AMA Recap — TCore
[We’re joined by the lead dev. ‘Corpse’]
Uniswap Detective :
Welcome to the Selective! $TCORE is looking really great so far guys — receiving a lot of attention on CT, we’re looking forward to learning more about the project, and hopefully getting some announcements out of you. :)
Corpse :
Hello to The Selective APE community, nice to be there guys, let’s start :)
Q1) Can you start things off with a brief introduction to $TCORE?
Corpse :
Sure! Basically, TCORE Vault is a Deflationary farming currency thas has been forked from cVault (CORE) source code, with some minor stuff that have been edited, but the kernel is almost the same.
TornadoCORE Vault Finance’s aim to maximise user profits through vaults and pools, and constantly improve the protocol to be a competitive profit-making asset for our investors.
People can add liquidity and stake it in the vault, allowing them to earn TCORE tokens by locking their LP tokens.
The TCORE Vaults are filled by a 1.5% fee taken from any Uniswap sell order and any wallet transfer.
And TCORE Pools earn from profit strategy contracts to earn interest, and creates buy pressure among investors since there is more TCORE staked and less in circulation.
Uniswap Detective :
Thanks for the intro! For those who aren’t super familiar with $CORE — what makes it worthwhile to fork?
Corpse :
A lot of things, cVault (CORE) technology is just insane 😀
First of all, this is a high yield farmable deflationary DeFi token, giving you the opportunity to earn more tokens by staking your tokens, without inflation.
Also, the decentralized governance feature. TCORE holders will be able to provide strategy contracts and vote on what goes live and when, in order to decentralize autonomous strategy execution (like CORE).
Even when farmers sell, a transfer fee on sales of CORE tokens are returned to the farming pools. This means buying pressure will generally be more intense than selling pressure.
In other projects outside of CORE subsystems, farming tokens have a problem for their owners.
To keep users farming, they have to mint ever more coins. This completely destroys the value of the underlying token, due to excessive inflation.
It’s easy to find examples of this across the DeFi ecosystem.
So like CORE, our solution is called deflationary farming, and it is quite simple in only two steps:
1. Charge a fee on token transfers
2. Users can earn the fee by farming
This simple process means that those holding tokens are able to farm without infinite inflation.
Uniswap Detective :
Ok, so its a fork of CORE with some changes including the 1.5% tax, it’s also the governance token and you will be looking to continuously build on top of this to maximize profits for holders and LPs in the long run.
Just so it’s clear as well. I understand there has been a little confusion around the max and circulating supply. Can you clarify this for us?
Corpse :
Rightly, well summarized!
Yes that is true. Maximum supply is 10k TCORE.
At the beginning, I issued 7000 TCORE, but 1000 were missing after that. For several weeks we didn’t know how it was possible that 1/7 of the tokens could have been missing. By adding all the Etherscan balances, you will get 6000 TCORE + 3000 TCORE in Burn address.
The 1000 remaining were an error during contract deployment, according to Etherscan (we asked them why there is this issue), they told us that it is a display error, these tokens do not exist.
So all the platforms will show 10K max supply, which is correct, but there is only 6000 TCORE in circulation forever (minus the tokens that are staked in the vaults/pools), so practically less than 6000 TCORE in circ.
Uniswap Detective :
Thanks for clarifying with everyone, so the max supply is now just 6000🔥
It was good to see that burn happen, showing commitment from the team and some great price appreciate following that with an ATH just yesterday I believe.
The market cap still sitting at only ~1.4 million based on the 6000 supply. Although that doesn’t take into account the supply locked up by LPs of course!
Q2) So you can stake in either the Pool or the Vault, what benefits do these bring, and at what cost?
Corpse :
Staking in the VAULT allows TCORE/ETH staking. The current APY is 695%.
👉 This is a deflationary farming model.
👉 APY is calculated by the LP value, ETH price, TCORE price and the trading volume — the more people are
trading, the more profit TCORE Vault receives to share amongst the stakers.
