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Bityard Review: Complete Exchange Overview

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Bityard is a relatively new Singapore based exchange that is trying to offer a unique and uncomplicated leveraged trading experience. Essentially: complex product, simple trade.

They offer trading on up to 8 different cryptocurrencies with leverage of up to 100x. They are trying to find a unique balance between offering complicated financial instruments through a simplistic and intuitive user interface.

However, can they be trusted?

In this Bityard review, this is exactly what we will attempt to find out. We will also give you some essential hints and tips when it comes to trading there.

Bityard Overview

Page Contents 👉

Bityard is an exchange that was established in 2019 and is based in Singapore. They are registered as Bityard Blockchain Foundation limited and have addresses at Paya Lebar Square Singapore.

The main products offered by the exchange are leveraged trading instruments on numerous different cryptocurrencies. The main differentiators of this is exchange is the low entry levels as well as well as their unique contract offerings. They are trying to be more simplistic than the likes of BitMEX or Prime XBT.

They are also one of the few leveraged cryptocurrency exchanges that have regulatory licences. These include licences in the USA, Australia, Estonia and Singapore.

Since they launched last year they have expanded their offering to over 150 countries around the world. They have translated their website into 8 different languages in order to cater to this expanded client base.

Something else that immediately differentiates them from some of the other exchanges that we have reviewed is that they do not have any restricted regions. Anyone in the world can create an account there and start trading.

Is Bityard Safe?

This is one of the most important questions that any trader can ask. The safety of your funds and the security that the exchange provides is of paramount importance.

So, how does Bityard stack up?

Well, there are a number of things that we like to individually look into when assessing this. These include the exchange security, licences, risk management and user side security.

Regulations

The first thing that you should note is that Bityard has licences from 4 different country regulators. These include the likes of the United States, Estonia, Singapore and Australia.

Bityard Financial Licences
The Financial Licences that Bityard Holds

You can see the full licences on their website. These regulations are important as they show that Bityard has the authority to operate in these regions as a money service business. So, you can be sure that they will not be running away with your funds.

Exchange Security

Given that you are sending cryptocurrency to the exchange, you will want to make sure that they are protecting your coins. This is why Bityard uses multiple wallets stored offline in cold environments.

Cold storage” is perhaps the best way to protect the funds from a hacker as it cannot be accessed from the internet. Bityard keeps the majority of the funds in cold storage with only a smaller portion in “hot wallets” that are used to pay withdrawals / take deposits.

When it comes to market risk, Bityard is not like other leveraged exchanges in that they do not have an insurance fund. Instead, they have real time risk auditing and risk management tools that monitor market positions and exposure.

Communication Security

As you will have noticed, Bityard has full SSL encryption which means that whenever you are sending documents or communicating with them – it is a secure communication.

Bityard SSL
Secure Padlock & Bityard SSL Certificate

This is also a great way for you to be able to spot phishing attempts. If you land on a website and they do not have the secure padlock in the browser it means that you are most likely on a phishing site. This means you must leave immediately to avoid the risk of having your details exposed.

User Side Security

Very often, you are the first line of security with your account. That is why it is great to see that Bityard have provided tools in order to protect your account from being compromised by a hacker.

The first of these are two factor authentication. If you bind your phone, when you log in you will receive a text message to verify the login. This means that even if the hacker has your password, they cannot login.

Bityard Two Factor
Binding SMS & Email to Bityard

Another level of security is to set up a pin in order to be able to accept withdrawals. This is one added layer of protection and could prevent any sort of unauthorised withdrawals from your account. Do take note though that your pin has to be different from your password.

Asset Coverage & Instruments

When it comes to the instruments traded on Bityard, these are not futures. They are leveraged contracts that work very much like a Contract for Difference (CFD).

As such, there are no order books at Bityard. When you trade you are placing a trade that is matched by the exchange themselves. The benefit of this is that you won’t get any order slippage on your trades.

Slippage ❓: This is when the size of the order is too big for the market to handle and the price that you are likely to get is “slipped” from the current one.

