Governance

Governance

TELx Harvesting Rules

Liquidity Miners produce DeFi markets, stake TELx LP tokens, and harvest from a flow of 200M TEL in year 1 on TELx, pro-rata based on their share of staked liquidity, according to rules according to rules that are set by the TELx Council.

TELx: TEL Harvesting Rules

Liquidity miners are blockchain users who provide liquidity to DeFi liquidity pools on TELx, stake their liquidity in TELx incentives contracts, and harvest TEL based on their pro-rata share of staked liquidity.

The TELx Council set the rules and allocates TEL within TELx to be harvested by liquidity miners. The TELx harvesting rules are as follows and are subjected to change based on decisions made by the TELx Council using the TELxIP process.

Position Rules

Liquidity Miners

Role: Liquidity Provision Produce liquid, decentralized markets that enable Telcoin Platform actors to exchange their assets using the blockchain in an automated, self-custodial manner, harvest TEL from TELx.

TELx Council

Role: Governance and management

The TELx Council is the local governance organization with authority to set, enforce, and refine the rules for interacting with TELx using the TELxIP process, and they are responsible for providing improvements and for allocating TEL within TELx to be harvested by liquidity miners according to those rules.

The TAO

Role: Construction and maintenance

As authorized, directed and financed by the TELx Council, the TAO is responsible for maintaining existing infrastructure, constructing new systems, and coordinating with third-parties to produce and administer public goods.

 

Further details: for more information about liquidity miners and relevant TELx organizations, review

  • Liquidity Miners
  • TELx Council
  • Telcoin Association Operations UAB (TAO)

    • Eligibility and Authorization Rules

  • Further details

    • Liquidity Miners: Required and Authorized Actions

    In order to harvest TEL issuance, Liquidity Miners are required to:

  • Provide liquidity to one or more of the following markets.
  • Stake their LPTs in the proper staking contract.

    • Individuals may harvest as much TEL as they are capable based on their own efforts and abilities from the following issuance allocation over time, with income based on the formula provided below.

    MarketProtocolIssuance AllocationTime SlotsBasis for AllocationMechanism
    TEL/USDC 80:20Balancer V2 (Polygon)2,777,777.78Per calendar monthPro-rata share of staked liquidityTELx Staking Contract
    TEL/BAL 80:20Balancer V2 (Polygon)2,777,777.78Per calendar monthPro-rata share of staked liquidityTELx Staking Contract
    TEL/DFX/USDC 40:40:20Balancer V2 (Polygon)2,777,777.78Per calendar monthPro-rata share of staked liquidityDFX Staking Contract
    TEL/WETH 80:20Balancer V2 (Polygon)2,777,777.78Per calendar monthPro-rata share of staked liquidityTELx Staking Contract
    TEL/WMATIC 80:20Balancer V2 (Polygon)2,777,777.78Per calendar monthPro-rata share of staked liquidityTELx Staking Contract
    TEL/WBTC 80:20Balancer V2 (Polygon)2,777,777.78Per calendar monthPro-rata share of staked liquidityTELx Staking Contract
  • Total Issuance Allocation:
    • Annual: 200,000,000
    • Monthly: 16,666,666.66
  • Basis: Pro-rata share of staked liquidity in TELx contracts over time.
  • Time Slots: Each harvesting period lasts for a full calendar month (e.g. Jan, Feb) starting and ending at 00:00 UTC time at the beginning of each month. The incentives contract may be reset each month in order to enable the TELx Council to alter the liquidity mining policies.
    • Technologies used: Private technologies used by liquidity miners to harvest TEL from TELx.
    Infrastructure Involved: The TELx systems liquidity miners interact with to produce, consume services and harvest TEL issuance.

    Authority over TELx Harvesting Rules

    The TELx Council, using the TELxIP process, possesses authority to alter and enforce TELx harvesting rules, and is responsible for ensuring TEL is allocated and harvested according to those rules.

    TELx Maintenance and Construction Rules

    Until the TELx Council alters the arrangement, the TAO will maintain existing components on TELx. Any new construction will need to be financed and coordinated by the TELx Council.