We are delighted to report that phase one of the TULIP plan, the TELOS T-Bonds sale, has been completed, and it was a huge success!
In just over 10 days, all Telos T-Bonds were sold out, raising a grand total of 6.58184352 BTC! This has surpassed our target, so we must say a huge thank you to the community for getting behind the T-Bonds and the TULIP Plan.
Now, on to phase two…
What are T-Bonds
T-Bonds are the Telos take on a combination of DeFi and NFTs, each featuring a unique design. Ultimately, providing the liquidity to fund the upcoming ERC-20 token presale, and the Uniswap launch to follow.
We needed to find a creative way to support the launch of TLOS, on both decentralised and centralised exchanges, that didn’t impact negatively on our long-term goal of supporting the growth of the Telos network. And so T-Bonds were born.
Each T-Bond contains a locked amount of TLOS tokens, in a transferable NFT, which is unlocked when the maturity date or maturity conditions are met. Alternatively, T-Bond NFTs can be sold or traded on secondary markets for investment as a yield hedge for tokens offering staking rewards.
As described by Douglas Horn, Chief Architect of the Telos Blockchain, “T-Bond NFTs offer a new and powerful option for any project seeking funding based on future technical achievement. Back in the ICO boom and continuing still, far too many projects have raised funds only to see their token plummet in value and community support dwindle.
T-Bond NFTs create an ecosystem where projects can raise funds through investors, who in turn have the freedom to sell their NFTs on the secondary market without impacting the token price. This facilitates a vastly more sustainable model by harnessing the new synergy between DeFi and NFTs.”
What comes next?
Next, we move on to phase two of the TULIP plan. The integration of TLOS with the Ethereum blockchain and the presale of ERC-20 TLOS tokens!
We are very excited to give you all the details! Stay tuned to our blog and social media channels for the full announcement later today.