TEN X ROAD AHEAD
The path to success isn’t always clear, nor a straight line, that is a fact and most that have achieved success, for the most part, can attest to this. But, vision and commitment definitely are clear as daylight, and that is exactly what exudes within the entire TEN Finance team, our commitment to our vision and continuing to work so that in the coming days, months and years ahead, TEN will become a mainstay of the DeFi space.
To truly understand the road ahead, we must have learned from the roads we’ve crossed.
Please bear with me as I try to keep this short and to the point as much as I can over the next few minutes…I’ve deleted a lot from this piece here, didn’t want to put anyone to sleep 😴😴😴 with this! Maybe we should do podcasts! Haha jk!
The two most recent crypto bull cycles (2017 and current) have their own versions of what’s hot and also the winners of the bear market (2018–20, the next one 🤷♂️ ???). In the 2017 ICO mania, we had the “give me money today and I give you the X product/protocol/whatever it is nobody could explain but some fancy whitepaper” in which many of these projects are either no longer around or still here with no actual “product” to show for, some of these guys are HUGE, not naming names here. The ones that did do something, are the ones that continued to build through the bear market regardless and not with a lot of fanfare either. Many of these projects used the bear as an excuse to give up and walk away, this will be the case the next time a bear comes around, this is a fact.
The current bull 🐂 market in crypto is coming off the heels of a bear 🐻market that strolled into a global 🌍 pandemic with the world all gloomy was the amazing rise of DeFi with Uniswap 🦄 picking up ground on the CEX’s of the world in truly setting the bar for what’s to come in the future of not only speculation, but DEFI! Many people don’t realize, or actually know that Uniswap, in particular, was developed during the recent bear market and is now the standard for DEX AMM’s (IE forks of forks of forks 🍴🍴🍴)!
This time around, the 1000000% APR’s, infinity ♾ supply, unlimited burn, tax, fee, safe🦺, moon🌑, mars (no emoji!), dog🐶, cat🐱👓, bear🐻, tiger🐯 and whatever 🙄🤷♂️🙄 meme or name you can think of will come and go (some will stay, sure), and in the end, projects that take a sustainable and dare I say, mature approach to their tokenomics/model, educating and actually caring for the community and projecting longevity will be those that are talked about a year from now and definitely 5 years from now, this is just the way it is.
The landscape of DeFi and in particular BSC and now even more pronounced with Polygon is that of yield farms producing infinity yields it seems like, but with no other utility for the native token(s)! You see, Uniswap 🦄🦄🦄 was the first real DEX/AMM, then came Sushiswap 🍣🍣🍣, which was a fork of Uniswap, but Sushiswap had the Sushi token! (UNI didnt get released until months after Sushi) Then came Pancakeswap 🥞🥞🥞(actually, before pancake there were others on BSC, but Pancake prevailed, first to market doesn’t always mean you stay first, or any have any success at all) which took the Sushi model and made it fun!
This is now where everyone resorts to what we call, “The Pancake Model,” meaning, do what PancakeSwap does and we’ll be fine, sort of, whether it’s the IFO model, the Syrup pool model, lottery model, and now “price prediction” model and whatever else they come up with, this is the current nature of DeFi, not only on BSC, but every other blockchain.
Dare I even go into the NFT rabbit hole? No, we’ll save that for the experts of NFT, I‘m still a novice NFT connoisseur that thinks anyone can create an NFT by using Microsoft Paint and call it art! 🖼👨🎨 Wait! That’s exactly what it is….anyway, back to the topic at hand, DeFi!
There are many things that need to be addressed and for the most part, the yield hungry investors can not be blamed for this because this is what is being “fed” to everyone and the higher the yield, the higher the desire to participate and stake your tokens in some random farm. This is all fun and games for some time and most of the time this is fun for those that get in early enough to get out with “gains” but what’s the end game? Do what Pancake does? Do what the next guy does? Same farm👩🌾, different name👨🌾.
All of what is in this post is well known and common knowledge to all project founders, developers, operators, partners, everyone involved, and this model seems to be fine for most. The same way there is Zara and Saint Laurent, it “looks” the same, almost “feels” the same, but in reality, it’s not the same when you actually “wear” it. And that’s what a lot of DeFi is these days, a lot of projects doing the same thing, even to the tune of near exact copies of the UI, text, layout and so forth and just making some small tweaks here and there (and sometimes doing so without truly understanding the code that they’re tweaking, hence all the exploits) and trying to create utility without real utility, just a big circle jerk of who gets to exit first and dump on the newcomers into these projects, as sh*tty as this sounds, it is the simple truth.
It needs to be more than just bringing in investors into a project to FOMO into, we need to have context, purpose, utility! Otherwise we will always be going against the current with regulators always pointing to the wild west nature of DeFi (scams, rugs, exploits, ponzis and such happen every day in the real world, but the real world is so big, we don’t always hear about the $500K or $2M incidents, but when it involves DeFi/blockchain…MSM and everyone else is all over it!) and sure, we can put blame that it’s “new” and in its “infancy” stages, and I think a lot of this may also result from the fact that a lot of these project founders are individuals/teams that have never run a “business” at a scale that some of these projects attain, while we all start somewhere, we need to maintain that mature atmosphere when it comes to running projects, especially when for every 1 good/decent project, there are 3 that are scams, rugs, hard or even soft (this was a new one I heard about recently) and many that have code ready to be exploited at a moment’s notice, simply because those that developed the project have no clue about what the actual code’s “holes” 🕳 are! (there’s a lot more to write here, but I won’t, we’ll just do our part in bringing a sound “voice” to the community)
We, collectively, in the DeFi space need to do more. More when it comes to overall security and integrity of the space. More when it comes to establishing code standards and perhaps this needs to be investors that demand solid audits from projects. More when it comes to educating our users so that we can take the necessary steps of bringing adoption to the masses. Without proper knowledge of what DeFi, yield farming, liquidity mining, impermanent loss, lending/borrowing and being your own “lender” using your assets in P2P manner and so on, how can we even fathom such adoption? Heck, even those that are seasoned crypto investors still have or had a hard time understanding yield farming! But most importantly, everyone, from top down, needs to fully understand the risks involved, this goes from founders and in particular with investors/users of these platforms and this comes with education.
