TEN simplifies staking and yield farming with the most liquid Binance Smart Chain Liquidity Pools available and provides a robust yield earning environment on the market while adapting to daily liquidity needs of the different pools. TEN is the Token Enrichment Network, decentralized finance, simplified!
All questions answered by Mr Ten
Lola(AMA HOST): Can the Team member of Ten Finance say hi?
Mr TEN: hi
Lola(AMA HOST): How’re you doing Mr Ten?
Mr TEN: Doing great, looking forward to our AMA here today, excited, nervous, anxious, all of the above
Lola(AMA HOST): Lol..
I’m good and excited. Cos I’ll be learning again.
Mr TEN: always learning, never stop
Lola(AMA HOST): How’s been work ?
Mr TEN: Good, been ready for a while and will do some final testing before next week, so really good, thank you
Lola(AMA HOST): Good to hear that.
Can we go to the question segment now?
Mr TEN: let’s get to it
Q1. Can you give us a general introduction of you and Ten Finance? Could you tell us your role in the project?
Mr TEN: Hi! Yes, so firstly, I’d like to thank everyone @newsbsc for giving us this opportunity to participate in this AMA, it is my absolute pleasure to be here with you all today
So a little bit about myself here before we get started…
I come from a Wall Street background in that I’ve managed money for institutional clients (larger hedge funds/family offices that allocated money for us to manage), traded both systematic and discretionary systems for a multi-family office/hedge fund for a little over 8 years then in 2010 went off on my own and setup my own global macro firm which at our peak I managed about $150 million in AUM, received several hedge fund industry awards for our performance during this time and continuously outperformed the markets. (No, we didn’t count crypto as a “market” back then)
Lola(AMA HOST): It’s an honor to have you here too. 😊
Mr TEN: I stopped trading towards the end of 2015 and this is when I decided to go full time into fintech development and focused on the mobile payments sector as I believed and still believe that all future money and transactions will be done via smart phones and other advanced technologies, which led me into our other projects in the crypto space.
My role within TEN is essentially being the “face” of TEN, whereas I am the one that’s helped build the relationship with the community (along with our amazing team of admins), both users as well as business associates, utilizing my knowledge of the markets, identify trends and help the team evolve and adapt, also help the devs run some numbers and give them ideas from time to time.
Lola(AMA HOST): Wow! This is really Good. You would have gathered enough experience from these places.
Mr TEN: yet I learn something new every day
Q2. How many team members do you have working with you? And can you also tell us their roles?
So TEN was started by myself and my two other business partners, one of my partners I’ve known for over 2 decades and the other for close to 10 years or so, hence we have a good sense of working together in general
My role within TEN is to lead from the outside as I am heavily involved with the community, partnerships etc…while my business partners are working hard behind the scenes with regards to vision, ideation and most importantly, implementation of these great ideas of grand visions for the future of TEN
We all have our strengths and therefore we stick to what we know best, too many chefs in the kitchen makes a project redundant, and thus we balance each other out fairly well and are able to help push things forward as implementation is key because ideas are nothing without action
We have 3 developers, 1 being a Sr dev and 2 jr devs that we’ve been working with some time and we believe they’re amazing at what they do, after launch we have 3 additional devs we’ll be bringing on to make sure that we are able to meet our roadmap timeline
We also have 2 tech leads who are also the project managers in ensuring that all code/work has been properly done and make sure everyone is on track to finish their relevant tasks, they basically keep the wheels moving along
And last but not least, we have our awesome team of admins who maintain our telegram group and social media posts among others, our community wouldn’t be what it is today without all of their hard work and commitment to our project from day 1, so a big thank you to all of them
Lola(AMA HOST): Great Team.
Mr TEN: yes, i’d like to think so 🙂
Q3. Your Smart Contract was audited by Certik. Why did you choose Certik for your audit?