When you are trading with Bityard, you are doing so on the margin. This means that the margin that you are putting down is a fraction of the full trade amount and implies a leveraged position. At Bityard, the leverage goes all the way up to 100x.

Bityard Assets
Some of the Assets to Trade at Bityard

This brings us onto an important point though: You do not need to use the 100x leverage. Indeed, this is perhaps too risky. You can always start out at lower levels like 10-20x leverage.

When it comes to the asset coverage, you have a pretty decent selection to trade at Bityard. They offer the following: Bitcoin Cash, Bitcoin, DASH, EOS, Ethereum Classic, Ethereum, LINK, Litecoin, Tron & XRP. This is pretty extensive and is more than other exchanges such as Bybit et al.

Margin

The exact margin and consequently leverage, that you can take on will depend on the size of the trade. The margin may be adjusted down for some of those larger trades just to manage the risk at the exchange.

We encourage you to take a look at the individual margin limits over at the exchange but to give you an idea of what these are, below is the margin limits for Bitcoin.

Bitcoin margin levels
Bitcoin Margin Levels at Bityard

It is also important to point out that at Bityard, you will not get liquidated. This is because they have a system of isolated margin. This means that the margin that you have set aside for your trade is kept separate from the rest of your trading positions.

This is opposed to those other exchanges that have “cross margin”. In this case, the margin can be adjusted across the various other positions.

K-Line Weighted Average

Given that Bityard does not have their own order books, they will have to pull in external Bitcoin pricing data. In order to make sure that this has been done in a transparent way they will use a “K line” weighted average approach.

What this means is that the price that they reference for their contracts on the exchange is an average of the price on a number of different exchanges. In this case the exchanges referenced are Binance, OKEx and Huobi. The weights are 30%, 40% and 30% respectively.

Fees

Fees are no doubt one of those things that could come back to bite in the long term. They do, after all, directly impact on your long term profitability.

Something that you can appreciate at Bityard is just how simple their trading fees are. You will be charged a 0.05% commission on entry and exit of the position. So, in other words, the fee that you will be charged is:

Opening Fee = Margin*leverage*0.05%
Closing Fee = Margin*leverage*0.05%

Unlike with those exchanges that have order books, unfortunately there are no examples of “maker” or “taker” fees. This is because there is no need for liquidity as it is met by Bityard themselves.

In terms of the other fees that you are likely to incur, you also have what is termed the “overnight fee”. This is basically the fee that you will have to pay in order to keep your order on overnight. This is calculated as:

Overnight Fee = Margin * Leverage * 0.045% * Days

You should note though that positions are not automatically kept open overnight. This is something that you have to select when you are making your trades on the platform (we will cover in a bit). The Overnight Fee will be charged at 05:55:00 (GMT+8, Singapore time).

Finally, when it comes to deposit and withdrawal fees, you won’t be charged any fees on a deposit. However, when making a withdrawal you will have to pay 2 USDT.

Bityard Registration

If you have decided that you would like to give Bityard a try then you will need to create an account. This can either be done with an email address or a mobile number. Once you have submitted that you will have to verify your email.

Bityard Registration Form
Registration Form

Once you are logged in you can start trading immediately. There is no need to complete any sort of KYC here unless you are going to be funding your account with Fiat currency.

Demo Account

One of the best ways to get a sense of how the Bityard platform works is through the use of a demo account. These allow you to use the platform to its full functionality without risking your initial funds.

It is also free and included the moment that you register an account. You do not have to register a separate demo account to start trading with. You will be able to switch between the demo and the live account at the bottom left of the platform.

Deposits & Withdrawals

Deposits at Bityard are pretty simple and can be done with any cryptocurrency. While you are logged in you will head on over to “Panel” then hit “Deposit”. Here you have an overview where you can select a coin.

Do note that if you are going to be funding in Tether (USDT) there are three different options here. You can either fund in TRC20, ERC20 or OMNI. When you click on the coin it will pull up either the QR code or the address.

