Election Voting Guide

TAO Updates August 2024
1

Overview

The inaugural Telcoin Association elections will be held on September 4th 2024 at 4:00PM CST.

This event marks the formal transfer of control over the Telcoin Platform and TEL Treasury to the community, providing a legally recognized institution for users to actively participate in governance.

More information on the election can be found here.

Miners will vote for candidates based on their pro-rata share of TEL voting power within their miner group at the time of the proposal.

Proposals will be posted to snapshot on Wednesday, September 4th at 4:00 PM CDT.

It is therefore crucial that community members take the steps necessary to ensure their TEL voting power is correctly represented on chain by the proposal time, thus making them eligible to vote.

This guide will provide:

  1. Voting Eligibility Process
  2. Voting Process

Voting Eligibility Process

Voting is directly tied to the point in time on the blockchain that the vote is created. It is therefore important to make sure that all of your liquidity positions, your staked TEL balance, and any delegations are set up prior to the vote’s release.

TEL transfers after the vote is live will not be reflected - so if you move tokens around between casting your vote and the vote being tallied, only the balances showing at the moment the vote is created will be counted.

There are four different Miner Groups, including Stakers, Liquidity Miners, Developers, and Validators, who each elect Council Members to represent their interests on the five Miner Councils.

Individuals within each Miner Group vote based on their pro-rata share of TEL staked on the Platform relative to others within their Group.

For the purposes of this tutorial, we will walk through how Liquidity Miners and Stakers vote.

Voting power comes from the following sources:

  • Stakers:
    • Voting Power: TEL staked in TAN contracts by Telcoin wallet users, including accumulated TEL rewards.
  • Liquidity Miners:
    • Voting Power: TEL liquidity provider tokens (LPTs) staked in TELx contracts, including accumulated TEL rewards.

All TELx liquidity miners may vote on the proposal based on their total liquidity positions. For example, if a liquidity miner has a position in an 80/20 TEL/X pool, their 80% TEL position is added to the TEL equivalent of their 20% contribution.

Select the following lettered section which describes your TEL holdings and follow the instructions to ensure your eligibility to vote.

a) I hold my TEL on a centralized exchange (e.g KuCoin)

In order to vote, users holding their TEL on a centralized exchange must first transfer their tokens to the Telcoin app. A guide for this has been created here. These users can then follow the instructions in the ‘I hold my TEL on my Telcoin Application’ section below.

b) I hold my TEL on Metamask (or equivalent)

Users will need to send their TEL tokens to their Telcoin Application account. This can be done via the following process:

  1. Ensure your TEL tokens are on Polygon mainnet. If they are not, bridge them to PolygonPOS using this bridge.

    • Note - ensure you have some MATIC tokens in your address on Polygon for gas.

  2. Get your Telcoin Application wallet address from your Telcoin app:

    • Open your Telcoin App and tap the QR code in the top right corner.
    • Scan your address using the QR code, or copy the wallet address text

  3. Using your web3 wallet, send your TEL to your Telcoin Application wallet address.

  4. Once your tokens arrive in your app, continue onto the ‘I hold my TEL on my Telcoin Application’ section.

c) I hold my TEL on my Telcoin Application

Users who hold TEL on their Telcoin Application must stake their tokens on the Telcoin Application. They also cannot vote directly from the app itself, so they must delegate their voting power to an external Polygon wallet. These two steps are laid out below:

  • Staking on the Telcoin Application

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  1. On the home screen, tap the menu icon in the top right corner.
  2. Tap “Earn TEL” from the side menu.
  3. Type the amount of TEL to stake.
  4. Click “stake TEL”.

  • Delegating voting power

Users staking TEL on the app who don’t possess an external wallet can easily create one using Metamask - which supports Polygon and costs nothing.

