TELx is a decentralized liquidity network powered by active Telcoin users on decentralized financial (DeFi) protocols. It functions as the self-custodial “liquidity engine” of the Telcoin Platform’s user-owned products.
The goal of TELx is to offer intuitive and affordable financial services, where user ownership of the network enables any mobile phone user in the world to capture incentives that would typically be awarded to legacy financial institutions.
Traditional financial markets involve intermediaries and institutions that custody, execute, and settle transactions on behalf of their customers, often charging exorbitant fees and suffering from slow settlement times. TELx Markets are self-custodial, powered by a decentralized network of Telcoin users (TELx Miners) on DeFi protocols, and the transaction lifecycle is automated via smart contracts instead of intermediaries - with instant settlement.

Welcome to TELx

The addition of new decentralized TELx Markets into the Telcoin Application follows a systematic, rules-based process and phased approach. 
# Phase One
**Product Design:** Telcoin, the core developer of the Telcoin Platform, begins by designing a user-owned product.
**Market Selection:** Telcoin selects which DeFi protocols, assets, and individual markets are required to bring that product to market.
**Incentives Launch:** Telcoin will then calculate and deploy incentives to staking contracts on the TELx Staking Portal.
# Phase Two
TELx Miners create TELx pools on AMMs or add self-custodial liquidity reserves to existing pools, stake their LP tokens in the respective TELx Staking Contracts, and begin mining TEL in addition to capturing fees. When a market reaches product viability, it will then be integrated into the Telcoin Application.
### Product viability factors include:
**Sufficient Decentralization:** At least 15 liquidity miners must be participating at one time, for at least 14 days, prior to being considered for integration.
**Minimum Viable Liquidity:** Transaction costs, such as slippage, must be negligible for the average order size.
**Speed & Affordability:** Network costs (gas) must be negligible, transaction speeds nearly instant.
**Integration Viability:** Once the above factors have been met, developers then determine how, when, and if a market can be integrated into the Telcoin Application.
# Phase Three
When a market goes live in the Telcoin Application, end-users benefit from an additional product offering, where they can participate as TELx Miners and capture trading fees from transaction volume tied to user demand of a tangible product. When end-users participate as Miners on the decentralized products they use in their daily lives, they effectively “pay themselves” instead of an institution.

How does TELx work?

# Send Money Smarter (SMS) Network
**Description:** The SMS Network is a user-owned, decentralized international money transfer platform disrupting the US$700 billion remittance industry. 
**How it works:** Miners deposit self-custodial liquidity reserves composed of TEL and a global basket of asset-backed stablecoins in AMM liquidity pools and end users transfer through those markets as swap & send transactions to the recipient, paying a swap fee to liquidity providers on every transaction. Upon reaching product viability, each individual SMS market is integrated into the Telcoin application, powering a new, user-owned remittance corridor.
**Market opportunity:** SMS decentralizes foreign exchange to active Telcoin users on DeFi protocols, enabling remittance senders to capture fees they now exclusively award to legacy financial institutions, at a fraction of the cost, instantly. 
**DeFi protocols:** DFX (Polygon) and Quickswap 
**Initial assets:** TEL, USDC, CADc, EURS, xSGD
[Power the SMS Network here](/sms-network)

# TELxchange
**Description:** TELxchange is a user-owned, decentralized utility token exchange network that uses TEL as the reserve asset and medium of exchange. 
**How it works:** Miners deposit self-custodial liquidity reserves composed of TEL and other TELx cryptoassets in AMM liquidity pools, which are then integrated into the Application upon reaching viability and exclusively power token exchange for end users. The default requirement for any TELxCHANGE liquidity pool is that TEL must be a reserve asset, quantifiably driving its utility as a medium of exchange as the product succeeds. Click here to learn more about TEL on TELx.
**Market opportunity:** TELxCHANGE decentralizes token exchange to active Telcoin users on DeFi protocols, enabling traders to capture fees they now exclusively award to centralized exchanges, without giving up custody of their assets.
**DeFi protocols:** Quickswap 
**Initial assets:** TEL, WETH, WBTC, WMATIC, QUICK, AAVE
[Power TELxCHANGE here](/telxchange)

TELx Launch Products

# SMS Network Overview
The SMS Network is a user-owned remittance product that leverages AMMs to enable users to send instant, global, decentralized foreign exchange (FX) and transfer, and to capture FX fees for providing self-custodial liquidity to smart contract based token reserves. The following transaction flows demonstrate how various SMS Network remittance types execute, settle, and deliver from sender to recipient through the Telcoin Platform. 
### Notes: 
1. Users of the Telcoin Mobile Application will simply follow the same intuitive steps they use today to send traditional remittances, with the beneficiary having the ultimate choice of receiving local fiat or a supported digital asset (where available). The following is meant to show how the product works "under the hood" after the user clicks "confirm" of a remittance transfer through the SMS network.
2.  Each transaction includes a nominal transaction fee paid to Telcoin by users.
3. The Telcoin Platform strives to strike a balance between ensuring best execution for users, growing the list of assets tradable TELx assets, and maximizing the use of TELx pools. As such, a large majority of trades route directly through TELx pools, but this routing is not forced.”

# Figure 1: USA customer sends CAD to recipient with bank balance
![TELx_Diagrams_for_Josh_-_SMS_Network_Figure_One__1_.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TE_Lx_Diagrams_for_Josh_SMS_Network_Figure_One_1_aa0f223857.jpg)
## Figure 1 Transaction Flows
### Miners
1. Deposit liquidity reserves in AMMs, receive LPT, and begin earning swap fees.
2. Stake LPT in TELx staking contract
3. Claim TELx liquidity mining incentives after vesting period
### Users
1. Sender cashes USD into USDC using bank or card payment service 
**Fee:** On-ramp fee
2. USDC swaps for CADc from TELx native USDc/CADc liquidity pools
**Fee:** Swap fee paid to liquidity pool
3. Recipient receives CADc
**Fee:** None
4. Recipient can choose to cash out CADc for CAD to bank account or put it to work however they choose on the Telcoin platform
**Fee:** Off-ramp fee

# Figure 2: USA customer sends TEL to recipient from bank balance
![TELx_Diagrams_for_Josh_-_SMS_Network_Figure_two.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TE_Lx_Diagrams_for_Josh_SMS_Network_Figure_two_e2544c9d2f.jpg)
## Figure 2 Transaction Flows
### Miners
1. Deposit liquidity reserves in AMMs, receive LPT, and begin earning swap fees.
2. Stake LPT in TELx staking contract
3. Claim TELx liquidity mining incentives after vesting period
### Users
1. Sender cashes USD into USDC using bank or card payment service 
**Fee:** On-ramp fee
2. USDC swaps for TEL at best aggregated rate across TEL/USDc TELx pools.
**Fee:** Swap fee paid to liquidity pools
3. Recipient receives TEL
**Fee:** None

# Figure 3: USA customer sends WBTC to recipient from bank balance
![TELx_Diagrams_for_Josh_-_SMS_Network_Figure_two.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TE_Lx_Diagrams_for_Josh_SMS_Network_Figure_two_e5d9bfff82.jpg)
## Figure 3 Transaction Flows
### Miners
1. Deposit liquidity reserves in AMMs, receive LPT, and begin earning swap fees.
2. Stake LPT in TELx staking contract
3. Claim TELx liquidity mining incentives after vesting period
### Users
1. Sender cashes USD into USDC using bank or card payment service 
**Fee:** On-ramp fee
2. USDC swaps for TEL at best aggregated rate across TEL/USDc TELx pools.
**Fee:** Swap fee paid to liquidity pools
3. TEL swaps for WBTC at best aggregated rate across TEL/WBTC TELx pools
**Fee:** Swap fee paid to liquidity pools
4. Recipient receives WBTC
**Fee:** None

How does SMS Network work?

# TELxCHANGE Overview
TELxCHANGE is a user-owned, decentralized utility token exchange that leverages AMMs to enable users to capture trading fees for providing self-custodial liquidity to smart contract-based token reserves. The following transaction flows demonstrate how various TELxCHANGE orders route execution, settlement, and delivery through TELx. Telcoin does not transmit funds on behalf of TELxCHANGE customers, orders are routed through smart contracts at the sole discretion of the user and digital assets are completely self-custodial.
The function of TELx as a component of the Telcoin Platform is to produce a liquid network of decentralized financial markets for Telcoin users and miners to exchange and otherwise transact their assets (lending, borrowing, etc). It is also designed to enable users to participate in the supply side of products they use in their daily lives, both in terms of harvesting the flow of benefits generated by those products (fees) and to participate in managing the system. In this way, the vision for TELx is to produce both highly performant and user-owned financial products.
### Notes: 
1. Users of the Telcoin Application will intuitively swap supported digital assets as seamlessly as possible. The following is meant to show how the product works “under the hood” after the user confirms the TELxCHANGE transaction.
2. Each transaction includes a nominal transaction fee paid to Telcoin by users.
3. The Telcoin Platform strives to strike a balance between ensuring best execution for users, growing the list of assets tradable TELx assets, and maximizing the use of TELx pools.  As such, a large majority of trades route directly through TELx pools, but this routing is not forced.

# Figure 1: USA customer buys TEL with bank balance
published
![TELx_Diagrams_for_Josh_-_TELxCHANGE_Figure_one.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TE_Lx_Diagrams_for_Josh_TE_Lx_CHANGE_Figure_one_6363550a74.jpg)
## Figure 1 Transaction Flows
### Miners
1. Deposit liquidity reserves in AMMs, receive LPT, and begin earning swap fees.
2. Stake LPT in TELx staking contract
3. Claim TELx liquidity mining incentives after vesting period
### Users
1. USD buys USDc using bank or payment service 
**Fee:** On-ramp Fee
2. USDC swaps for TEL at best rate aggregated across TEL/USDC TELx pools.
**Fee:** Paid to liquidity pool

# Figure 2: USA customer buys WETH from bank balance
![TELx_Diagrams_for_Josh_-_TELxCHANGE_Figure_two.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TE_Lx_Diagrams_for_Josh_TE_Lx_CHANGE_Figure_two_82b3821023.jpg)
## Figure 2 Transaction Flows
### Miners
1. Deposit liquidity reserves in AMMs, receive LPT, and begin earning swap fees.
2. Stake LPT in TELx staking contract
3. Claim TELx liquidity mining incentives after vesting period
### Users
1. USD cashes into USDC using bank or card payment service
**Fee:** On-ramp Fee
2. USDC swaps for TEL at best aggregated rate from TEL/USDc pools.
**Fee:** Swap Fee paid to liquidity pool
3. TEL swaps for WETH at best aggregated rate across TEL/WETH TELx pools  
**Fee:** Swap Fee paid to liquidity pool
4. Application user receives WETH
**Fee:** None

# Figure 3: Canadian customer buys WETH from bank balance
![TELx_Diagrams_for_Josh_-_TELxCHANGE_Figure_three.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TE_Lx_Diagrams_for_Josh_TE_Lx_CHANGE_Figure_three_26e300e1ac.jpg)
## Figure 3 Transaction Flows
### Miners
1. Deposit liquidity reserves in AMMs, receive LPT, and begin earning swap fees.
2. Stake LPT in TELx staking contract
3. Claim TELx liquidity mining incentives after vesting period
### Users
1. CAD cashes into CADc using bank or card payment service
**Fee:** On-ramp Fee
2. CADc buys USDC from USDc/CADc DFX pool 
**Fee:** Swap Fee paid to liquidity pool
3. USDc swaps for TEL at best aggregated rate across TEL/USDC TELx pools  
**Fee:** Swap Fee paid to liquidity pool
4. TEL swaps for WETH at best aggregated rate across TEL/USDC TELx pools  
**Fee:** Swap Fee paid to liquidity pool
5. Application user receives WETH
**Fee:** None


How does TELxchange work?

# Market Participants & Incentives Overview
**TELx Miners ("Miners")** deposit liquidity reserves in TELx supported AMM pools and are delivered a “Liquidity Provider Token” (LP Token), denoting their proportionate ownership of the pool. After providing liquidity, miners earn fees from swaps through the pool proportionate to their share of the total liquidity. Miners then “stake” their LP token in the respective staking contract on the TELx portal, providing [Proof of Liquidity](https://www.placeholder.vc/blog/2020/5/22/proof-of-liquidity) over time in order to mine TEL according to the TELx issuance policy. Miners can capture their accrued fees at any time by removing their liquidity, and can claim TEL they have earned after their vesting schedule is complete.
![TELCOIN_WALLET_UX__-_Copy_of_TEL_ETH_UNI__1_.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TELCOIN_WALLET_UX_Copy_of_TEL_ETH_UNI_1_420d3d4097.jpg)

Liquidity Providers deposit liquidity reserves in TELx supported pools, completely independent of TELx or the Telcoin Application, earning fees proportional to their share of the pool on every swap. They earn no mining incentives and can come and go as they please. TELx is built on permissionless DeFi protocols and anyone in the world can be a liquidity provider.
![TELCOIN_WALLET_UX__-_Copy_of_TEL_ETH_UNI.jpg](https://forlorn-seemly-rule.media.strapiapp.com/TELCOIN_WALLET_UX_Copy_of_TEL_ETH_UNI_6a84aed067.jpg)

**Users** access TELx supported markets via intuitive products on the Telcoin Application, paying fees to liquidity pools on every TELx-powered transaction. Their orders are routed through TELx at the best aggregated rate across all TELx markets. When users participate as TELx Miners to the markets which power products they rely on in their daily lives, they effectively pay themselves instead of intermediaries and institutions.

