Tokenomics
Introducing TPS
TPS is the governance token of the TProtocol. It adopts a ES token model. The main purpose of the TPS tokens is to incentivize the usage of the protocol and liquidity providers.
Supply of TPS
The increase in circulating supply will vary depending on the number of tokens that get vested, and the amount of tokens used for marketing / partnerships. The forecasted max supply is 3.03 billion TPS tokens. Minting beyond the max supply of 3.03 billion is controlled by a 28 day timelock. This option will only be used if more products are launched and liquidity mining is required, a governance vote will be conducted before any changes.
The composition of TPS is listed as follow:
Supply
Team
20%
IDO
5%
Seed Round
5%
Treasury/Partnership/Marketing
27.5%
Angel Round
2.75%
Liquidity Incentives
40%
Total
100%
Cliff and vesting schedules are as follow:
Initial Unlock Percentage
Vesting Schedule
Team
0%
3-year vesting, unlocked every 6 months
IDO
50%
Linear vesting over 3 months
Seed Round
0%
Cliff for 3 months, monthly linear vesting over 12 months
Treasury/Partnership/Marketing
10%
18-month vesting, unlocked every 3 months
Angle Round
0%
Cliff for 3 months, monthly linear vesting over 18 months
Liquidity Incentives and Initial Liquidity
2%
Not Applicable
Staking TPS
Staked TPS receives three types of rewards:
Escrowed TPS
Multiplier Points
TBT Rewards
For more info on Escrowed TPS and Multiplier Points, please see the esTPS and Multiplier Points section.
There are three major sources of protocol fees:
Minting fee: charged when users minting TBT with USDC
Redeeming fee: charged when users redeeming TBT for USDC
Management fee: charged once a week based on the interest rate spread of sTBT and TBT
All of the fees generated are converted to TBT and distributed to staked TPS tokens.
Introducing esTPS
Escrowed TPS (esTPS) can be used in two ways:
Staked for rewards similar to regular TPS tokens
Vested to become actual TPS tokens over a period of one year
Each staked Escrowed TPS token will earn the same amount of Escrowed TPS and TBT rewards as a regular TPS token.
Note that Escrowed TPS (esTPS) is not meant to be transferable unless you are doing a full account transfer.
Escrowed TPS (esTPS) tokens can be converted into TPS tokens through vesting.
When vesting is initiated, the average amount of TPS or TBT-3CRV tokens that was used to earn the esTPS rewards will be reserved.
For example, if you staked 1000 TPS and earned 100 esTPS tokens, then to vest 100 esTPS tokens, 1000 TPS tokens will be reserved. To vest 50 esTPS, 500 TPS tokens will be reserved. Note that this is an example and the actual ratio depends on the average staked amount and rewards earned for your account.
esTPS tokens that have been unstaked and deposited for vesting will not earn rewards. Staked tokens that are reserved for vesting will continue to earn rewards.
After initiating vesting, the esTPS tokens will be converted into TPS every second and will fully vest over 365 days. esTPS tokens that have been converted into TPS are claimable at any time.
If a user sells TPS or withdraws TBT-3CRV tokens and would like to vest their esTPS rewards later on, they would need to re-buy the TPS or deposit TBT-3CRV tokens. TPS, esTPS and Multiplier Points can be used interchangeably for the required reserve amount.
Depositing into the vesting vault while existing vesting is ongoing is supported.
Tokens that are reserved for vesting cannot be unstaked or sold.
Multiplier Points
Multiplier Points reward long term holders without inflation.
When you stake TPS, you receive Multiplier Points every second at a fixed rate of 100% APR. 1000 TPS staked for one year would earn 1000 Multiplier Points.
Multiplier points can be staked for fee rewards. Each multiplier point will boost TBT APRs at the same rate as a regular TPS token.
When TPS or Escrowed TPS tokens are unstaked, the proportional amount of Multiplier Points are burnt. For example, if 1000 TPS is staked and 500 Multiplier Points have been earned so far, then unstaking 300 TPS would burn 150 (300 / 1000 * 500) Multiplier Points. The burn will apply to the total amount of Multiplier Points which includes both staked and unstaked Multiplier Points.
The "Boost Percentage" is your individual boost amount from Multiplier Points. For example, if the TBT APR is 10% and you have $10,000 worth of TPS and esTPS, then your rewards would be $1000 annualized, if you additionally have an amount of Multiplier Points equivalent to 20% of your total amount of TPS and Escrowed TPS, your "Boost Percentage" would display as 20%, and you would get an extra $200 of TBT rewards annualized. The “Boost Percentage” is calculated from the ratio of Multiplier Points to your total amount of staked TPS:
Boost Percentage = 100 * (Staked Multiplier Points) / (Staked TPS + Staked esTPS)
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