TEA Project Mining Contest, Epoch 3

Everything you need to know to participate in the epoch 3 mining contest.

After the successful completion of our epoch 2 mining contest, the TEA Project is proud to announce our epoch 3 mining contest!

Mining contest start date: Friday, September 10 @ 9pm PDT (4am Saturday, September 11 GMT).

Rewards for epoch 3: 2000 USDT to be split among the top 20 miners. The rewards will be distributed using the Binance Smart Chain to the winners’ ERC20 wallet addresses.

How To Signup

• If you’re joining before September 10th 9pm PDT, then use our Google form to sign up and select how many CML seed coupons you want.
• If you’re joining the contest after it’s begun, leave a message in our Telegram to register.

To participate in the contest, you’ll need to install the polkadot{.js} wallet extension which is available for Chrome, Brave, and Firefox browsers. Once you install the extension you can use it to create your wallet account:

Contest Start: Some First Steps to Take

Once the contest has started, head over to the TEA browser wallet and login with your polkadot{.js} wallet address. Many actions on the TEA network will require COFFEE or TEA tokens. Your first steps in the competition should be to attain some COFFEE and TEA:

1. Borrow COFFEE.
2. Exchange some of your COFFEE for TEA.

Now that you have the necessary funds, you can start securing the Camellia (CML) NFT which is required to begin mining on the network.

1. If you joined the contest after it’s started, you can use your TEA to buy CML seeds on the Marketplace:

2. If you signed up using the Google form before the contest started, you’ll see your CML seed coupons in the My assets tab of your wallet. Each CML coupon redemption has a COFFEE charge associated with it.

Genesis TEA Loans

Contestants can use their frozen CML seeds as collateral for a Genesis Loan. A Genesis Loan is particularly useful for generating the TEA needed for the initial mining machine staking slot. Putting up your extra seeds as collateral will provide you the following amount of TEA in exchange:

• C CML seed — 1500T
• B CML seed — 3000T

For example, a user could put two extra C CML seeds they have up for collateral to receive 1500x2 = 3000T back from the Genesis loan. They would have to pay back the loan with interest in order to receive their seeds back (loan duration is currently set at 3 days). Users also have the option of rolling over their loan indefinitely while only having to pay interest.

The Genesis TEA Loan has a variable interest rate given by the AMM curve. The rate is subject to change based on the remaining TEA in the liquidation pool of the Genesis Loan. This is calculated using the AMM curve. That means that the less TEA there is remaining in the liquidation pool, the higher the interest rate. This will be a flexible compound interest rate that is recalculated every 100 blocks. So no matter what the rate was when you took out the loan, the current interest rate you pay is whatever the rate is for the most recent 100-block recalculation.

Genesis TEA Loans can be paid off in full or just the interest to extend the loan

Contestants can extend the loan as long as they pay the interest accrued by the end of the loan due date.

Contestants still have the option to pay off the loan entirely.

Users can see how much Genesis TEA Loan debt they have outstanding in their wallet:

How to Perform Well During the Contest

Your position on the leader board is determined by a simple formula: total assets — total debt. We’ve already covered why you have to take on some debt to get started, but keep in mind that all debt needs to be paid off when the contest ends in order to qualify for the reward.

To maximize your assets, you’ll want to focus on the various ways of generating TEA revenue:

Mining with your CML seeds

Every CML seed has a defrost date before which it cannot be planted into a mining machine. From the list of your seeds in the My Camellia tab of your wallet, you’ll be able to see which are plantable for mining:

Staking

Staking is a method of generating revenue without requiring the user to have a mining machine. Users can stake either 1 CML or 1000 TEA per staking slot. To start staking, select the “Mining Camellia” link in the header. Click on the Stake button for any miner you want to stake with:

Using your mining CML to host TApps / buying TApp tokens

Epoch 3 introduces TApps to the TEA Project platform. These decentralized apps need to be hosted by miners to run. They each have a token associated with them that follows a bonding curve: the more people use the TApp, the more consume actions there are to increase the token supply and price.

To earn revenue from TApps, contestants can either:

1. Host TApps with their mining machines.
2. Purchase the tokens of TApps they think will be popular during the contest.

Each TApp in epoch 3 represents a YouTube video with the consume action being roughly correlated to the number of views a video gets during the competition.

These methods of generating revenue are covered in our epoch 3 video guide:

If you have any questions, feel free to ask on our Github Discussions or visit our Telegram group.

Good luck everyone!