Telos introduces an ERC-20 TLOS token to raise funds for liquidity on Uniswap and to support listings on other top exchanges
Telos (www.telos.net), a fully decentralized public blockchain network with more than 500,000 accounts, announced an innovative plan to bring liquidity and added value to the TLOS ecosystem: The Telos Uniswap Liquidity Implementation Plan (TULIP).
Bridging the gap between the Telos and Ethereum communities while doubling down on its DeFi capabilities, Telos will issue an ERC-20 TLOS token available for presale in early January with the exact date to be announced on the Telos website 48 hours before the sale commences. This will generate funds for Telos to list on Uniswap with a strong, low-slippage pool of TLOS (ERC-20) and ETH. The remaining funds will support liquidity on other exchanges and pay for listing fees on top centralized exchanges.
Telos has grown rapidly since its mainnet launch two years ago, but the liquidity of the TLOS token markets remains low, impeding the growth of the network. This is the direct result of the project’s successful grassroots launch, which raised no outside funding. Telos sought out the best exchange deals it could afford, but the result is simply low liquidity on small exchanges. Many potential buyers come to Telos following its many real-world use cases, but the friction of buying TLOS on limited exchanges has inhibited many.
Douglas Horn, Telos Chief Architect, said:
“Telos has been a hotbed of activity since launching in 2018, now welcoming 30,000 new accounts per month and countless developers to its network. We are proud to have accomplished this all as a fully decentralized ecosystem with no outside funding and no whale accounts. Today, we recognize the vast potential that the DeFi and ETH investor ecosystem holds, and realize the need to go where the buyers are as well as support Ethereum users who are drawn to Telos for its fast, feeless transactions and features like Telos EVM or Telos Decide. Our TULIP plan aligns with the Telos philosophy of contributing to the larger blockchain ecosystem.”
DeFi platforms and Automated Market Makers like Uniswap provide a powerful new opportunity to help overcome liquidity challenges like those faced by Telos. They require no (or very low) listing fees, yet their trading volumes can be as high as top exchanges.
Prior to listing on Uniswap, Telos will issue its ERC-20 TLOS token with multiple pre-sale purchasing pools of limited numbers of tokens sold at increasing prices, with a higher initial trading price anticipated once the ETH/TLOS Uniswap pool goes live. This provides an opportunity for both longtime Telos supporters as well as Ethereum investors to get in on the ground level of Telos’ next phase of growth. There will be a 1-3 day period before the bridge opens for Telos users to transfer their existing TLOS to the 1:1 pegged ERC-20 TLOS.
Telos aims to sell 50-80 million TLOS tokens from the ‘tlosrecovery’ account (recovered from 2018 airdrop accounts that remained unused after a year), resulting in a target of $2.5-$5 million in funds raised. Once the TLOS token presale is complete, the majority of ETH proceeds will be used to create a large permanent ETH-TLOS liquidity pool on Uniswap. Tokens provided by Telos will be locked with a smart contract and multisig control to ensure long-term liquidity.
Horn said:
“With sufficient liquidity, real price discovery for TLOS can finally occur, and Telos can become a major player in the booming DeFi ecosystem. We hope that through this effort, Telos continues to foster a network where all are welcome to realize blockchain technology’s enormous potential.”
To learn more about TULIP, please click here.
ABOUT TELOS:
Telos is a high-capacity network and one of the most active blockchain platforms in the world according to Blocktivity. Telos features a robust, third-generation blockchain governance system including advanced voting features and smart contracts that can be fully configured to meet the needs of any developer. Created by developers, for developers as a global grassroots project, Telos is one of the most decentralized blockchain platforms in existence. Telos Decide™ extends the chain’s state-of-the-art blockchain and governance features to all DApps on its platform, delivering the best user experience in the marketplace. Telos also supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through community voted development grants. For more information, please visit telos.net.
Media Contact: Transform Group, telos@transformgroup.com