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Ethereum DeFi: Tendies rises 400% in 4 days

  • The token Tendies (TEND) based on Ethereum rises more than 400% in the last 4 days.
  • Tendies’ trading volume on exchange protocol Uniswap exceeds $4.5 million and leaves Tether and Chainlink behind.

The token Tendies (TEND) has become the new focus of attention in Ethereum’s DeFi sector. TEND started on July 30 with a price of $0.18 and rose to $0.82 with gains exceeding 400%. The token is being promoted as the “next generation autonomous and hyperinflationary coin”.

Tendies exceeds Tether and Chainlink’s trading volume

At the same time, Ethereum’s DeFi sector exchange protocol, Uniswap, reports that the token has seen a fast surging trading volume. One day ago Tendies’ trading volume reached $4.5 million and surpassed Tether (USDT) and Chainlink (LINK).

However, in the last 24 hours, according to CoinkGecko, Tether and Chainlink took over from Tendies in terms of trading volume. Still, TEND ranks above tokens that have shown exorbitant gains in the last month such as Synthetix protocol token SNX and Aave’s token, LEND. TEND records a trading volume of $1,795,464 in the last 24 hours.

Tendies operates with a smart contract that includes a feature that sends 4% of the token that is placed on the liquidity pool in Uniswap to two different addresses. The first address receives 51% of the funds and is used to burn that amount, the second address receives the rest of the funds that are distributed with a reward pool called Tendies Bucket. Any user can drain the pool and receive 1% rewards.

Tendies has a supply of 9 million tokens in the Uniswap protocol. These funds, according to the official website, will not have a single owner:

With the launch of Uniswap V2, fund are not accessible by any team member. The smart contract ensures no one can control any TENDIES. Initial liquidity pool will be provided 100% from Presale funds.

Recently the Poloniex exchange listed Tendies. As of yesterday, August 2nd, the portfolios for the token were opened and trading will be enabled soon. Poloniex announced the following:

Starting on Sunday, August 2 at 16:00 UTC, wallets will open and you can begin depositing TEND into your Poloniex bucket and posting limit orders for TEND/USDT. Full trading of TEND with a side of honey mussy will be enabled shortly after that.

Additionally, Poloniex announced that it will launch a competition supported by the Tendies community called M’goodboy Tendies Grill-off. To compete, users must send a quantity of TEND to the Poloniex Tendies Bucket at polotendies.eth. The funds collected will be sent to the Tendies Bucket reward pool and distributed to the winners. The token’s listing on Poloniex has not been positively received by the crypto community. Defined as a “social experiment” by its creators, Tendies is perceived as a high-risk asset. In addition, some users accuse TEND of being a Ponzi scheme.

About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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