Tarot

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Discover Tarot's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Tarot?

The crypto Tarot (TAROT) is a multi-chain, decentralized lending protocol where users can participate as lenders or borrowers in isolated lending pools. It allows lenders to supply tokens to earn passive yield without impermanent loss and borrowers to leverage their LP tokens for enhanced rewards. Currently, it is deployed on multiple chains, including Base and Mantle, with more chains planned for the future.

How is Tarot used?

The crypto Tarot, also known as the Arcana Crypto Tarot, is a unique deck that combines traditional Tarot card archetypes with cryptocurrency terminology. This deck is designed to provide insights and guidance for investors and enthusiasts in the cryptocurrency market.

Using the Crypto Tarot

To use the crypto Tarot, one typically lays out a spread of cards with a specific question or concern in mind. The deck includes 22 Major Arcana cards, each with its own symbolic meaning and interpretation. The cards are meant to stimulate the user's intuition and help them discover answers within themselves.

Reading the Cards

A common method of reading the crypto Tarot is through a three-card spread. The left card represents the past or what is passing, the center card represents the current situation, and the right card represents the future or what is to come. However, users can interpret the cards in various ways depending on their personal associations and the question being asked.

Reversed Cards

Cards can also appear upside-down or "reversed," which can have different meanings depending on the interpretation. Reversed cards might indicate the opposite of their upright meaning, a hidden or secret state, or a reduced influence.

Artists' Contributions

The crypto Tarot deck features the work of 22 individual artists from 13 countries, each contributing their own unique interpretation of the traditional Major Arcana archetypes. This collaboration, known as the Women of Cryptoart (WOCA), resulted in a tokenized NFT on the programmable art platform Async in April 2021.

Daily Readings

The Arcana Crypto Tarot generates a new randomized three-card reading daily at midnight UTC, which users can access with their query in mind. This feature allows users to reflect on the day's reading as it pertains to their situation.

Coin Usage

Some users also employ tarot coins, which can be used for yes/no questions or as a lucky charm to carry and make wishes on. These coins can be spun manually and stopped to determine an answer or used as a fidget spinner to help with decision-making.

Purchase Options

The crypto Tarot deck is available for purchase, including an envelope box and 300-gram paper cards. It is marketed as an exciting gift for crypto enthusiasts and a powerful tool for answering soul-searching questions through Major Arcana Tarot spreads.

How do I store Tarot?

To store Tarot tokens effectively, consider the following methods:

  1. Pouches: Use velvet or imitation velvet pouches to protect your tokens from sun damage and accidental spills. These materials are believed to provide spiritual protection as well.

  2. Salt: Wrap your tokens in parchment, cloth, or plastic and place them on a bed of salt. This method is believed to cleanse and protect the tokens. Ensure the salt is contained in a bowl or plate to avoid spillage.

  3. Crystals: Place crystals like black tourmaline, obsidian, selenite, or satin spar on top of your tokens to add protective energy. Program the crystals with your desired intention by holding them and stating your wishes.

  1. Manifestation Box: Store your tokens in a manifestation box, which can be programmed for specific outcomes. This method allows you to track the progress of your manifestations.

  2. Sacred Spaces: Keep your tokens in a spiritually cleansed space, such as an altar or a designated area, to maintain a positive vibrational frequency.

  3. Avoid Direct Sunlight and Heat: Store your tokens away from direct sunlight to prevent bleaching and heat to prevent warping or damage.

  1. Dry and Cool Environment: Keep your tokens in a dry and cool area to prevent moisture damage, especially in humid climates.

  2. Clean and Dry Hands: Handle your tokens with clean and dry hands to prevent dirt and oils from damaging them.

  3. Avoid Rubber Bands and Pockets: Do not use rubber bands, as they can leave marks or melt and stick to your tokens. Also, avoid storing tokens in pockets, as they can become warped and damaged by body moisture.

  1. Customized Storage: Consider creating or purchasing customized storage solutions, such as handmade pouches or decorative boxes, to fit your personal style and preferences.

