This is a draft. The upgraded TEL contract has not yet been deployed. [TEL_V3_ADDRESS] is a placeholder and will be replaced with the deployed contract address, together with the deployment record, before this proposal is put to a vote.
As of the time of writing, the Compliance Council veto period for TELIP16: The TEL Token Upgrade has not yet elapsed. This proposal will proceed to a vote only if that period concludes without a veto.
Abstract
This TGIP proposes a single amendment to the Preamble of the Telcoin Association Constitution, replacing the legacy TEL contract address 0x467Bccd9d29f223BcE8043b84E8C8B282827790F with the upgraded TEL contract at [TEL_V3_ADDRESS], so that the founding document of the Association names the token the Telcoin Platform actually runs on. It is the constitutional-choice instrument contemplated by TELIP16: The TEL Token Upgrade, which was affirmed by the Platform and Treasury Councils. It is the only part of that upgrade which no Council may decide. Amending these Statutes is an inalienable power of the Miner Assembly under Article 12.1. The amendment is limited to the identification of TEL and changes nothing else: not the total supply of 100,000,000,000 TEL, not any Miner’s staked balance or voting power, not the upgrade window, and not the recovery schedule, each of which is governed by its own process. Voting opens Thursday 6 August at 22:30 UTC, 17:30 CDT and closes Thursday 13 August at 22:30 UTC, 17:30 CDT, simultaneously in all four Miner Group Snapshot spaces, and requires 80% approval and a 20% quorum in each of them.
Motivation
The Preamble of our Constitution does something unusual for a founding document. It identifies the native resource unit of the Telcoin Platform not by name but by contract address:
WHEREAS, TEL, an ERC-20 token on the Ethereum Network at contract 0x467Bccd9d29f223BcE8043b84E8C8B282827790F, “TEL”, is the native resource unit created, stored, and generated as flows by the Telcoin Platform, and
That was the correct choice in August 2023 and it remains the correct choice now. A common property system needs to be exact about the resource it governs. Every rule that follows in these Statutes, and every collective-choice and operational rule the Councils have made underneath them, refers back to TEL as the Preamble defines it. When Article 14 provides that Members vote via their staked TEL tokens, with one TEL equaling one vote, the TEL it means is the one named in the Preamble. The same is true of harvesting, of issuance from the TEL Treasury, and of the pro-rata share that determines each Miner’s political power within their Miner Group.
The consequence is that the identity of TEL is a constitutional question and not a technical one. Upon implementation of TELIP16: The TEL Token Upgrade, the upgraded, 18-decimal TEL becomes the canonical TEL of the Telcoin Platform, deployed at a single deterministic address across Ethereum, Polygon, Base, and Telcoin Network. If the Preamble is left as it stands, our founding document will name a contract that the Platform no longer runs on, and every downstream rule will inherit that ambiguity.
This is an exciting moment for the Association, and it is worth being clear about why. The Councils have decided, within their mandates, that the upgrade happens. They cannot decide what the Constitution says TEL is. Under Article 12, the General Assembly, which is to say the Miner Assembly composed of all Members, retains the adoption and amendment of these Statutes as an inalienable power that cannot be delegated to the Board or to any Council. The Councils authorize the upgrade; the Miner Assembly alone determines the constitutional identity of TEL. In other words, this is the part of the TEL token upgrade that belongs to all of us collectively, and it is the second TGIP in the history of the Association, following TGIP1: Establishing the Telcoin Platform and Association in December 2023.
Specification
1. Amendment to the Preamble
The second WHEREAS clause of the Preamble to the Statutes of Telcoin is deleted in its entirety and replaced with the following:
WHEREAS, TEL, an ERC-20 token deployed at contract [TEL_V3_ADDRESS] on the Ethereum Network, the Polygon Network, and the Base Network, and existing as the native token of Telcoin Network, “TEL”, is the native resource unit created, stored, and generated as flows by the Telcoin Platform, and
No other provision of the Statutes is amended, and no other clause of the Preamble is altered.
2. Legacy TEL
The token deployed at 0x467Bccd9d29f223BcE8043b84E8C8B282827790F on the Ethereum Network, and its corresponding legacy deployments on other networks, are hereafter referred to as “legacy TEL”. Legacy TEL is not the native resource unit of the Telcoin Platform for the purposes of these Statutes from the date this amendment takes effect. Holders of legacy TEL retain the right to upgrade their holdings 1:1 through the official upgrade contracts on the terms set out in TELIP16: The TEL Token Upgrade and in the policies to be established by the Compliance Council through the TIP process.
3. Condition precedent and effective date
The upgraded TEL contract is deployed at `[TEL_V3_ADDRESS]` on the Ethereum Network, the Polygon Network, and the Base Network, with its source verified on each network’s block explorer..
4. Scope limitation
For the avoidance of doubt, this TGIP does not authorize, modify, ratify, or extend any of the following, each of which is decided through its own process and on its own record:
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The authorization of the TEL token upgrade itself, which is decided by TELIP16 through the Platform Council, the Treasury Council, and the Compliance Council guard.
