Legal disclaimer: All rules stated below are subject to change. Note that all mentions of TEA tokens below are for testnet tokens. Only COFFEE tokens will be redeemable for mainnet TEA tokens.
Goal of Testnet Participation = Accumulate COFFEE Vouchers
We appreciate the participation of everyone who’s gone through the various TEA Project testnets. Rewards for contestants started out with USDT and then moved into COFFEE, an ERC20 token on the Goerli testnet.
As we move into Epoch 12 and beyond, COFFEE will be used as a voucher for mainnet TEA. Holders of COFFEE tokens will be able to redeem them for mainnet TEA at a rate TBD after mainnet launches.
The goal of the various Epoch competitions should become clear by now: accumulate as much COFFEE as possible in preparation for TEA Project’s mainnet launch. The rules for how assets are exchanged and carried over will differ based on which Epoch we’re in, so let’s dive deeper into each Epoch’s rules.
Contestants in Epoch 11 can either choose to rollover their TEA or exchange it at anytime during the Epoch for COFFEE using the Uniswap LP setup by the TEA Project team. Any COFFEE carried into Epoch 12 will receive a 20% bonus while TEA will not have any such premium after the roll over.
- This is the last Epoch where contestants can purchase COFFEE using a form.
- Similarly, it’s the last Epoch where contestants can cashout COFFEE to USDT (BUSDT) at a rate of 1:1.
- Any TEA in either the contestant’s layer-1 or layer-2 wallet will rollover automatically to Epoch 12. Any bonding curve assets / deposits will also roll over based on their calculated TEA value.
- CML and state maintainer nodes will not rollover.
The TEA Project’s Epoch 12 will be a bigger launch compared to Epoch 11 and feature more rewards and a larger promotion. Select influencers will be involved with the launch, and we invite any users who can bring more users onboard to contact us on our Telegram.
The biggest change from the previous epoch is that all TEA will be wiped clean at the end of Epoch 12. Instead of retaining TEA, they’ll be given COFFEE dependent on the contestant’s earnings during the epoch. The preliminary award for Epoch 12 will be 1000 COFFEE tokens. The reward for each contestant will be calculated as a percentage of these tokens.
Note that earnings are calculated as net earnings, i.e. if the TEA value of your wallet is 800T and you started at 500T, then your net gain of 300T is what’s used to calculate your share of the rewards. For example, if you end up with a 300T gain and everyone in total gained a total of 3000T during the epoch, then you’d get 10% of the 1000 COFFEE reward or 100 COFFEE. Note that contestants who are net negative during the epoch won’t have their negative end totals factored into the distribution percentage.
- There’s no longer a TEA <> COFFEE Uniswap LP tool kept by the team. There will be an Goerli-ETH <> TEA pool setup by the team in case contestants need more TEA.
- Starting in Epoch 12, COFFEE is a terminal voucher for discounted TEA mainnet vouchers. Contestants can no longer buy COFFEE using a form, nor will they be able to cash out.
- Because contestants can’t readily buy an asset easily convertible to testnet TEA (besides using the Goerli-ETH <> TEA Uniswap LP), we’ll have an onboarding faucet available to users. Endusers only have to quote retweet a given tweet and the onboarding faucet will release 500 testnet TEA to their layer-2 TApp Store wallets.
- Contestants who chose to rollover COFFEE will get a 20% COFFEE bonus in their wallets, while users who chose to rollover TEA will find the same amount in their TApp Store wallet (layer-2) when Epoch 12 starts.
Hopefully contestants can see the main strategy become clearer: try and accumulate as much COFFEE token vouchers as possible. These will rollover with you from epoch to epoch.
The following are all very preliminary details for Epoch 13 subject to change:
- No TEA is rolled over from the previous epoch.
- No COFFEE will be offered by the team for USDT, and there will be no COFFEE cash out mechanism offered by the team.
- All contestants’ COFFEE will stay in their own Goerli wallet.
- Team will not setup COFFEE <> TEA exchange, only a Goerli-ETH <> TEA exchange.
- At the end of Epoch 13, all TEA assets will be cleared and reset. Contestants will be rewarded with COFFEE at the end similar to Epoch 12 (reward amount TBD).
If you have any questions, join us in our Telegram group.