A year in crypto can feel like multiple years compared to traditional markets, or to be precise, a crypto year is actually more like 5.347 years in the legacy world (annual core NYSE/Nasdaq trading hours = 252 days x 6.5 hours = 1,638 hours, versus annual crypto trading hours = 365 days x 24 hours = 8,760 hours of trading). The fast-paced nature of the industry demands that projects with any dream of longevity stay on top of the ever-evolving regulatory landscape while also relentlessly shipping products that capture the best of what the burgeoning blockchain ecosystem has to offer.
The once in a lifetime opportunity to build on top of a rapidly expanding, globally decentralized financial marketplace that, by design, never sleeps, has not been taken lightly by the team at Telcoin. On the back of a Cambrian explosion of technological advancements in the field, a thriving ecosystem of users and partners, and guided by a mission of global financial inclusion, Telcoin has evolved into a form we believe can ultimately scale to meet the demands of every mobile phone user in the world.
Over the past year, the Telcoin Platform transformed from a decentralized money transfer system into a multi-level architecture composed of an application layer (the Telcoin app), a liquidity engine (TELx), and a settlement network (Rivendell). Powered and coordinated by the TEL token, these parts combine to enable the next generation of mobile-based, user-owned, decentralized financial products.
TELx decentralized the underlying liquidity engine of the platform to a product-specific network of automated DeFi markets. For perspective, the centralized alternative to TELx would require an intermediary to custody and exchange assets on behalf of users, capturing all the fees, with entirely centralized execution, settlement, and delivery.
When the application layer integrates with TELx, it will form a first of its kind suite of mobile-based, user-owned exchange products with TEL at the center as the primary medium of exchange, unit of account, and liquidity bridge asset. Additionally, the position and boundary rules for Rivendell, the platform’s native settlement network, are in place with an ecosystem in motion toward the genesis block of a Ethereum layer two blockchain with TEL as the native token securing the network.
The next phase of progressive decentralization aims to diffuse the remaining points of function and control over the platform, from the core team to the ecosystem — including issuance and the TEL treasury. We are actively executing this decentralization plan in cooperation with one of the top Washington DC law firms in the space.
The most important aspect of decentralization is of course governance over the remaining TEL issuance — intended to be distributed to telecom partners, liquidity providers, developers and other participants in the TEL ecosystem. As of Jan 1st, 2022 the remaining supply of TEL issuance will sit at 30B and, after integrating the new system, will be distributed in line with decentralized governance. In preparation, all remaining non-issuance TEL will be moved from the Genesis wallet in the coming weeks prior to the next phase of the Telcoin journey toward autonomy and self-governance.
As core developers, shaping a functionally decentralized system with product-market fit and then transitioning control over the rules of the network to a governance system with an institutional fit for Telcoin are perhaps the most important steps we can take toward achieving our shared vision of global financial sovereignty, adoption, and self-sustainability.
We are so thankful to be building alongside a passionate community that cares deeply about positively impacting the lives of billions of people through Telcoin. Your support is everything — without all of you, none of this would be possible.
Telcoin App V3 Update
We are now a few weeks into the new app being launched and are very excited with how things are progressing. With any major release, we experienced some issues in terms of performance and bugs shortly following the launch. That being said, we have heard the voice of the customer loud and clear and are striving for the ultimate user experience. Currently, we have addressed all the performance issues as well as resolved all bugs that were prioritized as “Major” in nature. We will continue to fine tune other smaller issues that have been identified, but we feel the user experience is now extremely close to its intended state.
Now, let’s get serious. It’s finally time for the rubber to meet the road. We have been so excited to see the first wave of users utilizing the first-in-class global remittance functionality and living the Telcoin vision of Sending Money Smarter. If you are a US or Canadian user and haven’t been sending remittances to eligible regions via the app, now is the time to give it a try!
Below is a list of current countries/mobile money platforms in which Telcoin users can receive remittances.
- Bangladesh, BKash
- El Salvador, Tigo Money
- Ethiopia, HelloCash
- Fiji, Digicel Mobile Money
- Fiji, M-Paisa
- Ghana, MTN Money
- Guatemala, Tigo Money
- Indonesia, Dana
- Indonesia, GoPay
- Indonesia, LinkAja
- Indonesia, Ovo
- Kenya, Equitel Money
- Malawi, Airtel Money
- Nepal, eSewa
- Pakistan, Easy Paisa
- Pakistan, Jazz Cash
- Philippines, Coins
- Philippines, GCash
- Samoa, Digicel Mobile Money
- Sri Lanka, Ez Cash
- Sri Lanka, mCash
- Tonga, Digicel Mobile Money
- Uganda, Airtel Money
- Uganda, MTN Money
We continue to work diligently toward releasing the next wave of V3 functionality that has been identified previously. Users will continue to dip their toes into the DeFi waters, allowing for a more robust engagement of features and digital asset opportunities, so stay tuned. Happy holidays all, and as always, onward and upward.
Since its release in July, hundreds of liquidity providers have participated, provisioning around US$35M of liquidity across a network of decentralized markets specifically designed to power two user-owned exchange products for mobile users. The integration of the TELx liquidity engine into the Telcoin Application feels a lot more like “The Creation of Adam” than a standard mobile application upgrade. As we approach that genesis — the first trade — let’s unpack the current state of TELx.