**Traders**, not to be confused with users of the Telcoin Application, swap TELx pool assets independent from the Telcoin Application, paying a fee to the liquidity pool on each trade. TELx is built on DeFi protocols, and anyone in the world can trade TELx markets.

# Swap Fees
Users and traders pay swap fees to TELx-native AMM liquidity pools on every transaction. Fees typically range from 0.04 to 0.30 percent, depending on the DeFi Protocol. Miners and liquidity providers claim their accrued fees when they remove their liquidity from the pool.

AMM liquidity pools are theoretically designed to self-improve with increased usage according to the below flywheel. 

![RIvendell__TAN__Feedback_Loops__Treasuries_-_Self_Improve_with_increased_usage.jpg](https://forlorn-seemly-rule.media.strapiapp.com/R_Ivendell_TAN_Feedback_Loops_Treasuries_Self_Improve_with_increased_usage_1718e632ee.jpg)
# TELx Issuance 
In V1, TELx miners provision self-custodial exchange liquidity to AMM liquidity pools in order to power two user-owned, decentralized exchange products for users of the Telcoin Application, earning issuance incentives when they stake their LP token on the TELx portal. 
TELx issuance is designed to:
- **Bootstrap** a diverse network of liquid, self-custodial, decentralized exchange markets for end users of the Telcoin Application. 
- **Decentralize** TEL ownership to long-term oriented users who provide durable and quantifiable value over time to the network.
- **Self-sustain** over time without issuance by initiating the following flywheel between increased liquidity and volume.

![RIvendell__TAN__Feedback_Loops__Treasuries_-_Liquidity_Flywheel__1_.jpg](https://forlorn-seemly-rule.media.strapiapp.com/R_Ivendell_TAN_Feedback_Loops_Treasuries_Liquidity_Flywheel_1_e88a833066.jpg)
## TELx Issuance V1
In V1, each supported TELx Market is allocated a fixed amount of TEL issuance incentives per month, and individual Miners earn a share based on their percentage of total liquidity staked over time. Navigate to the [SMS Network](/sms-network) and [TELxChange](/telxchange) staking portals to review the various incentivized liquidity pools across TELx today.
## Future TELx Issuance
As TELx grows, new fee types, mining rewards, and incentives mechanisms will be introduced to users in order to optimize existing products and enable additional use cases and functionalities for end users of the platform. The above incentives are subject to change at Telcoin’s sole discretion and are likely to evolve.
## Useful Articles about Liquidity Mining
[Liquidity Mining: A User- Centric Token Distribution Strategy](https://medium.com/bollinger-investment-group/liquidity-mining-a-user-centric-token-distribution-strategy-1d05c5174641) by Dmitriy Berenzon
[Comparing Liquidity Mining and Proof of Work](https://insights.deribit.com/market-research/comparing-liquidity-mining-and-proof-of-work/) by Deribit Insights

TELx Market Participants & Incentives

## What is the utility of TEL on TELx?
TEL is the underlying asset of the Telcoin Platform. Telcoin users provide self-custodial TEL liquidity reserves against other platform-native assets on supported TELx Markets, earning Telcoin issuance and transaction fees that flow through the Telcoin Application. TELx-native DeFi communities can seamlessly onboard into the Telcoin ecosystem by swapping their assets for TEL and vice versa.
## Reserve Asset
In the first phase of TELx, users provide self-custodial liquidity reserves to AMMs, earning fees from swaps, and then stake their LP Token to earn issuance over time. In the future, Telcoin will introduce additional reserve asset functions, such as a form of collateral to decentralized debt markets, insurance markets, and more. 
## Medium of Exchange
TEL has quantifiable utility as a medium of exchange as a result of its usage as the TELx reserve asset. On AMMs, the cost to swap through a liquidity pool is mathematically quantifiable and, intuitively, the more reserves in a given pool, the less any one trade costs. Therefore, the success of TEL as a reserve asset on TELx has a causal, direct, and quantifiable relationship with its utility as a medium of exchange for users, and is designed to be the most liquid, cost effective asset to transact with on the platform.
## SMS Currency
In the same way users of the SMS Network conduct send and swap transactions through liquidity pools using stablecoins, they can also conduct SMS transactions using TEL that settle in the local stablecoin of the recipient, or any other asset on the platform. 
## Bridge Currency
As the only digital asset with both TELxCHANGE and SMS Network liquidity, TEL serves as the bridge currency between applications on the platform. All transactions between stablecoins on the SMS network and the native cryptocurrencies of TELxCHANGE are, by default, routed through TEL pools. 
## User-Ownership
TEL is a liquidity reserve in every Telcoin product and a required reserve in every TELxCHANGE market, ensuring that a portion of the value captured by platform economic activity flows to active TEL users. This empowers active TEL users to earn economic incentives at the protocol level for providing services that benefit other users, and to capture fees from products they use in their daily lives.

The TEL token on TELx

# Asset Selection
Assets must satisfy one of the following requirements to be considered for addition to the TELx ecosystem:
1. The native token of any protocol that supplements the Telcoin Platform.
2. Asset-backed stablecoins with reserves in local bank accounts and domestic payment rails. 
3. Compliant digital assets with strong consumer demand and institutional acceptance.

# TELx Launch Assets
**TEL:** TEL is the native utility token of the Telcoin Platform and is used to coordinate and incentivize user-owned products as well as bridge between stablecoins on the SMS Network and TELxCHANGE assets.

**ETH:** Telcoin is built on Ethereum and ETH is the native token of the network.

[**MATIC:**](https://polygon.technology/) Telcoin is launching V3 of our mobile application on Polygon. MATIC is required for users to pay network fees, so having TEL/MATIC markets is crucial to the successful operation of the Telcoin Platform.

[**QUICK:**](https://quickswap.exchange/#/) The native governance token of Quickswap, a Polygon-native decentralized exchange (DEX) on which Telcoin is launching products. QUICK/TEL markets will enable active Telcoin users to purchase QUICK and participate in protocol governance, and will also enable existing QUICK users to participate on the Telcoin Platform.

[**WBTC:**](https://wbtc.network/) Wrapped Bitcoin is a 1:1 tokenized representation of Bitcoin (BTC) on Ethereum. TEL/WBTC markets will enable end users to own the largest digital asset by market capitalization in the Telcoin Application. Given Bitcoin’s institutional acceptance in the USA, we view it as a compliant asset for consumers with strong demand characteristics. 

[**AAVE:**](https://aave.com/) AAVE is the native governance token of the decentralized money market protocol of the same name. AAVE/TEL markets will enable active Telcoin users to purchase AAVE and participate in protocol governance. It will also enable existing AAVE users to swap for TEL and participate on the Telcoin Platform. We intend to launch additional products on Aave in future releases. 

[**DFX:**](https://dfx.finance/) DFX is the native governance token of DFX, a decentralized foreign exchange protocol optimized for stablecoins and home to the SMS Network. DFX/TEL markets will enable active Telcoin users to purchase DFX and participate in protocol governance. It will also enable existing DFX users to swap for TEL and participate on the Telcoin Platform.

[**BAL:**](https://balancer.fi/) BAL is the native governance token of Balancer protocol, a programmable DEX which Telcoin aims to use to build fully customized pools with unique properties. BAL/TEL markets will enable active Telcoin users to purchase BAL and participate in protocol governance. It will also enable existing BAL users to swap for TEL and participate on the Telcoin platform.

**Stablecoins:** USDC, CADc, EURS, xSGD

# TELx Protocol Selection
TELx protocols are selected based on their ability to enable new products for end users of the Telcoin Application. In order to be considered, the protocol must be sufficiently decentralized with no “back doors.” Their code must be battle tested and open source, with evidence of smart contract audits by reputable firms, and the system must be self-custodial, where users custody their assets at all times. 

# TELx Launch Protocols
The genesis TELx products, SMS Network and TELxCHANGE, are both uniquely enabled by AMMs on the Polygon network. 

## Polygon 
- Quickswap
- DFX (Polygon)

For more information about specific TELx Protocols, AMMs, and DeFi in general, please review the FAQ section.


TELx Ecosystem: Assets & Protocols

TELx is a global network of decentralized financial markets which serves as the liquidity engine of the Telcoin platform. In V1, TELx is built on a network of [AMM DEX](https://www.telx.network/about/what-are-automated-market-makers) markets and [incentives](https://www.telx.network/about/telx-market-participants-&-incentives) which make the system work and sustain itself over time.

AMM liquidity pools earn swap fees on every transaction through their pool and are designed to economically sustain themselves on fees over time. Issuance of TEL is used to incentivize decentralized exchange liquidity across TELx in the early phases to meet the liquidity required to enable two user-owned exchange products:
- [Send Money Smarter Network (SMS):](/about/how-does-sms-network-work) a user-owned, decentralized global remittance network.
- [TELxchange:](/about/how-does-telxchange-work) a user-owned, decentralized digital asset exchange.

Please find detailed information about each TELx market including the product they power and incentives schedules below.

![210811_Quickswap_TELx_Liquidity_Mining_Incentives_Schedule_7_7_-_9_29.png](https://forlorn-seemly-rule.media.strapiapp.com/210811_Quickswap_TE_Lx_Liquidity_Mining_Incentives_Schedule_7_7_9_29_e94c6e2ac7.png)

![210811_DFX_TELx_Liquidity_Mining_Incentives_Schedule_7_7_-_9_29.png](https://forlorn-seemly-rule.media.strapiapp.com/210811_DFX_TE_Lx_Liquidity_Mining_Incentives_Schedule_7_7_9_29_de31c1dcc4.png)

![210818_Balancer_TELx_Liquidity_Mining_Incentives_Schedule_7.png](https://forlorn-seemly-rule.media.strapiapp.com/210818_Balancer_TE_Lx_Liquidity_Mining_Incentives_Schedule_7_274561c5bd.png)

# Resources
For additional information about TELx markets and incentives review: 
- The TELx Issuance Schedule [here](https://docs.google.com/spreadsheets/d/1HS9Wc_y1uU1By8f6uPKn8Rhnlk6y7NzlkfMddklqJSU/edit?usp=sharing) 
- Review Addresses and Contracts for each TELx market [here](https://www.telx.network/about/addresses-and-contracts)
- TELx Market Participants & Incentives [here](https://www.telx.network/about/telx-market-participants-&-incentives) 
- TELx Ecosystem Assets & Protocols [here](https://www.telx.network/about/telx-ecosystem-assets-&-protocols)


## TEL/USDC on Quickswap
### Overview
- Primary Product: SMS Network
- TELx Addition: July 7th, 2021
- Analytics: [info.quickswap.exchange](https://info.quickswap.exchange/pair/0xa5cabfc725dfa129f618d527e93702d10412f039)
### Swap fees
- Total Fee: 0.30% total per swap
- Fee to LP: 0.25% paid to liquidity pool
### Issuance
- Rewards Tokens: TEL & QUICK
- Issuance Period 1: July 7th-ongoing
  - 1,500,000 TEL a week
  - 56 QUICK a week

---

## TEL/QUICK on Quickswap
### Overview
- Primary Product: TELxchange
- TELx Addition: July 7th, 2021
- Analytics: [info.quickswap.exchange](https://info.quickswap.exchange/pair/0xe88e24f49338f974b528ace10350ac4576c5c8a1)
### Swap fees
- Total Fee: 0.30% total per swap
- Fee to LP: 0.25% paid to liquidity pool
### Issuance
- Rewards Tokens: TEL & QUICK
- Issuance Period 1: July 7th-ongoing
  - 1,500,000 TEL a week
  - 91 QUICK a week

---

## TEL/wETH on Quickswap
### Overview
- Primary Product: TELxchange
- TELx Addition: July 7th, 2021
- Analytics: [info.quickswap.exchange](https://info.quickswap.exchange/pair/0xfc2fc983a411c4b1e238f7eb949308cf0218c750)
### Swap fees
- Total Fee: 0.30% total per swap
- Fee to LP: 0.25% paid to liquidity pool
### Issuance
- Rewards Tokens: TEL & QUICK
- Issuance Period 1: July 7th-ongoing
  - 1,500,000 TEL a week
  - 70 QUICK a week

