TEL Staking is now live in the Telcoin App
Telcoin Application users can now stake TEL, refer new users, and earn up to 42 percent of their referred users’ trading fees.
Starting today, Telcoin users will have the ability to stake the Telcoin (TEL) token, refer new users to the app, and earn up to 42 percent of their referred users’ trading fees. The ability to stake TEL and earn referral fees marks a major milestone in Telcoin’s evolution toward a self-sustainable, decentralized platform that will enable any mobile phone user in the world to benefit directly from the financial products and services they use in their daily lives.
Those interested in joining the Staking program will find a new “Earn TEL” tab in the side menu of the latest version of the Telcoin Application, rolling out globally today (subject to regulatory availability). In order to participate, users must first enter another user’s referral link, then stake TEL tokens, and then may share their referral code with new users to start earning referral fees. Further terms and conditions can be found here.
Users holding a TEL balance in the app can simply tap “Stake” and choose the amount they wish to stake. The more TEL a user stakes, the higher the percentage of referred users’ trading fees they will receive, up to a maximum of 42 percent.
Upon staking, users will receive a unique referral code that can be shared with other users or those new to the Telcoin ecosystem. When a successfully referred user completes a Trade transaction on the Telcoin app, a portion of their trading fees are disbursed to the staker who provided their referral code. The system is designed to pay rewards in TEL, in real time. When a referred user completes a non-TEL digital asset trade, their share of the transaction fee first buys back TEL and then distributes it to the staker in the same transaction as the trade. When a referred user trades TEL, the referral fee distributes the TEL fee to the staker automatically in real time. Stakers only earn fees from users they refer to the app directly, so the amount of fees you earn is directly proportional to your individual ability to drive active users to the app.
The entire team is looking forward to stakers actively participating in the Telcoin platform to earn these referral fees, similarly to liquidity miners, especially considering how active the community has already been without such a program. It’s also important to note that staked tokens, as with all assets on the Telcoin app, remain in a Telcoin wallet designed to protect the user’s custody of the assets. Referral fees come from real transactions from users paying real fees to access real DeFi products on the platform, unlike with many other staking platforms that force users to give up custody and use staked tokens for other purposes. Stakers benefit based on their own individual success in marketing Telcoin to active users who drive real volume to Telcoin, not for simply staking their tokens and expecting a yield without producing any real economic service.
The past year has seen the collapse of a number of centralized digital asset service providers, many of which were allegedly making risky bets with user assets. At Telcoin, we believe that self-custodial DeFi is the only path forward for the blockchain industry, and over the long term, financial services at large. In the real world, most people are skeptical about the idea of getting something for nothing. Telcoin’s Stake and Refer program offers a more realistic use case for staking, where users are rewarded for successfully producing the services they already use.
Download the Telcoin app today to join the Stake and Refer program and get rewarded for helping us spread user-owned financial services to anyone with a mobile device.
If you’re looking for other ways to earn TEL and other digital assets in the Telcoin ecosystem, consider becoming a TELx liquidity miner at www.telx.network.
Are you following Telcoin on social media? Be sure to check out our recently launched TikTok account and subscribe to our YouTube channel for tutorials and more.
Telegram (Announcements): https://t.me/Telcoin_Announcements
Consider dropping by our Discord server to join the rapidly growing Telcoin Community, learn more about our products and services, ask questions, and seek technical support if needed.
Stake and Refer FAQ
What are referral fees?
- Stakers earn a percentage of their referred users’ transaction fees, or “referral fees” for short, based on how much TEL they have staked and the staker’s ability to participate in the Telcoin platform by, in part, referring persons who actively participate in the Telcoin platform. Stakers earn referral fees each time their referred users transact and pay transaction fees on the Telcoin app. Referral fees are set to be paid in TEL. The route referral fees take depends on if the user paid transaction fees in TEL or another token.
- TEL Transaction Fees: When users pay transaction fees in TEL, TEL is automatically routed to the staker.
- Non-TEL Transaction Fees: When users pay transaction fees in non-TEL crypto assets, the referral fees first buy-back TEL and then distribute to the staker automatically in the same transaction as the exchange.
What steps do I need to take to participate as a staker and earn fees?
- User Registration: If you haven’t already, download the Telcoin app and complete KYC.
- Network Connection: Integrate another user’s referral code to participate as a staker.
- Stake TEL: Stake TEL to provide Proof of Alignment with the platform, determining your referral fee rate.
- Drive Adoption: Share your referral link with new users in order to drive adoption of Telcoin, earn referral fees in TEL based on your referred users’ activity, and claim accrued TEL at any time.
