Algorand is one of the most reliable and efficient cryptocurrencies out there. I believe it's destined for a top 10 spot in in the market cap rankings, it's ecosystem is expanding rapidly and Tinyman is a further step in the right direction.
What is Tinyman?
Tinyman is a DEX built on Algorand and could be a big player in the de-fi ecosystem the more popular Algorand gets. Algorand offers incredibly cheap and almost instantaneous transactions which makes it a fantastic blockchain to build a de-fi protocol on. You can move your Algorand and make swaps without losing out on fees like you would on Uniswap or Pancake swap for example. It's a completely permissionless protocol that allows for trading Algorand assets and LPs through the use of Automated Market Makers.
There are two types of activities and users on the site, those who wish to swap tokens and those who wish to provide liquidity to participate in Liquidity Pools. For providing liquidity, those who participate in the pools will receive a share of the transaction fees when people engage in any swaps. If you wish to engage with a Liquidity Pool, I would recommend reading up on 'Impermanent Loss' and the potential consequences of doing so. Though, it can be an efficient method of earning capital.
The fees are as follows;
A fee of 0.3% is added to all swaps.
- 5/6ths of this fee (0.25%) is paid to Poolers
- 1/6th of this fee (0.05%) is paid to the protocol (Tinyman Treasury)
Algorand transaction fees: 4 * min fee = 0.004 Algo So, as you can see - a very cheap process to swap your Algo for another token.
How to get started and what can I buy?
First you'll need an Algorand wallet. You can create a desktop based Algorand wallet at;
Fill this wallet with some Algorand and visit Tinyman at;
From here, you can swap your Algorand for a token within the Algorand ecosystem. Below you can find an example of an Algorand swap for Yieldly - Yieldly is a no loss-lottery site built on Algorand where you can earn NFTs and win fantastic prizes. If you want to learn more about Yieldly, I wrote an article about it a few months back: https://www.publish0x.com/other/how-to-get-started-on-yieldly-the-no-loss-lottery-built-on-a-xknepmm
There are some other interesting tokens like $CHIP. Which is described as;
"CHIP (ASA ID:388592191) is the native token we use on the site. It is built on the Algorand block chain, so fees are super low. You can Swap Algos for CHIPS on tinyman. There were 1 billion coins minted on creation." - The site being a Algo Casino.
Or Akita Inu, the meme token trying to capture the recent success of other meme based cryptocurrencies that have seen a crazy amount of volume this year. As Algorand continues to expand and grow, there will be many opportunities to snipe some interesting projects that are unavailable on the traditional CEXs. Thereby, presenting a fantastic opportunity for a very high roi.
As for the Liquidity Pools available, see an image below of the potential APY you can earn by providing liquidity;
You can get some good returns on some of the pairs available. To see the stats for yourself, find a more detailed list at; https://app.tinyman.org/#/analytics
To reiterate, since Tinyman is built on Algorand - it offers incredibly low fees while also offering fast transactions while remaining very secure.
Roadmap and Airdrop?
For some of you, I'm sure the mention of an airdrop is very appealing. Below you will find an image of Tinyman's roadmap which mentions a planned token release;
As you can see, 'Governance and Token Release' in Q1 2022. No airdrop has been confirmed from the developers so it's pure speculation on my part - but, they may follow in the steps of Uniswap for example and airdrop the token to users who have interacted with the protocol. If so, it could be very profitable and very prudent to interact with Tinyman before the token release.
If Algorand ever does breach the top 10, then I can only imagine that Tinyman will see an influx of new users and trading volume and become one of the leading DEXs available. Resultingly, a Tinyman token could surge in price, rewarding early adopters and those who were airdrop should one occur.
From my experience, Tinyman is very well designed and incredibly intuitive to navigate and use. If you haven't experimented with a DEX and de-fi previously, this could be an opportunity to delve into this world without the worry of losing a ton of money to transaction fees for example. I'd highly recommend heading to the site and try and swap some tokens, it can be a informative and interesting experience.
So, hop on the Algo train and experience the growing ecosystem that is being built on it! Experiment with Tinyman and pick up some Yieldly or Chips - as Algorand grows, it should drag the whole ecosystem with it and bring many benefits.
Also, as a side note and closing remark - Tinyman is decentralized and is even planning on becoming a DAO in the future. I hope you enjoyed the article and try out Tinyman, experience for yourself how smooth it is and how nice the low fees are for swapping.