TELx Q3 Recap
2021-09-29

TELx Q3 Recap

Introduction

The launch of V3 on June 30th formalized TELx as the platform’s liquidity engine, decentralizing execution, settlement, and delivery to users across a network of Polygon-native, self-custodial decentralized financial markets.

TELxchange and the SMS Network, the first two user-owned products powered by TELx, will soon be just a few taps away in the Telcoin mobile application.

Q3 TELx Marketplace Recap

Following an interview and AMA with Roc from Quickswap, liquidity mining commenced on July 7th across six Quickswap markets — with three earning both QUICK and TEL rewards in addition to fees (TEL/USDC, TEL/QUICK, TEL/WETH) and the rest earning TEL and trading fees (TEL/WMATIC, TEL/WBTC, TEL/AAVE).

Throughout the rest of the quarter, the number of TELx markets increased from six on a single marketplace to 16 across three marketplaces. This included the addition of decentralized foreign exchange protocol, DFX as a Telcoin Platform component, starting with an interview and AMA with core developer Kevin Zhang, and commencing formally on July 19th with three markets earning TEL and DFX incentives.

The Telcoin Platform rekindled an old flame with programmable AMM Balancer on Polygon, launching seven incentivized markets and introducing two new TELx specific pools designs: TELxchange Balancer Pool 1 and Bullish TEL SMS Network Pool.

The total liquidity across TELx sits today at ~US$30M, with five assets - USDC, QUICK, WETH, CADc, and EURs - reaching viability for integration into the Telcoin mobile application.

Given current liquidity across TELx markets, the cost to swap US$150,000 USDC for TEL aggregated for best execution sits at less than 2.00% slippage!

To put these numbers in perspective, the Kucoin TEL/USDT market, which trades the most volume consistently across all TEL markets and has operated for over 3.5 years, is now the seventh most liquid TEL market, (~US$30,000 +/- 2% orderbook depth one-fifth as liquid/cost effective to trade as USDC on TELx) behind six TELx markets that have existed for less than three months.

On the cusp of launching 3.0 of the Telcoin Mobile Application, and soon to be followed by 3.1 where swaps will be integrated with the first set of viable markets, TELx is on its way to becoming a formidable marketplace capable of powering user-owned, decentralized financial products globally.

Q3 TELx Incentives Recap

TELx miners collectively earned ~100,000,000 TEL (US$1.5M at today’s prices), 200,000 DFX (US$73,652), 2,303 QUICK (US$806,050), and dQUICK stakers earned 20,000,000 TEL (US$300,000), for a total of ~US$2.7M in rewards in only three months!

Note: the Balancer TELx staking contracts suffered from a math truncation bug, which led some users to being unable to claim accrued incentives.

Accrued TEL rewards which were not distributed by the contract will be distributed via airdrop over the next week, along with an open source reference to how we replicated the staking logic with an off-chain script for calculating accrued rewards, and a spreadsheet which you can use to compare your predicted rewards with those calculations.

If you received an amount different than what you believe you should have, just reach out and we will investigate!

Q4 Overview

Q4 commences with a continuation of existing liquidity incentives that you can review here, along with a few parameter changes, upgrades, and the introduction of BAL incentives from the Balancer Liquidity Committee! Stay tuned for AMAs with the Balancer team in the coming weeks.

The total TEL liquidity incentives across TELx in Q4 will double from 100M to 200M, with the introduction of a new set of opportunities for TELx miners arriving late in the quarter which will be released after formalization and well ahead of launch.

TELx Parameter Adjustments & Upgrades

Wednesday, 9/29: the following Quickswap TELx staking contracts will be deprecated and replaced with updated contracts that will distribute dQUICK rewards instead of QUICK:

  • TEL/QUICK
  • TEL/WETH
  • TEL/USDC

Instructions for miners: after 2:30 pm CDT on 9/29, please remove your LP Token from the current contract and migrate it to the new contract when available (Telcoin will inform the community ahead of launch). The same incentives will be earned over the time period, the time period will just be shorter, beginning as early as 9/30 at 2:30 pm CDT.

Wednesday, 9/29: the following Balancer TELx staking contracts will be deprecated and replaced with updated contracts in order to fix the math truncation bug:

  • TEL/USDC, 80/20
  • TEL/WETH/USDC, 60/20/20
  • TEL/WMATIC/USDC, 60/20/20
  • TEL/WBTC/USDC, 60/20/20
  • TEL/AAVE/USDC, 60/20/20

Instructions for miners: after 2:30 pm CDT on 9/29, please remove your LP Token from the current contract and migrate it to the new contract when available (Telcoin will inform the community ahead of launch). The same incentives will be earned over the time period, the time period will just be shorter, beginning as early as 9/30 at 2:30 pm CDT.

Wednesday, 9/29: the following Balancer TELx staking contracts will be deprecated and will not be replaced with new ones in order to enable double incentives with BAL tokens which will commence on October 1st (though TEL rewards will continue from 9/29 via snapshots):

  • TEL/BAL, 50/50
  • Rewards 500 BAL/week unless the pool is deprecated (no plans to deprecate this pool)
  • TEL/BAL/USDC, 60/20/20
  • Rewards 500 BAL/week unless the pool is deprecated (no plans to deprecate this pool)

Instructions for miners: remove liquidity provider token after 2:30 pm CDT on 9/29 from the existing staking contract and simply hold your LP Token in your wallet for as long as you would like to continue earning incentives.

Note: TEL and BAL rewards for these pools will be calculated via random snapshots and distributed via weekly airdrops in separate transactions from the Balancer Liquidity Committee and the Telcoin Core Team.

TBA: the following DFX staking contracts will be integrated into TELx, enabling TELx miners to stake, review their positions, and claim rewards from DFX liquidity directly from the TELx site:

  • USDC/CADC
  • USDC/EURS
  • USDC/xSGD

Note: Accrued TEL will be airdropped to LPs by DFX at the end of the period. The initial DFX double incentives contracts suffered from the same math truncation bug as our balancer contracts and required too much overhead to replace.

Staying the same: the following Quickswap staking contracts will be be continued without any changes:

  • TEL/AAVE
  • TEL/WMATIC
  • TEL/WBTC

Miner Instructions: If you wish to continue staking, you do not need to make any changes.

Upcoming Community Events

October 6th: Parker will be joining the Balancer discord channel to chat with the BAL community about Telcoin, TELx, and how we can align our communities to achieve our common objectives.

TBD: Parker will be joining the DFX community to chat about the SMS Network, and how we can align our communities to achieve our common objectives.

Closing Notes

The Telcoin Platform is in the earliest stages of its journey toward becoming a globally adopted, decentralized financial platform and infrastructure that developers, users, and mobile network operators rely on and collectively benefit from in a positive-sum way.

The core team is committed to progressively decentralizing power and control over the platform to stakeholders, and we are on a mission to make that vision a reality.

It all starts with TELx.

Telcoin. Pay Yourself.

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