TLT Finance, a new DeFi project.
Is your belly full after eating so much sushi? how are you feeling after having 3 servings of kimchi (Yes, we know about you “Heaven Kimchi”). How many hot dogs, pizza and other kinds of trash food have you stuffed inside you?
Well, you know the saying, “What goes in, must go out”. So, what are you waiting for? Hurry up and take a seat in the Toilet and prepare to make your business!!!.
Welcome to TLT Finance, feel free to grab a magazine or a newspaper while you are in. Are you checking the Finance section? How do you feel about it? We hope that your investments have skyrocketed to the moon. Oh!!!, has it gone the other way? well, do not worry, you are in the right place to vent out.
Here on TLT Finance, we welcome You with our toilets open. Bring us your food coins and start to produce PHEEZEZ Tokens (PHZT), but wait, do not flush it, don’t let your precious earnings go away. In TLT Finance we incentivize you to keep your tokens, do you want to know why?
TL;DR. Head over to this post to see key details about the Project, Key details about TLT Finance and Pheezez (PHZT). But, we encourage you to read through this first post in order to better understand the Project.
TLT Finance and PHZT
This project came to life thanks to the proliferation of food tokens that started to flood the DeFi market. Most of these tokens have crashed to the bottom of the bottom of the bottom. Right now, pockets (or bellies) are full of tokens that are not even worth the trading fees for exchange in UNISWAP. So, what to do with them? Well, we provide you the right pairs for you in order to produce something by using these food tokens.
“But wait, Am I just producing poop?”
No no, of course not…. well……. yes, but let’s call it PHZT. Pheezez has the potential to become something big, do not underestimate your poop. This will become the basis and nutrient for a bigger ecosystem.
“Ok, I just made a bunch of PHZT, I feel so relaxed now, but what do I do with it?”
We encourage you to keep it. By holding pheezez (The token, please), you are going to be able to participate in the growth of our Toilet community. We are giving the total control of the direction of the project to our PHZT producers. This is achieved by implementing a Governance functionality into the project (Thanks Compound).
“Mmmm, yeah but why should I keep my PHZT?”
By holding pheezez you can create proposals on what You believe is the right direction of the project. Do you have a favorite token and you want to add a new pool for it? well, create a proposal for it. The implementation is very similar to what Compound does but with one key difference. We do not delegate. Each one of us (Including the TLT team) has the same opportunity to vote and make our opinion about the project.
“Ok!, today I ate some spicy food and made a whole load of PHZT, I can vote for my own proposals and decide on my own about the project”
Hold your bowels! we said that everyone has the same opportunity to make their voice heard while voting, so there is a threshold of how many votes can you put on a proposal. This was implemented in order to avoid whale voting, which can hurt the project in the long term. What it means is that even though your PHZT holdings put you way ahead of other community members, you won’t be able to make unilateral decisions on the project. This is good because it incentivizes everyone to vote in order for a decision to take place.
“Alright, sounds cool, I will make my proposals on day one, I have so many things I want to do”
Mmmm, ok, you will have to wait just a bit. Although governance is enabled since launch, everybody needs to wait until the first halving of PHZT which will occur around 8 days after the project launch. Why?, well, we require to have enough tokens in circulation in order to achieve a valid Quorum and Threshold for voting a proposal.
“This project sounds familiar, am I having a Deja Vu?”
It feels familiar because the modus operandi is based on previous DeFi projects. Also, the code for the Token and the Digester (Manager) is forked from SushiSwap, with modifications that suit the style of our project. The Timelock and the Governor are forked from Compound. We differentiate in the way that we give control of the administration of the project. Once the project is launched, our (Dev team) hand will be tied by the governor and the timelock, in its place, the community will decide on every single change for the project.
“Wow, the community owns the governor!!”
The governor is going to be initially owned by the deployer until the first proposals start to take place. We made extensive tests on local and public Ethereum test-nets and it should behave as expected on the Ethereum main-net, but in case it doesn’t we require a failsafe. Once proper functionality has been confirmed the ownership of the governor will pass to the timelock.
“What I am able to do? can I take over the Token?”
If people vote for you, yes, you can take over the Token. Everything that and admin can do, the community will be able to do based on proposals. e.g. “Creating new LP pools”, “Disabling LP pools”, “Changing Allocation rate of pools”, “Changin the owner of the Token” “Changing the bonus multiplier (in order to produce more tokens)” etc..
Why do we allow changing ownership of the contracts by using proposals? well, we need to have a mechanism for growth, in case that the community decides on new functionality for the Token, a new Digester will be needed. So, ownership of the Token should change to the new Digester.
Keep in mind, that once the project starts, there is no direct human decision for minting, changing the multiplier of tokens, or the halving rate, etc..as the contract’s ownership is locked and based on proposals.
“Thank you for this wall of text”
You are welcome. If you want to know key details about TLT Finance and pheezez without so much explanation, follow this LINK.
What the Future Holds.
Building a strong community is a key element for decisions on what the future of the project will be. Governance plays an important role in it, based on that, we are aiming to grow together as a community. The DeFi market is new but also changes and evolves at lightspeed, we plan to evolve too, and our aim is to provide a meaningful purpose on the Platform. It is still early to disclose but think about not just personal gains (Profit) but also as a means for funding other DeFi projects or Decentralized Crypto NGOs. More details will come in the near future.
Useful Links:
Toilet Finance: https://toilet.finance/