How to buy Tarot?

To buy Tarot (TAROT) tokens, follow these steps:

  1. Enable the Fantom network on your wallet: Install a Web 3.0 wallet like MetaMask and add the Fantom network by clicking on the network and then "Add Network." Fill in the details of the Fantom network, which can be found online.

  2. Buy Fantom (FTM): Find a broker or exchange that offers FTM. Register, verify your account if necessary, and make a deposit to buy FTM. Choose a regulated and reputable platform for security and ease of use.

  3. Swap Fantom for Tarot on Zapper: Send the FTM to your wallet, then go to Zapper, connect your wallet, and grant access. On the Exchange tab, set the "From" and "To" currencies as FTM and TAROT respectively to make the swap.

Additionally, consider the competitive fees, attractive earning opportunities, and token benefits of TAROT before investing.

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History of Tarot

The history of the Crypto Tarot, also known as the Bitcoin Tarot, is a unique blend of traditional tarot cards and cryptocurrency terminology. This innovative concept combines the mystical and symbolic aspects of tarot cards with the modern world of digital currencies.

The Crypto Tarot deck is based on the Major Arcana, which is a set of 22 cards in a traditional tarot deck that hold deep symbolic meaning. In the Crypto Tarot, these cards are reimagined to reflect the language and themes of cryptocurrency. For example, the Hanged Man card is associated with Bitcoin and the SegWit/UASF fork, symbolizing the need for enlightenment and resistance to temptation.

The first cryptocurrency-themed tarot deck was created as a set of 101 pioneering NFTs (non-fungible tokens), making it a rare and original collectible. This deck is considered the oldest and most original of its kind, offering a unique opportunity for collectors and enthusiasts to own a piece of crypto history.

In addition to the NFT collection, physical decks have also been created, such as the "Crypto Tarot - Major Arcana - Crypto Terminology" deck, which features 22 major Arcana cards and an envelope box. This deck is designed as a gift for crypto enthusiasts and serves as a tool for "soul searching" and self-reflection.

Another notable example is the "Bitcoin Tarot: Discover The Journey of Satoshi's Silent Revolution," which includes 78 educational cards painted to represent the journey of Satoshi Nakamoto's silent revolution. This deck is designed for both crypto enthusiasts and newbies, offering a detailed guide to each card through a PDF and e-blog.

The Crypto Tarot has become a fascinating intersection of traditional mysticism and modern technology, offering a new perspective on the world of cryptocurrency.

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How Tarot works

The crypto Tarot (TAROT) is a decentralized lending protocol that allows users to participate as lenders or borrowers in isolated lending pools. This protocol facilitates a unique leveraged yield farming experience for borrowers while enabling lenders to earn significant yields on their supplied tokens without the risk of impermanent loss.

Key Components
  • Liquidity Providers: Users who supply tokens to decentralized exchanges (DEXs) and other DeFi protocols. They receive LP tokens as proof of their contribution, which represent their proportional share of the total liquidity in the DEX for the token pair.
  • LP Tokens: Tokens received by liquidity providers as proof of their contribution. These tokens can be staked in farms or staking pools to earn additional rewards, helping to offset the risk of impermanent loss.
  • Leveraged Yield Farming: A mechanism that allows liquidity providers to use their LP tokens to borrow and acquire more LP tokens, expecting the rewards from having more LP tokens to exceed the borrowing cost. This amplifies both potential rewards and risks, including impermanent loss.
  • Indirect Liquidity Providing: Lenders in Tarot indirectly provide liquidity by making their tokens available to borrowers for leveraged yield farming. Lenders do not risk impermanent loss with their supplied tokens, as the risk is transferred to borrowers.
  • Price Oracle: A contract that provides on-chain access to price information for a token, usually denominated in terms of another token or an off-chain unit of account. This is crucial for decentralized lending protocols to determine the value of collateralized loans and prevent borrowers from withdrawing more than the value of their collateral.
How It Works
  1. Liquidity Provision: Users supply tokens to a DEX and receive LP tokens in return. These LP tokens can be staked in farms or staking pools to earn additional rewards.
  2. Leveraged Yield Farming: Liquidity providers use their LP tokens to borrow and acquire more LP tokens, expecting the rewards from having more LP tokens to exceed the borrowing cost.
  3. Borrowing and Lending: Borrowers use the borrowed LP tokens to add more liquidity to the DEX, earning additional yield and farming rewards. Lenders earn yield from transaction fees and possibly staking rewards without risking impermanent loss.
  4. Risk Management: The protocol includes liquidation mechanics to manage the risk of impermanent loss, ensuring that borrowers do not withdraw more than the value of their collateral.
Additional Context
  • Tarot Cards: There are also NFT collections and physical products, such as the "Crypto Tarot" deck, that use tarot card imagery and crypto terminology. These are unrelated to the decentralized lending protocol and are instead focused on decision-making and investment guidance.
  • Investment Guidance: Some investors use tarot cards as a tool for guiding investment decisions, often combining them with other forms of analysis.

