Governance System

Governance System

Liquidity Miners

Liquidity Miners propose and vote in governance within their Miner Group based on their pro-rata share of staked liquidity on TELx.

Liquidity Miners: Governance Authority

Overview

As one of the four Miner Groups who collectively possess power over, with, and within the Telcoin governance system, Liquidity Miners can exert authority at all three levels of the Telcoin governance system, including at the constitutional level of analysis in which the terms and conditions of governance are set and refined, at the collective-choice level of analysis in which the rules structuring the day to day activities are set, and at the operational-choice level of analysis, where individual liquidity miners collectively produce and harvest benefits from the system or the Telcoin platform.

Liquidity Miners: Political Power and Channel

  • Political Power: An individual liquidity miner’s proposal and voting power in governance is based on their pro-rata share of liquidity staked in TELx contracts.
  • Governance Channel: https://snapshot.org/#/telxvote.eth

    • Liquidity Miners: Collective-choice authority and associated rules

  • Council Member Selection: Possess the right to select the following number of representatives to each Council.
    • Platform Council: 2 of 8 representatives
    • Treasury Council: 1 of 4 representatives
    • Compliance Council: 1 of 4 representatives
    • TAN Council: 1 of 6 representatives
    • TELx Council 3 of 6 representatives
  • Council Member Selection Rules
  • Council Member Participation: Possess the right to nominate themselves, be selected, and participate in Miner Council decision making processes that provide for, produce, and administer operational improvements and rules.

    • Liquidity Miners: Constitutional-choice authority and associated rules

  • Altering the Governance System: Possess the right, as a part of the Miner Assembly and using the TGIP process, to alter the Telcoin governance system.
  • Representative Improvements: Possess the right, independent of other Miner Groups and using the TRIP process, to alter their representatives’ position titles, roles, responsibilities, nomination applications and selection criterion.

    • Liquidity Miners: Operational-choice authority and associated rules

  • DeFi Liquidity Provision: Liquidity miners possess the right to provide liquidity to TELx DeFi markets, stake their liquidity provider tokens (LPTs) in TELx staking contracts, earn fees from trades through their liquidity pools, and harvest TEL issuance from TELx based on their pro-rata share of staked liquidity.

    • Liquidity Miners: Decision-making Rules

    Liquidity Miners: Positions and Eligibility Rules

  • Proposal Authors: Submit proposals to the Liquidity Miners governance channel for voting.
    • Attributes: All liquidity miners and TAO members may submit proposals subject to the following conditions.
    • Conditions: A liquidity miner must have have at least 2% of the total liquidity staked on TELx and TAO members must possess a TAONFT to submit proposals.
  • Voters: Vote on proposals submitted to the Liquidity Miners governance channel.
    • Attributes: All liquidity miners may submit vote subject to the following conditions.
    • Conditions: A liquidity miner must have liquidity staked on TELx at the time of the proposal to vote.

    • Liquidity Miners: Proposal and voting Rules

  • Political Power: An individual liquidity miner’s proposal and voting power in governance is based on their pro-rata share of liquidity staked in TELx contracts.
  • Governance Channel: https://snapshot.org/#/telxvote.eth
    • Collective-choice Rules: Council Member Selection Rules
      • Proposal Rules
        • Liquid Delegation Proposal Rules: Liquidity miners with 2% of TELx liquidity staked and TAO members may submit liquid delegation proposals at anytime, as long as voting does not coincide with the week-long, annual election.
        • Election Proposal Rules: Once each year, the TAO is required to submit all eligible liquidity miner Council Member candidates, in separate proposals for each Miner Council, to the Liquidity Miners governance channel for elections voting.
      • Voting Rules
        • Approval: Plurality, the candidate(s) with the most votes win.
        • Quorum: 20% of the liquidity miner voting power must participate in the vote, or else the TAO will substitute on their behalf until a Council Member is selected.
        • Duration: 7 days
    • Constitutional-choice Rules: TGIP, TRIP
      • Proposal Rules: Liquidity miners with 2% of political power and TAO members may submit TRIP and TGIP proposals to the Liquidity Miners governance channel for voting at any time.
      • Voting Rules
        • Approval: 80% of all votes must be in favor of the proposal in order for it to pass.
        • Quorum: 20% of the total liquidity miner political power must participate in the vote, or else it will be rejected.
        • Duration: 7 days

    • Liquidity Miners: Overview

    A summary description of Liquidity Miners including their role, activities and benefits, participation requirements, attributes, and governance authority.

    Liquidity Miners: Attributes

    The attributes and characteristics of Liquidity Miners, DeFi users who specialize in decentralized exchange liquidity provision on TELx, the decentralized financial marketplace layer on the Telcoin Platform.

    Liquidity Miners: Eligibility and Authorization Rules

    All users located in non-sanctioned jurisdictions who provide liquidity to TELx markets and stake their liquidity in TELx staking contracts, may participate as liquidity miners, harvest TEL rewards, propose and vote in Telcoin Platform governance.

    Liquidity Miners: Platform Activities and Benefits

    Liquidity Miners provide liquidity to DeFi markets, stake their liquidity in TELx, earn fees from trades, and harvest TEL issuance from TELx based on their pro-rata share of staked liquidity.

    Liquidity Miners: Governance Authority

    Liquidity Miners propose and vote in governance within their Miner Group based on their pro-rata share of staked liquidity on TELx.