As far as I can remember, I learned about Tenet.farm project from some Twitter post about a month ago. No, the guys didn't run any promotional campaign, neither they launched an airdrop, or meme contest, or article contest, or any similar bullshit. Some Twitter boy sent a link to another Twitter boy and I just happened to be there at that time to view that link and to click on it, even being not that interested. I thought then Tenet was yet another DeFi-ish shit, a clone of a clone of a clone...
Well, it seems that I was pretty much wrong.
That's what the guys tell about themselves in their Medium post:
Tenet is a cross-chain Automated Market Maker (AMM) connector that provides a decentralized Liquidity Tap for various tokens. The Liquidity Tap is the powerhouse of the Liquidity Pool, which ensures the fair allocation of mining rewards through the optimization of the algorithms of initial mining incentives and LP token pools. Tenet is developed by DREP Signal Labs and will be launched in 2020 November for all AMM platform layer 2 facilities. In order to address the current pain points such as multi-chain barrier in the Defi sector, Tenet will be released in cross-chain versions based on Ethereum, Polkadot, DREP Chain, BSC, etc.
A whitepaper is also available on their website.
I can't pretend that I understand everything in their whitepaper. I can only see that Tenet is not another Y-shit clone with scammy airdrops and creativity contests. It's quite a new original product (however, there might already exist similar services, maybe Harvest?)
As far as I can understand, Tenet is a kind of "liquidity balancer" based on what they call "liquidity tap". The "tap" ("faucet") collects liquidity from "providers" on one end, and distributes it among "liquidity demanders" (i.e. pools) on the other end. Along the way, it optimizes rewards for providers and simplifies pool administration tasks for "demanders". However, I'm not sure that my understanding is correct, so DYOR the whitepaper yourself.
Today Tenet is in the testing stage, but the production is to start pretty soon (in November, they say).
The guys are not going to do any "pre-sale", "airdrop" or "creativity contest". The only way to get Tenet's native TEN token is to provide liquidity to the "taps". The first tap will be launched on DREP chain, so the first TENs will go to DREP/ETH providers.
DREP is a ERC20 token, it's traded at Binance and Hotbit at about 20 BTC sats at the moment (it was pumped to 30 sats recently, but is already back to norm). For farming you would need DREP deposited into Metamask or similar, but withdrawal fees are currently quite high (around 1000 DREP) both at Binance and Hotbit.
For the moment I've bought around 2K DREP at Binance and Hotbit. Of course, 2K only covers withdrawal fees, but if the Tenet guys really launch their production farming, I will probably add more to my stack and will go farming, if I manage to learn more about how exactly the project works and what I should expect.
Posted Using LeoFinance Beta