Education is equally important as UI/UX, yet nobody is really giving much attention to this unless you go on YouTube and search for it yourself, but none of the projects are readily providing this to the user base of their community or to anyone in particular in a way that would enable adoption from the non-crypto user. How can we expect new entrants into the defi space, let alone yield farming, understand what it is, what it does and what the purpose is? Many times, this entails getting into projects that offer super high APR’s which entice users to join (in particular new users of crypto), and go for the moon, while the earliest of investors will usually be the ones to show any monetary gains from it, while the rest that came in after the fact will be stuck holding their bags full of hope. Yes, it’s human nature to always go for the shiny bright things that everybody else wants, but mostly nobody understands.
TEN Finance, as a project, is perhaps no different than others in the space in some ways and we have, ourselves used a properly functioning infrastructure (existing code) to build TENFI on and as our American friends have a saying “if it ain’t broke, don’t fix it” is exactly what we did, but this is where the similarities stop. The foundation can be similar, but the entirety in its model should not, and this is what we’re doing with TEN for the TENFI ecosystem that we’ve started to create.
So what is next for TEN? 🧐
Many of us will often look at the roadmap to get a glimpse of where a project is going, or at least trying to go!
Looking back at ours, which we wrote back in January/February of this year, and given the few delays we encountered in our launch, which we launched 2 full months after initial launch date, we’re still somewhat on track to meet most of it in a timely manner. We will be updating the roadmap for TEN, which during this time of being a live project, one in which we immediately saw that we needed a new UI to keep up with the demands of our userbase, is that we now have a better idea as to what is truly important in making the TENFI ecosystem a success.
So far, we feel that we’ve done a lot, or maybe not a lot depending on which lens you’re looking in from, but regardless, we feel that those that should know about us, know about us, and if they don’t, they soon will!
Our TVL is currently hovering at a modest $8M or so (I get that 8 is my favorite number and somehow it always gravitates towards me, but I would rather us have $888M in TVL, and perhaps the new vaults will attract some users to TEN that want to stay here for a few years rather than months. We’ve had 2 separate audits from CertiK, we completely re-designed our UI, we’ve implemented the ability to directly buy TENFI from our website, making it easier for new users to obtain TENFI, we’ve built an amazing community that takes the time to help each other in every possible way (even with the CMC airdrop campaign), and more importantly, after all the “troubles” we had early on, we’re still here and stronger than ever, stronger together!
So…what else is coming in the near future!?!🎱🔮
Create LP directly from ten.finance, very soon…🔜🔜🔜
New single token pools for staking (BTC, ETH, BNB and others)💰💰💰
New partnerships where users will stake TENFI & earn (insert name) coin💸
Collaborations with leading projects for special TENFI NFT items which proceeds will be used to buy and burn TENFI! 🔥🔥🔥
The ever famous Yieldex! We will most likely have a few variations of the Yieldex, don’t want to disclose too much, but let’s just say that TENFI will play a leading role in the Yieldex “environment” 📈📊🤔💡🏦🏧
Something new that could be equally important to Yieldex is a new way to stake “your LP tokens for these LP tokens” we don’t have a name for it yet, but its a unique concept that was given to us by K (you know who you are 😎) 🐱🐱🐱
Educational series of content, general and specific content to defi/TENFI etc 📖
In-house AMA’s where we cater to our existing community and a way for us to also get to know some key members of our community as well, details coming soon 🎤🔉📔
Crossing onto other chains? Only if they’re worthy of TENFI! We’ve already begun interviews with Polygon, Avalanche, HECO and maybe even TRON ⛓⛓⛓
CEX listing(s)…we’re holding out for the coveted top 10 spots, let’s see how we go about this, in all reality, this is not as “fancy” as we initially thought for a DeFi project like ours, so if we’re getting listed, it’s going to be a top tier CEX 🔝🔝🔝
We’ve had an incredible first month of highs (finally launching, even with the hiccups has been a high) and lows (all the tiny bumps that followed), oh and this post was to be finished right at the 1 month mark, but we’re a few days late on this, so typical of us right?🤣 I know the commitment that our team has for this project, this much I know and however ambitious our goals are, our team is ready to put our working boots on and continue on working away.
We can’t promise perfection, actually nobody can or should, because perfection does not exist, or smooth launches every time, even though that is our goal, but as we’ve shown before, and possibly again in the future, is that we won’t give up or stop and we’ll still be here pushing through until we reach our objective(s).
The hardest part of every journey for a project is those first steps from ideation to development, then development to launch, and that part’s been done. This is true when one puts in too much thought and effort into every aspect of a project because of how much our team cares for the long term success of the Token Enrichment Network, TEN!
What we can and will promise to our community is our commitment and obligation to the security of our users, the sustainability of the TENFI ecosystem, the longevity OF that system and of course, the simplicity of TENFI.
And remember, when there’s too much commotion around, take a step back, take a deep breath and try to cancel out all the noise, things will be a lot clearer when you do this 👇👇👇
We thank you all for joining us on this journey and for your continued support and we welcome all our new TENizens that will join us in the near future.
Warm regards,
TEN,
