TiFiBank Makes a Colossal Footprint in the DeFi Network – | Online Free Press release news distribution
08/23/2022, Sacramento, CA // PRODIGY: Feature Story //
On July 12, 2022, TiFi L.L.C. released the V1 of TiFi Bank, its first DApp. The V1 will be the first of the many, with V2, V3, and V4 slated for release in the coming months. Each of these will introduce new functionalities to the platform, with V1 focussing on the Swap aspect.
The DEX (Decentralized Exchange) TiFi Bank operates on the Binance Smart Chain and offers competitive rates for trading tokens as well as greater incentive rates for liquidity providers.
Swap and liquidity are the two key elements of the initial TiFi Bank release. TiFi Bank charges switching costs when trading per pair at a rate of 0.20%, which is 20% cheaper than PancakeSwap. TiFi Bank pays liquidity providers 0.18% of the transaction amount, slightly higher when compared to PancakeSwap’s 0.17%, but it might make a big difference in the long run.
The majority of current decentralized exchanges are built using Pancakeswap’s layers of already existing codes; as a result, companies pay taxes to Pancakeswap while continuing to charge for their services, which drives up their DEX fee and makes it unattractive. In case of TiFi Bank, since the developers built the codes from scratch, the platform has the power to set its benchmark fees, and, in turn, keep them lower than other available exchanges.
The TiFi team intends to use its proceed/revenue from TiFiBank for TiFi buyback and burn events, increasing liquidity, charitable giving, and the development of the TiFi Allverse Platform. 0.02 percent of the transaction amount from swapping goes to the TiFi Treasury.
Version 2 of TiFi Bank will be made available in August by the TiFi Team. This version will have a staking feature. Additionally, the TiFi Dev Team is creating its own staking code to transfer coins from an existing community wallet to TiFi Bank as staking rewards for TiFi Bank customers. Later this month, TiFi Bank will also make the Portfolio functionality available so that…
