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TOKE Price:
$97.4 K
All Time High:
Market Cap:
$8.6 M

Circulating Supply:
Total Supply:
Max Supply:


The price of #TOKE today is $1.01 USD.

The lowest TOKE price for this period was $0, the highest was $1.009, and the current live price for one TOKE coin is $1.00883.

The all-time high TOKE coin price was $78.86.

Use our custom price calculator to see the hypothetical price of TOKE with market cap of BTC or other crypto coins.


The code for Tokemak crypto currency is #TOKE.

Tokemak is 1.1 years old.


The current market capitalization for Tokemak is $8,563,215.

Tokemak is ranking downwards to #575, by market cap (and other factors).


There is a modest daily trading volume on #TOKE.

Today's 24-hour trading volume across all exchanges for Tokemak is $97,435.


The circulating supply of TOKE is 8,488,245 coins, which is 8% of the total coin supply.

A highlight of Tokemak is it's limited supply of coins, as this tends to support higher prices due to supply and demand in the market.


TOKE is a token on the Ethereum blockchain.


TOKE has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 9 crypto exchanges.

View #TOKE trading pairs and crypto exchanges that currently support #TOKE purchase.


Note that there are multiple coins that share the code #TOKE, and you can view them on our TOKE disambiguation page.



TOKE/ETH Curve v2 LP (Boost with Convex)

UI Update!. — The TOKE/ETH Curve v2 pool is activated and we’ve added a convenient way for Tokemechs to access providing liquidity to Curve (as well as boost their APR utilizing Convex) through the Tokemak UI at For the uninitiated with providing liquidity on Curve, please read the steps below carefully:“Learn more” brings you here! To this very article It’s important to first note that rewards from providing liquidity through Curve and boosting with Convex will provide CRV and CVX rewards, not rewards in Tokemak’s native token TOKE. The arrow button will redirect you to Curve’s v2 Factory TOKE/ETH pool. You’ll first get a prompt notifying that you’re leaving Tokemak’s dApp:Deposit TOKE/ETH on Curve V2 before heading to Convex via the “Deposit Curve LP” button Once you reach Curve’s TOKE/ETH deposit page, you’ll see a few options for providing liquidity: adding tokens in a balanced fashion (similar to providing liquidity on Sushi) or providing the maximum amount of tokens available in your wallet. Curve v2 allows for users to deposit tokens in varying ratios, unlike Uni v2/Sushi’s usual behavior of providing a 50/50 equivalent in tokens.Select only deposit in order to receive your tokeethCrv LP tokens, used to deposit on Convex In order to take advantage of boosting your rewards over at Convex, you’ll want to ensure you simply “Deposit,” and not choose the option of ‘staking in the gauge.’ This allows you to take your tokeethCRV LP tokens (which you receive from providing liquidity on Curve) and deposit them into Convex. Once you have your tokeethCrv (Curve LP) tokens, head back to the Tokemak dApp, and click on “DEPOSIT CURVE LP.” This button will bring a prompt to direct you to the Convex Finance stake page: Clicking on “DEPOSIT ON CONVEX” will direct you to Convex’s staking tokeethCrv (Curve LP tokens): In the search bar, typing in TOKE will filter the pools to the tokeethCrv Convex pool. There you can stake your tokeethCrv tokens and begin earning CVX on top of Curve’s rewards. Note: a total of 17% fees are deducted from CRV rewards earned by your liquidity boosted by Convex. The breakdown of those fees, and an estimation of the total APR you can expect, is available in the “vAPR” column seen by clicking here: It’s important to note that the TOKE/ETH Sushi LP will remain incentivized, however, there may be minor adjustments to balance the APR across the two pools. Tokemak currently controls ~40% of this pool and is now in an adequate position to incentivize CRV emissions while restructuring TOKE emissions accordingly. — Catch Up with the Latest Tokemak News:. — Don’t forget to join us in the Discord and if you haven’t stopped by in a while. We’ve had some recent community calls (“State of the Reactor”) which can be listened to here at Tokebase:State of the Reactor - June 30th, 2022State of the Reactor - July 15th, 2022State of the Reactor - July 29th, 2022 In the Discord, the #dev-feed channel now has some more in-depth details on what the team is working on, and each Cycle’s rollover summaries. The team is hard at work building and more updates are coming soon, Pilots. Discord: Website: Medium: Twitter:┻┳ TOKE/ETH Curve v2 LP (Boost with Convex) was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

