TEA Project Epoch 9 Rules and Rewards
COFFEE (Again) Represents Bridged USDT
We’ve previously used COFFEE as a stand-in for bridged USDT and it’ll again return in epoch 9. Instead of purchasing CML vouchers, users wishing to compete in the epoch 9 mining contest will bridge USDT (using BNB Chain) for COFFEE at 1:1 exchange rate. This is a manual process which contestants can initiate using a Google Form.
To compete in the mining contest, users will have to use TEA to either purchase CML, purchase TApp tokens, or stake TEA. COFFEE will initially have an approximately 1 TEA / .001 COFFEE exchange rate and the rate will fluctuate from there through market forces.
CML will be sold by an NPC at the following rate:
- B CML = 23 287T.
- C CML = 1T / max of 5 sold per day.
Note that C CML will eventually be phased out. Furthermore, because of the low sale price of C CML, it is not eligible for genesis loan collateral and can’t be staked.
Epoch 9 Mining Rewards
The primary method for earning TEA revenue remains hosting TApps. Since there will be limited slots for TApp hosting, users can stake to existing miners to earn a share of their revenue as well as earn public service rewards.
The following is a breakdown of the block rewards for public service mining:
Cashing Out Epoch 9 Winnings
Epoch 9 brings us closer to actual real-world tokenomics with contestants paying USDT to bridge into the ecosystem where their USDT will be represented as COFFEE. And just like when mainnet launches, users will be free to exit the TEA ecosystem by bridging their funds back out to USDT.
Epoch 9 contestants will have a choice of two different actions they can take to capitalize on the TEA they’ve won during the contest:
- Exchange contest TEA for COFFEE, and COFFEE back to USDT. The contest TEA winnings can be exchanged back to COFFEE, and from COFFEE back to USDT. The COFFEE to USDT conversion is a manual process through a Google Form.
Note that contestants can only withdraw COFFEE back to USD if there are still funds in the initial pool. And while the exchange ratio may dip, it will never exceed 1:1 (i.e. 1 COFFEE will never be worth more than 1 USDT). After the manual exchange back to USDT, the amount of COFFEE used in the transaction will be burned.
2. Exchange contest TEA for mainnet CML vouchers. The team will be conducting regular buybacks of testnet TEA in exchange for mainnet CML vouchers. Contestants will be given a set amount of mainnet TEA (fluctuates) for every mainnet CML voucher they earn. They will have a 1 month option where they can exchange that set amount of TEA for 1 mainnet CML. They can also buy mainnet CML on the open market with their TEA giving the flexibility to get the best price.
Note that the team will give out 3 mainnet coupons per week (similar to epoch 8) but there’ll now be a hard cap of 6 mainnet CML vouchers outstanding at any one time.
All tokens mentioned in this post, unless explicitly stated otherwise, are for testnet use only.