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The duration of the primary or extended upgrade windows.
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The schedule for the recovery of abandoned legacy tokens to the TEL Treasury, which TELIP16 assigns to the Compliance Council to implement through a TIP.
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Any rule concerning staking, harvesting, issuance, or the composition of any Miner Council.
Rationale
The Preamble should name the token the Platform runs on. This is the whole of the proposal. A constitution that identifies its resource unit by an address which no longer carries that resource unit is a document that has to be read against a footnote, and a common property system whose members must consult a footnote to know what they are governing is weaker for it.
A conditional effective date protects the Miner Assembly from voting on an outcome. Members are not being asked to trust that a suitable contract will exist. They are being asked to ratify a specific, pre-computable address, with the amendment taking effect only if that exact address is what is deployed. This is the same discipline the Association applies elsewhere in tying constitutional-choice decisions to verifiable facts rather than to intentions.
Voting power is unaffected by this proposal. Eligibility and voting power for this TGIP are captured at the Snapshot block when the proposal opens, and are measured on staked legacy TEL and staked TELx Liquidity Provider Tokens as they exist at that moment, exactly as in every previous Association vote. No Member needs to upgrade any token to vote on this proposal, and no Member’s pro-rata share within their Miner Group is changed by it.
Implementation
Upon ratification by all four Miner Groups, and upon the condition in Section 3 being satisfied, the TAO will:
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Publish the amended Statutes of Telcoin, incorporating the Preamble amendment, at telcoin.org and as an updated PDF at the canonical Constitution URL, together with a redline against the version adopted under TGIP1.
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Record the ratification, the four Snapshot results, and the deployment verification in the Association’s minutes as required by Article 14, and file or register the amended Statutes as required of a Swiss Verein domiciled in the Canton of Ticino (City of Lugano).
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Publish the deployment record for [TEL_V3_ADDRESS], including the CREATE3 factory address, the guarded salt, the derivation, and links to the verified contract on each network’s block explorer.
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Coordinate with the TAN Council and the TELx Council on the updates to staking, issuance, and liquidity contracts that reference the TEL contract address, each through that Council’s own decision-making process.
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Post the result to the Telcoin Association Discord and to this forum, and update the TGIP documentation on telcoin.org, as required by the TGIP Rules.
The implementing body is the TAO in every case. No step in this implementation is assigned to any individual.
Voting
Each Miner Group votes on this identical proposal in its own Snapshot space, simultaneously, over 168 hours.
Miner Group
Snapshot Space
Voting Power
Approval
Quorum
Stakers
telcoinstakervote.eth
TEL staked on TAN from a Telcoin mobile application wallet and delegated to an external Polygon address
80%
20%
Liquidity Miners
telxvote.eth
TELx Liquidity Provider Tokens containing TEL, staked on TELx or subscribed through the Uniswap v4 Telcoin Hook
80%
20%
Developers
telcoinappvote.eth
Staked TEL from authorized Developer wallets
80%
20%
Validators
telcoinvalidatorvote.eth
Staked TEL from authorized Validator wallets
80%
20%
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Voting Opens: Thursday 6 August at 22:30 UTC (17:30 CDT)
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Voting Closes: Thursday 13 August at 22:30 UTC, 17:30 CDT
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Duration: 168 hours (7 days)
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Eligibility Snapshot: the block at which the proposal opens, Thursday 6 August at 22:30 UTC (17:30 CDT)
Every Miner Group must clear both the 80% approval threshold and the 20% quorum threshold. If one Miner Group falls short of either, the proposal does not pass. The vote will be resubmitted until all miner group votes pass. Quorum is measured against the total voting power held by the Miner Group, and approval is measured against the voting power that votes.
Under the TGIP Rules, where there are fewer than 10 authorized Validators producing blocks on Telcoin Network, the TAO votes on behalf of the Validator Miner Group.
Stakers should note that TEL staked in the Telcoin mobile application cannot vote on Snapshot until its voting power has been delegated to an external Polygon address through the delegate registry. If you have not completed that step, please see the voting eligibility guide. Delegation completed after the proposal opens does not apply to this vote.
Next Steps
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Members review this proposal and provide feedback in this thread before it is submitted to Snapshot.
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The TAO publishes the CREATE3 factory address, guarded salt, and derived deployment address, so that every Member can independently verify [TEL_V3_ADDRESS] before voting opens.
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The TAO submits the identical, codified proposal to all four Miner Group Snapshot spaces on Thursday 6 August at 22:30 UTC, 17:30 CDT.
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Members ensure their voting power is correctly represented on chain before that block. Stakers stake and delegate; Liquidity Miners confirm their positions are staked on TELx or subscribed through the Uniswap v4 Telcoin Hook.
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Upon ratification and deployment, the TAO publishes the amended Statutes, the redline, and the deployment record.
We welcome your questions and your feedback on this draft before it goes to Snapshot. This is the second time in the Association’s history that the Miner Assembly has been asked to exercise its constitutional authority, and the collective participation of every Miner Group is what gives the result its legitimacy.