Tinyman cryptocurrency exchange is an AMM-based decentralized exchange built on the Algorand blockchain. Tinyman provides users with swapping possibilities, as well as various financial tools, including liquidity pools, analytic tools, and token bridges. Users have the ability to trade any Algorand Standard Asset (Algo) via its liquidity pools.
Since Tinyman is a decentralized exchange, it does not require KYC verifications, and it is possible to trade on it anonymously in this respect. The exchange can be accessed through the web.
Since the exchange offers swapping, there's no Tinyman spot market in a traditional sense. Besides, note that Tinyman only supports crypto-crypto trading. There are over 1300 Tinyman trading pairs in its liquidity pools.
Regarding Tinyman exchange fees, there is a flat fee of 0.3%. The Tinyman Treasury receives 0.05% of this fee while the remaining 0.25% goes to Poolers. In addition to this Tinyman crypto fee, Algorand charges an additional fee on each swap – the input swap costs 0.004 Algo, while the output swap costs 0.005 Algo.
However, Tinyman does not charge any fees whatsoever for the creation of pools, the addition and removal of liquidity, staking, or the redemption of cryptocurrency. These costs are completely the responsibility of the Algorand network. However, there is the same 0.3% fee charged for flash loans and flash swaps. Additionally, there are no costs associated with depositing or withdrawing cash.
As of writing, Tinyman has not yet released its native token. However, in the future, it plans to release the TINY token, which will be the native governance token of the platform based on the Algorand chain.
Talking about other services offered by the exchange, for starters, it allows liquidity providers to generate passive income by providing liquidity to Tinyman pools. Besides that, the pools have farming programs, which allow users to generate farming APR.
Moreover, Tinyman offers Analytics tools, which allow users to get all the information they need about the crypto market, assets, and various pools.
Additionally, Tinyman allows users to access various token bridges, including Wormhole, Messina, Algomint, and pNetwork.
About the Company
The Tinyman cryptocurrency exchange went live in October 2021. Since then, both its audience and its liquidity have continued to expand. Traders may use liquidity provision and swap on the Algorand blockchain as well as general and personal analytics capabilities inside the Tinyman Platform.
The Tinyman crypto exchange development team is led by a pseudonymous developer Tinyman. They are hard at work adding new features that will become available in the not-too-distant future. The Tinyman team was established by individuals who have extensive expertise in the field of fintech.
On August 9, 2021, Tinyman was launched into production on the Algorand Testnet. It was officially launched on the Algorand Mainnet on October 7, 2021, after all the necessary testing had been carried out. After running its business without a hitch for a little over a month, Tinyman made the announcement that it would be partnering with Moonpay.
Despite the best efforts of the developers, the procedure did not go off without a hitch. Tinyman's Algo, goBTC, and goETH pools were emptied on January 1, 2022, when an unidentified hacker or group of hackers exploited a zero-day vulnerability in the liquidity provision system of Tinyman's platform. During the attack, a total of 13,576 Algo, 138 goBTC, and 29 goETH were stolen, which had a combined worth of $1.8 million at the time of the breach.
After then, at least three other assaults occurred, each of which caused Tinyman to lose even more money. Nevertheless, since the owners of Tinyman urged users to decrease liquidity after the first assault hit, subsequent attacks generated a substantially lower amount of currency than the first one did. Despite this, Tinyman suffered a total loss of crypto assets valued at $2.9 million before the breaches were fixed and the assaults were neutralized.
In January 2023, a new version of the exchange was released – Tinyman V2. Innovative upgrades present in the new version include composable contracts, flexible liquidity adding, and swaps without redeeming.