---

## TEL/wMATIC on Quickswap
### Overview
- Primary Product: TELxchange
- TELx Addition: July 7th, 2021
- Analytics: [info.quickswap.exchange](https://info.quickswap.exchange/pair/0x9b5c71936670e9f1f36e63f03384de7e06e60d2a)
### Swap fees
- Total Fee: 0.30% total per swap
- Fee to LP: 0.25% paid to liquidity pool
### Issuance
- Rewards Tokens: TEL
- Issuance Period 1: July 7th-August 11th, 2021
  - 1,000,000 TEL a week
- Issuance Period 2: August 11th-ongoing
  - 500,000 TEL a week

---

## TEL/AAVE on Quickswap
### Overview
- Primary Product: TELxchange
- TELx Addition: July 7th, 2021
- Analytics: [polygonscan.com](https://polygonscan.com/token/0x4917bc6b8e705ad462ef525937e7eb7c6c87c356)
### Swap fees
- Total Fee: 0.30% total per swap
- Fee to LP: 0.25% paid to liquidity pool
### Issuance
- Rewards Tokens: TEL
- Issuance Period 1: July 7th-August 11th, 2021
  - 750,000 TEL a week
- Issuance Period 2: August 11th-ongoing
  - 500,000 TEL a week

---

## TEL/wBTC on Quickswap
### Overview
- Primary Product: TELxchange
- TELx Addition: July 7th, 2021
- Analytics: [info.quickswap.exchange](https://info.quickswap.exchange/pair/0xaddc9c73f3cbad4e647eaff691715898825ac20c)
### Swap fees
- Total Fee: 0.30% total per swap
- Fee to LP: 0.25% paid to liquidity pool
### Issuance
- Rewards Tokens: TEL
- Issuance Period 1: July 7th-August 11th, 2021
  - 750,000 TEL a week
- Issuance Period 2: August 11th-ongoing
  - 500,000 TEL a week

---

## USDC/CADc on DFX
### Overview
- Primary Product: SMS Network
- TELx Addition: July 19th, 2021
- Add Liquidity: [app.dfx.finance/pools](https://app.dfx.finance/pools)
### Swap fees
- Total: 0.05% dynamically adjusted
### Issuance
- Rewards Tokens: TEL & DFX
- Issuance Period 1: July 19th-August 21st, 2021
  - 55,055 DFX/32 days
  - 470,016 TEL/32 days
- Issuance Period 2: August 22nd-ongoing
  - 47,395.8 DFX/month
  - 470,016 TEL/month

---

## USDC/xSGD on DFX
### Overview
- Primary Product: SMS Network
- TELx Addition: July 19th, 2021
- Add Liquidity: [app.dfx.finance/pools](https://app.dfx.finance/pools)
### Swap fees
- Total: 0.05% dynamically adjusted
### Issuance
- Rewards Tokens: TEL & DFX
- Issuance Period 1: July 19th-August 21st, 2021
  - 55,055 DFX/32 days
  - 470,016 TEL/32 days
- Issuance Period 2: August 22nd-ongoing
  - 47,395.8 DFX/month
  - 470,016 TEL/month

---

## USDC/EURS on DFX
### Overview
- Primary Product: SMS Network
- TELx Addition: July 18th, 2021
- Add Liquidity: [app.dfx.finance/pools](https://app.dfx.finance/pools)
### Swap fees
- Total: 0.05% dynamically adjusted
### Issuance
- Rewards Tokens: TEL & DFX
- Issuance Period 1: July 19th-August 21st, 2021
  - 55,055 DFX/32 days
  - 470,016 TEL/32 days
- Issuance Period 2: August 22nd-ongoing
  - 47,395.8 DFX/month
  - 470,016 TEL/month

---

## TEL/USDC on Balancer
### Overview
- Primary Product: SMS Network
- TELx Addition: August 18th, 2021
- Pool Tokens: TEL/USDC
- Pool Weights: 80/20
- Analytics: [polygon.balancer.fi](https://polygon.balancer.fi/#/pool/0x5c6ee304399dbdb9c8ef030ab642b10820db8f56000200000000000000000034)
### Swap fees
- Total: 0.20% dynamically adjusted
### Issuance
- Rewards Tokens: TEL
- Issuance Schedule: August 18, 2021-ongoing
  - 750,000 a week

---

## TEL/BAL on Balancer
### Overview
- Primary Product: TELxchange
- TELx Addition: August 18th, 2021
- Pool Tokens: TEL/BAL
- Pool Weights: 50/50
- Analytics: [polygon.balancer.fi](https://polygon.balancer.fi/#/pool/0x186084ff790c65088ba694df11758fae4943ee9e000200000000000000000032)
### Swap fees
- Total: 0.20% dynamically adjusted
### Issuance
- Rewards Tokens: TEL
- Issuance Schedule: August 18, 2021-ongoing
  - 750,000 a week

---

## TEL/wETH/USDC on Balancer
### Overview
- Primary Product: TELxchange
- TELx Addition: August 18th, 2021
- Pool Tokens: TEL/WETH/USDC
- Pool Weights: 60/20/20
- Analytics: [polygon.balancer.fi](https://polygon.balancer.fi/#/pool/0xd5d7bc115b32ad1449c6d0083e43c87be95f2809000100000000000000000033)
### Swap fees
- Total: 0.20% dynamically adjusted
### Issuance
- Rewards Tokens: TEL
- Issuance Schedule: August 18th, 2021-ongoing
  - 500,000 a week

---

## TEL/BAL/USDC on Balancer
### Overview
- Primary Product: TELxchange
- TELx Addition: August 18th, 2021
- Pool Tokens: TEL/BAL/USDC
- Pool Weights: 60/20/20
- Analytics: [polygon.balancer.fi](https://polygon.balancer.fi/#/pool/0xdb1db6e248d7bb4175f6e5a382d0a03fe3dcc813000100000000000000000035)
### Swap fees
- Total: 0.20% dynamically adjusted
### Issuance
- Rewards Tokens: TEL
- Issuance Schedule: August 18th, 2021-ongoing
  - 750,000 a week

---

## TEL/wBTC/USDC on Balancer
### Overview
- Primary Product: TELxchange
- TELx Addition: August 18th, 2021
- Pool Tokens: TEL/wBTC/USDC
- Pool Weights: 60/20/20
- Analytics: [polygon.balancer.fi](https://polygon.balancer.fi/#/pool/0xf099b7c3bd5a221aa34cb83004a50d66b0189ad0000100000000000000000036)
### Swap fees
- Total: 0.20% dynamically adjusted
### Issuance
- Rewards Tokens: TEL
- Issuance Schedule: August 18th, 2021-ongoing
  - 500,000 a week

---

## TEL/wMATIC/USDC on Balancer
### Overview
- Primary Product: TELxchange
- TELx Addition: August 18th, 2021
- Pool Tokens: TEL/wMATIC/USDC
- Pool Weights: 60/20/20
- Analytics: [polygon.balancer.fi](https://polygon.balancer.fi/#/pool/0xd208168d2a512240eb82582205d94a0710bce4e7000100000000000000000038)
### Swap fees
- Total: 0.20% dynamically adjusted
### Issuance
- Rewards Tokens: TEL
- Issuance Schedule: August 18th, 2021-ongoing
  - 500,000 a week

---

## TEL/AAVE/USDC on Balancer
### Overview
- Primary Product: TELxchange
- TELx Addition: August 18th, 2021
- Pool Tokens: TEL/AAVE/USDC
- Pool Weights: 60/20/20
### Swap fees
- Total: 0.20% dynamically adjusted
### Issuance
- Rewards Tokens: TEL
- Issuance Schedule: August 18th-ongoing
  - 500,000 a week

TELx Markets

# An Introduction to TELx Generalized Incentives
Generalized Incentives is a new TELx liquidity mining policy which incorporates diversity and time-based multipliers into a miner’s total liquidity and share of incentives across a growing list of eligible markets. The objective of generalized incentives is to scale the TELx marketplace alongside the introduction of new assets on the Telcoin application as efficiently as possible.

# Background
As consumers pay a fee to liquidity providers on every trade, the productivity of TELx depends on the adoption of the marketplace by users and their trading volume.
Conversely, the adoption of TELx by users at the application layer and beyond depends on the total liquidity available to consumers over time across a growing diversity of scarce assets.
Therein lies the problem: adoption requires liquidity and liquidity requires adoption. In order to solve this “[chicken or the egg](https://en.wikipedia.org/wiki/Chicken_or_the_egg)” problem, TELx produces TEL units at an average annual rate and miners can harvest those units by provisioning their liquidity to the network. Similar to how Bitcoin miners provision security to harvest the flow of BTC issuance and fees, TELx miners provision liquidity to harvest the flow of TEL issuance and fees.
In the current version of TELx incentives, issuance is allocated at a fixed rate to each individual market and miners harvest the flow of TELx issuance based on their pro-rata share of liquidity over time in each individual market. As an example, TEL/USDC, 80:20 liquidity miners harvest a proportion of 10mm TEL/quarter based on their pro-rata share of staked TEL/USDC liquidity vs others in that individual market. 
This system works generally well with a limited number of markets; however, due to the scarce quantity of TEL units available over time through issuance, under the current system, the addition of each new asset and market requires a proportionate subtraction of the quantity of incentives available to be harvested on each market. In other words, adding new markets means decreasing incentives on existing markets.

# Summary
In order to scale TELx liquidity alongside the introduction of new assets to the Telcoin Application as efficiently as possible, the generalized liquidity mining algorithm incorporates diversity and time-based multipliers to a miner’s liquidity across a growing number of new TELx markets.
In other words, with the introduction of generalized TELx incentives, miners harvest TEL issuance based on their total liquidity, across markets, sustained over time, rather than their pro-rata share of liquidity over time in each individual market.

# Motivation
- **New assets in the Telcoin App:** As we continue to rapidly scale the number of tradable assets on the Telcoin Application, we should also work to scale the TELx marketplace: empowering miners to benefit from Telcoin Application user volume while satisfying user demand for trading liquidity across a wide variety of new assets.
- **Limited quantity of incentives:** While there are a potentially unlimited number of assets and markets that applications, users, and liquidity miners would like to use, there is a fixed, limited quantity of TEL incentives that can be harvested by liquidity providers. Therefore, when the full quantity of allocated issuance is flowing to TELx, the addition of each new incentivized market takes away from the flow of issuance that can be harvested by liquidity providers on the existing set of markets.
- **Allocation based on key design objectives of TELx:** (1) liquidity across a (2) diverse network of markets sustained over (3) time.
- **Leveling the playing field:** Whereas the existing arrangement is efficient to deploy and works well overall as a mechanism for incentivizing liquidity, the total quantity of TEL that can be harvested is based exclusively on an LP’s pro-rata share of total liquidity over time on an individual market, across all markets. Introducing new multipliers levels the playing field to some extent, requiring more effort and a wider variety of risks to be taken.
- **Compliant additions to TELx:** By leveraging Telcoin’s compliance regime to determine new assets, we can compliantly regulate the addition of new assets to TELx in the interim while the Platform continues to decentralize toward full self-governance.

# Goals and Non-Goals
## Goals
**Efficiency, fairness, and cooperative scalability of new assets:** Introduce an efficient and fair process for scaling the TELx marketplace alongside the addition of new assets to the Telcoin Application without altering the existing incentives arrangement.

## Non-Goals
**Altering the existing arrangement:** The existing incentives arrangement will stay the same until decentralized governance goes live - at which point it will be up to governance how to regulate the flow of TEL units. Generalized incentives increase the total quantity of TELx incentives, and do not subtract from the existing set of incentives.

# Overview
Beginning on Monday, May 9th and ending on August 7th, generalized liquidity mining will commence with three consecutive 30 day periods earning a total of 60 million TEL at a rate of 20 million TEL per period. Miners harvest from this quantity of issuance based on their liquidity, time, and diversity multipliers vs other generalized liquidity miners across the marketplace.
Issuance Allocation Formula
Summary
A total issuance of 60 million TEL is allocated to be harvested by liquidity miners via generalized mining at a rate of 20 million TEL per month.
- **Issuance Quantity:** 60M TEL
- **Issuance per Period:** 20M TEL/month
- **Duration:** 90 days
- **Time Slots:** 3 30 day periods
  - **Period 1:** May 9th to June 8th, 2022
  - **Period 2:** June 8th to July 8th, 2022
  - **Period 3:** July 8th to August 7th, 2022
- **Calculation:** Every 30 days
- **Calculation Mechanism:** Off-chain script
- **Distribution:** 30-45 days after the beginning of each period
- **Distribution Mechanism:** Airdrop

# Basis for Issuance Allocation: Multipliers
## Summary
Liquidity miners harvest a pro-rata quantity of generalized TEL issuance based on their liquidity, diversity, and time multipliers.

