TokenUnion

Earn crypto by holding crypto 📈📈

10 followers

Earn crypto by holding crypto 📈📈

10 followers

•

•

TokenUnion is an Ethereum-based decentralized application that cryptoeconomically incentivizes holding crypto.

Launch tags:Web3

Launch Team

AppSignal — Full-stack monitoring for errors, metrics, and logs

Full-stack monitoring for errors, metrics, and logs

Promoted

Although the idea seems interesting, i agree with my fellow hunters, we need to know what guaranties and security is provided. A social presence is a first step.

Report

8yr ago

Polymarket

@fearlex We're just starting our social presence as we're just coming out of stealth today. If you check our github we've been working on this for many months. Feel free to contact me or anyone on the team.

Report

8yr ago

@shayneshaynesha I can understand that. Thanks for the reply.

Report

8yr ago

Polymarket

@fearlex no problem. Feel free to join our community channels. Hoping to start growing it.

Report

8yr ago

You've Got Spam

Dope idea. Love to see traditional products being reinvented for crypto.

Report

8yr ago

Block Republic

Ok, this didn't make sense to me at first, I think the term bank and savings interest threw me off. At first I thought it was like a lending platform. Getting interest on loans. Actually, it seems to be purely a HODL incentive. Users get penalized for withdrawing in the form of fees. HODLers receive those fees as a reward for HODLing. No fixed interest rate, if everyone HODLs, no interest is earned.

Report

8yr ago

Polymarket

@thomas_howard1 Correct, but think that last situation through... If the whole network is HODLing, it's likely people will say "hey, I'm not earning anything, I'm out", thereby increasing rewards for others. It's really like a game of chicken at that point. And it's that situation that ultimately proves the successful incentivization of HODLing.

Report

8yr ago

Block Republic

@shayneshaynesha haha thats a great point! Very interested to see this experiment unfold!

Report

8yr ago

Polymarket

@thomas_howard1 thanks my man. Glad you get it. Join us on slack and telegram

Report

8yr ago

Fullstack Nate

Neat! I spent about 20m reading the code and this is a smart contract which keeps your Ether and ERC20 tokens (hostage?). When you take your money out, it collects a fee and distributes the fee to the rest of the accounts in the bank. If you join this, you're expecting other people to take out their funds, which will earn you fees. As far as I can tell, it creates a separate smart contract for each user who deposits ETH/coins. This is nominally more "secure" in that no one contract holds all of the balances. However, since they all share the same code they, hypothetically, would all share the same "bug", so I'm not sure how much security this buys you. It's an interesting pattern and I'd like to hear more about that design decision. It also looks like you can hold up to 20 different ERC20 tokens in the current version. One question I have is: why do you need to issue a new token for this?

Report

8yr ago

Polymarket

@eigenjoy Yup that's the logic behind the separate smart contracts. We'll have to invest heavily in audits to make sure that code is secure: it's the number one priority. I think in a market where most these projects' token economics are non-existent, TokenBnk has one of the best arguments for having a native token. At the time of deposit, based on 2.5% of that value, a static withdrawal fee is created (denominated in our native token). The interesting think about having a static withdrawal fee in our own token is that the token's demand correlates with demand for withdrawal, which brings a lot of game theory into the equation. No token with this logic has ever existed, so it should be very interesting to see how it plays out on the main net. Feel free to ask further questions or read the Economic Implications section of our whitepaper if you're still interested.

Report

8yr ago

You've Got Spam

I am excited to see where it goes

Pros:

It seems new and useful!

Cons:

I am not sure.

Report

8yr ago

Protocols piggy backing on other protocols while none have been proven concern me

Pros:

The concept seems very good

Cons:

Bancor integration mentioned as an advantage in the white paper

Report

8yr ago

Polymarket

I think you raise a great point. The important thing to remember is there will definitely be scaling solutions and decentralized exchanges that proliferate at some point, and those we will use. The one's today are not necessarily those that will come up with the best solutions- and luckily we are nimble enough to adapt if new projects come out. But I understand your concern!

Report

8yr ago

amazing

Report

8yr ago

1 2 3