Mr TEN: Ahhh yes, the Certik Audit…to be honest with you, we had never planned on undergoing a full security audit from the get-go, prior to launch
The plan had always been to launch, then proceed with “third party audits” and considering we have self-funded the entire project thus far and a Full Security Audit is quite costly to pay up front out of pocket, this was not planned for, but we felt it was a necessity for the long term success of the TENFI ecosystem
We ended up undergoing a full security audit with Certik, also getting the Certik Skynet (the fancy score next to our name) and also CertikShield for TENFI users, this provides an insurance policy, albeit small, it’s still a little something
We saw what was and still is happening in the BSC community with the constant “rugging” going on and felt that in order for us to build trust with our own community and give users a peace of mind right from the start was to conduct a Full Security audit
We did our fair share of research and discussions with other Firms out there, from individual auditors to full on firms, big and small, but we decided on Certik as they are considered the Top Tier of security auditors in crypto and provide great quality level of service and product, when it comes to security and the safety of users’ funds, I dont think anyone should cut corners in an audit when it comes to cost, you get what you pay for
We felt that going with an established and well respected Audit Firm such as Certik, and indeed paying that premium would help establish this mutual understanding within our community that we’re here for the long term and we hope it’s shown our commitment to bringing quality to our users rather than just band-aid solutions that end up being temporary fixes in the end anyway
Lola(AMA HOST): Yeah. That’s right. I’m sure that made some investors to believe in the Project. Cos auditing means a lot to them. It secures.
Q4. Can you tell us about how Ten Finance works?
Mr TEN: while audits, like anything else are not a guarantee for “safety” doing so pre-launch was a good indication of our motives and intentions for the longevity of TEN
TEN is looking to simplify staking and yield farming as an optimizer with the most liquid BSC liquidity pools available and looks to provide a robust yield earning environment on the market while adapting to daily liquidity needs of the different pools
We are a yield aggregator that is looking to simplify the process of yield farming by allowing for the ideal optimization environment for users
We’re essentially not that much different than many other yield optimizers that are out there already, the foundations were already here for us to build upon and improve
For us in particular it was about taking the best of everyone that came before us and putting it into that one singular platform, TEN. From this point on, TEN would become its own machine you can say in that it will evolve and innovate further for others to take direction from us in the future
So, to simply answer your question….TEN works in the same way that users are able to participate in multiple yield farms across different AMM’s and different blockchains to find the best yields possible all from the same platform with TEN having the lowest fees and hopefully a UI that is intuitive for users
We’re not trying to re-invent the “wheel” here, or in our case, yield optimization
Q5. What are the benefits or Reward in Ten Finance?
Mr TEN: The rewards within the TEN ecosystem is the TENFI token, which users are given as a reward for farming in one of our pools we offer, so users will be able to receive the farm LP tokens as rewards as well as the TENFI token for using our platform
The TENFI token, will be used for the TENLend platform where users will be able to utilize their holdings to determine future lending guidance in a collective “DAO” style vote and also to receive discounts on the borrowing rates and also earn additional premium when lending on the TENLend platform
The TENFI token will also be needed to access our Yieldex and Rebalancing stake options over the coming months once we launch these products, we have yet to finalize the details, but will do so over the coming weeks/months prior to launching these
Lola(AMA HOST): We await that.
Mr TEN: TENFI tokens will also be needed as a form of co-collateral for lending and borrowing as well, which will allow for higher LTV of assets for holders of TENFI…we’re evolving and looking to adapt with the trends of the times, so we will be open to the everchanging and rapid environment of the crypto world
Lola(AMA HOST): All right.
Q6. How many Partners do you have? And what do you expect from them?
Mr TEN: Well, I think the word “partner” can mean different things to different individuals, but for the purposes of official partnerships and so forth, which I prefer to call collaborations, we have several other projects and groups that we are collaborating with in one way or another that is mutually beneficial
While we can’t mention just yet any of these aforementioned partnerships publicly, I can say that over the last few weeks and months that we’ve been privileged enough to be introduced to a host of people and groups in the space that have willingly without any hesitation offered to help us with different issues and those that are looking to make a difference here for the benefit of the community without asking for much or anything in return, it is really pleasing to see in a sometimes toxic environment that we have all experienced
Working with groups like the one run by the @TheRugDoctor and seeing how they have a similar vision as the team at TEN in ensuring the safety of the BSC community is key for us all to align ourselves together collectively by being active and identifying malicious behavior early enough to make sure no harm is done to users, it is only in working together that will allow us to progress in a swifter manner towards greater adoption of the BSC ecosystem and by having sources like the team at BSC News to bring you up to date coverage on all things BSC is refreshing to have in the space and we like to associate ourselves with quality in everything we do
So in essence, I don’t expect much from my partners, just that we all work together, collectively with a common goal and that is to help the BSC ecosystem continue to expand and for all of us to evolve and grow with it
I’m not sure if there’s anything specific you’d like to know, but we will start by offering some of the largest LP’s and overall global users available to us. While to some this may be a bit on the unadventurous side, we prefer to stick with the LP’s that we feel will be both liquid as well as have a “hodl” type mentality in that they would be fine with staking and continuously auto-compounding. Attracting users from the XRP, ADA and some of the other communities we have at the start will hopefully allow us to capture some of that audience
Our vaults will be auto-compounding, at first once every 24hours then depending on the gas being utilized, maybe increase it to a more frequent level for certain pools, as this will be dynamic in nature, we’ll relay this information to the public if changes will be made
At the current pace of TENFI reward emissions we’ll run out of TENFI in about 4.5 years or so, which is much longer than most other aggregators, so this should perhaps give somewhat of an insight to how our APY’s may look at launch 😬
Q8. Can you share with our community the plans you and your project have for this year and the coming years?
