BTSE will list the Tellor (TRB) token on November 2, 2023, making it available for spot trading. Additionally, TRB will be listed on BTSE’s wider ecosystem of 10+ white label crypto exchanges, enabling better liquidity and pricing. Users will be able to trade TRB via the TRB/USDT and TRB/USDC trading pairs.
1. Deposits enabled: 4:00 PM (Singapore Time) on November 2, 2023 (supported network: ERC-20)
2. Trading enabled: 4:00 PM (Singapore Time) on November 2, 2023
3. Withdrawals enabled: 4:00 PM (Singapore Time) on November 2, 2023
What Is Tellor (TRB)?
At its core, Tellor is a decentralized oracle protocol. For those new to the term “oracle”, think of oracles as bridges that connect the real world with the digital world of blockchains. They feed off-chain data, like price feeds or real-world events, to on-chain smart contracts, enabling a multitude of decentralized applications.
Tellor’s oracle stands out as it supplies data in a permissionless manner, allowing data reporters to compete for TRB incentives. This ensures a constant flow of reliable data on-chain, which becomes an invaluable resource for a myriad of DeFi applications.
Why Tellor Stands Out
The uniqueness of Tellor arises from its open and decentralized approach. Unlike some oracles which might have centralized aspects or require a vetting process for reporters, Tellor’s system is permissionless. This means that any individual, from any corner of the globe, can become a data reporter using open-source software. This characteristic not only bolsters its decentralized ethos but also invites a broad spectrum of data contributors, enriching the oracle’s data quality.
Furthermore, the way data is retrieved and updated in Tellor sets it apart. Instead of being restricted to a fixed set of data types, Tellor’s flexibility in accepting data in bytes makes it a versatile tool, suitable for almost any blockchain application.
Securing the Network: The Role of TRB
Tellor’s network is bolstered by its native token – TRB. TRB plays a pivotal role in aligning the interests of data reporters, oracle users, and the overarching community governance.
Data reporters, to ensure credibility, must stake TRB tokens. While this gives them the opportunity to earn rewards, it also puts them at risk of losing their stake if they report malicious or inaccurate data. Disputes can be raised against any questionable data, and if found incorrect, the reporter’s stake is forfeited and given to the disputer. This mechanism ensures that reporters are motivated to maintain the integrity of the data they submit.
What Traders See in TRB
1. Innovative Solution: As the DeFi ecosystem grows, the demand for reliable oracles is set to soar. Tellor, with its unique approach to data reporting, positions itself as a forerunner in this domain.
2. Strong Utility: TRB is deeply embedded in the functioning of the Tellor ecosystem, ensuring network security and aligning incentives.
3. Broad Applicability: Given Tellor’s compatibility with multiple networks like Ethereum, Polygon, Algorand, and more, its potential reach and use cases expand considerably.
Users can deposit/trade TRB tokens by searching TRB on the BTSE website or mobile app.
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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.