Timechain launches new functionality on DEX

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Jan 24, 2022
  • TimechainSwap connects a variety of DEXs to a single platform, helping users find the best exchange routes
  • New liquidity pools will give users an incentive to provide liquidity by earning rewards
  • Yield farming will allow liquidity providers to deposit LP tokens into liquidity farms and earn rewards

Permissionless lending and borrowing protocol Timechain has introduced Automated Market Maker (AMM) liquidity pools, yield farming and staking functionality on its TimechainSwap DEX, Invezz learned from a press release.

Leading DEX aggregator on Fantom, BSC, Ethereum

TimechainSwap is best known as a DEX aggregator on the Fantom (FTM/USD), Binance Smart Chain (BNB/USD) and Ethereum (ETH/USD) blockchains. It connects a variety of DEXs to a single platform, helping users find the best exchange routes across each integrated platform.

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It is also developing its own DEX platform and adding DeFi features that aim to supply its token TCS with liquidity as well as promote other tokens that wish to leverage its infrastructure.

An incentive to provide liquidity

The new liquidity pools will give users an incentive to provide the DEX with liquidity. They will receive rewards in fees from trades on the platform. Each trade comes with a fee of 0.3%, of which 0.2% will be returned to liquidity providers and 0.1% will go toward the TCS Buyback program.

Available liquidity pools at launch include TCS/DAI, FTM/USDC, TCS/FTM, TCS/USDC, and FTM/DAI.

To add liquidity to available pools, users can provide equal value of the two tokens within the pair, receiving LP tokens that represent their share of the pool. The LP tokens can be redeemed at any time and will automatically earn fees proportional to each user’s share of the pool.

Yield farming allows providers to deposit LP tokens into farms

On TimechainSwap, yield farming will allow liquidity providers to deposit LP tokens into liquidity farms and earn rewards in TCS. The liquidity farms are intended to give users an incentive to provide liquidity to TimechainSwap and offset impermanent loss risk. They can get their rewards at any time.

Available liquidity farms at launch include TCS/USDC, TCS/FTM, and FTM/USDC. In the future, users will be able to launch their own farming pools with the tokens of their choice.

Staking features offers rewards in TCS

TimechainSwap’s staking feature will allow stakers to earn TCS rewards through the TCS single asset staking pool (SSP). To offer an attractive yield, TimechainSwap will adjust the rewards dynamically, making additional rewards available through the TCS Buyback program and promotions.

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