TiFiBank Makes a Colossal Footprint in the DeFi Network — | Online Free Press release news distribution

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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…

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