Telcoin Platform
Telcoin Platform
TELx: TEL Production
200M TEL distributes from the TEL Treasury to TELx in year 1, and Liquidity Miners harvest from a monthly flow of 16.66M TEL based on their pro-rata share of staked liquidity in TELx staking contracts, according to rules that are set and enforced by the TELx Council.
TELx: TEL Treasury Distribution Rate
Definition: The number of TEL units distributed from the TEL Treasury to TELx over time.
Overview
TEL distributes from the TEL Treasury to TELx at an annual rate to be allocated by the TELx Council and harvested by TELx miners.
As a result of TGIP-1, an initial issuance will be distributed from the Treasury as an airdrop to TELx to commence harvesting by miners prior to the first election.
Additionally, a Sablier stream of TEL will flow from the Treasury to the system at the following rates over time. The Platform and Treasury Council may alter these levels using the TELIP process at any time.
Table 1: TELx TEL Treasury Distribution Rate
| Component | Mechanism | Y1 | Y2 | Y3 |
|---|---|---|---|---|
| TELx Distribution Safe | Airdrop | 50M | ||
| TELx Council Safe | Sablier Stream | 150M | 184.5M | 166.05M |
TELx: TEL Issuance Rate
Definition: The number of TEL units generated by TELx to staking contracts to be harvested by liquidity miners over time.
Overview
TEL flows within TELx from TELx safes to staking contracts to be harvested by miners at pre-determined levels, which may be altered by the TELx Council using the TELxIP process at any time.
Table 2: TELx issuance rate
| Component | Mechanism | Y1 | Y2 | Y3 |
|---|---|---|---|---|
| TELx Distribution Safe | Airdrop | 16.66M per month in Q1 | ||
| TELx Council Safe | TELx Staking Management Automation Module | 16.66M per month in Q2, Q3, Q4 | 15.375M per month | 13.8375M per month |
TELx: TEL Harvesting Levels
Definition: The number of TEL units available to be harvested from the system by miners over time.
Overview
Liquidity Miners provide liquidity to TELx markets, stake their liquidity in staking contracts, and harvest TEL units from TELx based on their pro-rata share of staked liquidity according to harvesting rules that are set by the TELx Council.
Harvesting rules are programmed into staking contracts to self-execute the calculation, allocation, and extraction of TEL units by miners.
The TELx Council may update the rules at any time using the TELxIP process, and are responsible for ensuring the rules are enforced properly as designed.
Table 3: TELx Harvesting Levels
Liquidity miners compete to harvest TEL from TELx by providing liquidity to the following markets and staking their liquidity provider tokens in TELx contracts.
| 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 |
Total Distribution
Summary: These harvesting rates are indirectly regulated by the Treasury Council. A TEL Distributor is used for allocation of TEL units to the TELx safe responsible for providing issuance.