Platform
TELx: Network Infrastructure
Description, specification and rationale for each of the components within the TELx DeFi marketplace infrastructure, and its TELx production, storage, distribution, and extraction systems.
TELx: Network Infrastructure Overview
| Component, Definition | Description |
|---|---|
| Production Facilities The blockchain systems involved in the production of TELx markets. | TELx marketplace: A network of automated, DeFi liquidity pools produced by liquidity miners and used for exchange. DeFi Protocol (Network): Balancer V2 (Polygon PoS) Markets: 3 |
| Storage Facilities The facilities that store TEL inventories within the system prior to allocation, distribution, and extraction. | TELx Council Safe Wallet: The primary stock of TEL on TELx which receives, stores, and generates a flow of TEL issuance to be harvested from TELx staking contracts by liquidity miners. TELx Distribution Safe: Multi-signature wallet used to store and distribute the initial TEL from the Treasury, prior to the first election during the first quarter after TGIP-1. |
| Distribution Facilities Infrastructure involved in the distribution of TEL issuance from storage facilities to other facilities for later use and extraction facilities to be harvested by Miners. | TELx Telcoin-Distributor: Safe Wallet module allowing the TELx Council to execute transactions proposed by a single council member without requiring a snapshot vote. This is useful for regular maintenance tasks, like topping up TELx Staking Contracts. TELx Staking Management Automation Module: Smart contract owned by the TELx Council that manages TELx staking contracts. |
| Extraction Facilities Infrastructure involved in the calculation and extraction of TEL units from the system by miners. | Staking Contracts: On-chain programs or smart contracts used by Liquidity Miners to stake liquidity, extract TEL issuance from TELx, and exert political power in governance processes. |
TELx: Production Facilities
The blockchain systems involved in the production of TELx markets.
| Component, Function | Specification | Rationale |
|---|---|---|
| TELx Marketplace A network of automated, DeFi liquidity pools produced by liquidity miners and used for exchange. | A network of automated market maker (AMM) liquidity pools on Balancer Protocol V2 on Polygon PoS. DeFi Protocol: Balancer is a non-custodial, automated market maker (AMM) that enables anyone to create or add liquidity to fully programmable, customizable pools and earn trading fees or swap assets. | Programmability: Balancer enables the creation of any infinite types of AMM liquidity pools and pool parameters, including the configuration of pools with numerous assets, customizable fee schedules, stablecoin pools, pools with built in money market functionality and more. |
TELx: Storage Facilities
The facilities that store TEL inventories within the system prior to allocation, distribution, and extraction.
| Component | Specification | Rationale |
|---|---|---|
| TELx Council Safe Wallet The primary stock of TEL units on TELx which receives, stores, and generates a flow of TEL issuance to be harvested by Liquidity Miners according to rules determined by the TELx Council using the TELxIP process. | A 5 for 6 gnosis multi-sig using a Zodiac module, overseen by the TELx Council and controlled through Snapshot voting, can only distribute tokens upon an approved vote by the TELx Council using the TELxIP process. A Zodiac guard, controlled by the Compliance Council, is implemented to inhibit nefarious submittals. | The Safe Wallet, Snapshot, Zodiac module implementation ensures issuance is distributed and harvested in line with rules exclusively determined by the miners via the TELx Council and enforced by the Compliance Council. |
| TELx Distribution Safe Multi-signature wallet used by the TAO to store and distribute TEL units to staking contracts to be harvested by Liquidity Miners during the first 13 weeks after TGIP1 is approved. | A 3 for 7 gnosis multi-sig initially operated by the TAO. The TELx Council will be responsible for selecting multi-sig signers upon reaching a quorum. | The purpose of the TELx Distribution Safe is to ensure harvesting on TELx is operational according to the rules affirmed in TGIP-1 while governance is still working towards achieving a quorum. |
TELx: Distribution Facilities
To aid the TELx Council in distributing TEL issuance to miners, the TELx Council safe has two modules attached that streamline certain processes
| Component and Function | Specification | Rationale |
|---|---|---|
| TELx Telcoin-Distributor Gnosis Safe module allowing the TELx Council to execute transactions proposed by a single council member without requiring a snapshot vote. This is useful for regular maintenance tasks, like topping up TELx Staking Contracts. | Any single TELx Council member can propose a transaction that becomes executable by the TELx Council Gnosis Safe after a challenge period. Any other council member can prevent a proposed transaction by challenging it. | Topping up the TELx Staking Contract with rewards happens weekly, requiring the entire council to vote each week on distributions is not practical. Reduces costs of cooperation: Reduces the costs(time) required by TELx Council members to perform regular maintenance tasks such allocating and distributing TELx Staking Contracts. Secure: Any one TELx Council Member may veto the proposed distribution at any time and require a snapshot vote. Learn more:TELx: Telcoin-Distributor |
| TELx Staking Management Automation Module Smart contract owned by the TELx Council that manages TELx staking contracts. | The Manager Contract administers the staking contracts and allows for configurations to be set by the TELx Council. The configurations set by the council determine how the Manager Contract will pull TEL from the TELx Council Safe to maintain the staking contracts, ensuring they are always fully operational according to the council's specifications. Initial configuration of the manager will be set by the Telcoin Foundation. | Predictability: Ensures TEL flows to be harvested according to pre-determined rules, rather than requiring continuous approvals by the Council over time. Reduces cooperation costs for maintaining TELx staking contracts: Topping up TELx staking contracts with rewards happens quarterly, requiring the entire council to vote each quarter on distributions is not practical especially when there are no changes. Learn more: TELx Staking Management Automation Module |
TELx Extraction Facilities
Infrastructure involved in the calculation and extraction of TEL units from the system by miners.
| Component | Specification | Rationale |
|---|---|---|
| Staking Contracts Liquidity miners deposit their LPTs in TELx staking contracts and mine TEL issuance based on their pro-rata share of LPTs staked in the individual contract. | On-chain programs or smart contracts used in the extraction of TEL issuance from the system by liquidity miners according to harvesting rules that are programmed to self-execute in code. The staking contract infrastructure used were originally developed by Synthetix and continuously distribute rewards to LPT stakers pro-rata based on their share of staked liquidity in a contract. | Simple, Secure: Synthetix Staking Contracts are simple and battle tested. Political Power: Used as a mechanism to determine an individual liquidity miner's proposal and voting power within their Miner Group. |
| TELx.Network Website Documentation, staking interface, data and analytics for TELx | A web-based portal for TELx liquidity mining with LPT staking functionality, data, and documentation for liquidity miners. URL: TELx.network | Participation: Enables liquidity miners to seamlessly participate in staking and harvesting TEL on TELx from an intuitive interface. Education: Serves as an education portal providing detailed descriptions of liquidity provision, staking, and the benefits, risks and mechanisms for participation. History of use: Serves as a full archive of all TELx pools and TEL allocations. |