Users can delegate their staked TEL voting power to an external wallet by doing the following:

  1. Open the Telcoin App and tap on your Account icon at the bottom right corner of the screen.

  2. Tap on “Vote with TEL,” just below your profile icon, name, and phone number.

  3. Tap on “Select Polygon Address” and then “Add Address” on the popup.

  4. Input your public address from MetaMask - you can give the wallet a nickname and then either manually enter the address or tap the QR code icon to scan the wallet address. To do this in MetaMask, simply click the three dots at the top right of the MetaMask browser extension, then “Account Details” to reveal the QR code.

  5. Tap “Add Address.” Tap the back arrow and confirm that your newly delegated address now appears in the drop-down menu beneath “External Voting Address.”

  6. You can add additional addresses or remove an address by tapping on the drop-down and selecting “Add Address” or tapping the “X” next to an existing address.

  7. Congratulations! You are now a Staker, and part of the Stakers Mining Group! You can now continue to the voting section to learn how to cast your votes.

d) My TEL is in TELx liquidity pools but I have not staked my LP tokens

  1. Navigate to the TELx pools page and connect the wallet with which you provided liquidity to your chosen TELx liquidity pool(s).
  2. Select the pool you’d like to stake your Liquidity Provider Tokens (LPTs) on.
  3. Scroll to the bottom of the page and enter the number of LPTs you’d like to stake.
  4. Click ‘Stake’ and confirm the transaction in your wallet.
  5. You are now a Telcoin Association Liquidity Miner!
  6. Continue to the voting section.

e) My TEL is in TELx liquidity pools and I have staked my LP tokens

Perfect - you are a member of the Liquidity Miner Miner Group. You are ready to vote with the wallet you used to stake your LP tokens!

Continue to the voting section.

Voting Process

The elections will be held on Snapshot. Snapshot is an online voting platform that allows web3 communities like DAOs and DeFi protocols to vote with their token holdings. Snapshot votes happen off chain and do not incur any gas fees for the voter.

Each voter will vote through their miner group’s Snapshot page. This guide will:

  • Direct voters to their designated Snapshot page
  • Help voters through connecting to Snapshot
  • Explain how to record a vote.

Note: Proposals will be posted to snapshot on Wednesday, September 4th at 4:00 PM CDT. If you have reached this point before this time, come back after voting has started.

1. Snapshot page selection

Stakers and Liquidity Miners have their own Snapshot vote page. The links to these are provided below:

2. Connecting Metamask to Snapshot

After navigating to the specified miner group space on Snapshot, click “join” and follow the steps below to connect your MetaMask wallet:

  1. Click on “MetaMask” in the “Connect Wallet” popup.
  2. Ensure you have the MetaMask browser extension installed. If MetaMask doesn’t open automatically, click on the orange fox icon in your browser’s navigation bar to open it.
  3. Beneath “Connect with MetaMask,” ensure the appropriate account is checked. Click “Next.”
  4. Check the address on the next screen and grant approval to Snapshot by clicking “Connect.”
  5. You’re connected! Continue on below to record your vote.

3. Recording your vote

After you’ve connected your wallet with Snapshot, follow these steps to vote:

  1. Navigate to your miner group Governance space (Miner Group Snapshot page) and click on the proposal you wish to vote on.

  2. Select the ‘Telcoin Platform Council’ proposal

  3. Beneath “Cast your vote,” choose the candidate which you wish to vote for. Click “Vote.”

  4. Confirm your decision and see your TEL voting power in the “Cast your vote” popup. You can enter a reason for your vote choice if you wish. Click “confirm” to submit your vote.

  5. MetaMask will open with a “Signature request” screen. If MetaMask doesn’t open automatically, click on the orange fox icon in your browser’s navigation bar. Confirm the details and click “sign” to cast your vote.

  6. A popup will appear in Snapshot confirming that “Your vote is in!”

  7. Return to step 1 and repeat the process for each of the:

    • Telcoin Treasury Council
    • Telcoin Compliance Council
    • TELx Council
    • TAN Council

Proposals. Once all of these are done you have completed the voting process!

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