Question 1

What is Tarot v1 (TAROTV1)?

Accepted Answer

Tarot (TAROT) is a decentralised finance (DeFi) protocol that enables users to lend and borrow cryptocurrency assets in a peer-to-peer manner. The protocol operates on a blockchain, allowing users to leverage their crypto holdings by lending them out to earn interest or borrowing against them. TAROT is the native utility token of the Tarot protocol, used for governance, staking, and incentivising liquidity provision.

Question 2

What is Tarot v1 (TAROTV1) used for?

Accepted Answer

Tarot (TAROT) is primarily used within the Tarot DeFi protocol for governance, staking, and incentives. TAROT token holders participate in the protocol's decision-making process by voting on proposals that influence the platform's development and management. Users can stake TAROT tokens to earn rewards from the protocol's fees or newly minted tokens, thus helping to secure the network and incentivise participation. Additionally, TAROT tokens incentivise liquidity providers by rewarding them for contributing to the lending and borrowing pools. TAROT can also be used to pay for transaction fees within the Tarot protocol, often at a discounted rate compared to other tokens.