pileTokens

When depositing assets into a pile, users receive pileTokens in return. These pileTokens can be used to open positions on the Takepile Protocol. A pile will have its own pileToken associated with it, and traders can convert pileTokens for the underlying asset at any time. In a trade, pileTokens are minted or burned depending on the profit or loss of a trade. This means that pileUSDB is not directly tied to the value of USDB, but the conversion rate of pileTokens to the asset is variable. If a user owns 10% of all pileUSDB, they are entitled to 10% of the USDB Pile.

The gamification of trading that occurs on the Takepile Protocol starts with the piles: a lot of losing trades leads to pileTokens being burned, and pileUSDB rises in value. The opposite is also true, a lot of winning trades leads to a decrease in pileUSDB's value.

At launch, converting from pileTokens back to the underlying asset will have a 6 hour withdrawal timer, meaning that if you deposit 100 USDB at 3:00 PM, you cannot convert your pileUSDB into USDB until 9:00 PM. This conversion timer will be lowered after the launch phase of Takepile.

Trading on Takepile means there's strategy involved at every level, down to the conversion of assets -- gamification all the way!

Depositing assets isn't the only way to gain pileTokens, either. By staking TAKE on a pile, your share of fees is accumulated in pileTokens.