Staking in the POOL allows TCORE/DAI staking (with DAI Curve strategy). The current APY is 3.2%.
👉 By staking DAI token in a TCORE Pool, you are simultaneously earning and providing buy pressure while enjoying minimal risk exposure and impermanent Loss.
👉 By staking in the TCORE Pools you are providing buy pressure on the token you are earning (because the pools will use the earned interest to constantly buy TCORE from the market).
The staking cost depends on the amount you want to stake + the transaction fees.
Uniswap Detective :
Great, so would I also be right in saying that with the more features you add, more adoption and volume this APY will likely only grow, thus attracting more LPs and raising the floor price further. Correct?
Corpse :
Since the beginning, APY is decreasing (it was ~3000% in early December when I started it) because there is more stakers everyday.
However, once the number of stakers will stabilize, the APY will rise again with the LP price, ETH and TCORE prices and volume.
Yes, this will constantly rise the floor price due to a buy pressure higher than the sell pressure.
Uniswap Detective :
So, once I’ve created an LP pair — it’s permanently locked into TCORE liquidity. Do you foresee being able to exchange these pairs privately in the future?
Corpse :
Absolutely my friend 😀 In early 2021 (after our MultiSig implementation), I will start to build a Balancer pool allowing stakers to exchange their LP against ETH (and opposite) with other investors.
Uniswap Detective :
Perfect! Great to hear you have a MultiSig Implementation on the way to further strengthen the project as well.
Corpse :
Yes, it is currently a hot topic in our main chat, new investors may feel anxious, but we are working more than we are talking behind the scene, it’s why our availability is limited these days (compared to early days or TCORE).
But there things are in the pipes 😉
Q3) Can you explain how the governance for TCORE will work?
Who is able to use the governance system? Is this any holder? What about LPs?
Corpse :
The people who will be able to take part in the governance will be top holders, team members, advisors, our contract auditor, future TCORE NFTs holders, the dev (me) and stakers.
Uniswap Detective :
Ok and is the governance system already implemented?
Corpse :
The governance system is ready, but I have to implement multisignatures before it goes fully operational.
This should be done next week! 🤘
Uniswap Detective :
Great, not long then! Looking forward to being a part of that as I’m holding a solid amount of TCORE myself👊
Q4) One of the most bullish things for me is the backing that $TCORE has received. Can you speak a little bit about the development team involved, and the people supporting the project?
Corpse :
That is right. More than right, such a rise wouldn’t have been possible without our team and advisors. A developer alone can make a baby, but can’t make it a giant man without a strong team behind.
Actually, there is behind TCORE: 1 developer, 4 team members (& moderator rank), 1 moderator, and 4 advisors, if I am not mistaken.
Uniswap Detective :
Yea it’s crucial to the success of TCORE so great to see a solid team developing alongside a very active/passionate community also🦾
You’re the lead developer — can you go a bit into your background and expertise in the crypto sphere?
Corpse :
Definitely :) And they work very well.
Before TCORE, I developed several ZUT (zero utility tokens) to experiment smart contracts, development, fundamentals of finance, cryptocurrency and cryptotrading.
I was younger, not so experienced and pushing my limits, which sent me there.
TCORE is my early first serious project with real tokenomics behind, and it is giving me a strong experience in DeFi projects developments, really. I feel way more confident now, even if I still have to learn many other things also, but I’m working on that everyday. Brick by brick. 😉
Q5) How about security, what have you done to ensure investors that their funds are safe in $TCORE?
You mentioned the MultiSig Implementation happening very soon. Maybe you can touch on what that means for investors also.
Corpse :
Multisig stands for multi-signature, which is a specific type of digital signature that makes it possible for two or more users to sign documents as a group. Therefore, a multi-signature is produced through the combination of multiple unique signatures.
We are currently working on a MultiSignature smart contract implementation, allowing us to share the contract ownership among key people involved in TCORE ecosystem (as stated: top holders, team members, advisors, our contract auditor, future TCORE NFTs holders, the dev (me) and stakers).