Mr TEN: We’ve had the same roadmap for the last few months when we embarked on this journey and to our surprise, other than a few UI/UX changes from everyone else, nothing much has drastically changed it seems like. So we feel that over the coming months we’ll be able to bring forth some innovation to the defi space in general
Here’s the roadmap graphic from our gitbook as a reference for those that haven’t seen it (please note that some of these timelines may and will probably change)…
The upcoming suite of Yieldex products will be one of the more anticipated launches for us as we’ll have 3 different risk profiles available in the following manner: 1) Super Yieldex, which will have the highest quality (BTC, BNB etc) and liquidity available. 2) Blue Chip Yieldex that will provide for the highest APY available in the entire BSC landscape 3) Stablecoin Yieldex will provide for low risk high APY returns
We’ll have our own version of insurance fund which will be the TENSure fund in that a portion of the dev fee rewards will be dedicated for the insurance fund which will go hand in hand with TENLend once the lending platform takes off later this year, this will be for the protection of the lenders and borrowers in cases of malicious activity
Here’s a brief list of what we’re looking to implement over the coming months… or at least what I can remember right this second!
1. Add new Farms on a continuous basis, quality will be more important than quantity for us
2. Staking Yield performance charts
3. Cross chain staking/farming
4. Random bonus APY days
5. TENLend (user set lending facilities)
6. Leveraged staking
7. Rebalancing stake options
8. CEX listings
To answer your question on what we have plans for the years ahead, I think I’ve mentioned this several times, especially in our telegram group that I feel defi and yield farming specifically have an opportunity to truly disrupt traditional finance, which I think we already have to a certain degree. But this is going to be in such a way that bordereless and decentralized will be at the epicenter because banks will not be able to match what yield farms offer and we feel that by being a yield aggregator looking for optimal returns via cross-chain ecosystems, TEN is uniquely positioned to become a vanguard in the space for years to come, we are literally at the infancy stages of decentralized finance
Q9. What are the major challenges of Ten Finance and how do you intend to solve them?
Mr TEN: I think the biggest challenge not only for TEN, but for everyone in crypto and in particular DeFi is going to be adoption beyond the “crypto crowd” and into the hands and pockets of the everyday user/consumer
Lola(AMA HOST): Hmm 🤔
Mr TEN: Education is another one that I find challenging for everyone in crypto, as there are different levels of learning when it comes to this space, because this is not a one size fits all model, we’re all different in how we learn and absorb information and thus education plays goes hand in hand with adoption, so I think we, as in all projects need to do a better job of educating our community and as we’ve seen in some of our groups that members that know end up helping each other as well, which is what this is all about, collectively moving forward
So how do we solve it?
Simplicity! By creating a simple yet intuitive UI/UX to go along with the educational material to support anything that the user may find challenging. Regardless of the complexity in the smart contracts working behind the scenes, the front end needs to be as simple and intuitive as possible, this is why the iPhone killed my beloved BlackBerry, intuitive yet simplistic UI/UX for anyone to not only “use” but to use efficiently, that is the key
Q10. Share with us all the links about Ten Finance, so that readers can find out more and also follow the development of the project.
Sure thing…below is a list of our current and only “official” social media accounts, I just made a Reddit account yesterday, so that one is less than 12 hours old lol
Lola(AMA HOST): 😊👍
Q11. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?
Mr TEN: Haha no? I’m a pretty boring guest lol….Other than we’re approaching our launch on May 10th! Can’t get any more alpha and juicier than that for us 🙂
Lola(AMA HOST): Haha. But it was a really nice AMA with you. Thanks for coming
yes, thank you so much for having me, it was a pleasure, even though a bit unnerving
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.