- Tendies launched its Uniswap pool simply days in the past and has already topped $10 million in each day quantity.
- Tendies makes use of a deflationary token provide, in concept growing the worth of the remaining TEND tokens over time. (It is fallen since its launch).
- Tendies builders have thus far remained nameless.
A brand new token styling itself because the ‘Dogecoin of the DeFi age’ has been taking the crypto meme world by storm.
Tendies, a self-described ‘subsequent technology autonomous and hyper deflationary coin’, has attracted greater than $10 million in daily trading volume inside two days of its Uniswap itemizing, according to Coin Gecko, surpassing stablecoin giants Tether and DAI.
The meme-coin has even made its manner onto Poloniex, the Justin Solar-influenced crypto change, and can be tracked on Coinbase.
The breakneck progress in buying and selling quantity is a testomony to the facility of memes and the rising speculative setting surrounding DeFi tokens and protocols like Uniswap.
The origin of Tendies is unclear, however what’s sure is a powerful connection to 4chan’s /biz/ picture board, the place dozens of threads have been created over the previous few days selling TEND.
On-line, tendies imply, roughly, three issues. First, it refers to finger-lickin’, lip-smackin’ hen tenders.
Second, and much darker, tendies are the prizes that may be redeemed by little boys in change for “good boy factors”, that are awarded by their moms in return for sexual favors.
Third, and considerably associated, tendies are the imaginary prizes that may be redeemed for cash gained from speculative investments. The time period’s well-liked amongst Robinhood merchants and on r/WallStreetBets, the meme-heavy buying and selling subreddit that describes itself as “Like 4chan discovered a Bloomberg Terminal.”
Now the meme has made its option to crypto. Tendies is explicitly designed to reward ‘true believers and prime holders’ with further TEND tokens.
Right here’s the way it works: From a beginning complete provide of 9 million tokens, TEND are constantly transferred from a liquidity pool on Uniswap to a pool on the Tendies web site at a charge of 4% per day.
From there, any consumer can ship a command to empty the pool, receiving 1% of pooled tokens within the course of. The remaining 99% of tokens are break up; 51% are burned, whereas 48% are contributed to the ‘Tendies Bucket’.
Tokens within the bucket are distributed each three days to the highest holders of TEND tokens. These TEND tokens are generated utilizing funds collected in a pair of public presales that befell July 12 and July 24.
The pondering goes that as the provision of TEND is diminished from the Uniswap pool and subsequently burned, the buying and selling worth of TEND tokens will enhance.
The origin of TEND is unclear, however what’s sure is a powerful connection to 4chan’s /biz/ picture board, the place dozens of threads have been created over the previous few days selling TEND.
The Tendies Discord was created on June 26 and no builders are recognized by title. Makes an attempt to verify the anonymity of the builders have been (predictably) met with memes citing Bitcoin creator Satoshi Nakomoto because the thoughts behind Tendies.
The speculation goes that as the provision of TEND is diminished from the Uniswap pool and subsequently burned, the buying and selling worth of TEND tokens will enhance. Thus far, it is fallen.
As with many crypto initiatives of their infancy, the Tendies web site features a broad disclaimer, characterizing the challenge as a social experiment with appreciable danger.
Deflationary currencies are additionally virtually nonexistent on the planet of nationwide fiat currencies in the present day, with mechanics which can be usually removed from intuitive—lending protocol Balancer had greater than $500,000 price of consumer funds drained as the results of an exploit leveraging the deflationary STA token.
With such a brand new token design constructed utilizing automated DeFi protocols like Uniswap—that are nonetheless a head scratching idea for a lot of—who is aware of if Tendies will take off like Dogecoin, the meme coin that represents a chubby Shiba Inu that this month went by way of a sequence of pumps; the primary was impressed by TikTok, and the second by Tesla CEO Elon Musk.
One factor’s for certain—there must be some nice memes to get pleasure from alongside the best way.