C.o.R.E. tl;dr
- A list of 36* established DeFi projects have been chosen as the first candidates for Token Reactors (*subject to additions/changes)
- The Collateralization of Reactors Event is the first act of TOKE holder governance
- It will last for one week (seven days), beginning on September 28th
- TOKE stakers (TOKE single asset, Uni LP, Sushi LP), while staked in their respective pools, will be granted votes proportional to their amount staked to allocate to the 36* potential Token Reactors
- Your votes will populate as a ‘voting purse,’ and can be allocated through a simple wallet signature (staking requires gas, however voting will not require gas)
- Votes can be rearranged at any time
- The top five projects that receive the most votes at the end of the week will reach critical mass and their Reactors will be ready for ignition
- After the top five are determined, the Tokemak team will reach out to the DAOs to collaborate on Reactor ignition
- This is an important moment for the Tokemech Pilots to signal which projects they’d like to see Tokemak begin deploying liquidity for first
- If you have a preferred project, get ready to rally your troops to vote to stand up one of the first Token Reactors
The First Potential Token Reactors
The first list of candidates were chosen by the core Tokemak team due to their reputation as established, trusted protocols with a wide scope of use cases. Many of these were DAOs that reached out in earnest for early participation. It was also important to select projects with a range of liquidity from relatively deep, to mid/low caps.
While this list is subject to change, we feel it currently contains important contributors to the space, building interesting pieces of the decentralized puzzle that can take advantage of Tokemak’s utility.
Tokemak’s philosophy for safely deploying capital as liquidity is to crawl before it can walk. That’s why only five of these Reactors will be stood up initially, as decided by current TOKE holders. Soon after C.o.R.E., TOKE holders will be able to vote to stand up more Token Reactors into a state of ‘ignition.’
This is a preliminary list of candidates for TOKE holders to vote on (subject to change before C.o.R.E. begins):
The Voting Process
The voting process will be relatively straight forward.
If you already have TOKE deposited in the TOKE, Uni LP, or Sushi LP pool when the tokemak.xyz website updates at the beginning of the C.o.R.E. event, you’ll see a proportional amount of votes populated in your voting purse at the top right of the UI:
If you don’t currently have TOKE deposited in the single asset pool or either the Uni LP/Sushi LP pools, you may deposit at any time during C.o.R.E. in order to participate.
The allocation of votes from TOKE deposited into the protocol are weighted several different ways. This weighting will be further detailed in an upcoming article prior to the event, but it’s worth noting that the Uni LP / Sushi LP will receive a bonus modifier as an added incentive to those that are bearing the risk of impermanent loss as liquidity providers for TOKE/ETH. For single asset staking, 1 TOKE will equal 1 vote.
Scrolling down the website, you’ll find the list of Reactors that you can allocate your votes towards. You can vote for as many potential Token Reactors as you’d like, with the given amount of votes you’ve received. After you input votes into a Reactor, you can elect to “Vote” at that Reactor, triggering a wallet signature, or you may use the “Vote All” button at the top of the C.o.R.E. section of the website, requiring a single signature to cast all of your elected votes.
You may remove votes at any time, but when you reallocate your votes, it will require another signature in order to update your allocation.
Only the top five Reactors will be selected at the end of the seven days. During the event, any Reactor below the fifth slot will display the delta between how many votes they have, and how many required to make it to that fifth position:
DAO Token Reserves for the First Reactors
When the top five Reactors are decided at the end of C.o.R.E., the Tokemak team will approach each of the winning Reactors’ respective DAOs/teams to discuss the possibility of a DAO to DAO, TOKE<>ABC swap in order to initialize a given Reactor’s reserve assets.
This DAO to DAO engagement allows for a mutually beneficial exchange to occur, where Tokemak can establish the DAOs token reserve, and the protocol will be able to participate in Liquidity Direction through Tokemak. The reserve of ABC assets acquired through this swap would then be utilized in Tokemak’s IL mitigation mechanics, which will be further detailed indepth in our Gitbook (to be released soon).
If Tokemak is unable to secure a proper reserve of assets from one of the top five projects, the sixth most-voted project will become eligible for a Reactor for the above approach, and so on. Tokemak has already had an encouraging amount of interest from numerous DAOs, and we’d encourage any other DAOs that might be curious about the effectiveness of Tokemak’s utility to please feel free to reach out to us.
Questions?
We’re excited to enter into the first phase of Tokemak’s liquidity deployment. C.o.R.E. brings us one step closer to showing the DeFi world what Tokemak can do. If you have questions, don’t hesitate to reach out to us.
Discord: https://discord.com/invite/Z5f92tfzh4
Website: https://www.tokemak.xyz/
Medium:https://medium.com/tokemak
Twitter: https://twitter.com/tokenreactor
