First things first I am not a financial advisor nor am I a qualified individual to give financial advice, this is an educational series I will do on Cryptos I am interested in or Cryptos that have been requested to cover. I am not sponsored by Tenset though I do have skin in the game because I did purchase a substantial amount.
TL;DR: Tenset is a coin with crappy (Share my tweet,) bro marketing that actually has a strong team and shouldn’t be ignored.
Tenset is a crypto on ERC20 that is aggressively deflationary. The holders receive dividends by just sitting in the wallet and the organization is holding fiat assets like stocks that generate dividends and crypto assets which are coins that will be staked. 30% of ALL profits go to buying back Tenset tokens and burning them. Every transaction incurs a 2% fee 1% gets burned 1% gets redistributed to all holders. The amount received isn’t determined by the amount of Tenset held but by the volume of trading, this is to prevent whaling. They have a full team of people, they are posting jobs on their site, and they have a legitimate Angel investor backing them. The deflationary mechanism is set to stop once there’s an online 2.1 Million in circulation.
The only way to purchase Tenset is using uniswap though they are negotiating with a few coin exchanges in Asia. They’ve been aggressively adhering to their roadmap over 6 Million Tenset Tokens have been burned. They have 320 Etherium staking, and 1 Million USDT in a high yield account so far. There is a max supply of 210 million coins, the majority of which are not owned by the founders. They’re distributed in various funds to maintain operations there’s a complete breakdown on the website.
This coin isn’t too good to be true and there are a few factors I have been actively monitoring. The first being they said that even if there’s only 2.1 million left once it hits the hard cap on deflation they want to still be paying dividends from holdings. If they do it smart they would use this as a mechanism to slowly increase more coins, too much deflation can actually drive down the price of a coin and could even crash the currency.
The crypto has only been traded by the majority of users since March. There’s plenty of time for the team to not hit goals and abandon the project.
This crypto by how it’s being managed has a lot of potential for dramatic price changes this is due to only 11.7K people are currently actively trading and holding this crypto. I watched it swing from $3 to $2.40 within the past few days. Such things are normal in crypto investing but if they pull off what they are trying to this has long-term potential.
Their marketing right now is pretty bad. They do twitter giveaways through a hypeman they kick crypto to and to be honest it discredits the coin. I think they are trying to attract the typical Zoomer investor since the team is also fairly young. The problem is older people are most likely going to go for an EFT 2.0 long-term HODL.
Oh also be prepared to pay AWEFUL GAS FEES!
Things to Consider
They have an angel investor who’s helping to steer the organization and keep it on track. The coin also has good tokenomics which encourages trade and HODLING both benefit the coin’s ecosystem. Without people trading one of the core deflation and dividend, systems don’t activate. The fact that dividends as distributed fairly also prevent a group of whales from dominating the market by rapidly compounding their coins.
By being deflationary this coin can hold some serious value. If there’s less in circulation than bitcoin it may even outpace the price. Lastly, the coin actually does something of value by paying out passive dividends to holders. The Angel investor also shut down SAFEMOON on twitter so that was also an interesting exchange. The team genuinely wants to create a coin that’s focused on people trying to hunker down and invest.
SO what now?
It’s up to you to decide if it’s worth your time and resources or not. My risk tolerance is different than others. After reading the white paper I felt confident about potentially losing money on something that has promise. NEVER INVEST WITH MONEY THAT YOU CAN’T AFFORD TO LOSE. Just remember every altcoin especially new ones have a lot of risks.