Tendies, a low cap DeFi cryptocurrency, is presently buzzing after posting a 409% profit in just four days. It has generated many positive reviews after this remarkable feat of trouncing Tether and LINK in the process.
According to the developers of the digital asset, it was built as crypto for the next generation because of its autonomous nature, more reason why Tendies surpassed Tether and LINK.
The coin started getting so much credit after it was noted to have made the massive move from $0.1853 to a record high of $0.9449 in just four days.
Going by CoinGeckos statistics, the DeFi cryptocurrency swiftly made the jump without giving investors ample time to look to it for profits. Presently, the coin has made a price correction and is still trading just a little able the $0.70 mark.
Tendies surpassed Tether and LINK in the daily average, CoinGecko reports
The coin, which is on the Uniswap protocol, is said to be gaining momentum as its 24-hour volume showed that it recorded nothing less than $4.5 million in trading volume.
With this move, the coin has positioned itself as the leading coin on the daily average in the DeFi sector, leaving Tether and LINK in its wake. Tendies is said to use the deflationary model and user loyalty to amass its value.
With the new token getting massive reviews, the reason why Tendies surpassed Tether and LINK are still a factor to consider.
Furthermore, the name of the coin, Tendies, shares a stark resemblance to a joke made about chicken tenders that started on 4chan around 2014.
Concerning the listing of the digital assets, Poloniex has announced that it would list the coin on its platform by the weekend. The firm tweeted:
Poloniex can confirm that come weekend, we will be listing the new Tendies on our platform.
Take note that the Poloniex Launchbase platform can act as a gateway to potential investors. Featured projects will not only get guidance on token issuance and launch mechanisms, but they will gain exposure to community members, investors, venture capitalists, and more.
DeFi cryptocurrency Tendies runs on more bonus technique
According to records, out of all the tokens present on the Uniswap protocol, 4% of this DeFi cryptocurrency is always drained each day. Going by the developers’ official statement, anybody can drain the tokens with the user that starts the process getting just 1% of the token at the end of the day.
The TEND tokens drained are officially sent to just two wallets. While one of the addresses destroys 51% of the asset, the remaining tokens are shared between the top holders of the token.
With this process, investors are encouraged to hold more of the token to be eligible to get more bonuses because the system runs on the more Tend held, the more bonus a user gets.
According to the developers, they have noted that the creation of the TEND token was born out of a social experiment. Furthermore, they have warned the general public, especially the crypto community, about the risks that come with holding the DeFi cryptocurrency TEND.
Because Tendies surpassed Tether and LINK in just a matter of days, the risk might mean the DeFi cryptocurrency Tendies is very volatile and could drop drastically as it came up.