Greetings, Velocore community! 🚀
From the V2 upgrade to the Linea launch and the latest Passport updates, we’ve been on quite the adventure together. And guess what? We’re just getting started. Brace yourselves, because today we’re dropping some news that’s been brewing behind the scenes for a while now!
Our New Foundation Partner: Telos Foundation 🤝
Since July, we have been in extensive discussions with Telos Foundation. Through numerous collaborative talks, we have felt the Foundation’s strong commitment to supporting protocols and their robust drive to grow the DeFi ecosystem! We are delighted to introduce you to another fantastic EVM-compatible chain and its ecosystem, Telos, backed by the strong support of the Telos Foundation.
Tremendous Benefits from Our Collaboration 🎁
Thanks to the grant support from Telos Foundation, our expansion into this new ecosystem offers substantial benefits to our existing community and will be bootstrapped with various exciting events.
Here’s a brief overview:
- Total $50,000 Value of $TVC-USDC Pool Seed Liquidity
$TVC + $TLOS will be seeded by both Velocore team and Telos Foundation.
- 41.7% of the initial supply of Telos Velocore’s $TVC will be airdropped as $veTVC in proportion to the Passport score of zkSyncEra and Linea users. Please see below for further details.
- Boosting Bribe with $50,000 Value of $TLOS
$TLOS will be provided as an external bribe to $veTVC voters, helping to kickstart the bribe flywheel within the Telos ecosystem.
- Bridge Your Existing $VC and $LVC Tokens to Telos Mainnet (Soon!)
Utilizing LayerZero, you will be able to bridge your $VC and $LVC tokens to the Telos mainnet, allowing for the formation of incentivized pools with $VC or $LVC on the Telos mainnet.
Stay in the loop — there’s plenty brewing with Velocore and the Telos Foundation. We’re cooking up a host of events and announcements that our community members will surely love. With so much unfolding, you’re going to want to join us for every step of this exciting journey.
Official Launch and Emission Schedule 📅
The official launch of Velocore V2 on Telos, along with the start of emissions, is slated for November 14th at 3 AM UTC.
To facilitate a smooth bridging experience and to help the community prepare for the launch, the front-end will be made available in advance.
No Sales, Only $veTVC Airdrop 🪂
In celebration of the launch on Telos, we will be airdropping our new $veTVC tokens to our users on existing ecosystems. The eligibility for the airdrop and the total allocation of $veTVC will be determined based on the passport scores from zkSyncEra and Linea, ensuring a fair distribution. Users will be able to claim their airdrop through the Telos airdrop claim page, which will be provided at a later date.
We’ll be showing a button on the TELOS page to check the quantity you’re entitled to soon, this week. Stay tuned for the next announcement!
At launch, 30% of the airdrop amount will be immediately claimable, while the remaining 70% will be subject to a 2-month linear vesting period. This approach balances immediate rewards with a commitment to the longevity of the protocol.
Notes: One week after the claim period has ended, any unclaimed airdrop allocations will be burned for the ecosystem.
Refined $TVC Tokenomics 📈
Velocore V2 on Telos inherits the robust tokenomics of its predecessor while incorporating improvements centered around the user. The adjustments include:
- Eliminating fixed emission allocations to the team, ensuring that all emissions go directly to liquidity providers.
- Removing the rebase mechanism, thereby lowering the barriers for new users and reducing the inflationary pressure.
- Distributing $veTVC tokens to strategic partners through a voter contract, which cannot be immediately sold, contributing to a stable market dynamics.
The initial supply of $TVC is set at 750,000 and $veTVC is set at 5,250,000. For the existing Velocore users, an allocation of 2,500,000 $veTVC is reserved, accounting for 41.7% of the total initial supply of $TVC and $veTVC, underlining the protocol’s user-centric ethos.
$TVC and $veTVC tokens allocated to the community and ecosystem are geared towards incentivizing contributions within the Velocore and Telos ecosystems and will be used for healthy community engagement and ecosystem synergy.
Emission Strategy: Sustainable Growth 🌱
A total of 4,000,000 $TVC tokens will be distributed for emissions, with a weekly emission start of 40,000 $TVC and an exponential decay rate of 0.5%. This ensures a sustainable increase in circulation without overwhelming the market. Users keen on forecasting can calculate weekly emissions using the previous week’s figures:
Emissions(week(N)) = Emissions(week(N-1)) × 0.995
Emissions are flexible and may be adjusted in response to market conditions and significant events, with any changes being communicated in advance to maintain transparency with the community.
Velocore’s strategic initiatives on the Telos blockchain are a testament to the protocol’s commitment to innovation and user-centric development. The $veTVC airdrop and the thoughtful tokenomics pave the way for a robust DeFi ecosystem where every participant has the opportunity to thrive.
Join us in this journey and be part of the DeFi community on Telos with Velocore!