TGIP Voting Guide

[leo]

Overview

TGIP: Recording the Upgraded TEL Contract in the Telcoin Association Constitution amends the Telcoin Association Constitution to record the upgraded TEL contract as the canonical TEL. The preamble currently names TEL as an ERC-20 on Ethereum at 0x467Bccd9d29f223BcE8043b84E8C8B282827790F. A yes vote replaces that with the upgraded 18-decimal contract deployed across Ethereum, Polygon, Base and Telcoin Network. Balances carry over one for one, the ticker does not change, and no token leaves any wallet.

Read the full proposal here: [link]. For background on the upgrade itself, see TELIP: The TEL Token Upgrade.

Voting opens Thursday 6 August at 22:30 UTC (17:30 CDT) and closes seven days later on Thursday 13 August at 22:30 UTC (17:30 CDT).

Your voting power is fixed at the moment the proposal is created. Your staked balance, liquidity positions and delegation all need to be in place before then, or they will not count.

This guide covers:

1. Voting Eligibility Process
2. Voting Process

Vote Passing Requirements

All four Miner Groups vote on TGIP: Recording the Upgraded TEL Contract in the Telcoin Association Constitution in their own Snapshot space. Each group’s vote must clear 80% approval and 20% quorum. There is no abstain option: you vote for or against.

If any single group misses either threshold, TGIP: Recording the Upgraded TEL Contract in the Telcoin Association Constitution fails, regardless of how the other three voted. The vote will be resubmitted until all miner group votes pass.

Quorum is measured against a miner group’s total voting power, not against the number of individuals who vote. A proposal with unanimous support still fails if too little of the group’s voting power votes at all.

The four votes run simultaneously and each is open for 7 days.

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 Miner Groups: Stakers, Liquidity Miners, Developers and Validators. Each votes on TGIP: Recording the Upgraded TEL Contract in the Telcoin Association Constitution separately, in its own Snapshot space.

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

A note on Developers and Validators
Validators vote at telcoinvalidatorvote.eth on their pro-rata share of TEL staked for proof-of-stake consensus. Telcoin Network mainnet is not yet live with ten authorized validators producing blocks, so until it is, Telcoin Autonomous Ops, Ltd. (TAO) proposes and votes the validator leg using TAO NFTs rather than staked TEL.

There is currently one authorized Application Developer, Telcoin Holdings Pte. Ltd., so the developer leg is a single vote.

Stakers and Liquidity Miners are therefore the two groups where turnout is in the community’s hands, and the rest of this guide covers them.

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 and subscribed uniswap V4 TELx positions, including accumulated TEL rewards.

Your voting power is the combined TEL value of all your staked and subscribed positions. For a position in an 80/20 TEL/X pool, the 80% TEL side is added to the TEL equivalent of the 20% side.

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 POL 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

1. On the home screen, tap the profile icon in the bottom right corner. (illuminated in next image)
   

   

2. Tap “Earn TEL” from the menu.
   

   

3. Type the amount of TEL to stake. Click “Proceed to Stake Confirmation”. You will be taken to the next screen
   

   

4. Click “Confirm and Stake TEL
   

   

5. Enter your PIN and click “Confirm and Stake TEL”
   

   

6. You should see the following screen. Click “Done”
   

   

7. You will return to the homepage. Refresh the page so that you see your staked TEL balance.

• 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. Check your staked TEL is visible on your app homepage. Once it is visible, click on the profile icon in the bottom right. The icon is illuminated in the next step.
   

   

2. Press “Vote With TEL”. You will be taken to the next screen.
   

   

3. Press “Select Polygon Address”
   

   

4. If you have saved polygon addresses, double check they are the correct ones and select one. Otherwise, press “Add Polygon Address”
   

   

5. Input your public address from MetaMask - you can give the wallet a name 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. Once you have populated the information on the below screen, press “Add Address”.
   

   

6. You should see the following screen. This confirms you are all set! You are now ready to vote! 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 or subscribed my position

Providing liquidity alone does not give you voting power. Balancer positions have to be staked, and Uniswap v4 positions have to be subscribed. Follow the path that matches your pool.

Balancer pools: stake your LP tokens

1. Navigate to the TELx pools page and connect the wallet with which you provided liquidity.
2. Select the pool holding your Liquidity Provider Tokens (LPTs).
3. Scroll to the bottom of the page and enter the number of LPTs you would like to stake.
4. Click ‘Stake’ and confirm the transaction in your wallet.

Uniswap v4 pools: subscribe your positions

1. Navigate to the TELx pools page and connect the wallet with which you provided liquidity.
2. Select the pool holding your position.
3. Scroll to the bottom of the page and select the position you would like to subscribe.
4. Click ‘Confirm Subscribe’ and confirm the transaction in your wallet.
5. Repeat for each position you wish to subscribe.

You are now a Telcoin Association Liquidity Miner. Continue to the voting section.

e) My TEL is in TELx liquidity pools and I have already staked or subscribed

You are a member of the Liquidity Miners Miner Group and are ready to vote with the wallet you used to stake or subscribe.
Continue to the voting section.

Voting Process

The vote 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 Thursday 6 August at 22:30 UTC (17:30 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:

• Stakers
• Liquidity Miners

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)
2. Select the ‘TGIP2: Recording the Upgraded TEL Contract in the Telcoin Association Constitution’ proposal
3. Beneath “Cast your vote,” select the option 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. If you are both a liquidity miner and a staker, return to step 1 and repeat the process for the other miner group.

You have now completed the voting process!