Bityard USDT Deposit
Bityard Deposit Forms

How long the deposit will take depends on the coin that you are sending. Each of the different coins require a certain amount of confirmations to be completed before they are credited in your account.

Block Explorer 🔎: If you wanted to see exactly how long your deposit was going to take you could make use of a blockchain block explorer.

When it comes to fiat funding, this is currently only available in Vietnam and Mainland China. However, when I spoke to the team on live chat, they told me that they will be rolling out this “OTC feature” to the rest of the world in due course.

Withdraw

When it comes to withdrawals, these can only be done in Tether (USDT). Do note though that on top of the $2 fee, the minimum withdrawal amount is $50. So, you will need $52 in your account in order to withdraw.

Bityard Withdrawals
Processing Withdrawals at Bityard

Withdrawals are just as simple as funding. You will just need to head on over to “withdraw” and then choose the type of Tether address you will be withdrawing to.

Warning ⚠️: Make sure that you have chosen the correct address to send to. If you send to the wrong USDT address you could lose access to your funds forever.

Before you can make the withdrawal, you will need to set up a pin address in case you have not already. Finally, you just need to hit “Withdraw” and they will process it with their next round of transactions. You can use the same blockchain explorer tool that I mentioned above.

Bityard Trading Platform

It’s time to take a look into the belly of the beast – the trading platform.

The first thing that you will notice when you land on the Bityard platform is just how simplistic it is. Firstly, you should note that the layout is adjustable. You can also increase the size of the chart in order to do your analysis.

However, with the standard layout you have all of your markets on the left where you can select which one you want to trade. Then in the center you have your charts, to the right your order forms and then below that you have all of your previous and live orders.

Bityard Platform
Bityard Web Based Trading Platform UI

When it comes to the charts itself, they are not the most advanced that we have seen. You can’t really use any sort of technical indicators and tools. However, you can map some trendlines and patterns with some of the drawing tools that they have provided.

Night Owls 🦉️: You can switch the color scheme of the site and move it over to the dark UI if that is something that you prefer

While you cannot do any sort of advanced technical analysis on these charts, you can always do that on a separate charting site such as tradingview. You can then place your orders on Bityard. They have chosen this simple chart as they want to make it uncluttered for the beginners.

As mentioned, below the chart you have all the order management where you can adjust live and pending orders. A pretty neat feature that they have is that you can close all of the positions that you have all at once.

If you scroll down a bit just below the order form you will see the description of the asset. This gives you more information on what the cryptocurrency is and how the contracts function.

Order Forms

Like the rest of the platform, you will notice how simple the order form is. You don’t have that much functionality around the order parameters like order life etc.

There are two types of orders that you can place at Bityard:

  • Market Order: This is an order that you place at the exact market rate. It will be the latest traded price that has gone through on the Bityard platform
  • Limit Order: This is an order that is placed away from the market rate and which will be executed once it reaches that. This can be above for a sell order or below for a buy order.

Once you have chosen the order that you would like to place you will have to select the leverage you are willing to trade with. Don’t forget that this exact number will depend on how large the total trade size is.

Bityard Order Forms
Bityard Order Form and SL / TP Settings

You will also see in the top right of the order form, you have the option to select your Take Profit (TP) level as well as your Stop Loss (SL) ratio. Here you can also select whether you would like it to be held overnight as well as order confirmations.

Top Tip 💯: You should always set Take Profits and stop losses when you are starting your trade out. This can remove the emotional component from the trade and will execute the trade while you are asleep

You should also note that the max Take Profit that you can set is 500%. This is because of how volatile cryptocurrencies can be.

Mobile App

There may come a time when you need to be away from your desk and this is where the mobile app could come in handy.

The Bityard mobile app takes a lot of its same queues from the platform itself. You also do have pretty neat functionality like being able to pull up a chart and monitor your positions as well as one touch order features.

The App is available on both iOS and Android in both the iTunes store as well as Google Play. In order to get a better sense of what users think about it we decided to head on over to the ratings here.