## Overview
In TELx generalized incentives, instead of your share of staked LP tokens determining your share of incentives, the quantity of TEL you harvest is based on the total average value (in USD) of your liquidity across all supported pools. We also introduce “multipliers,” a way to increase your share of incentives using the same capital.
To illustrate how this works, let’s start with a simplified example:
Imagine you have provided liquidity to two supported pools. The average value of your liquidity in pool A was $50 over the past week, and the average value of your liquidity in pool B was $60 over the past week. The average total liquidity for pools A and B over the past week was $50,000 and $100,000, respectively. This means that your share of incentives is $(50+60)/(50000+100000)=0.00073$ (you get 0.073% of total TEL incentives for that week).

## Multipliers
TL;DR - to maximize your return, spread your liquidity as evenly as possible throughout eligible pools and avoid withdrawing previously deposited liquidity.
The new Generalized Incentives system has two multipliers that allow you to boost your share of TEL issuance. First, we have the diversity multiplier: liquidity providers are rewarded for contributing to many pools as opposed to just a few. Second, we have the Time Multiplier: liquidity providers are rewarded for remaining in pools for long, continuous periods of time.
These multipliers increase your “effective liquidity”. Your share of incentives is calculated as your share of total effective liquidity across all miners in all pools.
Optimizing for both of these multipliers can increase your effective liquidity by as much as 183 percent (2.83x)!

## The Diversity Multiplier
The new diversity multiplier allows you to boost your earned incentives by provisioning liquidity to as many pools as possible. The maximum diversity multiplier is 1.5, meaning you can boost your effective liquidity by up to 50 percent by spreading out your investment across all eligible pools.
Let’s walk through an example:
You have $100, and there are two pools that are eligible for Generalized Incentives, TEL/MANA and TEL/MKR. If you put all $100 into the TEL/MANA pool, your “effective liquidity” is $100.
If instead, you put $75 into TEL/MANA and $25 into TEL/MKR, you benefit from the diversity multiplier. Your effective liquidity is now $125, a 25 percent boost!
Now imagine you split your capital equally, so $50 in each pool. Your effective liquidity becomes $150. You’ve boosted your effective liquidity by 50 percent without using ANY additional capital! 🤯
If you want to dive deeper on the math behind these numbers, see the Mathematical Formula section below.

## The Time Multiplier
The time multiplier rewards LPs who keep capital in liquidity pools for long, continuous periods of time. Time multipliers are calculated on a per pool basis, meaning that your activity regarding one pool does not affect your time multiplier in any other pools.
Your time multiplier for your capital in any given pool increases by a factor of 1.05 every week. Everyone’s time multiplier is reset back to 1 every 90 days.
If you withdraw some or all of your liquidity from a pool, then your multiplier for that fraction of your liquidity is reset to 1.

## Eligible Assets & Markets
### Eligible Assets
Any asset x which has been added to the Telcoin Application, and has a corresponding pool address for liquidity mining. 

### Eligible Markets
In the first version, each newly listed asset will be announced alongside a corresponding liquidity pool with the parameters located below. 

### Liquidity Pool Parameters
![Screen_Shot_2022-04-28_at_6.15.10_PM.png](https://forlorn-seemly-rule.media.strapiapp.com/Screen_Shot_2022_04_28_at_6_15_10_PM_54e2e0eb27.png)

### Initial Markets
The following list of liquidity pools will begin mining generalized TELx incentives on May 9th. 

#### LINK
- Token Contract Address: [0x53E0bca35eC356BD5ddDFebbD1Fc0fD03FaBad39](https://polygonscan.com/address/0x53e0bca35ec356bd5dddfebbd1fc0fd03fabad39)
- Add Liquidity: [Balancer(Polygon) : TEL/LINK](https://polygon.balancer.fi/#/pool/0x82db37683832a36f1b5c2863d7f9c4438ded4093000200000000000000000477)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/LINK LPT](https://polygonscan.com/token/0x82db37683832a36f1b5c2863d7f9c4438ded4093)

#### MANA
- Token Contract Address: [0xA1c57f48F0Deb89f569dFbE6E2B7f46D33606fD4](https://polygonscan.com/address/0xA1c57f48F0Deb89f569dFbE6E2B7f46D33606fD4)
- Add Liquidity: [Balancer(Polygon) : TEL/MANA](https://polygon.balancer.fi/#/pool/0xa2c0539cf5a8a930215d82106d8973a2031f7fb300020000000000000000047a)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/MANA LPT](https://polygonscan.com/token/0xa2c0539cf5a8a930215d82106d8973a2031f7fb3)

#### APE
- Token Contract Address: [0xb7b31a6bc18e48888545ce79e83e06003be70930](https://polygonscan.com/address/0xb7b31a6bc18e48888545ce79e83e06003be70930)
- Add Liquidity: [Balancer(Polygon) : TEL/APE](https://polygon.balancer.fi/#/pool/0x385fd3414afb52d5cd60e22f17826cf9920602440002000000000000000004e0)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/APE LPT](https://polygonscan.com/token/0x385Fd3414AfB52D5cD60E22f17826cF992060244)

#### CRV
- Token Contract Address: [0x172370d5Cd63279eFa6d502DAB29171933a610AF](https://polygonscan.com/address/0x172370d5Cd63279eFa6d502DAB29171933a610AF)
- Add Liquidity: [Balancer(Polygon) : TEL/CRV](https://polygon.balancer.fi/#/pool/0xfa73e062497b0cbd5012385a08d9616ca5bd9ee900020000000000000000047b)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/CRV LPT](https://polygonscan.com/token/0xfa73e062497b0cbd5012385a08d9616ca5bd9ee9)

#### MKR
- Token Contract Address: [0x6f7C932e7684666C9fd1d44527765433e01fF61d](https://polygonscan.com/address/0x6f7C932e7684666C9fd1d44527765433e01fF61d)
- Add Liquidity: [Balancer(Polygon) : TEL/MKR](https://polygon.balancer.fi/#/pool/0xc42c42256b484e574a458d5d8ee4fd7876f6d8d700020000000000000000047e)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/MKR LPT](https://polygonscan.com/token/0xc42c42256b484e574a458d5d8ee4fd7876f6d8d7)

#### AXS
- Token Contract Address: [0x61BDD9C7d4dF4Bf47A4508c0c8245505F2Af5b7b](https://polygonscan.com/address/0x61BDD9C7d4dF4Bf47A4508c0c8245505F2Af5b7b)
- Add Liquidity: [Balancer(Polygon) : TEL/AXS](https://polygon.balancer.fi/#/pool/0x913b9ae6d6a228a38fbf2310e176c6ea82e57611000200000000000000000487)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/AXS LPT](https://polygonscan.com/token/0x913b9ae6d6a228a38fbf2310e176c6ea82e57611)

#### UNI
- Token Contract Address: [0xb33EaAd8d922B1083446DC23f610c2567fB5180f](https://polygonscan.com/address/0xb33EaAd8d922B1083446DC23f610c2567fB5180f)
- Add Liquidity: [Balancer(Polygon) : TEL/UNI](https://polygon.balancer.fi/#/pool/0x77215a7e8a8d427d25660414788d2c58dd56898900020000000000000000047c)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/UNI LPT](https://polygonscan.com/token/0x77215a7e8a8d427d25660414788d2c58dd568989)

#### GRT
- Token Contract Address: [0x5fe2B58c013d7601147DcdD68C143A77499f5531](https://polygonscan.com/address/0x5fe2B58c013d7601147DcdD68C143A77499f5531)
- Add Liquidity: [Balancer(Polygon) : TEL/GRT](https://polygon.balancer.fi/#/pool/0x0a2b8a82ffdf39acce59729f6285baf530a13c5300020000000000000000047d)
- Liquidity Provider Token (LPT) Contract Address: [Polygonscan: TEL/GRT LPT](https://polygonscan.com/token/0x0a2b8a82ffdf39acce59729f6285baf530a13c53)


# Mathematical Formula
![Screen_Shot_2022-05-05_at_5.25.15_PM.png](https://forlorn-seemly-rule.media.strapiapp.com/Screen_Shot_2022_05_05_at_5_25_15_PM_957f81bf13.png)
* [Element-wise product](https://en.wikipedia.org/wiki/Hadamard_product_(matrices))
** [Element-wise division](https://en.wikipedia.org/wiki/Hadamard_product_(matrices)#Analogous_operations)

# Time Multiplier Calculation
Calculation of the time multiplier is not easy to express purely with math.
To calculate the time multiplier for a specific user in a specific pool, we need to maintain a stack-like structure containing a user’s deposited amounts (measured in LP tokens) and their corresponding multipliers.
If this is the first round of incentives or we are resetting time multipliers, we skip the following calculation and set each user’s time multiplier to 1. We also create and save a stack for each user that contains:
![Screen_Shot_2022-04-28_at_6.37.00_PM.png](https://forlorn-seemly-rule.media.strapiapp.com/Screen_Shot_2022_04_28_at_6_37_00_PM_f91ae2f6d0.png)

If this is not the first round of incentives, we fetch the user’s stack from the previous round and multiply each element’s multiplier by 1.05.
We then iterate through the user’s deposits and withdraws during the current period and modify their stack.
When a user deposits into a pool, we push the following onto their stack:
![Screen_Shot_2022-04-28_at_6.37.57_PM.png](https://forlorn-seemly-rule.media.strapiapp.com/Screen_Shot_2022_04_28_at_6_37_57_PM_c3c41e04dd.png)

When a user withdraws from a pool, we have to remove elements from the stack or decrement their amounts.
![Screen_Shot_2022-04-28_at_6.38.36_PM.png](https://forlorn-seemly-rule.media.strapiapp.com/Screen_Shot_2022_04_28_at_6_38_36_PM_6dcd3ced32.png)

Once we have gone through all the user’s deposits/withdrawals, the final calculation of their time multiplier is:
![Screen_Shot_2022-05-03_at_11.36.57_AM.png](https://forlorn-seemly-rule.media.strapiapp.com/Screen_Shot_2022_05_03_at_11_36_57_AM_a0504aa874.png)

The stacks for each user are saved to disk so they can be used in the next round of incentives.

Generalized Incentives

The Telcoin Platform is a user-owned, decentralized financial platform powered by active Telcoin users, GSMA member Mobile Network Operators (MNOs), and Mobile Money Service Providers (MMSPs). 

# Platform Architecture
![V3_Platform_Stack.png](https://forlorn-seemly-rule.media.strapiapp.com/V3_Platform_Stack_790c21a6b8.png)

## Application Layer
### Telcoin Application
**Description:** The Telcoin Application is a compliant, secure, and easy to use interface to the Telcoin Platform. 

## Marketplace Layer
### TELx
**Description:** TELx is a liquidity network powered by active Telcoin users across decentralized financial protocols. TELx is designed to power a global suite of fast, affordable, decentralized, and user-owned financial products for every mobile phone subscriber in the world.

## Settlement Layer
### Rivendell
**Description:** Rivendell is an application-specific Ethereum (Polygon SDK) sidechain with MNOs as the exclusive validator set. Rivendell's native application is direct-to-consumer, self-custodial, mobile financial services. 

What is the Telcoin Platform?

TEL is the native utility token of the user-owned, decentralized Telcoin Platform. It functions as the native medium of exchange, reserve, and protocol asset of the platform with both productive and consumptive utilities for market participants across each layer. 

# TEL is a decentralized utility token with no shareholding rights
The Telcoin token (TEL) is a decentralized utility token which functions as the underlying medium of exchange and unit of account between users of the Telcoin Platform. TEL does not in any way represent any shareholding, participation, right, title, or interest in the Telcoin Pte Ltd, its subsidiaries, affiliates, or any other company, enterprise, or undertaking; nor will TEL entitle token holders to any promise of fees, dividends, revenue, profits, or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. Ownership of TEL carries no rights, express or implied, other than that which may be afforded by the Telcoin platform and/or any other third parties whom may use it.

# Telcoin (TEL) Token Details
- TEL Address on Ethereum: [0x467bccd9d29f223bce8043b84e8c8b282827790f](https://etherscan.io/address/0x467bccd9d29f223bce8043b84e8c8b282827790f)
- TEL Address on Polygon: [0xdf7837de1f2fa4631d716cf2502f8b230f1dcc32](https://polygonscan.com/token/0xdf7837de1f2fa4631d716cf2502f8b230f1dcc32)
- TEL on Coingecko: [https://www.coingecko.com/en/coins/telcoin ](https://www.coingecko.com/en/coins/telcoin)

What is Telcoin (TEL)?

