SEOUL / ACCESSWIRE / November 15, 2019 / On November 15, the TTC Foundation officially launched DeFi service Tigris Protocol Beta V2.0, which marks the completion of the Tigris Protocol. The Tigris Protocol aims to provide efficient decentralized financial services for users, as well as extensibility to TTC ecosystem.
What is the Tigris Protocol？
The Tigris protocol is a secure and efficient decentralized finance (DeFi) service protocol based on the TTC Platform. It provides users with a new way to realize the storage, management and usage of digital assets in TTC ecosystem. Based on the blockchain technology, the Tigris Protocol provides transparent and fair services with no authorization nor censorship. Currently it provides staking and borrow services. According to its white paper, the Tigris Protocol will also introduce a Tigris debit card service in the future.
While many DeFi services implement voting-by-holders as governance mechanism, the Tigris Services are operated by a series of decentralized and automatic mechanisms on smart contracts. Through this way, Tigris services are safe from human errors and intentional violations by token holders.
Staking Service
The Tigris Protocol provides stable and continuous interest to users through staking to cope with the risks brought by the price volatility. Users will be rewarded for staking TTC coins or CLAY tokens. Clay token is a TST-20 token designed as the service fee generated by the borrowing service. TTC staking reward comes from the voting rewards obtained by SAVE, a Self-learning Automatic Voting Engine for TTC Blockchain. CLAY staking users can receive the service fee paid by the borrowing service users, as well as voting rewards from the Tigris Reserve, which is an asset pool to maintain the stability of the Tigris services.
Compared with other DeFi services with incomes from P2P lending, the main source of the Tigris reward comes from the service fee generated and voting reward of TTC consensus, which provides a solid foundation of the Tigris Protocol.
Borrowing Service
The borrowing service is committed to solve the liquidity problem from staking service. After staking their assets, users can choose to generate stable coins pegged to legal currency (CFIAT) against their staked assets. There are 3 types of stable coins, CUSD, CCNY and CKRW, which are pegged to USD, CNY and KRW. Users can spend them freely just as the fiat currency. With the borrowing service, users can enjoy the asset liquidity without losing the ownership of their staked assets.
Currently, the APR for the borrowing service is 2.50%. It is less than most of DeFi services such as MakerDAO, Compound v1, and DyDx, with their borrowing APR 5.5%, 14.35% and 11.49% respectively. On the other hand, the APR for TTC staking service and CLAY staking service is around 16% and 70% depicted in TTC Connect, the official TTC wallet. The users are enjoying interest-free borrowing service since the income APR is much higher than the borrowing APR. And most importantly, all the actions can be done through mobile app, which make everything even convenient for users.
The diversity of TTC ecosystem improves with the official launch of the Tigris Protocol V2.0. Now there are the Acorn Protocol (decentralized social networking protocol) and the Tigris Protocol (DeFi protocol) in the TTC ecosystem. With the development of services on the TTC Platform, it will bring dynamics and robustness to the ecosystem, benefitting more users all over the world.
TTC Foundation website: https://www.ttc.eco/#/
Tigris Protocol website: https://tigris.finance/
Contact: [email protected]
SOURCE: TTC Protocol