What is TofuDefi?

TofuDefi is a permission-less decentralized DeFi solution that combines several independent DeFi protocols.

First one is a TofuSwap. The TofuSwap is a protocol for automated token exchange on the TRON network. TofuSwap based on the same idea as constant product Uniswap protocol, but it will utilize several recent improvements like StableSwap and MooniSwap protocols and other recent developments.

Second is a TofuBridge. The TofuBridge is the Ethereum-TRON bridge providing easy token transfers between these blockchains. More precisely it will collect native tokens on the one blockchain and keep them as collateral while issuing wrapped tokens on the other. These wrapped tokens can be traded on TofuSwap or used in other DeFi protocols.

Third one is a TofuOracles. In the first stage it will provide a connection to the external data from real world and alternative chains to maintain TofuBridge. In the next stage of development we will focus on more general use cases.

The Problem

At the moment, the vast majority of DeFi applications are built on the Ethereum blockchain. Unfortunately, the Ethereum Network has become overloaded. Ethereum’s limited throughput and high transaction fees prevent DeFi from being adopted on a large scale.

Alternative blockchain platforms provide better transaction speed and lower fees, but Ethereum has first-mover advantage. Numerous cryptocurrency projects were launched based on Ethereum platform and use ERC20 tokens. Even now, when there are a lot of alternatives, many new projects decide to launch their dApps and tokens on Ethereum blockchain. One of the reasons for this is liquidity. In a liquid market, assets can be easily converted with minimal slippage. Liquidity is the key driver for the adoption and user growth for DeFi projects.

Even though Ethereum 2.0 is going to address these issues, initial release of Ethereum 2.0 will not bring immediate changes. The first iteration will serve as a testing ground for what will eventually become the only Ethereum. This change is estimated to take about one year.

Our solution

TofuDefi Project goal is to address this issue by utilizing TRON blockchain.

An early rival to Ethereum, TRON launched in 2017. In March 2019, Tether announced it was launching a TRC-20 version of USDT. Within six months, Tron-based USDT had grown to 12% of the total coins in circulation, due to Tron’s superior throughput compared with Ethereum. The main technical difference with Ethereum is that TRON uses Delegated Proof-of-Stake consensus mechanism for adding and verifying transactions on its network. This consensus mechanism allows TRON to achieve capability to process about 2000 transactions per second.

Our solution is to create simple and fast bridge between two blockchains to allow people trade wrapped ERC20 tokens on TRON with lower fees. And on the other hand we want to make it possible to trade wrapped TRC20 tokens on Ethereum blockchain which also can be useful in some cases. Our approach is suitable for projects that have a token in only one of these blockchains.

Governance and TOFU token

TofuDeFi token (TOFU) is an TRC-20 asset that empowers community governance of the TofuDefi Project. Holders of TOFU tokens will be able to debate, propose, and vote on all changes to the TofuSwap, TofuBridge and TofuOracles protocols.

The total supply of TOFU token is 100,000,000 tokens. The distribution of the total TOFU supply is as follows:

• 30% will be sold in three public token sales
• 40% will be distributed between liquidity providers and traders within next 3 years
• 20% will be reserved for TOFU team for continued development and support
• 8% will be sold to private buyers
• 2% will be distributed between TOFU ambassadors

Token Type : TRC-20
Token symbol : TOFU
Token Name: TofuDeFi Token
Contract : TTgnhmov3ezeUGxnfDdjvDt4WhNXDUD3bT
Total Supply: 100,000,000 TOFU

Disclaimer: TOFU does not in any way represent any shareholding, participation, right, title or interest in any company or legal entity. TOFU will not entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore, Hong Kong or any relevant jurisdiction. TOFU may only be utilized on the Tofu platform, and ownership of TOFU carries no rights, express or implied, other than the right to use TOFU as a mean to enable community governance of the Tofu Project platform and protocols.

Whitepaper: https://tofudefi.com/docs/whitepaper.pdf