# TEL Utility: How do market participants use TEL across the Telcoin Platform stack?
As a full-stack, decentralized financial platform with a unique set of market participants at each layer, active users utilize TEL to provide supply side services to the networks that power the platform and benefit end users, who in turn use TEL to access those services. 

# TEL on the Telcoin Application
- **Description:** In V3, Telcoin Application users use TEL as a medium of exchange to access products and services.
- **Medium of Exchange:** As the native reserve asset, with liquidity against every other asset available on the platform, TEL is the most cost-effective asset to transact with across Telcoin's products. Additionally, end users can send TEL to any Ethereum address or mobile phone number in the world, and will be able to spend their TEL using our crypto debit card.
- **Financial Inclusion:** Every end user is eligible to earn a percentage of issuance when they participate in a variety of ways on the Telcoin Platform 

# TEL on TELx
- **Description:** TEL is the underlying asset of the Telcoin Platform. Telcoin users provide self-custodial TEL liquidity reserves against other platform-native assets on supported TELx Markets, earning Telcoin issuance and transaction fees that flow through the Telcoin Application. TELx-native DeFi communities can seamlessly onboard into the Telcoin ecosystem by swapping their assets for TEL and vice versa.
- **Reserve Asset:** In the first phase of TELx, users provide self-custodial liquidity reserves to AMMs, earning fees from swaps, and then stake their LP Token to earn issuance over time. In the future, Telcoin may introduce additional reserve asset functions, such as a form of collateral to decentralized debt markets, insurance markets, and more. 
- **Medium of Exchange:** TEL has quantifiable utility as a medium of exchange as a result of its usage as the TELx reserve asset. On AMMs, the cost to swap through a liquidity pool is mathematically quantifiable and, intuitively, the more reserves in a given pool, the less any one trade costs. Therefore, the success of TEL as a reserve asset on TELx has a causal, direct, and quantifiable relationship with its utility as a medium of exchange for users, and is designed to be the most liquid, cost effective asset to transact with on the platform.
- **SMS Currency:** In the same way users of the SMS Network conduct send and swap transactions through liquidity pools using stablecoins, they can also conduct SMS transactions using TEL that settle in the local stablecoin of the recipient, or any other asset on the platform. 
- **Bridge Currency:** As the only digital asset with both TELxCHANGE and SMS Network liquidity, TEL serves as the bridge currency between applications on the platform. All transactions between stablecoins on the SMS network and the native cryptocurrencies of TELxCHANGE are, by default, routed through TEL pools. 
- **User Ownership:** TEL is a liquidity reserve in every Telcoin product and a required reserve in every TELxCHANGE market, ensuring that a portion of the value captured by platform economic activity flows to active TEL users. This empowers active TEL users to earn economic incentives at the protocol level for providing services that benefit other users, and to capture fees from products they use in their daily lives.

# TEL on Rivendell
- **Description:** Rivendell Validators secure the network and market participants use TEL to pay the costs of consumed computational resources for using the system (gas costs). 
- **Network Validation:** MNOs agree to perform honest computation and maintain 100 percent network uptime, in exchange for TEL issuance and transaction fees.
- **Medium of Exchange:** The TEL Token will be used as the unit of exchange to quantify and pay the costs of the consumed computational resources (gas costs) on the Rivendell Network. 




How do market participants use TEL?

As the native asset of a full-stack platform with various market participants and roles across each layer, TEL is a general purpose token with utility on both the supply and demand sides of each layer of the platform - and clear representation across multiple categories within the generally accepted taxonomy of digital assets.

### Medium of Exchange 
As the native reserve asset, TEL is designed to be the most liquid medium of exchange with the most direct trading pairs on the platform. 

### Reserve Asset
TELx Miners use TEL as a reserve asset on TELx, the native liquidity engine of the Telcoin Platform, passively making liquid, self-custodial, decentralized financial markets for end users. 

### Protocol Token
Rivendell Network validators secure the network in exchange for TEL issuance incentives and transaction fees, which are paid in TEL. 

### Work Token
Active Telcoin users stake TEL in order to align with the ecosystem and provide services that benefit the platform and its end-user in exchange for issuance incentives and transaction fees.

### Access Token
Market participants use TEL to access the Telcoin Platform suite of decentralized products and services.


TEL Taxonomy

**Telcoin** is the core developer of the Telcoin Platform. Telcoin designs and deploys compliant, scalable end-user products, applications, and decentralized networks with the mission of providing every mobile phone user in the world with access to user-owned financial services at a fraction of the cost of market incumbents. 
Telcoin is the core developer of the Telcoin Platform. Telcoin designs and deploys compliant, scalable end-user products, applications, and decentralized networks with the mission of providing every mobile phone user in the world with access to user-owned financial services at a fraction of the cost of market incumbents. 

### Governance
Telcoin is responsible for the initial governance of TEL issuance, and is dedicated to gradual decentralization of governance to market participants over time.

### How does Telcoin make money?
Telcoin earns transaction fees from users of the Telcoin Application.

### Telcoin does not design, develop, or launch DeFi protocols.
We do not custody crypto-assets, match orders, or in any way contribute to the functioning of DeFi systems or centralized exchanges. Telcoin provides a safe, secure, regulated door-way for users to access self-custodial, user-owned, decentralized end user applications on top of DeFi protocols, which can be accessed via our mobile application. 

Who is Telcoin? (The Developer)

# Introduction 
According to [Fabian Schär](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets) of the St. Louis Federal Reserve, decentralized finance (DeFi) "refers to an open, permissionless, and highly interoperable protocol stack built on public smart contract platforms... It replicates existing financial services in a more open and transparent way. In particular, DeFi does not rely on intermediaries and centralized institutions. Instead, it is based on open protocols and decentralized applications (DApps). Agreements are enforced by code, transactions are executed in a secure and verifiable way, and legitimate state changes persist on a public blockchain. Thus, this architecture can create an immutable and highly interoperable financial system with unprecedented transparency, equal access rights, and little need for custodians, central clearing houses, or escrow services, as most of these roles can be assumed by 'smart contracts.'"
Applications such as decentralized exchanges, debt markets, insurance protocols, synthetic assets, stablecoins, and more are at this very moment, around the clock, powering an alternate, completely autonomous, decentralized financial system with incredibly disruptive and empowering properties.

# DeFi Advantages
There are several advantages to using DeFi protocols over the legacy financial system including:
- **Cost Reduction:** Replacing middlemen with self executing code reduces costs to a fraction of legacy services.
- **Accessibility:** Anyone with an internet connection can participate 24-7-365.
- **Openness:** Anyone can build on, access, or provision liquidity to DeFi systems.
- **Self-custodial:** Users custody and control their assets at all times.
- **Speed:** Instant execution, settlement, delivery anywhere in the world.
- **User-ownership:** Users provide self-custodial services that benefit fellow users of the protocol, capturing fees typically awarded to financial institutions. 
- **Automation:** Execution, settlement, and delivery happen automatically via smart contracts without intermediaries or middlemen.
- **Composability:** Applications can be combined to form a far superior structure.

# DeFi Market Study
What was once a sort of sci-fi experiment has developed into a global financial force powering trillions of dollars of productive economic activity quarterly. 

## DeFi Data (in USD)
#### Ethereum Transaction Volume 
- Q1 2021: $1.5T
- PayPal 2020 Total: $936B

#### [Decentralized Exchanges](https://duneanalytics.com/hagaetc/dex-metrics) Monthly Volume Growth 
- January 2019 to January 2021: $40M to $64B 

#### [Stablecoins](https://www.coingecko.com/en/stablecoins) Growth
- June 2019 to June 2021: $2.6B USD to $111B

#### References
- Fabian Schär, "Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets," Federal Reserve Bank of St. Louis Review, Second Quarter 2021, pp. 153-74. [https://doi.org/10.20955/r.103.153-74](https://doi.org/10.20955/r.103.153-74) 
- Dune Analytics. [https://duneanalytics.com/hagaetc/dex-metrics](https://duneanalytics.com/hagaetc/dex-metrics), accessed June 3rd, 2021
- Coingecko. [https://www.coingecko.com/en/stablecoins](https://www.coingecko.com/en/stablecoins), accessed June 3rd, 2021 

What is Decentralized Finance (DeFi)?

### Automated Market Makers (AMMs) Explained
Excerpts from the St. Louis Federal Reserve's ["Decentralized Finance: On Blockchain- and Smart-Based Financial Markets"](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets?utm_source=twitter&utm_medium=SM&utm_content=stlouisfed&utm_campaign=ad262f32-ffcb-423a-ae3b-acd7e4d3caf7) by Fabian Schär.

#### What are AMMs?
Unlike traditional orderbook-based exchanges, where buyers and sellers cross the bid-ask spread to execute trades and determine asset prices, AMMs are a type of decentralized exchange composed of “smart contract-liquidity pools that hold (at least) two crypto assets in reserve and allow anyone to deposit tokens of one type and thereby to withdraw tokens of the other type (aka a 'swap')."

#### Incentives
Traders pay a fixed fee to the liquidity pool on every trade, and liquidity providers earn a proportional amount of fee revenue based on how much of the pool they own.

![TELCOIN_WALLET_UX__-_Copy_of_TEL_ETH_UNI.png](https://forlorn-seemly-rule.media.strapiapp.com/TELCOIN_WALLET_UX_Copy_of_TEL_ETH_UNI_d36cf7ff91.png)

#### Pricing
To determine the exchange rate, smart contract-based liquidity pools use variations of the constant product model, where the relative price is a function of the smart contract's token reserve ratio.

![AMM_Fabian.jpg](https://forlorn-seemly-rule.media.strapiapp.com/AMM_Fabian_0763c9758e.jpg)

Figure 1: Visualization of liquidity pool token reserves in a constant product model.

In its simplest form, the constant product model can be expressed as *x*y* = k, where *x* and *y* correspond to the smart contract's token reserves and k is a constant. Considering that this equation must hold, when someone executes a trade, we get (*x* + Δ*x*) · (*y* + Δ*y*) = *k*. It can then be easily shown that Δy = (*k*/*x* + Δ*x*) – *y*. Consequently, Δ*y* will assume negative values for any Δ*x* > 0. In fact, any exchange corresponds to a move on a convex token reserve curve, which is shown in Figure 1A. A liquidity pool using this model cannot be depleted, as tokens will get more expensive with lower reserves. When the token supply of either one of the two tokens approaches zero, its relative price rises infinitely as a result.

It is important to point out that smart contract-based liquidity pools are not reliant on external price feeds (so-called “oracles”). Whenever the market price of an asset shifts, anyone can use the arbitrage opportunity and trade tokens with the smart contract until the liquidity pool price converges to the current market price. The implicit bid/ask spread of the constant product model (plus a small trading fee) may lead to the accumulation of additional funds. Anyone who provides liquidity to the pool receives pool share tokens that allow them to participate in this accumulation and to redeem these tokens for their share of a potentially growing liquidity pool. Liquidity provision results in a growing *k* and is visualized in Figure 1.

(Thank you to Fabian Schär for such an intuitive overview, read [his article](https://doi.org/10.20955/r.103.153-74) to learn more about AMMs and decentralized financial markets.)

Watch the following video by [Finematics](https://twitter.com/finematics?s=20) to learn more about liquidity pools and how they work:

[![Video](https://www.youtube.com/embed/cizLhxSKrAc)](https://www.youtube.com/embed/cizLhxSKrAc)

#### Benefits to AMMs: Why is Telcoin building our first suite of products on AMMs?**
**User-owned Exchange Products:** Our first two products, a global, user-owned remittance network, and a user-owned, decentralized token exchange are both uniquely made possible by AMMs. By enabling users to provide self-custodial liquidity to markets that power products they rely on in their daily lives, Telcoin users effectively pay themselves instead of instead of exchanges, FX providers, the interbank market, banks, brokers, professional market makers, and other legacy middlemen. In other words, we want you to **PAY YOURSELF!**

**Self-custodial:** Users custody their own assets at all times and can remove their liquidity whenever they would like.

**Decentralized and automated:** There are no intermediaries or middlemen who host order books, match orders, settle transactions, or custody assets. Execution, settlement, and delivery are automated via smart contracts 24-7-365.

**Battle-tested:** AMMs power of dollars of trading volume every day with nearly USD$700B worth of volume over the past two years.

**Guaranteed liquidity at every price level:** When you provide liquidity to constant product market makers like Quickswap, you guarantee liquidity at every price level, a key design objective for products that operate 24-7-365 and a major improvement over order-book based, manual market making exchanges that are high-touch, active exchange systems. Contrast AMMs with legacy financial exchange mishaps, such as the [Gamestop](https://www.washingtonpost.com/business/2021/02/18/gamestop-robinhood-citadel-roaring-kitty-hearing-live-updates/) Robinhood incident, where the institutional intermediaries responsible for retail order flow allegedly shut down trading for their customers, and it’s easy to see how these systems appeal to retail consumers.

