On July 12, 2022, TiFi LLC released TiFi Bank V1, their first DApp. The V1 will be the first of many, with the V2, V3 and V4 due out in the coming months. Each of these will introduce new functionalities to the platform, with V1 focusing on the swap aspect.
DEX (Decentralized Exchange) TiFi Bank operates on the Binance Smart Chain, offering competitive pricing for token trading and higher incentive rates for liquidity providers.
Swap and liquidity are the two key elements of TiFi Bank’s first release. TiFi Bank charges a 0.20% exchange rate when trading per pair, which is 20% cheaper than PancakeSwap. TiFi Bank pays liquidity providers 0.18% of the transaction amount, slightly higher compared to PancakeSwap’s 0.17%, but it could make a big difference over the long run.
The majority of current decentralized exchanges are built using pancakeswap layers of pre-existing code; As a result, companies are paying taxes to Pancakeswap while continuing to charge fees for their services, making their DEX fee skyrocketing and unattractive. In the case of TiFi Bank, since the developers created the codes from scratch, the platform has the ability to set their benchmark fees and in turn keep them lower than other available exchanges.
The TiFi team intends to use its proceeds/income from TiFiBank for TiFi buyback and burn events, increasing liquidity, charitable donations and developing the TiFi Allverse platform. 0.02 percent of the transaction amount from the swap goes to TiFi Treasury.
Version 2 of the TiFi Bank will be made available by the TiFi Team in August. This version will have a staking feature. Additionally, the TiFi development team is creating custom staking code to transfer coins from an existing community wallet to TiFi Bank as a staking reward for TiFi Bank customers. Later this month, TiFi Bank will also make portfolio functionality available so that each LP’s historical APY and TVL can be viewed.
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