It has now been a bit more than one week that we launched our project TenguSwap, and thanks to you, the community, it has been quite a success.
We literally started from nothing, but managed to earn the trust of a lot of investors, and after our successful presale (100k$, fully sold out), we managed to quickly reach and maintain ~1.2M TVL. Of course it’s not an accomplishment in itself, and we definitely are aiming higher, but it is some solid ground to build on.
Now with the recent finish of the Blessing #1, we felt that we should use some time sharing with you, our users a bit more about the current state of the project, and our short to medium-term plans.
The Blessings
As promised during our presale, half of the collected sum was redistributed to our GTENGU holders. 50k$ were farmed by staking GTENGU during 7 days. We deliberately chose a short duration comparing to the amount to distribute, because we wanted to clearly reward the early investors, and didn’t want their staking to be too diluted.
Starting now, the blessings will now consist only of deposit fees from our pools. Most of you probably already understood that the APRs from the first blessing isn’t something we can perpetually reproduce, so our job now will be to find the right balance to still have some interesting returns for the GTENGU holders while keeping the system sustainable at the same time.
First step will be to have a longer blessing wave time, so the blessing wave #2 will have a 2 weeks duration.
The limit of this system of course is that we’d need to keep having deposits on our farms, which of course isn’t realistic. We still have some room though, as being only a ~1.2M TVL farm, we’re still in a position to attract a lot more liquidity if we manage to accomplish our plans.
The first solution we are introducing to give rewards to our GTENGU investors will be the Boons.
The Boons
The Boons are basically the same system as the Blessings, pools in which you can only stake GTENGU to get different tokens. So technically, there is nothing really special here.
The main difference will be the concept behind. We’re going to work this in two phases :
- Basically bring all the interesting tokens we can, or some we judge with some nice potential. We had to go through it recently so we know how hard it can be for new farms to get some exposure, and to be distinguished from all the basic ugly clones when you have some original idea. Now we’re starting to become a well-established farm, we can offer some nice exposure, via our app and our socials, in exchange of a few tokens to distribute to our GTENGU holders. Of course, if we can reach some agreement with other well-known farms, we’ll definitely take it too, but we’ll still put an accent on the newly launched ones.
- Selling our exposure should bring us some interested tokens, but still won’t be enough on the long run. That’s why we’re currently discussion some long-term partnership with a newly created crypto agency. It’s still too early to talk about the terms publicly, but the idea is to “merge” Tenguswap with it, and to bring various crypto services to farm owners and devs, in particular new and ambitious/original/innovative ones. The payment would then (mainly) be redistributed through the blessings to all GTENGU investors.
If we manage to pull this out, holding GTENGU would basically be a sort of HUB to easily and “freely” obtain various tokens from the best and approved selected farms, on a daily basis.
Governance, GVaults, expansion to other chains…
Priorities have to be adjusted and our immediate focus now is with the Boons for the short to medium term rise of TenguSwap. This of course doesn’t change anything to the initial plans we announced since the beginning.
We’ll give you regular updates concerning them.
To conclude
Not a lot of farms here are trying to be really sustainable on the long term. But even trying sometimes isn’t enough, especially in a tough and competitive space like DeFi. A lot of users are looking for quick profits and may sometimes be focused only on the price action.
Of course, we have been users before being devs, so we will never blame anyone for that. That just means that our challenge is to reach some alignment between our project and those interests.
As we already said multiple times when discussing with our users on telegram, we can’t control the price action, and of course there is no guarantee that we’ll reach all of our objectives. We definitely want to keep ethics here, and will always remain transparent to our users.
What we can promise is that we’ll dedicate ourselves on succeeding with the best of our abilities, and we hope all you the community can recognize our efforts and continue placing your trust in us.