Overall, the crypto Tarot (TAROT) is a decentralized lending protocol that enables users to participate in leveraged yield farming and lending, managing risks through its unique LP token collateralization model and liquidation mechanics.

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Tarot's strengths

The token Tarot (TAROT) represents a higher level of consciousness that takes responsibility in order to master oneself and one's world. It symbolizes power, energy, action, courage, and magnanimity, indicating complete success and honors. The card is associated with the masculine, fixed-fire sign of Leo and its ruling planetary body, the Sun. It also signifies enlightenment and spiritual powers, as represented by the lemniscate above the woman's head.

In terms of card combinations, when the Strength card appears with The Magician or Temperance, it enhances the mastery over events, leading to getting exactly what is desired. Additionally, it can interact with the Eight of Wands, Eight of Swords, Eight of Pentacles, and Eight of Cups, each of which bolsters control over specific aspects of life. The combination with The Tower card indicates the ability to master even uncontrollable chaos.

Overall, the Strength card in a Tarot reading signifies a sophisticated level of consciousness that takes responsibility and exerts control over oneself and the world around them.

Tarot's risks

Tarot (TAROT) is a cryptocurrency project that offers various financial opportunities, including lending and borrowing. However, like any DeFi protocol, it carries several financial risks that users should be aware of:

  1. Impermanent Loss Risk: Although Tarot claims to mitigate this risk through its dynamic interest rate model, users may still face temporary liquidity issues if the utilization of tokens in the lending pool is high and there is not enough liquidity for the supplied token.

  2. Undercollateralized Loans: Lenders may lose tokens if liquidators fail to repay liquidatable loans in time, leading to undercollateralized loans. Tarot uses model parameters and incentives to reduce this likelihood, but it is still a risk.

  3. Low Liquidity and Malicious Pairs: The permissionless nature of Tarot allows anyone to create lending pools for token pairs, which can lead to low liquidity and malicious pairs. Users should verify the correct lending pool and token pair addresses to avoid potential losses.

  1. Liquidation Risks: Borrowers risk liquidation if the relative price for the token pair moves outside the liquidation price range. This can result in the loss of collateral.

  2. Borrow Fees and APR: Borrow fees are factored into the estimated APR, and high leverage can lead to negative APR if borrow fees outweigh the yield for the LP position.

  3. Psychological Addiction: Users should be cautious not to become overly dependent on Tarot's financial opportunities, as this can lead to impulsive decisions and potential financial losses.

It is essential for users to understand these risks and take responsibility for their investments before participating in Tarot's financial ecosystem.

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Did Tarot raise funds?

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Tarot’s team

  • The Arcana Crypto Tarot Team: The team behind the crypto Tarot includes 22 individual artists from 13 countries, all of whom are inaugural members of Women of Cryptoart (WOCA). These artists are Etta Tottie, Angie Taylor, Stina Jones, GiselXFlorez, Sparrow, and others, who collaborated to create the world's first fully functional Major Arcana tarot NFT.

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