Takepile Protocol defines itself as a solvency-guaranteed Perpetual DEX. Takepile utilizes a novel liquidity system called the “pile” system, where traders deposit an underlying asset such as $USDC, $USDB or $wFTM, and receive a pileToken (ex: pileUSDC or pileFTM) to trade with. A pileToken functions similar to an LP token, where it represents a trader’s ownership of the underlying asset found in a pile. If a trader owns 10% of all pileUSDC, they are entitled to 10% of all $USDC in a pile. As pileTokens are minted or burned upon winning or losing trades, the value is dynamic, and this eliminates the solvency issue, even in a case of all traders opening longs or all traders opening shorts, and closing them, at the same time.
Takepile also offers a "sticky liquidity" DeFi suite. In simple terms, users are heavily incentivized not only to trade, but to also stick within the Takepile ecosystem itself, thus bolstering the growth of Takepile and ensuring the best trading experience possible for users.
To support leverage trading on Takepile, the Takepile Protocol will have Liquidation Pass NFTs available for mint. Liquidation bots are standard on leverage trading platforms, and lead to efficient and accurate leverage trading. Growing a large, decentralized network of bot operators benefits everybody interacting with Takepile.
The Takepile token ($TAKE) is the reward and utility token of the Takepile Protocol. TAKE can be earned through trading on Takepile, single-staking pileTokens and liquidity mining in the LP vaults. The $TAKE token's main utility is to be staked on piles to earn fee share. Accumulated pileTokens can be claimed at any time from a pile. $TAKE is also required to use different tiers of leverage on Takepile.
