Platform
TELx: Clarity of System Boundaries
Middle layer of the platform, exchange infrastructure. Includes a network of TEL and on-chain fx liquidity pools, TEL storage, distribution, extraction, management facilities nested in the EVM on Telcoin Network and other blockchains as assigned by the TELx Council. Liquidity miners’ each own parcels of their pools and the fees they generate portioned pro-rata.
| Attribute, Definition | Description |
|---|---|
| System Boundaries Ecological characteristics that make feasible for actors to determine where the resource system starts or ends | • Platform Location and Function: Middle layer of the platform, enables decentralized exchange. • Characteristics: A set of on-chain programs (“smart contracts”) including a network of AMM liquidity pools on DeFi protocols and TEL storage, distribution, extraction, management facilities nested in the EVM on Telcoin Network and other blockchains as assigned by the TELx Council. |
| Access Boundaries Boundaries determining who may access and consume products generated by the system. | Anyone with an internet connection, web3 wallet, and TELx-native digital assets can trade using TELx markets. |
| Harvesting Boundaries Boundaries determining who may harvest TEL issuance. | Summary • Liquidity Miners provide liquidity to TELx markets and stake LPTs in TELx staking contracts, harvesting TEL units from each contract based on their pro-rata share of liquidity staked. • TELx Council Members must be selected by Miner Groups and possess a TAN governance NFT. |
| Social Harvesting Boundaries Harvesting boundaries enforced socially through processes involving one or more actors. | Miners: Social Authorization Processes • Market Assignment: The TELx Council assigns TELx markets by allocating issuance to market-specific staking contracts using the TELxIP process. • TELx Council Members: Miners must nominate themselves for Council Member positions on the Telcoin forum, be selected by Miner Groups and possess a governance NFT as a result of free and fair election or delegation processes, and within one month of entering the role, provide proof that they are a miner and undergo KYC/AML with the Compliance Council to maintain the position. |
| Ecological Harvesting Boundaries Harvesting boundaries built into the resource system | Liquidity Miners • Staking Contracts: Liquidity miners deposit TELx LPT tokens in TELx staking contracts and harvest issuance based on their pro-rata share of liquidity in each market. • TELx Safes: Liquidity miners harvest from distinct flows, based on which market they are current producing, of TEL issuance that all originates from the same primary stocks of units, the TELx Safes. TELx Council Members • Sablier Streams: TEL issuance streams on a per block basis to wallets in possession of TAN Council governance NFTs. • TELx Council NFTs: TELx Council NFTs are non-transferable by the holder, can only be moved by Miner Groups in selection processes, and empower Council Members with proposal, voting authority on the TELx snapshot and a stream of TEL issuance. |
| Management Boundaries The actors and organizations with management authority and duties towards TELx. | • TELx Council: Local governance organization with management authority over TELx operational rules and duties towards provisioning, coordinating system maintenance, construction, information and allocating TEL within TELx to be harvested by local miners. ◦ TELx Council NFTs: TAN Council Members possess TAN Council NFTs as a result of selection processes, which empowers them with collective-control over the TAN Council Snapshot. ◦ TELx Council Snapshot: The TELx Council, through its control of the TELx Council Snapshot, staking contracts, and the TELx Safes possesses authority over local TELx operational rules e.g. harvesting, construction, maintenance. • Compliance Council: Possesses veto authority over TELxIP proposals using the CCIP process. |