Bityard Ratings
Bityard Ratings in iTunes & Play Store

As you can see, there are pretty good reviews of the app in iTunes where they have over 4.3 stars in total. Over at the Play store the rating is much more polarised where they appear to only have 3.2 stars.

It seems that most of the feedback over here seems to be centered around the fact that it is only in Chinese. There has not been any feedback from the developers over at Bityard but one hopes they are to release an English version soon.

So, should you use mobile trading?

Well, I am not the biggest fan of it in general but if it is the only option for you when stuck for choice then you should give the Bityard app a go.

Customer Support

Often, one of the most frustrating things that we see with traders is when they have to deal with shoddy customer support at exchanges. Days waiting on end for those tickets to be answered. Hence, this is why it is such an important criterion that we test at the exchanges.

At Bityard, the quickest and easiest way to get hold of them is through the use of their live chat function. When we tried this on a number of occasions we were helped almost instantly.

Bityard Live Chat
Live Chat Agents

They connected us to an agent who was incredibly helpful every time we reached out. This was despite the time of day. This is great to see and should be a standard that other exchanges should try to set.

If, however, you are a bit more old school then you can always reach out to them on their email address (support@bityard.com) and they will try to get back to you.

Social Media 📱: If you have tried to reach out to them via email and they have not responded, then you can always reach them on social media. This includes Twitter, Telegram and Facebook.

Finally, if your query is more routine in nature then you can always just use their extensive FAQ section. They have all of the questions that other traders have asked so you can be certain that your more general questions will have been answered there.

Promotion

Something pretty neat about Bityard is that they have a number of promotions and bonuses that allow you to earn free cryptocurrency. This could be a great way for you to augment your trading.

This crypto is earned from just doing a number of elementary things on the platform. These include things like setting up a username, binding an email or a phone number, conducting a simple live or demo trade, surpassing certain volumes of trades. You can see the full list on their rewards page.

Bityard Promotions
Some of the Promotions at Bityard

When you create an account, you also have the opportunity to earn their proprietary BYD token. This is a platform token that is issued by Bityard with a total supply of 210 million. You will get 6 BYD after your activation.

Something else that we found quite exciting about Bityard is their daily mining. Every day they give away some free crypto which you can mine over on their mining page. All you need to do to claim them is to click on them.

Bityard Mining
Bityard Mining Returns

Do take note though that these mining rewards are gift money and can only be used to reduce trading fees. They cannot be withdrawn from your account. The gift money will automatically be deducted when you place an order.

Refer A Friend

If you have been quite happy with your trading at Bityard then you can make money from referring friends, family and followers. This is through their “refer a friend” framework.

They have some of the highest earning potential on the market where the top tier affiliates can earn up to 60% of the commission from those traders that they refer. You can see a complete breakdown of the commission tiers over here:

Bityard Affiliates
Earning Potential For Reffering Traders

Apart from the earning potential at Bityard, affiliates also get dedicated 1 on 1 support as well as real time settlement of their commissions. You will also get a multidimensional report that can give you an overview of what your referral statistics look like.

Fun Fact 🥊: The famous Muay Thai kickboxer, Buacaw Banchamek, openly endorsed Bityard in a Facebook post. You can read more about that here.

If you want to join the program then you simply need to grab your referral link. You will find this right on the affiliate page right here.

Areas For Improvement

Now while there are a number of things that we did indeed like about Bityard, it is only fitting that we run through some of the areas for improvement that we think were warranted.

Firstly, it would be great to see more funding options apart from cryptocurrency. Very often, those new to cryptocurrency do not have their funds in crypto initially. It would be great to have some fiat funding options like USD or EUR.

It would also be great if users could withdraw in other assets apart from USDT. If you are trading a cryptocurrency like Bitcoin on the platform then it is only fitting that you should be able to withdraw it.

When it comes to security, it would be great for their two-factor authentication that they offered Google authenticator. SMS based authentication is risky as it opens users up to sim swap fraud.

It would also be great if there was a bit more charting functionality. We know that they are using the current form in order to simplify but there may be those traders who want a bit more to work with when they are trading.

