Telos Community Approves Aspirational 54 Million TLOS Incentivization Plan

Telos Community Approves Aspirational 54 Million TLOS Incentivization Plan

Telos, an EVM-enabled smart contract platform with great performance and no front-running, has begun a multi-phase initiative to provide fresh liquidity to its developing DeFi ecosystem.

Since the Telos EVM’s release, other high-quality AMM and lending-related DeFi projects have joined the initiative, including Sushi, Elk, Omnilend, and others. While they serve as a solid foundation, they aren’t quite enough to entice other DeFi primitives and kickstart Telos’s progression.

The Telos Foundation is putting together a multi-pronged strategy to increase the number of initiatives and the number of available funds in the Telos ecosystem. After everything is said and done, Telos will have a thriving, fully-fledged DeFi ecosystem that will entice top-tier developers to create the next generation of Web3 apps on Telos first.

In the first, preparatory stage, the team implements the technological fixes essential for expansion. As part of this process, monies from competing bids will need to be reallocated to set up the incentive program. The TEDP3 plan will allow for this to happen.

TLOS liquid staking app and Gnosis Safe rollout are two crucial technological components of the preparation. By bridging to the tEVM ecosystem, holders of sTLOS tokens will be able to use them in DeFi while still getting staking yield. Furthermore, Gnosis Safe, the gold standard for multisig wallets, will assist teams in ensuring the security of their operations. At the end of this stage, Telos Foundation hired a Head of DeFi who had previously grown a protocol to over $500 million in total value locked.

The second phase involves activating the liquidity incentives. When the dust settles and TEDP is finally enacted, TLOS incentives will be made available for providing liquidity on DEXs, engaging in farming, and signing up with yield aggregators, among other activities. The objective is to ensure that the ecosystem has sufficient liquidity to successfully recruit customers from other chains through token bridges and retain them.

In the third stage, the ecosystem will put the newly available funds to good use by developing more products for the DeFi stack. It is hoped that here, new Telos-native projects will be unveiled, expanding the ecosystem to include stablecoins, launchpads, order book DEXs, and other fields. The third phase focuses on creating momentum, which is essential for the liquidity incentives to be meaningful.

Justin Giudici, Telos Foundation CEO said:

“With the passing of TDEP3 we’re finally ready to launch the new phase of the Telos EVM network. We’ve studied other approaches carefully and formulated a comprehensive plan. The goal is to use the liquidity incentives to attract a critical mass of teams to expand the DeFi ecosystem in Telos, who will find a fast EVM environment with no front-running, or MEV.”

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.