Tendies Deflationary Token Hits $10 Million In Daily Trading Volume

Tendies deflationary token just hit $10 million in daily trading volume and it could become the next meme kind of cryptocurrency as we are reading further in our altcoin news.

Tendies launched its Uniswap pool a few days ago and has already reached $10 million in daily volume. It uses a deflationary token supply and in therefore increases the price of the remaining TEND token over time in theory, at least. The developers of the token remained anonymous. Many call it the Dogecoin of the DeFi age as it started taking over the crypto meme world by storm.

Happy birthday @justinsuntron, we would love to buy you a real bucket of TENDIES on us! You can drop us a message here or in our discord channel, and say hi :)🎂🎉#poloniex #DeFi #uniswap #tend https://t.co/iiwXxoF2Jn

— Tendies (@TendiesCrypto) August 1, 2020

Tendies, a self-described “next-generation autonomous and hyper deflationary coin” attracted more than $10 million in daily trading volume in just two days from its Uniswap listing according to CoinGecko, surpassing DAI and Tether. The meme-coin made its way onto Poloniex and it can even be tracked on Coinbase. The growth in trading volume is a testament to the power of memes and the increasing speculative environment surrounding the DeFi tokens and protocols on Uniswap.

The origin of Tendies is quite unclear, but it is a strong connection to the 4chan’s biz imageboard where many threads were created over the past few days that started promoting it. The token refers to the finger-licking chicken tenders. Tendies can also be the imaginary prizes that can be redeemed for money gained from speculative investments. The meme has made its way into crypto and is now designed to reward “true believers” and top holders with more TEND tokens.

We hit a major milestone today, we reached $1,000,000 in trading volume on uniswap, in less than 12 hours after our uniswap listing! We're currently sitting at #14 spot! https://t.co/AWZSXMpw3j #TEND #Uniswap #DeFi pic.twitter.com/pDV9WUkmJj

— Tendies (@TendiesCrypto) July 29, 2020

TEND are transferred from a liquidated pool on Uniswap to a pool on the website with a 4% rate per day. any users can start sending a command to drain the pool receiving 1% of pooled tokens in the process. The remaining 99% of tokens are split and 51% are burned. Remaining tokens in the bucket are distributed every three days to the top holders of the tokens and these tokens are generated using funds collected in a pair of public presales between July 12-July 24^th.

Deflationary currencies are basically nonexistent in the world of fiat currencies with a mechanism that is often far from intuitive. For example, Balancer had more than $500,000 worth of user funds drained thanks to the exploit leveraging the STA token.