Soared 409% in four days, Dogecoin Tendies in the DeFi world came to kick the hall
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), author: Wang Jiajian, published with authorization.
overview
Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
Babbitt Information (ID: bitcoin8btc)
, author: Wang Jiajian, published with authorization.
overview
Tendies launched the Uniswap pool a few days ago, and the daily transaction volume has exceeded 10 million US dollars.
Tendies use a deflationary token supply, theoretically over time, the price of TEND tokens will increase last week.
The Tendies developer remains anonymous for now.
A brand new token calling itself the “Dogecoin of the DeFi world” is taking the cryptomeme world by storm.
According to data from Coin Gecko, Tendies, which bills itself as “the next generation of autonomous and hyper-deflationary coins,” has attracted more than $10 million in daily trading volume two days after it went live on Uniswap, surpassing stablecoin giants Tether and DAI.
In just a few days, the price of TEND surged 409%. It gained attention after surging from $0.1853 on July 30 to $0.9449 on Sunday. At press time, its price is $0.87.
The “memecoin” is even listed on Poloniex, and its price can be tracked on Coinbase.
The skyrocketing volume of transactions is a testament to the power of memes, as well as the growing speculative environment surrounding DeFi tokens and protocols like Uniswap.
Why Tendies came to be is unclear, but what is certain is that it has a strong connection to 4chan's /biz/ image board, which has created dozens of posts promoting Tendies over the past few days.
On the Internet, there are roughly three meanings of tendies. First, it refers to finger-licking chicken tenders. The second is a bit darker and also has no connection to the meaning here.
Third, and somewhat related to this, tendies are imaginary rewards that can be redeemed from speculative investments. The term is popular among Robinhood traders and r/WallStreetBets users. r/WallStreetBets is a meme-themed trading board that claims to be "like 4chan finding a thriving terminal."
Now, such memes have entered the crypto space. Tendies are dedicated to rewarding "true believers and top holders" with TEND.
Its mode of operation is as follows: from the beginning with a total supply of 9 million tokens, TEND is transferred from the liquidity pool on Uniswap to the liquidity pool on the Tendies website at a rate of 4% per day.
Any user can send a command to empty the liquidity pool, receiving 1% of the pool's tokens in the process. The remaining 99% of tokens are used in two places: 51% are burned and 48% are contributed to the "Tendies Bucket".
Tokens in this type of bucket are distributed to the top holders of TEND every three days. These TENDs were generated from funds collected in the public pre-sale on July 12th and 24th.
The designers believe that as the supply of TEND in the Uniswap pool decreases and is subsequently drained, the transaction value of the TEND token will increase.
