TENEO AMA Summary
Teneo is a three-layered incentivized protocol for hodlers. Could you please introduce a little bit about yourself and your project? What exactly is #Teneo? What kind of innovations do you plan to introduce?
Yes sure I am the lead dev of Teneo. Teneo aims to make hodling more profitable. So I am a bad trader but I can code. Everyone knows how volatile the market is and if you are not an active trader or you have some coding knowledge to create automatic arbitrage trades you mostly lose or have a hard time in downtrend times. The main idea behind Teneo: Bring rewards to holders, taken from arbitrage traders — in exchange give the traders more arbitrage opportunities plus give projects the possibility of non-inflationary rewarding staker.
Can you tell us something about your experience and skills? Please also tell us a little bit about your team, we want to meet you better.
I am a software engineer that has worked for 3 years in the blockchain space and got my contact to the blockchain technology and bitcoin in 2013. And yeah I did not buy …
Before that I was an embedded system engineer which is basically designing state machines so it was a smooth switch to the blockchain.
The core developers are three persons, also some freelancers. At the top time I guess we were up to 5–8 coders. I guess I told mine so far. Our youngest core dev member is a mathematician and software developer who has done big data web integrations so far and makes mainly the web integrations, also working at the contracts development and as a very meticulous person code review is like invented for him — I mean his variables are sorted alphabetically. The other one is one of the founders of web based databases back in the 90s. As an old hand in the digital business he figured out what is needed the most so mainly he does the marketing and has an eye on our development process. Sometimes of course he helps out on topics like server structure etc. One time a geek everytime a geek.
For the marketing part he gets support from CryptoSociety (https://t.me/cryptosocietyy). There we have two very close advisors that also take part in marketing and business development. One of them had different marketing and model agencies, the other one found after a long way from marketing at Redbull and financial advisor for Siemens the way to the crypto space where we met. Also we are a FAS project, which means Ferrum (https://t.me/ferrum_network) helps us where they can, with everything you need to launch a successful project.
Also our Community managers are growing more and more together. Also we just opened a Turkish community and others are in discussion. That is very nice to see.
Can you please tell us more about $TEN features? How do you want to reward the community, and what is your plan to attract people to join your project?
Bringing a non inflationary stake to other projects is kind of a no brainer I guess. Also for crypto believers, Just hodl your back and get more of the underlying token in the form of tenXXX tokens. So many projects can benefit from Teneo. Also, there is a way to earn Teneo (the main token) for all liquidity providers of the ten tokens. The tenXXX rewards aplying also to liquidity pools which means you get tenXXX rewards and Teneo rewards as an LP provider. Also the pools are auto compounding — but describing that is a bit too technical right now I guess. So the best way will be to provide liquidity for yield farmers and for hodl and don’t mind the kind of people just hodling your favorite coin in the tenXXX version of it.
The main token Teneo $TEN will also be the “man in the middle” every tenXXX will also have a TEN pool to make the arbitrage happen and let increase the need for the main token. Also it will be the first token of the ecosystem which is going cross-chain.
Being able to make a passive income is undoubtedly something great, but there is a lot of competition in this industry. Can you tell us what your plans are for the future, is there something you are working particularly hard on, something that stands out from the rest?
It is just a new form of staking which creates a win-win-win situation. For hodler (reflows), traders (arbitrage opportunities) and projects (staking without the need of investing funds). Also, we are working on more DeFi applications like lending/borrowing with partners. It’s kind of a nice mechanism that your collateral grows over time.
And of course, some not DeFi related functions like NFTs and governance.
To be honest my biggest nightmare since we started this project was that there is another coin coming out with the same idea. The mechanism is kind of obvious … but there is no other so far. Except for other reflected tokens but they have their own price and they aren’t pegged so there are not really competitors.
You also use the NFT functionalities, it’s interesting. Please explain to our community what role the NFT will play in Teneo, and what we can expect on this topic in the future?
In the beginning, the NFTs are “just” art. Or at least the first collection. Later we will build around some possibilities to combine and mint new NFTs.Also thinking about staking your NFTs and participating in the tenXXX ecosystem. At least and in my opinion the most promising thing for the technology aspect is an integration of the NFTs in the governance system.
With the governance integration, we can give power not only to whales without the need of airdropping Teneo and dumping the price.
Can you explain what tenXXX tokens are, and how the reflow mechanism works? I think it will certainly be interesting for our users.
tenXXX tokens are the wrapped version of any given token XXX. Let’s say SNP. You can mint tenSNP for SNP. The ratio will be near 1:1. The tenSNP token has a transaction fee so it is not exactly 1:1. These transaction fees are redistributed to all holders and a part of that to LP Stakers of tenSNP. As I described before: let’s say SNP pumps 100% — then the tenSNP liquidity pools have also to go up in price, because arbitrage traders can buy tenSNP for cheap at the PancakeSwap pools and change it back to SNP or just hold the tenSNP… Of course that also works the opposite way. And the best of all: Using tenSNP would also raise the price of SNP because you need to take away available supply to mint tenSNP, that means Teneo adds a way of staking to SNP which
1. cost the SNP project nothing, because the rewards are generated by the transactions.
2. It’s kind of deflationary without burning SNPs.
The reflow is a simple rebase mechanism (but not as AMPL etc. its more like a staking contract in a token) The fees are collected and if the reserve is filled the reflow/rebase is happen and every holder just gets a higher wallet balance.
Thank you I can recommend this clip also:
Understand Teneo in 3 Minutes
Can you tell us more about your partnerships and projects that support you? I’m also curious to know, what is for you most unique in Teneo? And at the end, what would you tell a potential investor to convince them to invest in your project?
Don’t want to say too much right now. Our actual partners you can find at: https://teneo.finance/partners
I talked before about Ferrum and the Crypto Society which will be long-time supporters. There are other strong partners like Synapse which I can highly recommend ;)
But also many others and we are still searching for more. On one hand to integrate them into our ecosystem, on the other hand, to integrate/provide new technologies for Teneo holders.
Cross-chain, Lending, and Borrowing, etc just to give a sneak preview about it.
Also if anyone here is thinking we should talk about a special project … feel free to suggest in our chat :)
I guess the explained reflow mechanism is the most unique thing. Just lean back hold your favorite coin and enjoy :D
As an investor I guess the low mcap of 213k is an argument. But yeah I guess beside that I told a lot about the strong sides of Teneo and why people should give it a try.
Where can I buy your tokens right now what is your current contract and how can I buy them?
At Synapse Launchpad ofc. Also, we will announce step by step other pads if you missed the chance here.
The contract is not announced yet and will be announced on the launch date, so take care about fakes… There is no contract address announced right now.
Can you share Your opinion about Defi & NFT ? What makes your NFTs rate and special?
On the art side, our NFTs are the first generic NFTs that look realistic and aren’t just a portrait (As far as I saw that). At least looking very nice.
DeFi and NFTs have some synergetic effects that are not completely discovered yet. The real use cases of NFTs are the uniqueness … And for that, I guess there will follow huge usability in the future in the DeFi space.
Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
We also integrate a Teneo buyback from a small portion of the transaction fee. They are redistributed to the LP holders. But we do not use them to increase the APY directly but the time of the staking pools. That means that the available supply of Teneo is decreasing over time. This effect is going more efficient over time with new tenXXX tokens.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.