Finally, this is still a brand new exchange which means that it does not have an established track record. However, if they maintain their same customer service levels and standards this could come in due course.

Conclusion

In summary, this is a great leveraged exchange that is making complicated instruments simple to use for traders of all skill levels. A trading experience with no slippage and liquidations.

It’s also pretty secure given that they have licences from 4 different regulators. Add to that their advanced coin management protocols and risk management policies and you have a pretty secure exchange to trade with.

We also found their customer support to be among the best with agents who knew what they were talking about. They answered us in under 1 minute irrespective of the time of day.

Of course, there are some areas of improvement that we highlighted. However, if they were receptive to this review then they could implement changes which could take the trading experience to the next level.

So, should you use them?

Well, if you are looking for a beginner friendly leveraged exchange with decent asset coverage and top-notch support, then it should definitely be considered. True to their moniker, they provide a complex product traded simply.

Warning ⚡️: Trading leveraged futures products is incredibly risky. Make sure that you practice adequate risk management

Bityard Ratings

8.6 Bityard Ratings

Pros

  • Top Customer Support
  • No Slippage
  • No Liquidation
  • Regulatory Licences

Cons

  • Simple Platform
  • Order Functionality
  • Mobile App


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Source: https://www.coinbureau.com/review/bityard/

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Shiba Inu (SHIB) Rises to Range High

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Shiba Inu (SHIB) yesterday reached the range high where it has been trading since May 2021. If the token breaks out of that area, it could begin a parabolic rise.

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SHIB currently ranks as the 47th largest cryptocurrency by market capitalization, according to Coingecko. The main “dog competitor” and also the younger brother of Dogecoin (DOGE) broke out of the descending triangle pattern and validated the falling resistance line as support.

SHIB reaches the range high

Since the May 2021 declines, SHIB has been in a range between resistance in the $0.00000950 area (red rectangle) and support at $0.00000550 (green rectangle). Over a period of almost 4 months, the altcoin has repeatedly reached and bounced off these two areas.

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On 16 September, SHIB rose 26% to reach the resistance area again a day later. At the press release, this area rejected the price and left a long upper wick.

However, if the daily candle closes above $0.00000904, a higher high will be printed on the daily chart. Combined with the higher low (blue arrows) of 7 September, this could signal a reversal and the start of an upward impulse.

Chart by Tradingview

The possibility of breaking through the top of the range and continuing the uptrend is also confirmed by the growing volume signature. During the last two days, it reached the highest values since mid-June (red arrow).

Technical indicators confirm the possibility of the continuation of the uptrend. RSI has broken above the 50 line and is rising. MACD generated two positive momentum bars and the signal line is close to entering positive territory. The stochastic oscillator is heading upwards and is close to entering bullish territory above 80.

Chart by Tradingview

Descending triangle

The daily chart also shows the breakout from the descending triangle that occurred on 7 September (orange arrow). On that day, SHIB rose 24% and began a multi-day consolidation. It then rose to the top of the range at $0.00000950 and started a downtrend.

The downward movement validated the descending triangle line twice as support (orange circles) and brought the price to the bottom around the range support area. Since then, SHIB has risen 40% and continues its upward movement.

Chart by Tradingview

The movement target for this pattern as measured by the height of the descending triangle is the $0.00001100 level. This resistance coincides with the 1.414 Fib external retracement level measured for the last downward movement. If SHIB reaches this peak, it will confirm the breakout from the range described in the previous section.

SHIB future movement

The short-term 4-hour chart shows a breakout from the descending resistance line that has been respected since August 17. The line was tested several times until it was decisively broken through with high volume on 16 September.

At the same time, the SHIB price also broke through the short-term support/resistance area near $0.00000760 (green rectangle). It coincides with the 0.382 Fib retracement level. It is expected that in the short term it will serve as support and the price will validate the area before continuing the upward movement.

Chart by Tradingview

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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PhD and an assistant professor at an international university in Lublin, Poland. Spent 10 years studying philosophy of nature and sport science. An author of 4 books and two dozens of scientific articles. Now, he is using his mind for the benefits of the cryptocommunity. Technical analysis enthusiast, Bitcoin warrior, and a strong supporter of the idea of decentralization. Duc in altum!

