Following the launch of its decentralized exchange (DEX) protocol, Timechain, Canadian-registered digital asset management and DeFi platform announced additional features have been added to the platform to boost DeFi users’ utility on the decentralized exchange. The DEX will include a range of decentralized finance (DeFi) services including automated market maker (AMM) liquidity pools, yield farming, staking, permissionless lending & borrowing services, and additional blockchain support.
The DEX is a multi-chain DEX aggregator that connects to a variety of DEXs into a single platform. This allows users to find the most efficient and cheap swapping routes across Fantom, Ethereum, and Binance Smart Chain-based DEX platforms. Apart from the swapping features, Timechain users will also have access to a wide range of DeFi features and high incentives (via its native $TCS token) by supplying liquidity on the platform. Additionally, the DEX also provides a marketing platform for other tokens in its large community.
For any DEX, liquidity remains key to ensure it remains healthy and the user base grows. To ensure liquidity grows and funds are secure on a platform, DEXs incentivize users by allowing them to generate passive income by staking. The new Timechain DEX liquidity pools will reward liquidity providers (LPs) with fees generated by trades on the platform. Notwithstanding, LPs can stake the reward tokens by depositing them into farming pools to generate additional returns, paid in $TCS.
Users can add liquidity to available pools by providing an equal value of the two tokens within the pair, receiving LP tokens that represent their share of the liquidity pool. The LP tokens will automatically earn fees proportional to each user’s share of the pool and can be redeemed at any time. The liquidity pools and farming pools maintain liquidity on the DEX and offset the risk of impermanent loss.
At launch, the platform launched the TCS/FTM, TCS/USDC, TCS/DAI, FTM/USDC, and FTM/DAI liquidity pools. The liquidity farms available on Timechain DEX include TCS/FTM, TCS/USDC, and FTM/USDC. In the future, users will be able to create their own liquidity pools, the statement added.
A fee of 0.3% will be applied to each trade, with 0.2% returned to liquidity providers and 0.1% going to Timechain’s TCS Buyback program. Liquidity providers will earn a share of the 20,000 TCS per month base reward embedded into the farming smart contract, with additional rewards generated through the TCS Buyback program and APY-boosting promotional events.
Finally, the DEX also allows users to stake their $TCS rewards on Timechain Swap’s single asset staking pool and earn, $xTCS. These $xTCS tokens represent the share of $TCS they hold in the pool. As the staker accumulates more, the swap staking feature automatically adjusts itself dynamically to maintain an attractive yield, with additional rewards available through the TCS Buyback program and promotions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.