Last week we launched a new feature on mainnet that allows users to deposit arbitrary amounts outside of the few options we provided. This also changes the TYPH tokenomics — Here’s how it works and what this means for the TYPH token
Easy Deposit explained
Easy Deposit is a new way feature to make deposits of bigger amounts easier and more convenient. You can find the feature on the typhoon when entering an amount into the amount box, instead of clicking a tab
How it works
When entering an amount in the amount box and hitting “Deposit”, Typhoon will automatically try to split it across all available Typhoon Smart-Contracts. So say you enter “23 BNB”, Typhoon would distribute this automatically across the 1BNB and 10BNB vaults:
The user will receive a text file that includes all of the notes that have been generated as a result of this in one batch.
Easy Deposit costs TYPH
Easy Deposit costs TYPH to use that is automatically burnt, but only when additional functionality is being used. The necessary amount of TYPH is displayed in the Deposit modal box.
The following cases do not cost TYPH:
- Sending of TYPH directly
- Sending only 1 deposit, such as 1BNB, 10BNB, etc.
- TYPH fees resulting from using this feature will be burnt immediately and removed from total supply.
TYPH is now a deflationary utility token
With this release, TYPH becomes a deflationary utility token. Usage of certain features (such as Easy Deposit) will cost TYPH to use, with the used TYPH amount used getting automatically burnt, meaning the total supply will gradually decrease over time.
Easy Deposit is just the first feature that follows our vision of positioning TYPH as the utility token for accessing advanced features on Typhoon. Casual and day-to-day users can keep using the standard functionality as is, with more convenience features requiring the use of TYPH.
Project TYPH supply lock
Last week we announced that we commit to locking most of the unlocked TYPH token supply, to reduce the risk of these tokens getting suddenly sold and put into circulation.
We announced that we would deploy vesting- and timelock contracts to lock all of the tokens the project has access to, and as of 6/22, most of the tokens have been successfully locked behind 1 year linear lock contracts.
This means these tokens are now inaccessible until properly vested.
The timelock contracts for the remaining tokens have been finished, but are still under active QA testing before getting deployed.
An overview with all project wallets and token-lock contracts is available in our docs at https://docs.typhoon.network/tokenomics/project-token-wallets
Token functionality has become our top priority and we are committed to providing more features like Easy Deposit in the following weeks.
Have you used the new Easy Deposit feature yet? What did you think about it?
Let us know your thoughts
Telegram (Announcements): https://t.me/typhoonnetworkannouncements