What is Tethys Finance? Tethys Finance is a Perpetual platform built and developed on the Metis ecosystem. Tethys Finance allows users to Long – Short basic assets such as BTC, ETH,… similar to currently popular projects such as GMX, Perpetual or GMX. In this article, let’s explore Tethys Finance.
To understand more about Tethys Finance, people can refer to some of the following articles such as:
- What is GMX (GMX)? Overview of GMX Cryptocurrency
- What is dYdX (DYDX)? dYdX Cryptocurrency Overview
- ZKX Protocol – The First Perpetual Platform on the StarkNet Ecosystem
What is Tethys Finance?
Overview of Tethys Finance
Tethys Finance is a Perpetual platform built on the Metis ecosystem that allows users to Long – Short assets such as METIS, BTC, ETH and AAVE with up to 50x leverage. It can be said that Tethys Finance is a fork of GMX on Arbitrum in terms of UI UX, how it works,…
Tethys Finance’s operating mechanism
Tethys Finance is a Perp DEX platform, so the operating mechanism of Tethys Finance will be divided into 2 parts: Perpetual and DEX. First about the working mechanism of DEXs:
- Step 1: LPs will provide assets into independent pools such as BTC, ETH, AAVE or METIS.
- Step 2: When traders trade, if they want to short ETH but they only have USDC in their wallet, the USDC will be sent to USDC’s independent pool. Or they simply want to swap from USDC to ETH.
- Step 3: Through Oracle, Tethys Finance will get the price from which the ETH pool will automatically return the USDC equivalent with the updated price from Oracle.
Next, the operating mechanism of the Perpetual product will take place as follows:
- Step 1: User opens an order to choose the trend + leverage (if there is no collateral, return to the DEX product).
- Step 2: Stoploss or Take Profit.
Emphasizing once again the operating mechanism, UI UX, tokenomics, liquidity provision,… Tethys Finance is basically no different from GMX.
Development Roadmap
Tethys Finance is a project that launched its token before launching its product. To be exact, Tethys Finance launched its token in early 2022, but it wasn’t until early 2023 that the project launched its product.
It is expected that in Quarter 1/2023 the project will have updated features such as:
- Deploying Tethys Finance V2 in Phase 1
- Implement Liquidity Mining
- Launching staking for TETHYS
- Trading competition
- Deploy Tethys Finance V2 in Phase 2
Investor
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Core Team
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Tokenomics
Overview information about Tethys Finance tokens
- Token Name: Tethys Finance
- Ticker: TETHYS
- Blockchain: Metis
- Token Standard: ERC-20
- Contract: 0x69fdb77064ec5c84fa2f21072973eb28441f43f3
- Token Type: Utility, Governance
- Total Supply: 10,641,338
Token Allocation
Update…
Token Release
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Token Use Case
Users who hold TETHYS will receive some basic benefits as follows:
- Staking
- Governance
Besides the native token TETHYS, the project still has another token, TLP, similar to GLP, representing a basket of tokens accepted to provide liquidity on Tethys Finance. At the time of writing, TLP represents:
- METIS: 15%
- ETH: 20%
- BTC: 10%
- AAVE: 5%
- USDC: 50%
Exchanges
Currently, TETHYS is traded only on Tethys Finance itself with 2 pairs: TETHYS – METIS and TETHYS – USDT.
Project Information Channel
- Website: https://tethys.finance/trade
- Twitter: https://twitter.com/tethysfinance
- Medium: https://medium.com/@tethysfinance
- Discord:
Summary
In essence, Tethys Finance is nothing new and I think Tethys Finance can only explode when the Metis ecosystem shows signs of revival after a long period of dormancy and only a few activities to maintain. Ecosystem.