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What is Tenset (10SET)?
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Luis Clark
- June 18, 2024
What is Tenset (10SET)?
Tenset is a technological hub specialising in blockchain. They provide innovative young startups with the necessary tools to flourish, while connecting them with powerful marketing and a global community through their launchpad. Tenset Gem Launch Platform is widely known as one of the top launchpads in the crypto space having previously launched big projects such as Metahero and Everdome.
How does Tenset (10SET) Work?
The Tenset platform’s native token, 10SET has 3 characteristics that define its working:
- Launchpad
- Infinity airdrops
- Deflation
We’ll look at each one to see how each aspect contributes to the working of the token.
Launchpad
Tenset operates one of the most recognised launchpads in the crypto space. Tenset users get the opportunity to participate in these early stage Gems with massive potential before they enter the market..
This launchpad has experienced significant success in the past, with projects such as Metahero achieving more than 170x in its first few months, and Fame MMA reaching an all time high of 300x. This attracted massive demand for Tenset’s platform, resulting in millions of 10SET tokens being purchased and locked by users on the platform, demonstrating a powerful use case of the token.
To be eligible for the launchpad, users must have an active TGLP subscription or NFT. Subscribing to the platform can be done by locking 10SET tokens for a minimum of 365 days. This subscription gives the users access to all projects launched during the period. Tokens can be withdrawn after the lock expires, or renewed for another year to continue access to launches.
Infinity airdrops
Tenset has a unique staking platform, which offers 10SET holders the opportunity to receive rewards from many different crypto projects. Users can stake their 10SET tokens, and then receive daily rewards in the form of the 10SET token.
There are many different options for users to choose from. There is Regular Staking, which offers only 10SET token rewards, and Premium Staking which offers additional airdrops of other crypto projects. Lock durations for Regular begin from 24 hours to 90 days, with Premium Staking from 6 to 24 months.
The rewards for the 10SET token are dependent on the trading volume. From the 2% fee on each 10SET token transaction, 1% goes to 10SET token stakers on Infinity, and 1% to NFT stakers on Infinity.
Deflation
As previously mentioned, 10SET is a deflationary token. This means that it reduces the number of available tokens to boost its value. It achieves this by burning half of the 4% transaction fee it charges, thereby reducing the number of circulating 10SETs. It has several other burning mechanisms such as buybacks on PancakeSwap, NFT Auctions and Whale hunting.
Weaknesses of Tenset (10SET)
Just like most cryptocurrencies, Tenset is highly volatile. In the last years, the price of the 10SET have seen big price spikes and drops.
How is Tenset (10SET) Created?
Over 210,000,000 10SET tokens were pre-mined at its launch with a circulating supply of 39,774,233 10SET tokens. However, since its launch, it has had over 52 million 10SET tokens burned, creating its current circulating supply.
Mining Tenset (10SET)
Since all 10SET tokens have been pre-mined, users cannot mine new tokens. To get new tokens, users have to stake their tokens and they’ll receive new tokens as a reward.
Which Blockchain does Tenset (10SET) Use?
Tenset (10SET) uses the Binance smart chain.
How to Use Tenset (10SET)?
10SET is the utility token of the Tenset platform. It is the primary currency for all aspects of the ecosystem, which includes the launchpad, marketplace, airdrop platform, as well as governance.
To access the launchpad or Infinity airdrops platform, users must buy and lock 10SET tokens. To purchase NFTs on the marketplace, users must use 10SET tokens to participate. Token holders can also voice their opinion in any community votes that occur on the governance platform.
How to Buy Tenset (10SET)?
You can purchase 10SET just as you would buy Bitcoin or any other cryptocurrency. Tenset is available on top exchanges like Bitget and Gate.io, as well as a large liquidity pool on the decentralised exchange PancakeSwap on the Binance Smart Chain.
CoinMarketCap has a comprehensive list of all the exchanges that support the Tenset token. When choosing exchanges, look out for trading volumes as their trading volumes let you know if you’ll be able to sell your token if the need arises after purchase.
That said, regardless of the exchange, you choose to use, the step for purchasing 10SET on these platforms is similar. Below is what the process of buying 10SET on most platforms looks like:
- Register on an exchange that supports 10SET
- Buy USDT with the supported fiat currency using your preferred payment method
- Transfer the purchased USDT to your preferred altcoin exchange.
- Use USDT to trade 10SET
How to Store Tenset (10SET)?
Tenset tokens can be stored on any wallet address that supports BEP-20 tokens. Software wallets like Atomic Wallet, Trust Wallet, Binance, Coinbase, and Metamask wallet support the storage of 10SET.
You can keep 10SET safe by storing it in special devices called hardware wallets such as Ledger Nano S, Ledger Nano X, and Trezor or even on hybrid wallets like Tangem Wallet.
Whatever wallet you choose to use, ensure that the wallet is secure. Hardware wallets are the best for storing a large number of Tenset tokens, as well as, tokens that you intend to store for an extended period. This will prevent any form of loss that can be incurred if the tokens are stored in a wallet that is not secure.
Best Place to Stake Tenset (10SET)?
What You Need to Know about the Future of Tenset (10SET)
Tenset has demonstrated its robustness and ability to survive the turbulent and unpredictable crypto market. Launched in early 2021, it has navigated significant market uncertainties, including the Luna and FTX collapses, proving its long-term resilience.
Tenset consistently adapts its strategy to thrive in the market and capitalize on new trends. Recently, it has become more active in the launchpad area, now offering at least one project per month on average, a substantial increase from previous activity.
Conclusion: Should You Put Your Money in Tenset (10SET)?
Before investing in any cryptocurrency you need to know what its native platform (if any) seeks to achieve. For 10SET, the native platform is Tenset, which aims to serve as a launchpad supporting new projects entering the blockchain industry.
If your research indicates that more companies will adopt blockchain technology and join the market over time, the 10SET token could be an excellent investment to gain exposure to these early-stage projects.
Risk Investing in 10SET
As with any cryptocurrency, 10SET is an extremely volatile asset. So before investing your money into the project ensure that you have done personal research. You should also only invest money that you can afford to lose in the worst-case scenario.
Our extensive analysis of the different Cryptocurrencies doesn’t stop here. You can also check out our “What is Apecoin?” guide to know more about another huge project.
FAQ
Most frequent questions and answers
No, 10SET is not listed on Coinbase.
Tenset provides powerful utility to their 10SET token as it powers their entire ecosystem. The token is needed to participate in their exclusive launchpad, airdrop platform or NFT Marketplace.
It also stands out as the 10SET token is truly deflationary. Most other cryptocurrencies in the market have a supply that is increasing over time. But Tenset is the total opposite, as the supply is rapidly shrinking each day, to reward long-term holders.
The total supply of 10SET is 210,000,000 10SET. However, due to burning this has already been significantly reduced, and no new tokens will ever be minted.
Smart contracts are programs stored on a blockchain that run when certain conditions are met. Smart Contracts are used to automate the execution of agreements when the terms are met.
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