**Permissionless:** Anyone can build on, launch markets, and participate in both the supply side and demand side of AMMs, enabling global pools of demand and liquidity to converge on open, decentralized marketplaces, 24/7/365, without the need for intermediaries or middlemen to function.

#### AMM Risks Disclaimer
Providing liquidity is risky. When you pool your assets, you expose yourself to the risk profile of those assets and the contract risk of the protocol you are supplying. The other major risk, impermanent loss, is explained eloquently in [this video](https://youtu.be/8XJ1MSTEuU0) by [Finematics](https://twitter.com/finematics?s=20) and which you can simulate [here](https://baller.mechanaut.xyz/).

Telcoin offers no advice or recommendations, and has no responsibility over assets, including TEL, you decide to hold, pool, swap or use in any way.

TEL is a decentralized utility token designed to be used in a variety of ways for consumptive and productive purposes. Telcoin does not control the usage of TEL by any users. TEL is not an investment in any way, it is meant to be used. Telcoin literature or announcements should not be considered an investment contract or call to action.

This overview in no way serves as a solicitation to buy, sell, swap, pool, stake or use any assets mentioned.

When you pool, you expose yourself to volatility risk, and may end up with less TEL or value than you initially deposited. Telcoin has no control over TEL or any other assets on any marketplace.

Smart contracts are susceptible to bugs and Telcoin is in no way affiliated with the development of any DeFi protocol. You are solely responsible for your decisions you make with your assets, and should take great care to properly complete due diligence and consult with registered financial professionals where you personally deem fit.

What are Automated Market Makers?

## Telcoin x Polygon Joint Community AMA
July 29, 2021

[![Telcoin x Polygon Joint Community AMA](http://img.youtube.com/vi/NTPUziuSOZg/0.jpg)](https://www.youtube.com/watch?v=NTPUziuSOZg)

## What is Polygon?
Polygon, Ethereum's Internet of Blockchains, is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, and Validium, in addition to Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 400-plus Dapps, more than 350 million transactions, and more than 1.5 million unique users.

Telcoin is excited to launch the next generation of the Telcoin user-owned, decentralized financial platform on the Polygon Network.

## Polygon PoS chain overview
[Polygon PoS](https://docs.matic.network/) is a layer 2 scaling solution that achieves scale by utilizing side-chains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.

MATIC, the native token of the Polygon PoS Chain and ecosystem at large, is the unit of account and exchange for gas payments on the network. It is used by validators to secure the network, ensure honest computation with 100 percent uptime, and is rewarded to validators when they secure blocks.

Telcoin is launching V3 of the Telcoin Platform and V1 of TELx on the Polygon PoS Chain (formerly Matic Network). Watch this video by [Finematics](https://twitter.com/finematics?s=20) to learn more about the Polygon PoS Chain.

[![Polygon PoS Chain](http://img.youtube.com/vi/f7F67ZP9fsE/0.jpg)](https://www.youtube.com/watch?v=f7F67ZP9fsE)

## Why is Telcoin building on Polygon?
Polygon fulfills all of the Telcoin Platform's infrastructure design requirements.

### Fast
Polygon PoS can achieve at least **three orders of magnitude higher throughput** and scalability than Ethereum layer 1.

### Affordable
Polygon PoS transactions cost **a fraction of a penny**.

### Decentralized
[Polygon is quantifiably decentralized](https://polygonscan.com/stat/miner?range=7&blocktype=blocks), with 71 validators securing the network with billions of dollars worth of MATIC staked for validation.

### Ethereum-aligned
We believe **ethereum networks will power the inclusive, user-owned alternative financial system at the core of our mission statement**. Unlike other blockchain systems, which are built from scratch, Polygon is built as an integral part of ethereum, both as a standalone Proof of Stake side-chain aka Polygon PoS (formerly Matic Network) and an internet interconnected ethereum scaling solutions.

### Security
Polygon uses Ethereum, the most secure and battle-tested programmable blockchain in the world, as the economic hub and source of security. In contrast, while competing projects use recently launched and less expressive chains for this purpose.

### Open and powerful
**Polygon is more open and powerful**, primarily in terms of architecture types it can support. This is because (1) Polygon is built on Ethereum, so it can trivially incorporate basically any scaling or infrastructure solution from the Ethereum ecosystem and (2) it fully adopts Ethereum’s ethos of open innovation.

An important and little known fact to note here is that **Ethereum is already the biggest multi-chain system in the world.** Its ecosystem organically developed and grew, currently encompassing:
- [50+ EVM networks](https://github.com/ethereum-navigator/atlas)
- Hundreds of enterprise chains
- Dozens of layer 2 implementations


[Website](https://polygon.technology/) | [Twitter](https://twitter.com/0xPolygon) | [Reddit](https://www.reddit.com/r/0xpolygon/) | [Discord](https://discord.gg/XvpHAxZ) | [Telegram](https://t.me/polygonofficial)

What is Polygon?

## Telcoin & Quickswap in conversation with Parker Spann and Roc Zacharias
July 1, 2021

[![Telcoin & Quickswap in conversation with Parker Spann and Roc Zacharias](https://img.youtube.com/vi/C-6uACR16WU/0.jpg)](https://www.youtube.com/watch?v=C-6uACR16WU)

## Telcoin & Quickswap joint community AMA
July 1, 2021

[![Telcoin & Quickswap joint community AMA](https://img.youtube.com/vi/xODShnycfi4/0.jpg)](https://www.youtube.com/watch?v=xODShnycfi4)

## Quickswap and QUICK token overview
[Quickswap](https://telcoin.medium.com/telcoin-markets-are-live-on-quickswap-75c15a230a79) is a Polygon-native AMM pioneering speed and affordability in an era of exorbitant network costs on L1 ethereum. As the first native AMM to Polygon PoS, Quickswap has gained impressive traction, and has built a wonderful community of active users and a vibrant marketplace of liquidity providers, traders, and developers. QUICK, the native token of Quickswap, is used to govern the protocol and can be staked in the [Dragon's Lair](https://quickswap.exchange/#/dquick) to earn QUICK issuance and fees.

### Quickswap AMM curve and pricing
Quickswap uses the most commercially successful variant of AMMs, the constant product formula, where the relative price is a function of the smart contract's token reserve ratio. Liquidity providers add 50/50 liquidity reserves to each individual pool, and effectively guarantee trading liquidity across the entire price curve between assets.

Learn more about AMMs [here](/about/what-are-automated-market-makers).

![AMM_Fabian.jpg](https://forlorn-seemly-rule.media.strapiapp.com/AMM_Fabian_f299fa16da.jpg)

### Fees
Traders pay a fixed fee of 0.30% on every trade. 0.25% of fees are paid to the liquidity pool, 0.04% buys QUICK from the market and distributes it to QUICK token governors on the Dragon's Lair, and 0.01% is distributed to developers.

### Telcoin and Quickswap
Quickswap is a native TELx protocol and will serve as a core protocol of TELx. But why?

- **Fast:** Polygon can achieve at least three orders of magnitude higher throughput and scalability than Ethereum layer 1.
- **Affordable:** Polygon transactions cost a fraction of a penny. Since trading costs on AMMs are determined by the amount of liquidity in a pool, intuitively, the larger the liquidity the lower the trading costs, active Telcoin users directly impact the affordability of products they interact with on the Telcoin Platform.
- **User-owned:** Not to be confused with equity ownership in a private or public company unless specifically stated in a securities offering, Telcoin markets on Quickswap and Polygon enable user-ownership in the following ways:
  - **User-owned products:** Telcoin users provide both active and passive services that benefit end users of the Telcoin suite of products, earning transaction fees typically awarded exclusively to financial institutions and utility token network ownership.
  - **Full-stack user ownership:** A core design objective of the Telcoin Platform is to be owned and operated by active Telcoin users at every layer of the stack. At scale, we are optimizing the system so that active Telcoin users can earn, access, and actively participate in governance and other services across the entire stack of economic systems they rely on in their daily lives. By governing the protocols they rely on for services they use, users can propose and vote on ways to improve these systems specifically for the purpose of achieving the Telcoin mission and their own financial goals.
  - **TEL x QUICK:** A Telcoiner and Quickswap Dragonite collaboration would align active community members and optimize each ecosystem to scale to meet the demands of every mobile phone user in the world. QUICK, the native governance token of Quickswap, can be staked and pooled to earn transaction fees, QUICK incentives (90% of all QUICK is mined by active users), and more.

At launch, numerous TELx liquidity pools will begin earning both TEL and QUICK token incentives.

To learn more about Quickswap, QUICK, and how you can become a Dragonite, please review the following links.

### Main links
- **Website:** [Quickswap](https://quickswap.exchange/#/swap)
- **FAQs:** [https://quickswap-layer2.medium.com/welcome-to-quickswap-exchange-93d47e057633](https://quickswap-layer2.medium.com/welcome-to-quickswap-exchange-93d47e057633)
- **Exchange interface:** [https://quickswap.exchange/#/swap](https://quickswap.exchange/#/swap)
- **Pool interface:** [https://quickswap.exchange/#/pool](https://quickswap.exchange/#/pool)
- **Rewards interface:** [https://quickswap.exchange/#/quick](https://quickswap.exchange/#/quick)
- **Dragon's Lair:** [https://quickswap.exchange/#/dquick](https://quickswap.exchange/#/dquick)
- **Analytics interface:** [https://info.quickswap.exchange/](https://info.quickswap.exchange/)
- **Github:** [https://github.com/QuickSwap](https://github.com/QuickSwap)

### QUICK token
- **Coingecko:** [https://www.coingecko.com/en/coins/quickswap](https://www.coingecko.com/en/coins/quickswap)
- **QUICK token details:** [0x831753dd7087cac61ab5644b308642cc1c33dc13](https://polygonscan.com/token/0x831753dd7087cac61ab5644b308642cc1c33dc13)

### Socials and community
- **Twitter:** [https://twitter.com/QuickswapDEX](https://twitter.com/QuickswapDEX)
- **Medium:** [https://medium.com/@quickswap.layer2](https://medium.com/@quickswap.layer2)
- **Telegram:** [https://t.me/QuickSwapDEX](https://t.me/QuickSwapDEX)

What is Quickswap?

## Telcoin x DFX in conversation with Parker Spann and Kevin Zhang
July 8, 2021

[![Telcoin x DFX in conversation with Parker Spann and Kevin Zhang](https://img.youtube.com/vi/sdSkcOYWjcE/0.jpg)](https://www.youtube.com/watch?v=sdSkcOYWjcE)

## Telcoin x DFX Joint Community AMA
July 8, 2021

[![Telcoin x DFX Joint Community AMA](https://img.youtube.com/vi/YNkoWhlVNZ8/0.jpg)](https://www.youtube.com/watch?v=YNkoWhlVNZ8)

## DFX and DFX token overview
DFX is an Ethereum-based decentralized exchange protocol with a dynamically tuned bonding curve optimized for fiat-backed stablecoins using real-world FX price feeds. The [DFX token](https://docs.dfx.finance/protocol/dfx-token) is the governance token for the DFX protocol. In the near future, DFX will be controlled by a DAO where DFX token holders will be able to submit proposals and vote on protocol changes as a decentralized community. TELx Miners who provide staked liquidity to DFX on Polygon will earn both TEL and DFX at launch.

## DFX AMM curve and pricing
Unlike the other AMMs, the DFX bonding curve continually shifts to allow for the most efficient trades. This means you can get extremely close to spot prices while taking advantage of Polygon's quick settlement finality.

The quantity of tokens in each pool acts as a fixed pivot point for the slope of the bonding curve, which dynamically changes based on an external price oracle.

![DFX_Curve.jpg](https://forlorn-seemly-rule.media.strapiapp.com/DFX_Curve_cffb1fd59d.jpg)

The flat region in the middle is 50% of the capital in a DFX pool, and that capital utilizes the chainlink oracle price until it reaches the threshold of 25/75% of the pool. At that point prices begin to slip from the oracle price. This enables highly efficient stablecoin swaps.

## Telcoin and DFX
Solving the global remittance problem is a the core of Telcoin's DNA. DFX's dynamic bonding curve will enable Telcoin users to leverage the benefits of AMMs, capturing fees for providing self-custodial liquidity reserves, without the inefficiency that happens with one-way volume through stablecoin pools on existing AMMs.

With the advent of DFX, we can now build the first user-owned, decentralized global remittance network on the planet without compromising on efficiency or retail participation. Built on DFX, the [SMS Network](/sms-network) is designed to disrupt the global remittance market on every level from self-custody, to instant settlement, the lowest FX costs in the world, and ultimately, global, user-ownership.

Review the following links to learn more about DFX.

