Telos, an EVM-enabled smart contract platform offering high performance and no front-running, announced on Wednesday, October 6th, that its community has approved a 54 million TLOS incentive plan.
According to the press release shared with Cryptowisser, this latest development means that Telos is beginning its multi-phase approach to bringing new liquidity to its fledgling DeFi ecosystem.
The Telos Foundation announced that it approved the incentive plan to take the Telos ecosystem to a new level. The comprehensive multi-part plan is designed to bring in more projects and more liquidity.
After finalizing the plan, the goal is for Telos to have a vibrant, complete DeFi ecosystem that can attract talented developers to build the next wave of Web3 applications on Telos, first.
While commenting on this latest development, 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.”
Telos explained that Phase One is a preparatory stage where the team deploys the technical solutions needed to enable growth. The stage includes laying the groundwork for the incentive program by freeing up funds from other proposals. This will be achieved with the TEDP3 proposal.
The team added that the preparation would include two key technical features: the TLOS liquid staking app, and Gnosis Safe deployment.
Phase Two is the process of turning on the liquidity incentives. Telos said when everything is ready, and TEDP is passed, TLOS incentives will be provided for supplying liquidity in DEXs, farming, joining yield aggregators and more. The goal of this phase is to provide enough liquidity to the ecosystem to attract users from other chains through token bridges and make them stick.
Finally, Phase Three will see the ecosystem use the newfound liquidity to build more products in the DeFi stack. Here, Telos said its new native projects are expected to launch, diversifying into fields like stablecoins, launchpads, order book DEXs and more.
The team concluded that Phase Three is about building momentum and is key to making the liquidity incentives worthwhile.
Telos is a 3rd generation smart contract platform that offers compatibility with Solidity, Vyper and Native C++ smart contracts, providing full EVM/Solidity support as well as a fee-less native smart contract layer upon which the EVM is built.