NFT Token TriumphX (TRIX) enters the DeFi market by participating in clay swaps
TriumphX plans to Participate in Clay Swaps worth $900 billion
Triumph X has been participating in clay swap since the 29th. Clayswap is a defi platform developed on the basis of Kakao’s Clayton and currently has about 900 billion digital asset liquidity along with 20 pools.
Triumph X will supply liquidity through Triumph X (TRIX) — Clay (KLAY) pairs in clay swaps. This allows defy participants to trade Triumph-X tokens freely within a clay swap without having to go through a centralized exchange. This will be an opportunity ease global users to access and enter domestic exchanges.
By participating in the Triumph X(TRIX)-Clay (KLAY) pool and providing liquidity, participants can receive Clay Swap (KSP) and TRIX (TRIX) as a compensation, according to the pool policy. However, for holders who are new and not so familiar to DeFi, this will be a great opportunity to newly enter the DeFi market. Through this article, you will be introduced to general concept of DeFi protocol and the procedures.
DeFi: growth of Decentralized Financial market.
DeFi is literally a decentralized financial system. It is similar to P2P finance in the existing traditional financial system, which connects individual and individual finance without going through the central bank. We can use blockchain technology to manage assets more safely and systematically.
The key to Defy is to minimize the anxiety of a highly volatile coin investment market, which will cause gradual expansion of the participants. It is a market that is exploding as it is mentioned as the biggest issue in the blockchain industry in 2020.
According to DEFI PULSE, which provides defi market data, assets in Defi have grown 640% over the past year from $711.537M to $45.43B.
Can you guess how strong the DeFi storm is? Then, for those of you who suddenly want to participate in DeFi, I will explain the structure of the DeFi system and the procedures.
Configuration and procedures of the DeFi project
The configuration of the DeFi protocol includes Swap DEX, which provides a large pool of LPs and tokens exchangeable, as well as providers and consumers who use it. Examples of DEX include UniSwap, PancakeSwap, and Bamboo relay in addition to clay swaps.
DEX is an open space where suppliers and consumers trade together, where they provide a liquid pool of liquidity providers (LPs), where they deposit their tokens in LPs and earn interest. The process of depositing is called STAKING and they will receive a DeFi token as an interest.
I’ve summarized the basic elements that make up the De-Fi protocol as below and the general order of participation in the DeFi using Triumph X’s example. Match the red number in the image and take a look.
DeFi participation order
1. Supply of liquidity pools
The provider Triumph X creates a pair that can deposit two tokens in a POOL called a Clay Swap. This is often referred to as the supply of liquidity pools. Two or more tokens are deposited in pairs because market price volatility can be minimized during the deposit period rather than relying on a single token.
2. SWAP
The consumer, which is TRIX or KLAY holder, does SWAP to meet the ratio of deposits that Pair wants (1:1 based on market value). In other words, a holder with only TRIX is exchanged for a KLAY held by another holder in a clay swap.
3. STAKING
Deposit tokens in pairs that match the TRIX and KLAY deposit ratios. This is called staking.
4. Digging Defi Token
During the staking period, it is possible to mine the KSP, and some of the Fee generated by SWAP will be splited. Triumph X provides additional TRIX as well. Since the daily mining amount of the Defi token is set, it is designed to allow participants to share the pre-set mining amount according to the policy.
5. UNSTAKING
When STAKING is over, the deposited and mined tokens can be returned. This is called ‘UNSTAKING’. However, you can do the UNSTAKING within the staking period presented by LP or fill the staking period, but you must do the UNSTAKING before the end, so that both the deposited and mined DeFi tokens can be secured safely with your wallet.
This is the general course of the De-Fi. Of course, the policies are slightly different for each De-Fi project, so please check and participate in detailed policies such as staking conditions and mining conditions before participation.
Market Value of Clay Swap (KSP) and Trix (TRIX)
So, lastly, let’s talk about the market value of KSP and TRIX, which Triumph X offers as a reward for LPs.
As clay swaps have recently been updated to further increase the autonomous participation, the market value of clay swaps (KSP) has been raised to the sky and are diligently renewing its peak.
Because NFT is technically compatible with many parts of the Defi, it can create synergy between one another. Triumph X’s entry into the DeFimarket is expected to greatly benefit the accessibility and utilization of the TRIX token in the NFT market in the future.
We are also looking forward to see what TriumphX can do to the most popular combination of DeFi + NFT!
