TosDis, a multi-faceted DeFi project, launched its Easystake mainnet on Feb 7th. The mainnet is still in a beta release stage, with liquidity farming and easystaking as the supported features so far. TosDis has ambitious plans, the initial mainnet release is happening on Ethereum, but support for Binance Smart Chain is already completed, with a planned release for Feb 22nd. The platform plans to support Polkadot and Tron in the future as well, making it compatible and usable in many environments.
The project is actively developed and moving fast. TosDis raised funds in 2 rounds, the first on Polkastarter, and the next through an IDO. The team has been busy making moves. Let’s find out what TosDis is all about, and if it is something you might be interested in.
What is TosDis
The project name, TosDis, is an acronym, short for The One Stop DeFi Interoperable Solution. TosDis aims to create an ecosystem within DeFi based on the DIS token. The way it will achieve this is by offering staking-as-a-service, through its EasyStake platform. Normally, staked assets are not liquid, which means that assets are inaccessible while being staked. For users of Proof-of-Stake blockchains who wish to stake assets and earn a reward, it requires depositing the minimum amount of that asset into a smart contract. The deposit is done in Ethereum, which is 32 ETH.
Solutions exist that allow users to join a pool of other users staking their crypto, but the same problem of assets not being liquid while staking is present. At first, this seems like a logical trade-off as crypto-assets cannot be in two places at one time on the blockchain. To get around this limitation TosDis is rewarding stakers with tokens backed 1-to-1 with the staked assets.
Users of the EasyStake platform will be able to join staking pools of any Proof-of-Stake blockchain, deposit their crypto assets into a staking smart-contract, and then receive a wrapped token-based 1-to-1 on the staked asset. A wrapped-token is a token that is tied in value to another coin or token. A good example of a wrapped-token is wBTC, which stands for wrapped-Bitcoin, an ERC20 token that is tied 1-to-1 with Bitcoin.
The practice of providing liquidity to staked assets is called liquidity mining. On day 1 of TosDis mainnet release, the only active features are Easystaking and liquidity mining. But TosDis has more coming down the line, let’s learn about the roadmap.
The next steps for TosDis include expanding beyond the Ethereum blockchain, launching a decentralized exchange, and implementing peer-to-peer lending. The targeted release dates are Q1 2020 for expanding beyond Ethereum, and Q2 2021 for their DEX and peer-to-peer lending.
TosDis will release cross-chain integrations on Binance Smart Chain and Polkadot first, with later support coming for Tron. The team is not limiting itself to these platforms and plans to add more platforms down the line. The team’s stated goal is to be blockchain-agnostic, acting as the bridge which connects many different blockchains.
Development is already said to be complete for Binance Smart Chain, with the team stating a release date of Feb 22nd. The release date for Polkadot has not been announced yet, but considering development work on BSC is complete, it shouldn’t be far behind.
In Q2 of 2021, which runs from April 1st – Jun 30th, the TosDis team plans to release their decentralized exchange, branded TosDex, and peer-to-peer lending. TosDex will be released as a Polkadot parachain instead of being based on Ethereum. The team claims this will alleviate the high fees associated with DeFi, and allow the first release to incorporate advanced order features on-par with centralized exchanges.
Other features planned for TosDis include white-labeling and bartering. TosDis states their platform will be truly decentralized, with the ability to freely Whitelabel the platform to any PoS token. This will allow projects to offer liquid staking integrated into the TosDis cross-chain network. This is especially useful for new projects.
As for bartering, the team plans to expand upon peer-to-peer lending and create an open financial ecosystem for all. Introducing a marketplace-type function into the ecosystem fits with the teams stated goals.
The most important thing to understand about the economics of TosDis is the choice to be deflationary rather than inflationary. What this means is that the total supply of DIS is capped, and new DIS will not be created when demand increases. The initial supply of DIS is 100,000 tokens. However, TosDis will be burning at least 45% of tokens generated from fees and 25% of total fees generated from peer-to-peer lending.
When a token is burned, it is taken out of circulation. This decreases the supply of available tokens. The price of an asset is based on supply and demand. When the supply is decreased, the price typically increases. There are exceptions to this rule, but deflationary assets typically have higher prices.
Wrapping it up
TosDis is a new project, and it is always important to do your own research when it comes to a new crypto asset. The TosDis project has a unique value proposition with its EasyStake platform and liquidity mining. If the development team pulls it off, the potential is there for it to be a successful project. It is worthwhile to pay attention to how TosDis develops over the next couple of months.
The best place to learn more about TosDis is on their official Telegram, but you can find content from the TosDis team across the following platforms: