❓FAQ
Frequently asked questions
What is the TokenSight Token?
We introduced our token not just as a means of raising initial capital, but also as a vehicle to cultivate an innovative automation platform that becomes an indispensable part of your daily routine. Our vision goes beyond technology; it's about nurturing a thriving community that's motivated to hold the token for the long term and reap the rewards of our platform's growth. To align our interests with the community, we allocate a significant portion of platform fees to token holders.
Building and continuously enhancing something exceptional that people genuinely adore hinges on the strength of our positive and supportive community. Our commitment revolves in centering our platform and token on this very community, ensuring that together we create and grow a top-tier product.
The TokenSight Token (TKST) was launched on 28 of October 2023, and initial liquidity was added on Uniswap V2. You can read more about it in the the TokenSight Token section of this documentation.
Who is the team behind the project?
The team consists of 5 people. The team is doxed and public, and has worked in the crypto space for a long time.
Is the platform free to use?
Yes, the platform is free to use, while we only take a very small cut from every successfully executed trade:
1% fee for trades without referrals.
0.9% fee for trades with referrals.
Are there any limits on the number of orders and alerts that I can receive?
Yes, there are currently limitations in terms of how many active orders and alert configurations you can have.
What is the minimum amount of ETH I need to have in my wallet to trade on TokenSight?
There is no minimum amount requirement. However, you need to make sure that when submitting a trade, you will have enough gas to pay for transactions. In case your transactions fail, you need to see whether you have enough funds to cover for gas fees. Depending on gas cost, make sure you have around 0.02 - 0.05 ETH available in your wallet to cover for gas fees. Those transactions can include trading a token and submitting an approval when needed.
We never submit infinite approval transactions.
What is a private transaction?
A private transaction is not submitted to the public transaction pool (mempool - where it's visible to anyone), but to private RPC providers which relay the transaction directly to validators. Private transactions are not prone to sandwich attacks (except in rare instances when validators leak the transaction in the public mempool).
When you submit a private transaction, instead of the transaction details being shared in the public transaction pool, they are sent to a private transaction pool that does not gossip the transaction until the trade is executed. The details of the transaction are made publicly available on the blockchain only after the trade is executed.
The downside to private transactions is that it will most likely take slightly longer for your transaction to execute, and it might not be executed at all. Also, there is a risk that your transaction can be leaked intentionally or unintentionally to the public transaction pool.
TokenSight has partnered with DRPC which provides access to the best private RPC providers; we don't use a single private RPC provider, but multiple, and we distribute the requests to those to ensure high availability.
What are best practices for using the Trading Telegram Bot?
You can use the Telegram in one of the two modes: Standalone and Companion. You can set the mode just once and you cannot switch between modes at the moment for safety reasons.
Standalone: If you only like to only trade on TokenSight via the Telegram bot, you can use it right away by clicking here.
Companion: If you already have an account and like to trade via the Telegram bot, or if you want to trade on Telegram bot with Secure Wallets, you can connect you existing account to the Telegram bot by navigating to the Profile Section and clicking on Connect Bot.
What is a sandwich attack and how TokenSight helps in preventing sandwich attacks?
During a sandwich attack, an attacker looks for pending swap transactions in the mempool, with a higher than necessary slippage. The sandwiching occurs by placing one order right before the trade and one right after it, in order to manipulate the price of the asset you are buying/selling. A simple scenario is that the attacker will buy for a lower price in order to allow you to buy at a higher price, and then sell at a higher price afterward. This can be easily exploited when you are using a high slippage for your orders - with this you're accepting worse execution price, and attacker/searcher might take advantage of it.
TokenSight enables you to execute private transactions by default, and we utilise highly reliable and performant frontrunning protection providers. In addition to that, the platform provides automated guidance on the max slippage to set when submitting non-private orders.
How does the auto slippage work?
When using an auto slippage, the trading engine tries to find the right slippage to execute the transaction by doing several retries and simulations, incrementing the slippage every iteration. In addition to that, the trading engine takes into consideration the token liquidity to optimise the slippage and add extra percentage as needed to ensure the order will get executed.
Example 1: When buying a token without a token tax, assuming there is a large pool of liquidity, the initial slippage is set to 0.5% and is incremented with every simulation until a successful simulation is executed.
Example 2: When buying a token with a token tax of 4%, assuming there is a large pool of liquidity, the initial slippage is set to 4.5% and is incremented with every simulation until a successful simulation is executed.
Example 3: When buying a token from a pool with < 10.000 USDC in liquidity, the engine adds an extra slippage of 10% on top of the initial slippage.
Note: Using auto slippage with non-private transaction is risky as it can result in sandwich attacks.
What are some tips for submitting orders?
Using the default settings when submitting orders (Private transaction, auto slippage, auto validator tip & fast gas mode) will ensure that your transaction has a very high chance of success and will avoid sandwich attacks, thus will work in most regular cases, however, due to the private nature, it might not end up included in a block, as this depends on other pending transactions and their tips to the validators.