Why do I need to enter another user’s referral link in order to participate as a staker?
- As a peer-to-peer financial services app, it is crucial that users connect with each other to actively participate in the Telcoin platform.
- Requiring stakers to integrate another user’s referral link ensures that users interact and collaborate with each other in order to participate, which is meant to drive connectivity between users and additional payment utility for Telcoin as a service.
What if I don’t know any existing users, how do I use a referral code?
- Don’t know anyone with the Telcoin app whose referral link you can use to start staking? No worries! Just refer a new user to the app and ask for their referral code to get started or ask someone in the Telcoin Discord (link above).
Why do I need to stake TEL to earn referral fees?
- The quantity of TEL you stake determines what percentage of fees you earn when your referred users transact. In this way, TEL is used as an input in production processes by stakers to earn referral fees.
What is my referral fee rate?
- Your referral fee rate is the percentage of your referred users’ transaction fees you earn based on how much TEL you have staked at the time of each transaction. Each time your referred users transact on the Telcoin app and pay transaction fees, you earn up to 42 percent of their fees in real time!
- Referral Fee Rate Table: See the table below to calculate what percentage of fees you earn based on your TEL stake.
Where do referral fees come from? Is TEL distributed as issuance from the Genesis wallet to pay stakers?
- Referral fees are not sourced from any type of TEL issuance from the Genesis wallet or otherwise. Referral fees are instead a percentage of transaction fees paid by users who transact on the Telcoin app. Referral fees are distributed each time a referred user makes a transaction and pays a fee in the app.
What information should I be aware I am sharing by participating as a staker?
- When you share your referral link and other users integrate your code into their app, the users you successfully refer to the app can review blockchain transaction data after they make trades and infer which address is yours.
- This is the same level of privacy you would obtain by transferring assets on the blockchain from your address to anyone else’s address, and is a trade-off of public blockchains rather than the Telcoin staking system.
How do I access Stake & Refer in the Telcoin App?
- On the home screen, tap the menu icon in the top right corner.
- Tap “Earn TEL” from the side menu.
How do I sign up with another user’s referral link?
- From the Earn TEL screen, tap the info circle icon in the top left corner.
- A sheet will pop up. Tap the “Enter Referral Code” button.
- Enter your friend’s referral code in the text field provided. Now you can begin participating.
How do I stake TEL?
- From the Earn TEL tab, tap the blue “Stake TEL” button.
- Enter the amount of TEL you’d like to stake. A preview of your new referral rate will be shown.
- Confirm the transaction to stake. Your referral fee rate will update.
How do I refer friends?
- From the Earn TEL screen, ensure you are on the second tab, “Refer Friends.”
- Tap the blue “View My Referral Link” button. A modal will pop up with your referral link and corresponding QR code.
- Tap “Share My Referral Link” to open your phone’s native sharing system. Share your code with friends from here.
- Once your friends successfully onboard with the Telcoin App using your referral link, your “Confirmed Referrals” number will increase. You will now be receiving a percentage of their transaction fees equal to your referral fee rate.
How do I claim referral fees?
- Once your referred friends start transacting on the Telcoin App, you will begin to accrue TEL.
- From the Earn TEL screen, ensure you are on the third tab, “Claim TEL.”
- Tap the blue “Claim Available Rewards” button.
- Confirm the transaction to claim rewards. When the transaction completes, you can find your earned TEL in your Telcoin Wallet.
I unstaked MAX but there is still a small amount of staked TEL in my balance. Why did this happen?
- Sometimes a referral fee will flow into your staked TEL contract in the same block as your “unstake” request. When this happens, that TEL fee will automatically deposit into your staked TEL contract. Just unstake the remainder of your balance to claim your TEL.
Can I change my referral code or switch to another user’s referral code?
- Not at this time.
Has the code been audited?
- Yes, the code has been audited by Sherlock (sherlock.xyz), a community-driven audit platform. This audit includes a traditional review of the code by an experienced engineer, as well as a bug bounty and open competition to Solidity developers around the world. Any issues raised by the community are reviewed and, if deemed appropriate, included in the official audit report.
Are there any risks associated with participating in the Stake and Refer program?
- Yes, there are risks that the program might not work, such as if applicable law in your jurisdiction changes, eg. tax law, or a bug is discovered. Please also refer to the “Stake and Refer” section in the Telcoin Terms for additional risks involved in the program here. The Stake and Refer program is not for everyone, and you should consult with your own professional advisers as Telcoin can not provide you with advice of any kind.