**Main links**
- **Website:** [https://dfx.finance/](https://dfx.finance/)
- **Documentation:** [https://docs.dfx.finance/](https://docs.dfx.finance/)
- **Exchange interface:** [https://app.dfx.finance/](https://app.dfx.finance/)
- **Pools interface:** [https://app.dfx.finance/pools](https://app.dfx.finance/pools)
- **Github:** [https://github.com/dfx-finance](https://github.com/dfx-finance)
- **Smart Contract Audit:** [https://github.com/dfx-finance/protocol/blob/main/audits/2021-05-03-Trail_of_Bits.pdf](https://github.com/dfx-finance/protocol/blob/main/audits/2021-05-03-Trail_of_Bits.pdf)

**DFX token**
- **Coingecko:** [https://www.coingecko.com/en/coins/dfx-finance](https://www.coingecko.com/en/coins/dfx-finance)
- **DFX token details (Polygon):** [0xe7804d91dfcde7f776c90043e03eaa6df87e6395](https://polygonscan.com/address/0xe7804d91dfcde7f776c90043e03eaa6df87e6395)
- **DFX token details (Ethereum):** [0x888888435fde8e7d4c54cab67f206e4199454c60](https://etherscan.io/token/0x888888435fde8e7d4c54cab67f206e4199454c60)

**Socials and community**
- **Twitter:** [https://twitter.com/dfxfinance](https://twitter.com/dfxfinance)
- **Medium:** [https://medium.com/dfxfinance](https://medium.com/dfxfinance)
- **Discord:** [https://discord.dfx.finance/](https://discord.dfx.finance/)
- **Linkedin:** [https://www.linkedin.com/company/dfx-finance](https://www.linkedin.com/company/dfx-finance)


What is DFX?

![What_is_Balancer_Hero.png](https://forlorn-seemly-rule.media.strapiapp.com/What_is_Balancer_Hero_281e469c13.png)

## Balancer Protocol Overview
Balancer is an automated portfolio manager, liquidity provider, and price sensor. It is a non-custodial, Ethereum-based automated market maker (AMM) that enables anyone to create or add liquidity to fully programmable, customizable pools and earn trading fees or swap assets.

Balancer turns the concept of an index fund on its head. Instead of paying fees to portfolio managers to rebalance your portfolio, you collect fees from traders, who rebalance your portfolio by following arbitrage opportunities.

## What is BAL?
BAL, the native governance token of the Balancer, is rewarded to liquidity providers across Balancer and is used, quite actively, to govern every aspect of the Balancer protocol. [Balancer Governance](https://forum.balancer.fi/) is the heart and brain of Balancer Protocol. Anyone who holds a BAL token becomes part of the Balancer Governance. The more tokens you have, the stronger your voice is. Governance makes decisions about new features, the direction in which the Balancer Protocol should go, and looks over the Balancer Community. Governance is the ultimate decision-body for the Balancer Protocol, and no one can override the Governance’s vote result. 

The main responsibilities of Balancer Governance are voting on new proposals regarding changes to the Balancer community and deciding on whether/how the protocol fees will be used.

## Balancer AMM curve and pricing
Balancer is based on an [N-dimensional invariant surface](https://balancer.finance/whitepaper/), which is a generalization of the constant product formula described by Vitalik Buterin and proven viable by the popular Uniswap dapp. 

Many existing AMMs, such as Uniswap, use a constant product (x*y=k) formula for pricing. Balancer generalizes this using a constant mean formula, enabling any number of fully customizable pools:

![Balancer_Weighted_Geometric_Mean.png](https://forlorn-seemly-rule.media.strapiapp.com/Balancer_Weighted_Geometric_Mean_8cc76dfa6d.png)

![Visualization of the Balancer Curve](https://images.ctfassets.net/ths1cet9o619/3ETvVQD4ArCpLNa6DzAZaD/f4c48b136bed3e53d51df758cac6c748/Balancer_Weighted_Geometric_Mean.png)
*Visualization of the Balancer Curve*

## Telcoin and Balancer
Telcoin first began building on Balancer in Q3 of 2020, which included a liquidity mining pilot program on the [TEL/ETH Balancer V1 80:20 pool](https://pools.balancer.exchange/#/pool/0x6cb5c5cb789fae62ce5ce280e1fbc5dd3bbdad81/shares), lasting a total of [eight months](https://docs.google.com/spreadsheets/d/1HS9Wc_y1uU1By8f6uPKn8Rhnlk6y7NzlkfMddklqJSU/edit?usp=sharing). Learn more about Balancer V1 and Telcoin [here](https://telcoin.medium.com/telcoin-x-balancer-phase-1-c2dfaf0fb10a) and the Telcoin Liquidity Mining program [here](https://telcoin.medium.com/tel-x-balancer-liquidity-mining-begins-3812c7c9a444).

As a company focused on building user-owned exchange products, Telcoin’s design space massively expands with Balancer, which enables us to develop and experiment with any infinite number of pool designs and to continuously improve them in order to meet and exceed the design objectives of TELx and Telcoin’s products. 

We aim to align the incentives between participants on the Telcoin platform and the Balancer protocol, merging infrastructure with application, on a collective mission to bring fast and affordable, user-owned financial products to every mobile phone user in the world. 

## Why Balancer?
- **Programmable:** Pools can be coded for an unlimited number of use cases.
- **Customizable:** Pool token weights, asset composition, and trading fees can be customized by the pool creator. This leads to a number of benefits including:
  - **Impermanent Loss Reduction:** Whereas a 50/50 pool will have an impermanent loss of 25 percent if one of the underlying pool assets 5x’s in value, a Balancer 80/20 will capture 83.86% percent of the upside of the move (not including liquidity mining rewards or trading fees). On the flip side, a 50/50 pool with the same liquidity and trading fees will also have less slippage than a 80/20 pool.

![Balancer_Impermanent_Loss_Curve.png](https://forlorn-seemly-rule.media.strapiapp.com/Balancer_Impermanent_Loss_Curve_f87111807b.png) 
    *Balancer Impermanent Loss Reduction Curve*
    
- **Aggregation:** By introducing more than one pool for each supported asset on TELx, Telcoin user trades can aggregate across multiple sources, achieving best execution. Balancer’s front end uses a Smart Order Router (SOR) to find optimal trades, enabling efficient price discovery and balanced markets.
- **Permissionless:** Anyone with an internet connection can access Balancer, thus boosting financial inclusion - one of Telcoin’s core missions.
- **Efficient:** Balancer is a self-sustaining asset manager and decentralized exchange powered by code, not humans/middlemen. This also means there are no listing fees.
- **Automated:** Unlike traditional orderbook exchanges, market making, trade execution, clearing and settlement, and trading fee distribution on Balancer is automated on chain. Balancer does all of the work for you.
- **Self-custodial:** There is no need to trust a centralized third-party to custody funds or validate transactions - you keep control of your assets. This significantly reduces counter-party risk and enables fluid on chain transaction utility without relying on any financial intermediaries.
- **Composable:** Balancer can be combined with different protocols and applications to create new financial products and services. Balancer will serve as a key infrastructure layer of the Telcoin platform.
- **User-owned:** Suppliers (Liquidity Providers or LPs) earn the native governance token of Balancer, BAL, for providing liquidity to the platform, and directly vote on protocol updates, changes, and initiatives to improve it.
- **Open Source:** Anyone can develop on or modify the code.
- **Transparent:** Ethereum is completely transparent and auditable.

## Balancer V1 Features
Balancer V1 launched in Feb. 2020 with the following products and features:
- **Public Pools (Trustless):** The pool’s tokens, weights, and fees are permanently set and the pool creator has no special privileges. Anyone can add liquidity to public pools and ownership of the pool’s liquidity is tracked with a special token called BPT- Balancer Pool Token.
- **Private Pools(Trusted):** Only the creator can contribute liquidity and has full permissions to update the parameters of the pool.
- [**Smart Pools:**](https://newsletter.banklesshq.com/p/the-ultimate-guide-to-balancer-smart) Balancer Smart Pools enable a new world for Balancer Pool Construction. Instead of having fixed pool parameters, we now have variable parameters. The 6 variables are:
  - Change Tokens
  - Change Weights
  - Change Swap Fee
  - Limit LPs
  - Limit Max Deposited Value
  - Start/Stop Trading
- [**Governance:**](https://docs.balancer.fi/core-concepts/governance/governance-process) The Governance is the ultimate decision-body for Balancer Protocol, no one can override the Governance’s vote result. The main responsibilities of Balancer Governance are voting on new proposals on changes to the Balancer community and deciding on whether/how the protocol fees will be used.
- **Liquidity Mining:** 125,000 BAL a week is distributed as protocol rewards by BAL governors.

## Balancer V2 New Features
Balancer V1 on its own opened enough of a design space to enable Telcoin to massively reshape the global exchange product landscape. [Balancer V2](https://docs.balancer.fi/getting-started/faqs/v2-in-a-nutshell) launched recently with a variety of updates and new features which improve the Telcoin platform even more. 
- Protocol Vault for all Balancer pool assets
- User Balances (like a personal "wallet" inside the Vault)
- Improved gas efficiency
- Flash Loans
- Flash Swaps (arbitrage trading with no initial investment)
- Custom AMM formulas
- Capital efficiency through Asset Managers
- Low-gas-cost and resilient oracles
- Community-governed protocol fees (currently 0, but could be turned on at some point)

## **TELx Balancer Live Pool Designs**
Over time, Telcoin will experiment with the design and implementation of a wide variety of different pools in order to continuously improve existing products and enable new ones for participants on the Telcoin platform. We introduce the following first set of TELx pool types on Balancer:
- TELxchange Balancer Pool 1
- Bullish TEL SMS Network Pool
- TEL/x Pool

### TELxchange Balancer Pool 1
#### Specifications
- **Pool Type:** Oracle Weighted
- **Pool Weights:** 60% Reserve Asset/20% Trading Token/20% Stablecoin 
- **Live Example:** [60% TEL/20% ETH/20% USDC](https://polygon.balancer.fi/#/pool/0xd5d7bc115b32ad1449c6d0083e43c87be95f2809000100000000000000000033)
- **Fees:** 0.20%* dynamically adjusted

#### Benefits
- **Efficiency:** One-hop trading from the user's bank to TELxchange assets.
- **Liquidity:** TEL benefits from demand of the underlying pool assets without having to be sold to purchase ecosystem assets.
- **Dynamic Fees:** Can be adjusted based on governance and market conditions.
- **Bullish TEL:** TEL is 60/40 in the pool, meaning TEL holders can gain exposure from the demand for underlying assets - while maintaining a bullish trade stance on TEL versus other assets.

### Bullish TEL SMS Network Pool
#### Specifications
- **Pool Type:** Oracle Weighted
- **Pool Weights:** 80% Reserve Asset/20% Stablecoin
  - e.g. [80% TEL/20% USDC](https://polygon.balancer.fi/#/pool/0x5c6ee304399dbdb9c8ef030ab642b10820db8f56000200000000000000000034)
- **Fees:** 0.20%* dynamically adjusted

#### Benefits
- **Impermanent Loss Reduction:** Whereas a 50/50 pool will have an impermanent loss of 25 percent if one of the underlying pool assets 5x’s in value, a Balancer 80/20 will capture 83.86 percent of the upside of the move (not including liquidity mining rewards or trading fees). On the flip side, a 50/50 pool with the same liquidity and trading fees will also have less slippage than a 80/20 pool.
- **Dynamic Fees:** Can be adjusted based on governance and market conditions.
- **Bullish TEL:** TELx miners can maintain a bullish TEL stance versus stablecoins while gaining exposure from SMS Network and TELxchange usage. 