If you want to submit a non-private transaction, it is highly recommended to set a custom slippage (ex. 0.1%, though you need to consider token tax as well), though you need to make sure it's not very high to avoid getting sandwiched.
For buying tokens during a highly anticipated launch, it is always recommended to use a private transaction with a high slippage (ex. 30-40%). This ensures that even though there would be a spike in the price of the token during the execution of the order, the slippage tolerance will allow you to capture it while not getting sandwiched (you can use the Degen Mode for this).
My limit buy order was executed with a lower price than the target price.
TokenSight submits the limit order execution as soon as the target price is hit. The order will be executed with the market price at the moment of execution. This ensures you get better execution price most of the time, and the TokenSight platform doesn't keep the difference between target price and execution price as other platforms do (ex. 1Inch).
My limit order was not executed, however the target price was hit.
The order might not be executed due to several factors, including the order configuration settings (slippage, gas mode, private execution etc.), available funds and tokens for gas and order execution respectively, as well as the network state at the moment of execution. TokenSight retries 3 times to execute your order, and marks it as failed if it does not go through after the last attempt.
TokenSight displays my transaction as failed, but it was actually executed!
In some cases when using a private transaction with Normal Gas Mode and a low Validator tip, the transaction might take long time to get included in the block. In these cases TokenSight might flag the transaction as failed (timeout error), while the transaction is executed shortly afterwards. Private transactions have a deadline of 2 minutes to be included in a block. Otherwise they are marked as failed internally (they still might get executed after this period or dropped completely).
How does revenue share work internally?
Based on the total fees collected (platform fees + token tax fees), we take automated snapshots every 24 hours around 01:00 UTC. If there are more than 2 ETH collected, those rewards will be distributed amongst all the eligible holders, otherwise the revenue from that snapshot will be distributed during the next snapshot.
An eligible holder is any Ethereum address that is holding the right amount of #TKST tokens.
In case you are holding tokens in any of the integrated wallets in the application, the rewards are accumulated automatically, but in order to claim them, you need to import that wallet into a wallet provider of your choice (ex. MetaMask, Rabby etc) and then claim those rewards via the Rewards page. In the coming weeks we will allow you to directly claim your rewards without having to export the integrated wallet.
Every snapshot of rewards is vesting for 2 weeks, and they get unlocked after 2 weeks only if the holder is eligible. A holder is not eligible if the tokens held at snapshot are sold (fully or partially) within those 2 weeks, thus the revenue snapshot will be forfeited in those scenarios.
The rewards can be claimed in the Rewards dashboard. You can connect multiple wallets where you hold your TKST tokens, and you can claim if your claimable balance is at least 0.02 ETH. You can connect wallets via MetaMask, WalletConnect, Rainbow and Coinbase wallet.
Once you claim the rewards, the request is queued for processing. It might not arrive in your wallet straight away, but you don't need to do anything as it will be eventually processed by our platform.
Examples:
Suppose wallet X holds 10.000 tokens on 25.12.2023. The revenue share snapshot is taken the same day, where the respective share is 0.0000012 ETH for that day and for that balance. That share will be locked and vesting for two weeks until 08.01.2024. The wallet holds 9.500 tokens on 08.01.2024, and that reward share of 0.0000012 ETH will be forfeited.
Suppose wallet X holds 10.000 tokens on 25.12.2023. The revenue share snapshot is taken the same day, where the respective share is 0.0000012 ETH for that day and for that balance. That share will be locked and vesting for two weeks until 08.01.2024. The wallet holds 10.000 tokens on 08.01.2024, and that reward share of 0.0000012 ETH will be unlocked.
Suppose wallet X holds 10.000 tokens on 25.12.2023. The revenue share snapshot is taken the same day, where the respective share is 0.0000012 ETH for that day and for that balance. That share will be locked and vesting for two weeks until 08.01.2024. The wallet holds 15.000 tokens on 08.01.2024, and that reward share of 0.0000012 ETH will be unlocked.
More details can be found here.
How do referrals work?
As a TokenSight user, you have a unique referral code that you can share with everyone. Users that use your referral code to sign up to the platform get discounted trading fees - 0.9% for every trade.
The collected fees by these referred users are distributed as shown below:
Treasury + Token Holders (75%)
You (25%)
The rewards accumulated to the Treasury & Token Holders are then split using the same method as the rewards from the token tax (75% to Token Holders & 25% to Treasury)
You can claim the rewards in the Referrals page, and you need to have at least 0.1 ETH accrued to be able to claim.
Are my funds safe?
Upon registration on our platform, we create a Simple Wallet for you. The wallet private key is securely encrypted within our servers with cloud hardware security modules.
While we diligently address security concerns related to networking, storage, and team access to these security modules, it's a known fact that Simple Wallets introduce a specific set of security risks, and it's always recommended you take a backup of the wallets you are using.
In addition to that, you can create Secure Wallets, which are entirely in your control and only you can authorise transactions through those wallets.
Additionally, we're directing our attention towards Account Abstraction (AA) wallets with WebAuthn, a solution that promises enhanced flexibility and unparalleled security for your assets on the TokenSight platform.
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