This should be released the first week of 2021, and should ensure that TCORE contract is controlled by governance, and that the developer alone (me) cannot interact alone with the contract.
Uniswap Detective :
Great. So essentially giving more power to the community through governance, the contract itself is rug proof similar to CORE and the max supply has now been minted then burnt ensuring no inflation is possible.
Q6) Finally, what does the future hold for the project?
Maybe you have some short term milestones you can share.
Corpse :
Here we are!
Well, we were supposed to release the roadmap some days ago, but I delayed it, I’m in transit these weeks (to see my family for xmas), it’s more difficult to work on that since I left my main material & papers about TCORE main ideas in my residence country (I’ll be back there in January).
Little delay, but we are still working on the Roadmap, and with the team, we can share you this: We are going to do a big NFT airdrop to TCORE holders, more infos will come after entering 2021.
Also, the short term roadmap is:
⚡️ Multisig (in priority)
⚡️ NFTs Airdrop to TCORE holders
⚡️ TCORE/RFI pair
⚡️ Litepaper
Uniswap Detective :
Yea, things are not easy over the holiday period but good to see you still being as active as possible and building the roadmap out. Looking forward to the TCORE NFTs and how that develops🔥
Just touching on the RFI integration. How will this benefit TCORE holders, and why did you choose to implement this?
Corpse :
We are working well on that :)
Well yes, here is some infos about RFI integration, and why we have chosen to make it with them:
First of all, RFI is the first protocol ever that offers a yield-bearing token, where the yield is delivered in a frictionless & gas-free way. It’s simple — every buy/sell/transfer of RFI incurs a 1% tax. That 1% tax gets distributed to all the holders automatically on a weighted basis.
All tokens right now in DeFi are backed by ETH. The store of value in the pool system is ETH. Unfortunately, ETH by itself has no functionality to earn/pay yield. So the asset that all these tokens are backed by is like cash under your mattress, no yield. By replacing ETH in these liquidity pools with RFI, now the pair will be TCORE/RFI (value of token is backed by RFI). Even if the token buy/sell pressure is neutral, the amount of RFI in the liquidity pool is rising at all times. It’s earning yield. So…our token value is appreciating even with neutral buy/sell pressure because all of a sudden our token is collecting network fees.
As the RFI network grows, the volume will grow alongside it, so the total fees paid will continue to grow.
It’s an opportunity to flow money into TCORE & have the entire RFI network continually paying fees into the project, adding real revenue instantly to the portion of the project’s liquidity which is backed by RFI.
RFI with yield-bearing on one side (with 1% tax on buy/sell/transfer) vs TCORE with yield deflationary farming (with 1.5% tax on sell/transfer) = win-win pairing, since you are earning in both cases, AND you also get rid of ETH
Uniswap Detective :
Sounds like it will be very beneficial. Again, the idea is to create multiple ways to earn from holding and contributing to the TCORE ecosystem so this is another way to do that whilst increasing the reach of the community!
Corpse :
Rightly, whatever you buy/sell RFI or TCORE, you will win in any case, because of the squared buy/sell pressure
Uniswap Detective :
Thank you for the in depth overview of TCORE and what’s to come, very much appreciated.
I’ll admit I initially wrote TCORE off at face value without doing any DD but the more I learn, the more bullish I’m becoming. The development for you and the team has increased rapidly lately which is vital in this space.
Corpse :
I wanted to start it silently, I know that a valuable project can make some noise by letting people discover it, instead of aggressive marketing at start.
And of course, my amazing team and advisors are benefical for TCORE. 😉
Resources
- Website: https://tornado.finance
- Telegram: https://t.me/tornadofinance
- Twitter: https://twitter.com/tornadofinance
- GitHub: https://github.com/tornadofinance
- Announcement Channel : https://t.me/tcoreann
The Selective (written by)
- Telegram : https://t.me/TheSelectiveApe
- Telegram Announcements : https://t.me/TheSelectiveApes
- Twitter : https://twitter.com/UniswapD
