Governance System
Governance System
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.
TELx Harvesting Rules: Overview
| Miner | Activities | Y1 TEL Allocation | Basis for Income |
|---|---|---|---|
| Liquidity Miners | DeFi Liquidity Provision Provide liquidity to TELx DeFi markets and enable users to exchange their assets in a decentralized, automated, self-custodial manner. Stake Liquidity on TELx Stake TELx liquidity provider tokens (LPTs) in TELx staking contracts to harvest TEL. | Total: 200,000,000 Flow: 16,666,666.66 per month | Basis for Income Pro-rata share of liquidity staked on TELx over time. |
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
Eligibility and Authorization Rules
Liquidity Miners: Required and Authorized Actions
In order to harvest TEL issuance, Liquidity Miners are required to:
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.
| Market | Protocol | Issuance Allocation | Time Slots | Basis for Allocation | Mechanism |
|---|---|---|---|---|---|
| TEL/USDC 80:20 | Balancer V2 (Polygon) | 2,777,777.78 | Per calendar month | Pro-rata share of staked liquidity | TELx Staking Contract |
| TEL/BAL 80:20 | Balancer V2 (Polygon) | 2,777,777.78 | Per calendar month | Pro-rata share of staked liquidity | TELx Staking Contract |
| TEL/DFX/USDC 40:40:20 | Balancer V2 (Polygon) | 2,777,777.78 | Per calendar month | Pro-rata share of staked liquidity | DFX Staking Contract |
| TEL/WETH 80:20 | Balancer V2 (Polygon) | 2,777,777.78 | Per calendar month | Pro-rata share of staked liquidity | TELx Staking Contract |
| TEL/WMATIC 80:20 | Balancer V2 (Polygon) | 2,777,777.78 | Per calendar month | Pro-rata share of staked liquidity | TELx Staking Contract |
| TEL/WBTC 80:20 | Balancer V2 (Polygon) | 2,777,777.78 | Per calendar month | Pro-rata share of staked liquidity | TELx Staking Contract |
- Annual: 200,000,000
- Monthly: 16,666,666.66
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.