According to the following excerpt from the

 Balancer Protocol developer team, 80/20 pools are dubbed the “[Golden Standard](https://medium.com/balancer-protocol/liquidity-after-bootstrapping-ffc7856d5c8e)” for providing an optimal strategy for capturing token price appreciation, trading fees/liquidity mining incentives, and token market/ecosystem growth:

#### [**Aligned Incentives**](https://medium.com/balancer-protocol/liquidity-after-bootstrapping-ffc7856d5c8e)
*Providing liquidity to a pool that is unevenly split 80/20 more accurately expresses bullish conviction in a newly-launched token - it is closer to mirroring classic holding but also carries LP benefits.*

*From the community’s perspective, investing part of their $TKN into an 80/20 pool can be seen as an optimal investment strategy, since they would benefit from all three things:*
1. *Token price appreciation*
2. *Trading fees/liquidity mining incentives*
3. *Token market/ecosystem growth*

*As a TKN holder*, providing liquidity with part of one’s $TKN assets can be seen as a hedge against both prolonged price stagnation periods and price drops.*

![Balancer_Impermanent_Loss_Curve.png](https://forlorn-seemly-rule.media.strapiapp.com/Balancer_Impermanent_Loss_Curve_f87111807b.png)

*In the scenario of stagnating price, holders* “benefit from passive pool income, and in the massive price drop scenario — they stand to ([impermanently](https://medium.com/balancer-protocol/80-20-balancer-pools-ad7fed816c8d)) lose a bit less compared to a 50/50 pool. Because of this, pure holders don’t perform that much better than 80/20 LPs — especially during bear markets.*

*Additionally, simply holding* is not constructive to the project’s longevity as it equates to refraining from helping to build a liquid market for the token. Holding is a sort of standoff event, where the token’s total liquidity is impaired by a lack of liquidity provision.*

*Low liquidity leads to stagnation of trading activity and token value, as investors and contributors are less interested in participating. The opposite — active LPing by a large number of community members — stands to spin up a positive network effect which leads to greater aggregate liquidity and therefore market growth.”*

*holder was originally HODLer, a colloquial term crypto-natives use to describe investors-at-any-price*

*Source: [Liquidity After Bootstrapping The 80/20 standard for incentivizing continuous token liquidity](https://medium.com/balancer-protocol/liquidity-after-bootstrapping-ffc7856d5c8e) by Balancer Labs*

### TEL/x Pool
#### Specifications
- **Pool Type:** Oracle Weighted
- **Pool Weights:** 50% Reserve Asset/50% TELx Protocol Token
- **Live Example:** [50% TEL/50% BAL](https://polygon.balancer.fi/#/pool/0x186084ff790c65088ba694df11758fae4943ee9e000200000000000000000032)
- **Fees:** 0.20%* Dynamic

#### Benefits
- **Dynamic Fees:** Can be adjusted based on governance, market conditions, product usage.
- **Aligned Incentives:** Equal pool weights between TEL/BAL leads to aligned incentives between Telcoin users and BAL users and seamless, fluid exchange and movement between the Telcoin platform and Balancer. The design space for Telcoin/x LP Tokens, where x equals the native protocol’s token, or TEL/x,opens up various opportunities for marketplace incentives alignment and governance which we are excited to continue exploring. 

## Learn More
See the following links to learn more about Balancer:

### Main links
- Website: [https://balancer.fi/](https://balancer.fi/)
- Documentation: [https://docs.balancer.fi/](https://docs.balancer.fi/)
- Polygon Interface: [https://polygon.balancer.fi/#/](https://polygon.balancer.fi/#/)
- Github: [https://github.com/balancer-labs/](https://github.com/balancer-labs/)

### BAL token
- Coingecko: [coingecko](https://www.coingecko.com/en/coins/balancer)
- BAL token details (Ethereum): [etherscan.io](https://etherscan.io/token/0xba100000625a3754423978a60c9317c58a424e3D)
- BAL token details (Polygon): [polygonscan.com](https://polygonscan.com/token/0x9a71012b13ca4d3d0cdc72a177df3ef03b0e76a3)

### Socials and community
- Twitter: [https://twitter.com/balancerlabs?s=21](https://twitter.com/balancerlabs?s=21)
- Medium: [https://medium.com/balancer-protocol](https://medium.com/balancer-protocol)
- Discord: [https://discord.com/invite/ARJWaeF](https://discord.com/invite/ARJWaeF)

What is Balancer?

## Bridging to Polygon PoS

In order to participate as a miner on TELx V1, you will first need to bridge your assets to Polygon PoS Chain. Follow the step-by-step guide below to learn how.

## Using Polygon’s “Matic Bridge”

Polygon (formerly Matic, though MATIC remains the native token of Polygon) uses a “bridge” to move assets from the Ethereum Mainnet to Polygon’s complementary PoS Chain, accessible via a dedicated wallet that makes it easy to send digital assets from one network to the other. Polygon’s Matic Wallet connects to your account via Metamask, WalletConnect, or Walletlink.

To access your Matic Wallet, simply select your preferred way of connecting and confirm the requested actions. For the purpose of this guide, we will be using Metamask.

## Deposit Tokens

To deposit tokens - that is, to transfer them from the Ethereum Mainnet to Polygon PoS - you can either use the “deposit” button for a selected token or use “Move funds to Matic Mainnet.” Both options will redirect you to the bridge interface, where you can choose which assets to send to Polygon PoS.

![bridge_1.jpg](https://forlorn-seemly-rule.media.strapiapp.com/bridge_1_5a1a4c6ac4.jpg)

Once you’ve selected an asset, in this case TEL, input the amount to transfer and click the “Transfer” button. Matic’s bridge interface will guide you through the process, giving an ETH gas fee estimate before prompting you to confirm the transaction in Metamask. At present, it takes approximately 7-8 minutes to send assets over the bridge.

![bridge_2.jpg](https://forlorn-seemly-rule.media.strapiapp.com/bridge_2_b0d28f4687.jpg)

It is important to note that you **must have ETH in your Metamask wallet to cover gas fees** associated with bridging to Polygon. Once your assets are on Polygon, you will use MATIC instead of ETH to pay for transaction fees. The [Matic Faucet](https://matic.supply/) provides 0.0005 MATIC for free. It’s worth highlighting that transaction fees are so low on Polygon that you can execute approximately 100 transactions with just 0.001 MATIC.

![bridge_3.jpg](https://forlorn-seemly-rule.media.strapiapp.com/bridge_3_d2f7a9a656.jpg)

## Withdraw Tokens

Withdrawing an asset uses the same bridge interface, but in reverse - from Polygon back to the Ethereum Mainnet.

Again, the Matic bridge interface will guide you through the process. You will encounter a “checkpoint” approximately halfway through the withdrawal process, which must be approved to complete the transaction. While it only takes a few minutes to send assets to Polygon, sending them back over the bridge to Ethereum can take roughly 3 hours.

## Token Transfers on Polygon

Transferring tokens between two Matic addresses happens on the Matic Network. Thus it’s required for you to connect to the Matic Network to sign the transactions. You can use the following guide to begin using the Polygon PoS Chain from your Web3 Wallet: [Config Matic on Metamask](https://docs.matic.network/docs/develop/metamask/config-matic/).

Please refer to the Matic Network documentation for more information: [Web Wallet Usage Guide](https://docs.matic.network/docs/develop/wallets/matic-web-wallet/web-wallet-v2-guide/).

How do I bridge to Polygon POS Chain?

## How do I provide liquidity? Metamask, Polygon, and Quickswap for beginners

July 21, 2021

[![YouTube Video](https://img.youtube.com/vi/HOoONlqXVz4/0.jpg)](https://www.youtube.com/watch?v=HOoONlqXVz4)

In order to begin mining TEL, you first need to provide liquidity to TELx.

First, you'll need to review which mining opportunities exist on TELx, which can be found on the [SMS Network](/sms-network) and [TELxchange](/telxchange) Staking Portals.

Once you've reviewed and decided to which pools you would like to provide liquidity, you will need to either [bridge your assets to Polygon](/about/how-do-i-bridge-to-polygon-pos-chain) or use your existing Polygon assets to participate.

Below, you will find walkthroughs demonstrating how to provide liquidity to each AMM.

#### Quickswap

Once you have successfully bridged to Polygon PoS, you can provide liquidity to Quickswap pools by:

1. Search for TEL pools at [https://info.quickswap.exchange/pairs](https://info.quickswap.exchange/pairs).
2. Next click “Add Liquidity” on the pool page of your choice.
3. You will have to first authorize Matic Network to spend your tokens in the liquidity pool.
4. Once both tokens have been authorized, click “Supply.”
5. You are now an LP on Quickswap!

### DFX

Once you have successfully bridged to Polygon PoS, you can provide liquidity to DFX pools by:

1. Navigate to [https://app.dfx.finance/pools](https://app.dfx.finance/pools).
2. Click on the pool you'd like to provide with liquidity.
3. Enter the amount you'd like to provide.
4. Click "Supply," then confirm the transaction.
5. You are now an LP on DFX!

In the next step, we will [walk through](/about/how-do-i-stake-my-liquidity) how you can begin mining [TELx incentives](/about/telx-incentives) with your LP tokens.

How do I provide liquidity?

## Pooling assets on Quickswap and liquidity mining on TELx

July 21, 2021

[![YouTube Video](https://img.youtube.com/vi/w_LLZFbcTho/0.jpg)](https://www.youtube.com/watch?v=w_LLZFbcTho)

1. In order to begin mining TEL with your liquidity, you first need to obtain liquidity provider tokens (LP tokens). Learn how [here](/about/how-do-i-provide-liquidity).
2. Now that you've obtained your LP Tokens, navigate to the product page you are powering, which includes either the [SMS Network](/sms-network) or [TELxchange](/telxchange).
3. Click the corresponding pool then navigate to the bottom of the page and insert the amount of LP tokens you'd like to stake.
4. Click "Stake," then confirm the transaction.
5. You are now a TELx Miner!

How do I stake my liquidity?

Below, please find a list of each TELx market's token contract address, LP Token contract address, and TELx incentives contract.

**Quickswap TEL/USDC**
- USDC Contract Address (Polygon): [0x2791bca1f2de4661ed88a30c99a7a9449aa84174](https://polygonscan.com/token/0x2791bca1f2de4661ed88a30c99a7a9449aa84174)
- LP Token Address: [0xa5cabfc725dfa129f618d527e93702d10412f039](https://polygonscan.com/address/0xa5cabfc725dfa129f618d527e93702d10412f039)
- Incentives Contract: [0xbdb6a789d91815564981db3c7acb015e2577bc60](https://polygonscan.com/address/0xbdb6a789d91815564981db3c7acb015e2577bc60)

**Quickswap TEL/QUICK**
- QUICK Contract Address (Polygon): [0x831753dd7087cac61ab5644b308642cc1c33dc13](https://polygonscan.com/address/0x831753dd7087cac61ab5644b308642cc1c33dc13)
- LP Token Address: [0xe88e24f49338f974b528ace10350ac4576c5c8a1](https://polygonscan.com/address/0xe88e24f49338f974b528ace10350ac4576c5c8a1)
- Incentives Contract: [0x51cfb74628c7484c9128d979650da2512947e532](https://polygonscan.com/address/0x51cfb74628c7484c9128d979650da2512947e532)

**Quickswap TEL/WETH**
- WETH Contract Address (Polygon): [0x7ceb23fd6bc0add59e62ac25578270cff1b9f619](https://polygonscan.com/address/0x7ceb23fd6bc0add59e62ac25578270cff1b9f619)
- LP Token Address: [0xfc2fc983a411c4b1e238f7eb949308cf0218c750](https://polygonscan.com/address/0xfc2fc983a411c4b1e238f7eb949308cf0218c750)
- Incentives Contract: [0x09315f2577c2bccee0119790f706eb70dd67c2df](https://polygonscan.com/address/0x09315f2577c2bccee0119790f706eb70dd67c2df)

**Quickswap TEL/WMATIC**
- WMATIC Contract Address: [0x0d500b1d8e8ef31e21c99d1db9a6444d3adf1270](https://polygonscan.com/address/0x0d500b1d8e8ef31e21c99d1db9a6444d3adf1270)
- LP Token Address: [0x9b5c71936670e9f1f36e63f03384de7e06e60d2a](https://polygonscan.com/token/0x9b5c71936670e9f1f36e63f03384de7e06e60d2a)
- Incentives Contract: [0xdef7f3f6a940a9d2a01814b74b3e545dd364a02f](https://polygonscan.com/address/0xdef7f3f6a940a9d2a01814b74b3e545dd364a02f)

**Quickswap TEL/AAVE**
- AAVE Contract Address (Polygon): [0xd6df932a45c0f255f85145f286ea0b292b21c90b](https://polygonscan.com/address/0xd6df932a45c0f255f85145f286ea0b292b21c90b)
- LP Token Address: [0x4917bc6b8e705ad462ef525937e7eb7c6c87c356](https://polygonscan.com/token/0x4917bc6b8e705ad462ef525937e7eb7c6c87c356)
- Incentives Contract: [0x8e8def06290d25b999a1e5d90710e09c0b2b5280](https://polygonscan.com/address/0x8e8def06290d25b999a1e5d90710e09c0b2b5280)

**Quickswap TEL/WBTC**
- WBTC Contract Address (Polygon): [0x1bfd67037b42cf73acf2047067bd4f2c47d9bfd6](https://polygonscan.com/address/0x1bfd67037b42cf73acf2047067bd4f2c47d9bfd6)
- LP Token Address: [0xaddc9c73f3cbad4e647eaff691715898825ac20c](https://polygonscan.com/address/0xaddc9c73f3cbad4e647eaff691715898825ac20c)
- Incentives Contract: [0x5c120f6e17130c38733b675125d74e4efc5b4425](https://polygonscan.com/address/0x5c120f6e17130c38733b675125d74e4efc5b4425)

Addresses and Contracts

USDC 50 EURS 50 V2 [deprecated]

USDC 50

EURS 50

TEL 60 WMATIC 20 USDC 20

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