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Source: https://beincrypto.com/shiba-inu-shib-rises-to-range-high/

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AMD Not Prioritize Mining Cards Over Gaming GPUs, Says CFO

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AMD, along with other chip manufacturers, has struggled to keep up with the high demand for GPUs due to crypto mining. 

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The past year has been hard on those looking to buy gaming graphic processing units (GPUs). The same high-powered units that are used in HD gaming applications also happen to be the GPU of choice for cryptocurrency miners worldwide. As the mining of cryptos such as Bitcoin becomes more and more difficult, more and more processing power is required to achieve the same goal.

Due to this, there has been a rush on GPUs in the last year with AMD, Nvidia, and other manufacturers struggling to keep pace. AMD has come under heavy pressure because of how poor its ability to meet the growing demand has been. Some even accused the company of prioritizing mining cards over gaming chips. The pandemic was another root cause of this shortage as the world’s population demanded more home electronics and entertainment devices across the board. 

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During the recent Deutsche Bank Technology Conference, CFO of AMD Devinder Kumar said that AMD was not prioritizing GPU cryptocurrency miners when asked directly about it. Kumar’s response was “crypto, negligible. That’s not a priority for us. We do not prioritize our products or make them for the crypto folks is not for the gamers, and that’s a high priority from that standpoint. What’s driven the growth, as you know, we had the Radeon 6000 Series high-end GPUs introduced very competitive and that is driving the growth in the GPU space.” 

Crypto-specific cards might be the answer

Nvidia has suffered through the same issue as its competition and is tackling it in a rather reasonable way. The company began to produce and market GPUs that were specifically designed for cryptocurrency miners. Nvidia creating a distinct separation between the two should help alleviate the rush on gaming GPUs that users are scrambling to purchase. 

The crypto-mining processors (CMPs) that are now being sold aren’t as sophisticated as their gaming counterparts because they don’t need to be. Because they can’t be used for conventional graphics-related tasks, they will not flood the GPU secondary market. CMP cards can’t be used for graphics-related tasks are therefore won’t flood the secondary market with GPUs.

Another step that Nvidia has taken to combat this issue is to nerf its currency line of GPUs to make them less suited to the task of mining cryptocurrencies. Due to this, they are only effective as gaming cards.

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/amd-not-prioritize-mining-cards-more-than-gaming-gpus/

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Tomi Heroes NFT Sales Surpasses $1.35M

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NFT and DeFi enthusiasts worldwide may be wondering why Tomi Heroes have been popping off on OpenSea in recent days.

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These non-fungible tokens grant access to Tomi’s token presale soon, so the limited-edition sets are in high demand. With 395 Ether roughly $1.37 million in traded volume, it is evident that this is the project to keep an eye on over the coming days. 

Massive TOMI Presale ROI Potential

As Tomi Heroes generate more proceeds, the team will use these funds to purchase and burn TOMI token during the TOMI sale on SushiSwap.

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It is a no-brainer for any TOMI presale participant, as, given the contribution by the TOMI team from the NFT sale, the return on investment potential is borderline astronomical.

As more FOMO kicks in among investors who seek exposure to the TOMI presale rounds, the remaining NFTs will generate even more attention and return for the presale.

It is essential to see this project for what it embodies. It is not just an NFT collectible, although these items will likely remain very popular on the secondary market after the token sale concludes.

Instead, it is a tool to facilitate token presale participation and incentivize holding the NFT rather than flipping it for a quick profit like so many other projects. 

Moreover, using the proceeds to make the TOMI token even more scarce is a gamechanger in the crypto industry.

Since the project focuses on giving back to the stakeholders with no profits for the developers, other NFT projects can learn a thing or two from how Tomi approaches this novel technology.

Perhaps this will set a precedent for ethical and inventive demand-driven tokenomics.

Investing in Tomi Heroes is a smart idea if you are interested in partaking in the TOMI presale rounds. It is essential to gain access to one of these five presale rounds, as they are available for only 30 minutes each.

