The central value add that Telcoin and particularly the Telcoin Association brings to the market is to empower Mobile Network Operators (MNOs) globally to run the “Internet of Money” by running blockchain as a network service. If the future of banking and payments is a self-custodial / DeFi one, where consumers can transact directly to merchants, this is a great opportunity for MNOs globally to effectively take over the settlement layer of banking and payments without having to be a bank.
So Telcoin Association’s value to MNOs depends heavily on Telcoin’s issuing of global “digital cash” stablecoins, in order to demonstrate to MNOs real-world value and application, vs just a crypto idea.
To that end, I think the top priority for TELx moving forward should be to incentivize eXYZ liquidity on DeFi, particularly when stablecoins lack the appreciation upside benefit of providing liquidity to TEL/ETH pools for example. It also lacks up-front volume and fee incentive (cart before the horse problem).
Telcoin is planning to first provide domestic rails to eMXN very soon, so while we can make markets on all of the other global stablecoins, eMXN makes sense for TELx to incentivize an eMXN/USDC pool.
So this is laying an important brick in the foundation of “Sending Money Smarter” that actually will be using digital cash stablecoins to send remittances from the USA to Mexico, the largest corridor in the world.
This proposal aims to increase liquidity to an important high volume digital cash remittance corridor to Mexico.
The Problem: Cross border remittances are slow, cumbersome and expensive. Enter Digital Cash.
Proposed Solution:
Incentivize LPs to provide additional liquidity to USDC/eMXN on Uniswap to bolster remittance liquidity in this priority market
Functional Specification:
TEL Rewards: In order to bootstrap additional liquidity for digital cash remittance users 2,400,000 TEL per 30 days will be issued to a new staking contract designed to incentivize LPs.
Deprecation: The current TEL/MATIC pool on Balancer
Allocation: That issuance will now go to the newly established polygon Uniswap V4 USDC/eMXN pool.
Rationale:
TELx council is focused on increasing liquidity and cost efficiency for digital cash transactions.
Technical Specification: [Draft Pending Discussion with TAO]
Deprecation: The staking contract for the 2,777,778 TEL per 30 days for TEL/MATIC pool will be deprecated by the TAO according to standard practices.
New staking contract: A new USDC/eMXN uniswap staking contract will need to be created for LPT staking and rewards claiming on TELx.
Website design: Work will also need to be done on TELx website to deprecate the MATIC pool and display the USDC/eMXN Uniswap V4 pool. Will need discussion with TAO to conduct feasibility, then either implement or outsource.
Implementation:
Meeting with the TAO: The Author schedules a meeting with the TAO to scope out the work, tasks, and implement the following description of work.
Description of Work:
Deprecation: The staking contract for the 2,777,778 TEL per 30 days for MATIC pool will be deprecated according to standard TELx practices.
New staking contract: A new USDC/eMXN uniswap staking contract will need to be created for LPT staking and rewards claiming on TELx.
Website design: Work will also need to be done on TELx website to deprecate the MATIC pool and display the USDC/eMXN Uniswap pool. Will need discussion with TAO to conduct feasibility, then either implement or outsource.
Transactions:
Described in implementation above. In addition, we will need a quote for contract work for smart contract and web development.
Total TEL Distribution
Source of Funds: TELx Council Safe
Rewards: 2,400,000 TEL every 30 days harvested pro-rata from the USDC/eMXN staking contract.
Development Costs: Pending budgeting conversations with TAO.