Updated March 23, 2022
The ownership isn’t renounced yet. There are no legitimate issue of not renouncing ownership, there are many famous tokens/coins that have not renounced ownerships and it is optional for a project to do that. For TiFi Token, we haven't renounce ownership to support our continuously growth of TiFi because of 2 main reasons below:
First, support listing on more CEXes. Most of CEXes has the rule of removing fees and rewards to be listed on CEXes, because it breaks the rewards/fees agreements they published/agreed with their customers.
Second, support Staking in TiFi Bank. As we saw in whitepaper, we will put some of transaction income as the staking rewards for people who use TiFi Bank to stake tokens. We leverage that using priority function calls, renouncing ownership could break the connection of the 2 smart contracts.
Since the initial supply of TIFI is 1000 Trillion, which is a big amount, so we don’t intend to have too much in circulation in order to make TIFI have a fair value. Locking TIFI will maintain a stable long-term value of a TIFI, and prevent TIFI founders gain these token through team vesting before we really developed the great products to support the sustainable growth of TiFi Ecosystem. Once they are unlocked, they will be divided into 4 parts:
The APY shows the reflection reward return to the TIFI holder if (s)he hold TIFI token for one year(365 days). The APY is refreshed every 24 hours at 00:00 UTC everyday due to the TIFI trading volume happens on all DEXs (Decentralized Exchanges) during last 24 hours.
The calculation of the reflection reward is mentioned in the section "Reflection, Reward and Fee Calculation" of TiFi WhitePaper, where:
For example, if you have 1,000,000 TIFI on Jan 1st, 2023, the geometric mean of APY for the year is 80%, then your TIFI balance will be at least 1,800,000 (1,000,000 x (1 + 80%)) on Jan 1st, 2024. You don't have to spend gas fee or take any other actions during the process, the only thing you need to do is hold TIFI for this period.
We say "at least" in last paragragh because you can get more rewards by (which are not counted in the APY):
TiFi token introduced several innovations that may bridge the discrepancies between real world and crypto world. Here is the list of problem TiFi token solves:
With TiFi Token, people are encouraged to trade by giving back "cash rewards" that is common in real world bank cards, because it stimulates people to spend money by rewarding buyers using a portion of fees charged by venders. The similar approach is implemented in TiFi Token to bridge the discrepancies.
TiFi token holders can earn reflections as long as they hold the token. All the more tokens you hold, the more tokens you will earn, the interests are reflected in your wallet in the real time. All holders can earn more when trading is boosted, which is encouraged by the cash reward mentioned above.
TiFi token makes interest by taking a small portion of transaction amount and putting it into the interest pool, so TiFi token holders can earn tokens from 3 sources: transaction rewards, reflection and interest pool. The most important thing is the total supply will not increase and automated burn implemented in the smart contract makes the total supply keep decreasing instead of sending to a burn address.