TRIBUTE: The Imminent Change within the Decentralized Financ...
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TRIBUTE: The Imminent Change within the Decentralized Finance Space

The Decentralized Finance (DeFi) ecosystem has witnessed unilateral growth in recent years thanks to these platforms’ numerous benefits, notably lower entry barriers and their autonomous nature. Currently, DeFi platforms fall into three categories: monetary banking platform i.e., issuance of stablecoins, peer-to-peer lending and borrowing platforms, and advanced financial platforms such as derivatives, DEX, and tokenization platforms. And with the growth of DeFi platforms, the ecosystem’s worth has increased threefold with the total value locked (TVL) surpassing $4 billion 

Nonetheless, despite the unprecedented growth of DeFi platforms, these platforms still face several hurdles, including users-unfriendliness and insecurity. Additionally, some DeFi platforms are somehow centralized, utilizing intermediaries, and still employing the third party to oversee user activities.

TRIBUTE seeks to breathe fresh air in the expansive DeFi ecosystem by focusing on game theory analysis and community empowerment. The platform will significantly change the DeFi ecosystem by innovating a new method in which DeFi platforms can delegate full ownership and control of its users. Here’s an in-depth look at how TRIBUTE will sufficiently solve challenges facing the DeFi ecosystems changing it for the better.

TRIBUTE Explained 

TRIBUTE is the first-of-its-kind DeFi platform developed with a view of community empowerment and game theory analysis. The platform integrates several features that involve the DeFi community in the management and ownership of DeFi platforms. TRIBUTE brings on-board a new concept referred to as the Proof of Decentralized Liquidity (PoDL), which integrates elements of Proof of Liquidity (PoL) and a Decentralized Autonomous Organization (DAO), enabling DeFi platform users to have the upper hand in the control of the token’s stability. PoDL eliminates the need for burning liquidity tokens and grants the community direct input on the stability of the platform?s token.

Through TRIBUTE, DeFi platforms would solve enormous challenges in the DeFi sector, including regulations barriers, user-unfriendliness, and clouding DeFi space. Also, the ledger present on the TRIBUTE chain will enable DeFi developers to learn, fork, and enhance future or existing DeFi projects.

TRIBUTE Tokenomics

ERC-20 tokens being an essential part of the Ethereum ecosystem, the TRIBUTE ecosystem is powered by TRBT token, a deflationary and self-cycling crypto token developed on the Ethereum blockchain. TRBT is integrated into the Proof of Decentralized Liquidity (PoDL)-an innovative liquidity distribution system. TRTB traders are offered lucrative rewards for holding the token since liquidity tokens are distributed to token holders rather than being burned as dictated by the PoDL framework.

Token Specification 

Name: TRIBUTE 

Ticker: TRBT 

Starting Supply: 500, 000 TBT 

Token Standard: ERC-20 

OTC Price Reduction: 20% 

Token Distribution 

TRIBUTE’s starting supply lies at 500 thousand tokens spread across three decentralized platforms. TRIBUTE users purchasing TRBT over the counter are awarded a 20% price reduction. In the initial TRBT sale, 20% (100 000) will be bought over the counter, and another 20% will be directed towards marketing.

In the second allocation, each of TRIBUTE’s three dapp platforms(Uniswap listing, ENFORCED TRIBUTE, and conTRIBUTE) will receive 15% of the total TRBT initial supply i.e., 75,000 TRBT. 9% of the initial supply will be used to fund partnerships, and the remaining 6% be used as Development funds. TRBT tokens can easily be purchased from the Uniswap Exchange and are compatible with any ERC-20 compatible wallet, including MyEtherWallet, MetaMask, and Trust Wallet.  

Token Distribution Mechanisms 

TRIBUTE employs an innovative mechanism regarding the distribution of TRBT. Token distribution is as follows:

?       Deflationary: TRIBUTE tokens would be unique in the sense that they will have deflationary capabilities. The platform will enhance the demand for TRBT by burning 5% of the total amount of tokens transferred in a transaction. 

?       SelfCycling– The top 50 TRBT token holders would be in for a surprise thanks to the self-cycling feature. With this feature, 5% of the total amount of tokens transferred in a transaction is randomly transferred to a wallet of one of the top 50 token holders as a reward drop. The reward drop is only eligible to the top 50 TRBT holders who keep changing as traders buy and sell TRBT. The random wallet address choice is made via a random RNG on the smart contract that cannot be manipulated.  

?       Proof of Decentralized Liquidity (PoDL) – PoDL is a hybrid of Decentralized Autonomous Organization (DAO) AND Proof of Liquidity (PoL). PoDL allows for the distribution of the initial liquidity tokens directly to token holders instead of being burned.  

TRIBUTE Key Feature that makes it transform the DeFi Ecosystem 

Integrates 3 Dapps 

Decentralized Applications (Dapps) run on the blockchain and offer plenty of benefits, including open-source, decentralized, and leveraged smart contracts. TRIBUTE is an innovative DeFi platform to integrate 3 Dapps, which interact with each other, simultaneously incentivizing various TRIBUTE users’ functions. Additionally, TRIBUTE token holders and partners will decide on other Dapps for the platform to integrate into the platform’s ecosystem. The three TRIBUTE’s Dapps are:

conTRIBUTE

It is a conventional staking Dapp designed to reward TRIBUTE holders and users harmoniously. The Dapp is a modification of the hourglass dapp, making it non-zero-sum. In the reward arrangement, 5% of all buys plus 15% of all sales are distributed via conTRIBUTE to users as dividends depending on their percentage share. 15% of the initial TRBT token supply is assigned to conTRIBUTE rewards. 

ENFORCED TRIBUTE

As the name implies, ENFORCED TRIBUTE ensures that burns and rewards of TRIBUTE tokens are conducted multiple times every day. ENFORCED TRIBUTE tokens are locked in specialized TRIBUTE smart contracts; thus, it’s impossible to withdraw or sell them. 15% (75 thousand) of the initial TRBT supply is locked under the enforced TRIBUTE smart contract. 

TRIBUTE TO LIQUIDITY

This is yet another unique feature in the TRIBUTE ecosystem, making it stand out. TRIBUTE LIQUIDITY transfers the control and management of the TRIBUTE project to the community. It employs the PoDL system, rewarding users through a lottery system where participants stand a chance to win a percentage of the total liquidity tokens controlling the TRBT/ETH pair on Uniswap exchange. 

Closing Words 

Despite the enormous growth of DeFi platforms in recent years, the sector still suffers from enormous challenges. TRIBUTE brings new dimensions to the DeFi sector by merging three decentralized applications to improve the TRIBUTE platform’s rewards, boosting reward for TRBT, and conferring project control and management to the community.?

Also, unique features such as PoDL and game theory analysis enhance DeFi platforms’ longevity by making the tokens deflationary, thus retaining their value. In the future, the project will solve major hurdles in the DeFi ecosystems, further increasing its value.  

coinmag

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.