TEA Project Bi-Weekly Report — May 4, 2022
Dev Team Continues to Pare Down the Layer-1 Business Logic
The TEA Project’s dev team has been working hard these past few months to make our layer-1 as “thin” as possible. This has meant that the main focus of development lately has been moving core business logic from layer-1 to layer-2. There’s a very practical reason why we’re doing this: the less logic there is on layer-1 makes it much easier to port our layer-2 to other underlying layer-1s. Most of the magic of the TEA Project happens in our layer-2. Putting as much business logic as possible in our layer-2 means that we don’t have to re-code processes for every layer-1 we want to run on top of.
It’s important to note that TEA doesn’t need the underlying layer-1 blockchain to be EVM-compatible. That means a wide variety of layer-1s can use the TEA Project as their decentralized compute layer. When we say that we want to be the compute infrastructure for Web3, that means we want to unlock decentralized cloud computing for all dApps no matter which blockchain they’re currently on.
Bonding Curves Will Now Be Used in Staking
Bonding curves are one example of business logic that’s being moved from layer-1 to layer-2 in the TEA Project. Bonding curves first made their appearance to describe the supply and price curves of TApp tokens. They’ll now also be used as the governing metaphor for staking to mining machines in the TEA ecosystem.
In this new setup, all A CML mining machines will have the same global staking token while each individual B CML miner will each have their own stake token. This new design allows TEA token holders to buy a staking token and earn mining rewards. Let’s break down the two options:
1. Stake to A CML mining machines. A CML mining nodes will mostly be run by the team as they’re responsible for running TEA’s state machine. There will be a global staking token for all A CML miners that’s price and supply will be determined by a bonding curve.
Additionally, these tokens can be purchased at a discount if users are willing to lock up their investment for a duration from 3 months up to 24 months. The discounted TEA will still be accounted for in the bonding curve thanks to a new staking rewards pre-allocation from the pre-mined supply of TEA.
2. Stake to individual B CML mining machines. TEA token holders can go through the miners list and select a B CML mining node to stake to. We’ve replaced the staking slot system for B CML mining nodes with bonding curve tokens: each B CML node will have a stake token associated with it with supply and price determined by a bonding curve. For users who want to stake to a particular B CML mining node, they would simply buy that machine’s stake token. We feel this is a much simpler design that will encourage users to stake their TEA and earn a share of mining rewards.
And while it’s true that B CML mining machines will earn much less in public service rewards compared to A CML mining machines, B CML mining nodes will also earn the TApp tokens of the TApps that it hosts. These TApp token mining rewards are distributed proportionally to all users who hold staking tokens in that particular B CML node. We foresee an excellent investment opportunity for users to identify promising apps to invest in the staking tokens of the B CML mining machines that are hosting them. Staking in B CML mining machines that host a variety of popular TApps will become like owning a mutual fund in the TEA ecosystem. Users who buy the staking tokens of these B CML miners will enjoy a wide variety of TApp tokens with every reward the mining machine harvests.
New TEA Talks Videos
Many users in our community wanted a more informal way of learning more about the TEA Project. To help make TEA more approachable, we’ll be doing a weekly series of short videos called TEA Talks that feature our founder Kevin Zhang. TEA Talks are a way for users to get the latest TEA Project developments from the founder himself. Make sure to join our Telegram and post your questions if there’s anything you want to hear answered in these videos.
And make sure to bookmark the TEA Talks playlist so you don’t miss out on the latest videos:
The TEA Project is Hiring
Our latest successful funding round has made it possible for us to bring more talent onto our team.
The TEA Project Secures Second Funding Round to Build Web3 Decentralized Computing
To further their aim of becoming the full-speed infrastructure provider for emerging Web3 dApps, the TEA Project has…
In addition to our latest hire (Olesia, our social media manager), we’re looking to bring on more talent in the following areas:
- Business development.
- Social media management (Discord-focus).
- Developers (with Rust and Solidity experience).
We already have some candidates for the positions but are always looking for applicants with a strong fit and knowledge of the Web3 infrastructure space. Stay tuned in the near future for hiring announcements and job postings as we look to make our team even stronger as we head towards epoch 10 of our testnet.