Tadpole Finance is an Ethereum-based, experimental project that aims to boost the current DeFi lending platform one level up by creating an open lending market, allowing the user to deposit collateral and take loans using any ERC-20 tokens.
The platform is based on the Compound Finance lending platform. Initially, it was launched by Indodax and Tokenomy but later introduced as an open-source project.
Table of Contents
Platform Native Token
The project comprises two native tokens:
-
TAD
- ERC-20 token
- Used for governance voting system
- Paying registration fee for listing new tokens (TAD spent on listing fees are burned and removed from the circulation)
-
TEN
- ERC-20 token
- TEN holders can stake their tokens and earn rewards in the Genesis Mining program.
How To Get the TAD Token
Currently, you can get a TAD token by using these two methods:
-
Genesis Mining Program
The Genesis Mining program is the initial TAD distribution program. TEN holders can stake their tokens and earn rewards using the Genesis Mining program, which will last for 30 days.
-
Uniswap
Users can buy the TAD token from Uniswap.
The platform is also planning to bring some more programs in the future through which users can get a TAD token:
-
Platform Liquidity Mining
Through this reward program, the platform will distribute TAD to both the depositors and borrowers, depending upon their savings and the borrowed amount. This will be given in addition to the saving interest.
-
DEX Liquidity Mining
This reward will be given to maintain the liquidity of TAD and the supporting tokens on decentralized exchanges. Users will get TAD token by staking Uniswap LP tokens.
-
Developer Rewards Program
Tadpole Finance is an open-source project. Using this reward program, the platform has planned to devote 10% of the TAD supply to be awarded to developers that are involved with the Tadpole Finance platform’s development.
To get more details about the developer reward program, please visit this link and click on Developer Rewards Program.
TAD Distribution
The total supply of TAD is 1,000,000 TAD, which is distributed accordingly:
- Genesis Mining: 200,000 (20%) (30 days period)
- Platform Liquidity Mining: 500,000 (50%) (2 year period)
- DEX Liquidity Mining: 200,000 (20%) (1 year period)
- Developer Rewards: 100,000 (10%) (1 year period)
How To Get the TEN Token
Users can buy the TEN token from Uniswap or other crypto exchanges. The TEN token can be used to stake and earn rewards.
Buy TEN Tokens From Uniswap
We are buying 5 TEN tokens from Uniswap.
Click on Confirm Swap and it will trigger a MetaMask transaction which you need to confirm.
Once confirmed, you can see your TEN tokens in the MetaMask wallet.
Tokens in MetaMask Wallet
If you are unable to see the token in your wallet, then you can add the token by providing the token address in the Custom Token tab. You can get the token address from Coingecko.
We now have the TEN tokens in our wallet, which we will use for staking in the Genesis Mining program.
Working Guide
To use the platform, go to its page.
The application landing page looks like this.
Connect Wallet
Connect your MetaMask wallet to use the platform.
See that our wallet is currently connected to the Georli network.
Important: Note the platform lending and borrowing application is currently under development in the Georli network. We will update the guide when it will launch on mainnet.
Genesis Mining
Through the Genesis Mining program, the initial TAD distribution has started for TEN holders. It started on October 13, 2020 and will last for about 30 days (205000 Ethereum blocks). The platform is planning to transfer 200,000 TAD to the “Genesis Mining” smart contract by the time the TAD token is generated.
Users can stake their TEN tokens in the Tadpole Finance platform by using the Genesis Mining program.
Go to the Genesis Mining tab.
Important: The Genesis Mining program is available on the Ethereum mainnet.
You can see your available TEN tokens on the dashboard.
The dashboard is divided into 3 sections:
- Stake
- Unstake
- Claim
Stake
Users can stake their tokens from the stake section. Just enter the amount of TEN tokens you want to stake.
Click on Stake. It will trigger a MetaMask transaction which you need to confirm.
Once confirmed, you can see your staked token in the dashboard.
We immediately start earning rewards after opting for staking.
Claim Rewards
Users can claim the reward earned from staking.
To claim, you just need to click on the Claim button. A transaction is generated, and once confirmed, you can see the TAD token in your MetaMask wallet.
Unstake
Users can unstake the TEN tokens anytime. This will also move the reward earned, along with the TEN tokens, into your MetaMask wallet.
To Unstake, just enter the amount of TEN tokens you want to release and click on the Unstake button.
A MetaMask transaction is triggered, and once completed, you can see the TEN tokens and the earned TAD tokens in your wallet.
Genesis Mining APY Calculator
APY (Annual Percentage Yield) is the annual return that a user receives on his investment. For user convenience, Tadpole Finance has mentioned the APY calculation formula that will allow the users to manually calculate the amount of return received from the Genesis Mining program.
Now, suppose the latest TEN and TAD prices at Uniswap are:
TAD price: $3.573
TEN price: $0.043
You stake 45827821.9100546 TEN in our Genesis Mining (genesis distribution is 200,000 TAD) program.
The APY calculation formula:
APY = {TAD price} x {genesis distribution} / ( {TEN STAKED} x {TEN price} ) x 12 x 100%
= 3.573 x 200000 / ( 45827821.9100546 x 0.043 ) x 12 x 100%
APY = 434.64%
Important: Note that the calculation is subject to change depending upon the market price of the tokens.
Tadpole Finance Smart Contract Addresses
Below are the smart contract addresses of the different objects involved in Tadpole Finance:
- TAD token: 0x9f7229aF0c4b9740e207Ea283b9094983f78ba04
- TEN token: 0xdd16ec0f66e54d453e6756713e533355989040e4
- Genesis Mining: 0x8cb331d8f117a5c914fd0f2579321572a27bf191
- Deployer: 0x58305c26337b7ad714e1deb9bb4a94c288b77ec2
Conclusion
DeFi platforms are trying to modernize the traditional lending platforms by completely removing the involvement of a middleman, along with managing it in a decentralized manner. Tadpole Finance is an experimental DeFi project that offers many attractive reward benefits to its users as well as developers. However, the actual potential of the project will be known for the launch of the lending service.
Resources: Tadpole Finance Medium page
Read More: How To Use the Keep3r Network
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