đŠTST (Teleport System Token)
Last updated
Last updated
TST is the token of TeleSwap and TeleOrdinal protocol, both built on top of the TeleportDAO bridge. Within TeleSwap, TST serves three main purposes:
Governance decisions: TST holders govern and make decisions for the TeleSwap protocol. This includes decisions about how to allocate TeleSwap treasury funds, which improvement proposals to accept or reject, which chains to add support for, decisions about TeleSwap fees, decisions about adding new Lockers, and more.
Collateral for Lockers: For a node to become a Locker, they need to lock collateral in the TeleSwap contract. Before the TST token generation event (TGE), Lockers are required to lock the native token of the EVM chain. After the launch of the TST token, Lockers will be required to lock an additional amount of TST. In the future, the only accepted collateral will be TST and native tokens will be removed. This transition from only native tokens to only TST occurs when the TST price stabilizes in the market and it is safe to use it as the sole collateral. As the demand for the TeleSwap protocol increases, Lockers are required to lock additional TST to ensure the security of the protocol. This increases the demand for TST to be able to provide services for users.
Discount token: To incentivize TeleSwap users to hold TST, the treasury fee will be waived for users who hold a specific amount of TST in their EVM wallet. The treasury fee is 0.05% of the bridge amount, which reduces user costs by 25% in total.
The total supply of TST is 1,000,000,000 tokens.
| Category | Percentage | Vesting schedule | Description |
|---|---|---|---|
Ecosystem | 50.91% | 30% unlocks in year 1, another 30% in year 2, and the remaining 40% in year 3. | This allocation is designated for the ongoing development of the TeleSwap and TeleOrdinal protocols. It will be used to support teams and projects contributing to TeleSwap and TeleOrdinal by creating tools, analytics, integrations, and new features, among other activities. Additionally, it will be used to run incentive campaigns aimed at promoting the growth of these two products, such as farming campaigns, and more. |
Team | 25% | 25% unlocks after a 6-month cliff, with the remaining amount vesting linearly over the following 12 months. | This allocation is designated for the early TeleportDAO team. They are responsible for developing and maintaining the TeleSwap and TeleOrdinal protocols, continuously working to fix bugs, improve performance, support new Bitcoin protocols and standards, and expand them to new blockchains. |
Investors | 8.55% | 25% unlocks after a 6-month cliff, with the remaining amount vesting linearly over the following 12 months. | TeleSwap and TeleOrdinal are backed by leading crypto VC firms, which bring significant value to the company. |
Community Sale | 7% | 20% unlocks at TGE, with the remainder vesting over 6 months. | This allocation is reserved for the TST token sale to distribute TST among early adopters and users. |
Company Operations | 5% | 25% unlocks after a 6-month cliff, with the remaining amount vesting linearly over the following 12 months. | This allocation is dedicated to the core company that contributes to and maintains TeleSwap and TeleOrdinal. |
CoinList Reward Program | 3.01% | 20% unlocks at TGE, with the remainder vesting over 6 months. | We conducted two incentivized campaigns through CoinList, where users extensively tested the TeleSwap and TeleOrdinal protocols, providing valuable feedback and insights to enhance the products. |
Advisors | 0.53% | 25% unlocks after a 6-month cliff, with the remaining amount vesting linearly over the following 12 months. | This allocation is designated for technical and business experts who guide us in enhancing the technology behind our products and selecting the optimal business strategies in the market. |
