high APR’s of the native tokens…we’re built to last with longevity and sustainability in mind, always
Kaitlyn Meher: Do you have any plans to attract #Non-crypto investors to your project. Because it is the success of a project to get more investors who are still not in the crypto world.
What are the plans to increase awareness around your non-crypto space to invest in your community..? #TENFI
Mr TEN (WILL NEVER DM YOU): This is of course key to the evolution of crypto and DEFI in particular and thus the reasons why we have simplified the process…
simplified LP pairing for individual pairs with TENZap and now the YIELDEX, where you can invest in multiple diversified LP for Yield Farming with ONE Click and only BUSD or BNB to pay with! this saves time and brings further steps towards the adaptation of non-crypto users
also, fiat to TENFI is coming soon as well
Lena Hofman: What are the major challenges of Ten Finance and how do you intend to solve them? #TENFI
Mr TEN (WILL NEVER DM YOU): Our biggest challenge is getting in front of the NON-English speaking users of BSC or crypto in general, so if you’re from one of our communities in the below languages, please check us out and join us there….
Md Salam: what is the main reason you guys build TEN, i mean everything have a reason and good reason have a good results #TENfinance
Mr TEN (WILL NEVER DM YOU): I think I’ll end it with this one here….
Coming from traditional finance, I saw first hand the advantages and benefits that were given to clients of certain status and money….
DeFi gives the PEOPLE, everyone these same opportunities, if done properly and carefully thought out, everyone can, to a certain extent, achieve financial independence….
working with high net worth clients made me realize that if we can bring these benefits to the every day person, then we can give it to the people to benefit them…
most important here is education and we hope to help people understand that steady growth is better than getting rich quickly, which is something that retail does not yet understand, we’re here to help by providing secure, sustainable, long term minded and simplicity at hand in achieving these things
I can go on and on….but if you prefer, join us in our telegram later and we can discuss, I think I’ve taken enough time from our hosts here today :)
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