The current rate of ETH trading volume is sufficient to make investors 10x on their TOMI investment even if no one else would participate in the token sale and it remains at a $75,000 market cap. 

The TOMI launch will happen on the Polygon network via the SushiSwap platform to avoid transaction delays and high gas fees. The token presale rounds will take place on September 21, 2021, with each of the five presale rounds lasting 30 minutes. .

A dive into the Tomi technology

To grasp the potential of TOMI, it is essential to look at what the ecosystem will provide to its users. Powering scalable projects through blockchain technology and introducing DEX swapping are two of its core solutions.

The focus on decentralized finance can change the lives of millions of people by democratizing access to alternative financial services and products.

Aligning this vision with PancakeSwap’s success and long-term plan can create a sustainable and attractive outlook for cryptocurrency and blockchain over the coming years. 

TOMISwap will serve as the next-generation decentralized trading platform built by the Tomi team. It will run on the Ethereum blockchain and facilitate the swapping of multiple tokens without forcing users to spend an arm and a leg on transaction fees.

Offering sustainable, efficient, cheap, and fast solutions for transactions at a high throughput helps conserve energy and offers scalability that will benefit all participants. 

The transaction fee per swap is capped at 0.3% of the amount, thanks to the use of decentralized liquidity providers. Of those fees:

  • Liquidity providers will earn 66.6% of transaction fees from TOMISwap and the Sushiswap smart contract’s activity, 
  • Governance token stakers will receive 16.6% of the transaction fee.
  • TOMISwap user giveaways will be allocated 8.3% of the transaction fee.
  • The remaining 8.3% goes to TOMIFundMe. 

Through TOMIFundMe, every person on the planet can set up a profile to share project ideas and business plans.

Rather than stopping there, TOMIFundMe will help business ideas grow and evolve if they can change the world for the better.

All TOMI holders can vote on projects to receive a grant. Those grants are paid out using the 8.3% of all TOMISwap fees collected for this purpose.

It is a front-row seat to future development in the decentralized industry, unlike anything that has been seen before. 

The team’s strong focus on wealth distribution and making a positive societal impact brink value to the TOMI token and those who hold it in their portfolio. However, there are multiple benefits to holding that token.

TOMI utility In a nutshell

The TOMI token serves multiple purposes in the Tomi ecosystem, as it is the native currency.

Ranging from community governance to liquidity provision and cheap transactions, there are multiple reasons to like the concept of TOMI.

Governance token stakers receive passive income from TOMISWAP and can vote on the new era of blockchain development.

Traders can benefit from cheap transaction fees and liquidity rewards through swapping DEX. 

With an initial supply of 1.5 billion – capturing the initial needs of the project – the team opts for using half of the coins to provide liquidity through Sushiswap.

Another 250 million tokens will fund the development of the project and require TOMI governance token holder approval before spending.

The remaining 500 million – to be unlocked over three years – is used for the Community pool. There are no free tokens for the founders or anyone else to ensure a fair distribution and release. 

After the TOMI sale concludes, the team will launch TomiSwap and TOMI staking in October 2021. TomIFundMe will be released in Q1 2022, somewhere near February.

The Tomi blockchain – marking the migration away from Ethereum – goes live in Q3 2022 and will support ERC-20 tokens. 

Closing thoughts

The ongoing interest in the Tomi NFTs confirms investors are on board with the team’s vision of creating wealth for everyone through fairness and transparency.

Moreover, the team’s choice to use all proceeds to buy back TOMI tokens and reduce the supply from day one – without any developer receiving a free allocation of tokens – confirms their commitment to a long-term business plan capable of changing DeFi for good. 

A confident team with a solid business plan and a forward-thinking approach can make many ideas become reality. As cryptocurrency becomes a more mainstream concept, now is the time to build wealth and share it with everyone else. All aspects of Tomi fulfill that outlook and provide value and incentive for TOMI holders.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/tomi-heroes-nft-sales-surpasses-1-35m/

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