Cryptocurrency project Telos has announced plans to push into the decentralized finance space with the upcoming launch of Telos SureProfit.
Telos is described as being a mass adoption, open finance network led by a community of visionary trail blazers. The project is pushing for scalable and fast decentralized finance within the cryptocurrency space.
No more failed transactions
The project has announced the upcoming launch of Telos SureProfit. The new feature will ostensibly allow investors to ensure their trades are successfully executed. The mechanic is known as “profit-or-cancel” technology.
The feature works by looking at investors’ wallets and determining what the balance will be after the intended transaction is processed. The system then measures the balance and if it is below the prescribed amount based on the user, it cancels the transaction.
SureProfit is set to prevent users from losing money during DeFi trades. Following the announcement, Telos has also launched five additional ERC-20 tokens including USDT, USDC, pETH, LINK, and PNT. The project is also working on adding decentralized exchange tokens such as SUSHI and UNI.
Pushing DeFi adoption with features
Telos has shifted their focus to key areas of interest within the cryptocurrency ecosystem, including DeFi, and non-fungible tokens (NFTs). The company will look to improve on areas where other blockchains fail. These include no gas fees for transactions, fast transactions, and no front-running of trades.
Telos will be looking to offer its very own DeFi platform built on its own blockchain. However, the company will also be adopting the popular Ethereum (ETH) blockchain via the soon-to-be-release Telos EVM, short for Ethereum Virtual Machine.
The solidity contracts will run on Telos, which will allow for all the features of Telos on the make-shift Ethereum network. The Telos blockchain currently supports 10,000 transactions per second (TPS), with zero transaction fees, outshining Ethereum in this regard.