TELx Marketplace Data
- Liquidity: US$31,985,116
- 24h Volume: US$2,369,816
- 24h fees: US$5,309
- Assets: 12
- Markets: 17
- Protocols: Quickswap, Balancer, DFX
- Liquidity: US$20,619,800
- 24h Volume: US$1,858,345
- 24h fees: US$4,241
- Assets: 9
- Markets: 12
- Protocols: Quickswap, Balancer
- Liquidity: US$11,265,316
- 24h Volume: US$511,471
- 24h fees: US$1,068
- Assets: 5
- Markets: 5
- Protocols: Quickswap, Balancer, DFX
Date Sourced: 12/15/2021
Source: A big thank you to @andrew_pinch!
Over the past 5 months, aligned by the adoption of two user-owned exchange products across 17 decentralized markets on a shared, ethereum native financial infrastructure, the TELx community has effectively integrated with the Quickswap, DFX, Balancer, and Polygon communities. TELx has conducted numerous AMAs as we work to further understanding and cooperation around a shared set of products with other protocols to form one larger, incentive-aligned ecosystem. Head over to the Telcoin YouTube channel to learn about the recent TELx ecosystem events and make sure to check out the most recent #TELxDFX AMA if you missed it!
TELx Community Update
The TELx Pool Tips Telegram group, a grassroots, community-led effort, has flourished within the TELx community, initiating numerous valuable contributions to TELx across governance, marketplace design, ecosystem development, user education, information, and data analysis. This cooperative, organic growth in decentralized contribution and collective action is indicative of a healthy ecosystem primed for self-governance and semi-autonomy as a decentralized sub-component nested within the larger Telcoin system.
As TELx continues to grow, it’s important to recognize the leaders within the community who have taken positive action to further the growth and self-sustainability of TELx as a network. At this point the list is getting so long it could have its own newsletter, and there are many other core TELx contributors worthy of recognition. Here’s a notable shortlist of Telcoin community members we should all commend:
- Andrew Pinch has continued to give a “TELx update” every day on Twitter, sharing marketplace data, providing useful tips for others trying to learn how they can participate, and bootstrapping a community of informed contributors on the ground floor.
- Telcoin Tim created the TELx Pool Tips Telegram group, a community-led channel made up of over 400 active members. The channel has fostered a global community of passionate contributors who interact with each other on a daily basis in a positive and respectful way, regardless of experience level. #COYT #COYTT
- Serdar, along with the rest of the contributors to the TELx Dune Analytics page, have made fantastic headway in creating a real time data repository for TELx spanning the entire marketplace, by protocol and product. Beyond its utility to everyone in the ecosystem, the page, which was financed organically by the community via a grant, is the first example of “public goods” funding and provisioning in the TELx ecosystem — a trend we expect will continue over time as the system continues to decentralize.
- The Big Sur led the charge on a DFX governance proposal that ultimately led to double incentives in TEL and DFX on a TEL/DFX Balancer pool. This pool is now the most liquid DFX market in the world, making TEL the most liquid asset against DFX globally, and achieving the core purpose of the TELxchange product: to enable users to seamlessly exchange value between TEL and the native assets of the protocols which power the Telcoin Platform.
Let’s give these folks a follow and a round of applause for their dedication to the success of TELx as we all strive together to bring fast and affordable, user-owned financial products to every mobile phone user in the world.
TELx Incentives (12/22–3/16/22)
The current TELx issuance incentives will end on 12/22, and the next 12 week long incentives period is targeted to commence soon afterwards.
This may be the final period in which the core team has discretion over the rules of the TELx protocol, and after this time period, the current set of rules dictating the products, DeFi protocols, markets, and issuance incentives on TELx will remain constant by default unless altered by formal decentralized consensus within the new governance system.
TELx issuance incentives for the next period commencing after 12/22/2021 through 3/16/2022 can be reviewed here.
Take control of your assets and pay yourself with TELx.
New Employee Update
Along with the recent addition of Chief Commercial Officer, Rajesh Sabari, and Chief Compliance Officer, Tim Mahota, Telcoin is pleased to announce a number of new team members across the organization.
Thaddeus Reid Stewart joins Telcoin’s Product and Engineering teams as a Frontend Web Developer from Western North Carolina. Writing web applications for nearly a decade, Thaddeus brings a wealth of experience to Telcoin from his extensive background building web properties for the defense, petrochemical, and coatings industries while also serving small-business owners of all shapes and sizes. He is excited to enter the fintech space and aims to enhance Telcoin’s digital properties with his tenacity for creative, secure, and reliable products.
Margarita Lazo joins our Philippines office as Customer Support Manager. Marga has 14 years of experience in various customer support roles, spending the last four years leading the support team at a major fintech company. Marga brings deep experience managing global customer support channels, social media, KYC implementation, and customer retention.
Kit Nicho has formally joined our Tokyo office as our Content Marketing and Community Manager. Kit has over 15 years of extensive experience working as a Creative Director and Content Producer in London with leading creative agencies and institutions including Ogilvy, BBC Films, BFI, and VICE Media Group. Before moving to Japan, Kit redirected his commercial experience toward positive change and advocacy. He’s travelled with ethical fashion brands in many developing countries, creating content production models in supply chain management and sustainability. Kit has a BA HONS degree in International Relations and Politics from the University of Sussex and the University of Copenhagen. He comes from London, has a Thai background, and has first-hand family experience regarding the importance of remittances. Kit’s absolutely thrilled to be joining Telcoin on a permanent basis to help people around the world #SendMoneySmarter.