The TEA Project’s Epoch 3 Mining Contest
With epoch 2's mining contest done, let’s get the ball rolling on epoch 3.
We first want to congratulate everyone who participated in the epoch 2 mining contest, and what better way to congratulate the participants than giving out USDT. Here are the contestants and their share of the $1500 in rewards:
What’s Changing for the Epoch 3 Mining Contest
CML coupons are no longer free
CML seeds are the TEA Project’s NFTs that make mining machines come alive. You can secure CML seed coupons as an early investor by signing up for the competition before it starts. Planting a CML into a mining machine is one of the primary ways you’ll generate TEA income during the contest.
- If you signup early, you’ll see the CML coupons in your wallet when the contest starts.
- If you signup during the contest, you can buy CML seeds on the marketplace.
There’s obviously an advantage to being early and generating mining revenue from the start, but you won’t necessarily be at a disadvantage if you don’t have any CML coupons. That’s because redeeming CML coupons now costs money. You’ll need to take out a COFFEE loan before redeeming your CML coupons. If you arrive to the competition after it starts, you’ll need to register through the TEA browser wallet.
Mining is no longer free
Contestants will need to pay 500 COFFEE and 1000 TEA for the initial staking slot when you plant a CML seed into a mining machine. The most straightforward way of obtaining COFFEE is to borrow it, a portion of which can be exchanged into TEA. Many assets, including marketplace auctions and TApp tokens, take only TEA for payment.
COFFEE debt management is part of the competition
Since everything costs money in this epoch’s contest just like in real life, you’ll need to borrow COFFEE to pay for many things on the platform. You can borrow up to 20,000 COFFEE before you’re limited from further borrowing by your outstanding debt ratio relative to your assets. Once you accumulate more than 20K in COFFEE debt, your assets (minus debt) must be at least 50% of your outstanding debt if you want to take another COFFEE loan.
- COFFEE held as a balance generates interest for the holder, just as COFFEE loans have an interest rate charge.
- You must pay back all of your debt (COFFEE loans as well as TEA loans taken out using CML collateral) before the end of the contest. Failing to do so will disqualify you for the rewards distribution.
- Your asset valuation of your wallet determines your place on the leader board. This valuation can be summed up as your assets minus your debt, so keep an eye on how much debt you’re accumulating during the contest.
Epoch 3 includes more ways to increase your wallet balance
To do well in the mining contest, you need to accumulate assets in your wallet. Epoch 3 now has even more options as to how to go about increasing your assets.
- Mining and staking CML seeds.
- Using your mining CML to host TApps.
- Earn simple interest on COFFEE.
- Buy the token of a TApp. Since the TApp’s token follows a bonding curve, the more valuable it becomes as more people buy its token.
These methods are described in our latest epoch 3 TEA browser wallet video guide:
Epoch 3 contest rewards
- The rewards for the epoch 3 mining contest will be $2000 payable in USDT. Because of high gas costs on the Ethereum network, we will pay out your rewards using the Binance Smart Chain. You can use your same Ethereum address, you’ll just have to switch your Metamask over to the Binance Smart Chain network to see your reward.
- The top 20 contestants on the leader board will be eligible to share in the rewards relative to their asset share of all top 20 contestant wallets added together.
The contest will launch the evening of Friday, September 10th USA Pacific Daylight Time (UTC−07:00) and will last approximately 2 weeks. You may sign up prior to the start of the contest using this link, or using the link on the TEA browser wallet if signing up after the contest starts.