Tectum is a Layer 2 solution on Bitcoin. Their flagship feature is their SoftNote. More on this later. Currently, their $TET token is flying. This started around Christmas last year. It recently came off an ATH of $45.03. The team keeps building and this seems to pay off.
So, what is the reason behind the price increase for Tectum and its $TET token? Let’s take a closer look at some of their updates.
Tectum Is the Fastest Blockchain in the World, a Speed Test
Tectum claims to be the fastest blockchain in the world. The team also puts their money where their mouth is. Recently, the team completed some speed tests. The results were quite stunning. They managed to push through 6 million transactions within a 4-6 second timeframe. So, that resulted in 1.3 million TPS or transactions per second. That’s quite impressive.
This also includes consensus, using their Proof of Utility mechanism. That’s even more impressive, considering it’s an L2 on top of Bitcoin. Do you remember the TPS for Bitcoin? Right, that’s only 7 TPS. So, this fast TPS for Tectum is of importance, since you can use it in real life.
A transaction on Bitcoin can take up to 10 minutes. That’s impractical if you want to pay, for example, for a cup of coffee. However, with Tectum, you have instant payment. For instance, with their SoftNotes. An explanation on SoftNotes is coming up shortly. So, this offers not only fast transactions but also cheap transactions. Later this month, on 25th February, the team will attempt a World Record speed test.
Let’s catch some excitement with a 1-minute recap of the recent speed test run where Tectum blockchain reached 1.3mil TPS!
Stay tuned as we gear up for the upcoming World Record speed test on the 25th! pic.twitter.com/ujptFWTKNS
— Tectum (@tectumsocial) February 15, 2024
Block Explorer Updates
The Tectum team also updated their block explorer. It received a makeover. A block explorer is an important part of a blockchain. For example, you can see real-time transactions on their blockchain. But there’s more, for instance, you can view the history of a specific wallet. You search for the wallet address, and the wallet’s complete history should unfold for you.
The Tectum block explorer offers you data for 7 different assets. These are,
- Tectum
- Bitcoin
- BNB
- TRX (Tron)
- USDT TRC20
- SoftNote
- TET1
On the Tectum Network, the token standard is T12. This standard makes them compatible with the Tectum blockchain. In contrast to other blockchains, Tectum has a different consensus mechanism. Most chains have a mechanism that treats all transactions the same. As a result, approval time for smaller transactions is the same as for big transactions.
To process transactions, Tectum uses a three-tier node setup. These tiers accommodate transactions measured by data volume. So, the Tectum consensus mechanism can process smaller transactions faster.
The Tectum Explorer just got a makeover! https://t.co/hJfIHM6GiQ
But wait, there’s more! Stay tuned as we continue to enhance it for the ultimate convenience! pic.twitter.com/zk8m260xWR
— Tectum (@tectumsocial) February 13, 2024
Tectum Staking Updates
Tectum uses the Proof of Utility (PoU) consensus mechanism. This is in contrast to Bitcoin’s Proof of Work (PoW) mechanism. The PoU mechanism allows you to stake the T12 assets. As you may know, you can’t stake PoW assets. So, how does staking T12 assets work out for Tectum?
Well, the answer is that it works out very well for Tectum and for you. As of 15th February 2024, there’s a TVL in T12 of $21 million TET. Their TVL on Unicrypt is $10.5 million. On 19th February the Unicrypt TVL was 12.26 million with a 31.55% APY. Unicrypt is a token launchpad that offers various other services as well. For example, it offers to stake tokens or create farms. See the TET farm in the picture below.
Source: Unicrypt
Now, the total T12 assets staked are 1.125 million TET. This equals a TVL of $31.5 million on 15th February. You can stake your T12 assets or your TET in the SoftNote Wallet. All pools appear to offer a 20% APY. You can join an existing pool or create your own pool. The picture below shows the staking page in the SoftNote Wallet.
Source: Softnote Wallet
How do SoftNotes Work?
SoftNotes are a payment solution for any kind of payment. You can pay a small amount but also larger amounts with SoftNotes. This is in contrast to the Lightning Network. This network caters only to small and micropayments.
If you want to use SoftNotes, you need to mint them in packs of 100. You can do this in the SoftNote Wallet. You can mint BTC, USDT (TRX20), or TRX (TRX20) SoftNotes. Furthermore, you or somebody else will also need to fund the SoftNote. In other words, add liquidity to the SoftNote. This is what determines the payment size. For example, $5, $10, $20, or a larger amount.
Once a liquidity provider funds a SoftNote, the minter can distribute them. Now, when the SoftNote gets spent, the merchant pays a 1% fee if used for retail purposes. The minter and liquidity provider each get 20% of the 1% fee.
However, you can also use a MetaMask wallet. By doing so, you can buy SoftNotes on SmarDex. There’s also a SoftNote-based DEX in the making. Currently, there are 1,729,131 minted Bills (SoftNotes) and there are 2,499 Bills filled with liquidity.
One of the main advantages of SoftNotes is that they are anonymous. The payment processing is instant, and you can use paper-printed SoftNotes as well. In other words, you don’t need an internet connection. The video below gives a short explanation of Softnotes.
Conclusion
Tectum is currently doing really well. Its $TET token has been on the move since Christmas 2023. This resulted, for example, in a January ATH of $45. Tectum saw various updates during Q1 so far. The current $TET price is $32.21 with a market cap of $235 million. The max and total supply are 10 million tokens. There are already 7.3 million tokens in circulation.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Tectum.
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