Retik Finance offers a suite of blockchain-powered products and utility that not many projects in the Web3 space do. This gives it a competitive advantage. Despite this upper hand, the value of the project’s native RETIK token has plummeted from its launch price and has since been struggling to regain the lost ground.
Current Market Standing
The native coin of the Retik Finance platform, RETIK, is trading at $0.004859 as of Oct. 1, 2024. This is after the altcoin printed a 2+% gain throughout the past day of trading. Despite the modest gain, the crypto is still down more than 99% from its launch price earlier this year.
RETIK’s 24-hour trading volume stands at around $332,332, according to CoinMarketCap. This is a 20% increase from the day prior. However, activity around the crypto has not been the best in the market. In fact, CoinMarketCap data shows that RETIK is ranked at number 1,644 in terms of trading volume.
With regards to market cap, RETIK’s total valuation is around $754,205. This places it at 3,197 in terms of market share.
Retik Finance Overview
Retik Finance is a blockchain-powered platform that offers a suite of decentralized finance (DeFi) products that are tailored to “redefine global transactions,” according to the project’s website. The range of offerings includes debit cards, a smart crypto payment gateway, peer-to-peer (P2P) lending as well as a multi-chain and non-custodial wallet solution.
Cards And Rewards
Retik Finance offers a tiered debit card program that gives users varying cashback benefits. There is a Silver, Gold and Diamond debit card. The Silver card boats $10, and gives holders 2.5% cashback on their transactions. Meanwhile, the Gold card costs $49 and comes with a 3.75% cashback benefit. The project’s most expensive card, which is the Diamond debit card, has a purchase price of $99 and offers holders up to 5% back on their transactions. All of these rewards are paid back in RETIK tokens.
These debit cards can also be used for any purchases, whether online or in store, according to the project’s WhitePaper. Users can also withdraw their crypto cash via ATMs using their cards. What’s more, Retik Finance protects the privacy of its users, and does not require KYC before a card is issued.
Peer-to-peer (P2P) Lending
Users are able to collateralize their deposits in order to borrow other assets on the Retik Finance platform. Interest rates for borrowing assets on the decentralized platform are algorithmically set, and take into account supply and demand dynamics for the asset. What’s more, users can borrow assets without having to specify maturity dates.
Retik Pay
Retik Finance also offers a blockchain-enabled payment railway that can be used by both merchants and consumers. With this innovative payment solution, users can take advantage of the seamless, secure and low-cost transactions enabled by distributed ledger technology. Anyone from across the globe can transact on Retik Pay, which unlocks real-time settlements for users.
Tokenomics
RETIK is an ERC-20 token on the Ethereum blockchain with a total supply of 1,000,000,000 coins. Of this total supply, the biggest percentage has been allocated to the project’s presale, with 40% set aside for early investors.
RETIK token allocation
Another 24% will be allocated to the project’s ecosystem, while 12% will be used for liquidity and listing reserves. The remaining allocations include 6% to market making and KOLs, 5% to Retik Finance’s cashback reserve, 4% to marketing, 3% to partners and the remaining 6% to the project’s team.
Is Retik Finance Legit?
Retik Finance has a score of 1.7 out of 5 on Trustpilot. Although 12% of people on the platform rated the project 5 stars, an overwhelming 80% of the users on the rating platform scored Retik Finance 1 star.
There are a lot of comments calling the project a scam and several users on Trustpilot have shared their bad personal experiences with the project’s team on its social platforms as well. It is important to take into account that these negative reviews might just be from disgruntled investors who lost money investing in RETIK after its 99% plunge post launch.
Users on the crypto forum Bitcointalk have also highlighted similarities between the project’s team and supposed scams run in the past. According to users on the forum, Retik Finance is using a whitepaper that has been linked to past scams. Reddit users supposedly also investigated the project and raised some red flags that suggest it might be a scam. The Bitcointalk users subsequently warned readers against connecting their wallets to any of the project’s products, as it could lead to a loss of funds.
From a security and code audit perspective, RETIK’s smart contract has received a score of 77.29 out of 100 from the reputable security and auditing firm, Certik.This places it in the top 15% of projects. Looking at the publicly-available audit report, 2 warnings were raised by Certik. The first warning is that the smart contract’s ownership cannot be renounced. The second warning is with regards to a trading platform blacklisting RETIK.
Regardless of the respectable security score, some RETIK holders are concerned with the lack of updates and communication from the project’s team.
Overall, the steep drop in RETIK’s price, the lack of updates from the project’s team, and the negative comments from investors and holders suggests that traders and investors will want to perform proper due diligence before investing in Retik Finance.
A key thing to keep an eye on is whether the project delivers on its roadmap. Although the current price could be seen as a buy opportunity, the negative sentiment clouding RETIK warns that it may take a bit longer for the crypto’s price to begin climbing, if there is even a chance of recovery.
Frequently Asked Questions
What products and services does Retik Finance offer?
Retik Finance offers a comprehensive suite of blockchain-powered products in the decentralized finance (DeFi) space. These include debit cards with cashback rewards, a peer-to-peer (P2P) lending platform, a non-custodial wallet, and Retik Pay.
Why has the price of the RETIK token dropped so significantly?
Despite the innovative offerings of Retik Finance, the price of the RETIK token has plummeted by over 99% since its launch. Factors contributing to this decline include low trading volume, negative sentiment from investors, and a lack of consistent updates from the project's team.
Is Retik Finance a trustworthy project?
Retik Finance has received mixed reviews. While its smart contract was rated favorably by Certik with a score of 77.29, indicating decent security, there are concerns about its team’s lack of communication and negative investor feedback. questionable whitepaper and links to past scams. Investors should exercise caution and perform thorough due diligence before engaging with the project.
