The breakthroughs did not stop in the first week of November. Halfway through the month and true enough, exhilarating news just kept pouring in.
TELOS SECURES $8M FUNDING ALONGSIDE GROUNDBREAKING EVM LAUNCH
Telos raises 8 million USD in funding through an accord with a group of five industry-distinguished investors who also intend to contribute to expediting Telos’ exchange listings and DeFi developmental projects. The news comes as the network launches its cutting-edge Ethereum Virtual Machine.
The deal marks the ecosystem’s first external investment as it intentionally avoided such premature transactions that permanently destabilizes a network’s tokenomics. Because of this precaution, the blockchain was able to keep the total sale to around 2% of the chain only. Had the network taken in this kind of venture capital earlier, it would have to sell off 30-40% of its tokens to investors.
According to Telos, the said capital is kept in the network’s Ethereum Gnosis safe and will be systematically distributed to the Telos Foundation, Telos Core Developers, and the liquidity fund – intensifying the ecosystem’s development, marketing, and network liquidity. Correspondingly, the deal ensures trouble-free operations in the event of a bear market next year to avoid selling off its tokens.
The five investors entered the agreement via a community liaison when TLOS was trading at 90 cents. They agreed to pay a 10 cents premium on the market price. Overall, their willingness to pay a premium was a very positive signal for the value of Telos.
In total, 8 million tokens were sold at $1 per token. These tokens were split between the 5 investors. A maximum of 2 million tokens were made available to each investor.
These funds were made available as voted by the community in December 2020. The stakeholders overseeing the T-Bond funds unanimously agreed to release the remaining T-Bond funds for the strategic sale given the alignment provided by this deal and the benefits to Telos.”
– Additional details of the deal as provided by Telos here.
TELOS X MAGIC
Another time-saving feature has arrived as Telos adds support for Magic – making the Telos EVM and Web 3.0 passwordless.
The update gives the users the power to log in to dApps launched on the new Telos EVM with only their email address or phone. The collaboration eliminates the burden of managing multiple passwords, seed phrases, or private keys – faster access to projects within the ecosystem while still maintaining security.
Learn more about integrating Magic into your project here.
TELOS X ELK.FINANCE
Telos announced a partnership with cross-chain liquidity network Elk.Finance earlier last week. It is the first of many automated market makers (AMM) to go live on the Telos EVM.
Elk.Finance is one of the most advanced blockchain interoperability platforms in the DeFi landscape. It currently supports 14 blockchains (and counting) and endeavors to be the leading forex market for the decentralized economy. Their team is composed of technical experts in Javascript, Solidity, etc. with years of experience in the world of blockchain and tech design.
The platform’s technology offers solutions to struggles in cryptocurrency today – difficulty in moving assets around, impermanent losses of liquidity providers, and diluted pair liquidity and increasing slippages. Know more about Elk.Finance here.
TELOS X BITFINEX
Great news for the community as Bitfinex has listed Telos.
Deposits, withdrawals, and trading are now available.
Check the chart here: https://trading.bitfinex.com/t/TLOS:USD
Bitfinex is one of the world’s top digital asset trading platforms with sophisticated features for cryptocurrency traders and global liquidity providers founded in 2012. Alongside these trading attributes that Bitfinex offer, the medium offers an avenue to Exchange Trading, Margin Trading and Funding (Peer-to-peer financing), Over the Counter (OTC) Market, Derivatives Trading, and Paper Trading. https://www.bitfinex.com/about/
Exchange Trading involves trading without the use of leverage. For a step-by-step guide in Exchange Trading, you can refer here.
Margin Trading at Bitfinex allows eligible users to trade with up to 10x leverage and be provided with financing through the platform’s Margin Funding and peer-to-peer financing features that is thoroughly explained here.
Margin Funding is the investment strategy for those who prefer low-risk financing. It enables users to earn interest on their capital while shying away from the vulnerabilities of trading. For an in-depth introduction to Margin Funding here.
Over the Counter (OTC) Market at Bitfinex allows traders to carry out deals and access large amounts of liquidity without affecting the exchange market price. For further information, visit the OTC Market page here.
A customer with an ‘Intermediate Verification’ level and above is qualified to utilize the Derivatives Trading feature with a 100x maximum trading leverage. Know more about Derivatives Trading at Bitfinex here.
The Paper Trading feature is like a training ground for a customer to experiment with trades in a simulated market environment. On Bitfinex, new sub-accounts can be set to paper trade. However, the customer cannot withdraw the paper traded tokens since it is only a simulation consisting of such without value.
For a guide on Paper Trading click here.
The recent listing opened a contributory gateway in expanding Telos’ recognition and accessibility to the cryptoworld.
ICYMI: TELOS X BITMART UPDATE
Telos is now open for deposits, withdrawals, and trading on BitMart Exchange.
You can also check the chart here:
In conjunction with these successful undertakings, Telos announced the 10 Telos EVM contest winners, each receiving 50 TLOS.
Also, Telos posted a brief tutorial on adding Telos EVM on your MetaMask wallet and transferring TLOS from your exchange account directly into the EVM. Check it out here.