┻┳ The ACCretion

The next phase of Tokemak is all about growing our PCA (protocol controlled assets). The PCA concept encompasses both the value of the portfolio the protocol owns (the so-called PCV or protocol controlled value) as well as the actual portfolio make-up or diversification. — Intro. — In order to achieve rapid growth of the PCA, Tokemak is launching accTOKE, the ACC token, and a refined reward logic. All three will work in concert to achieve rapid growth of the PCA, improve the utility and efficiency of our liquidity, reduce emissions, and serve as the gateway into expanded protocol governance. This article aims to provide the reader with a complete overview of how the different components work together. — Current Reward Logic. — A reminder of the logic behind the current reward system will be helpful in order to fully understand the changes. Please refer to this Medium article for details about the reward equations. In short, the three reward buckets (Liquidity Directors and both the Liquidity Provider groups across Pair and Token Reactors) are allocated to the individual Reactors based on the relative size of their pool within their category for LPs and across all reactors for LDs. The actual amount paid out to both the LDs and LPs within any given Reactor is then determined by the balance of LP and LD. The full amount is only paid out if the Reactor is perfectly balanced. Examining the ABC Reactor in the above illustration:LP: ABC represents 52.6% of pair assets provided by LPs (100M / (100M + 90M)), 25.6% of all LP provided assets across both Pair and Token Reactors (100M / (100M + 90M + 100M + 100M))LD: TOKE staked to ABC represents 50% of TOKE staked to Pair Reactors (100M / (100M + 100M), and 25.6% of TOKE staked across Pair and Token Reactors (100M / (100M + 100M +100M + 90M)) Rewards to the ABC LPs are calculated as follows (assuming 1,000 TOKE rewards allocated to Pair Reactors): Rewards to the LDs staked to ABC are calculated as follows (assuming 2,000 TOKE rewards allocated to LDs): — Revenue Modulated LD-Rewards. — Currently the Liquidity Directors (LDs) rewards are determined by the balance of the reactors, meaning the relationship of the TVL of both assets provided by LPs and TOKE staked by LDs relative to each other and to the total TVL in the system (Pair Reactors, Token Reactors and TOKE staked across both Reactor types): In order to further strengthen the alignment of LDs and Tokemak an additional factor is introduced into the above reward logic. This parameter will weigh the LD rewards taking into account the system revenue generated by the underlying asset deployed to the different venues. In essence the LDs will earn rewards commensurate to the revenue generated by their directed liquidity. While this is aimed at increasing the system revenue generated from which all will benefit, it will also have positive second order effects such as creating a more balanced interrelation between more asset/venue agnostic Tokemak oriented LDs, and LDs that might benefit from liquidity direction in more other ways outside the core Tokemak economics (think DAOs, trading venues etc.) Just as importantly, taking into account the ACC mechanics described below, it will additionally give LDs control over which assets will be accumulated in the PCA. The updated logic including the factor will look as follows: Here, R is a Revenue Factor that we will be unveiling soon. This factor will balance the Reactor not only in terms of LPs vs LDs, but also in the underlying revenue that is earned by the deployed liquidity. Since the LDs are the ones making the choices on where the liquidity is deployed, the LD rewards equations are the ones that are being modified by this factor. The initial factor should be chosen in a way that doesn’t lead to a momentous change in APR, such as completely cutting off rewards from a Reactor generating little yield during a cycle — this could be achieved by implementing a lower limit soon to be determined. The Revenue Factor shall at a later point be introduced as one of the governance controlled parameters. Points to remember:System revenue generated by a Reactor will have impact on the local LD rewards, resulting in a bonus paid out to LDs directing liquidity in ways beneficial to the protocolThe updated equations balance the interests of different type of Liquidity DirectorsLDs will indirectly control which assets are accumulated in the PCAThe revenue control parameter will become a governance controlled parameter — Surplus Modulated LP-Rewards. — It is important to remember that ultimately Tokemak aims to deploy its PCA, using LP provided assets as leverage (defined by the PCA multiplier). This is an important shift in thinking that moves us beyond the need to use the PCA as an idle backstop for deployed LP assets. Tokemak is currently paying out rewards to LPs regardless of the current PCA holdings (which we here refer to as protocol controlled ABC, or pcABC tokens) to LP asset ratio (the tABC). Fundamentally, this equates to a loan of assets that sometimes cannot be usefully deployed as liquidity and to earn system revenue, and instead they sit idle in the reactor. To account for the deployability of assets in any given reactor (and to further counteract the “laddering up” of a reactor in concert with the revenue factor) the reward equation on the LP side will include a factor taking into account the current PCA of the respective asset — thus optimizing capital efficiency. The current reward equations for both Pair and Token Reactors are determined as below: Using the reserve multiplier we can determine the desired, most capital efficient amount of LP assets to be factored into the equation (in this example, to keep things simple, we’ll abide by a PCA to deployed asset ratio of 2:1): In the above Reactor, the PCA of $25M pcABC (protocol controlled ABC) would allow for a deployment of an additional $50M (for a total deployment of $75M ABC) — therefore $50M tABC (LP provided ABC) out of the $100M tABC total would remain idle in the reactor. In order to account for the PCA, the reward equation would be altered in the following way: Here, lp*(i) is a modified definition of lp(i) to account for surplus modulation. We will share the mechanics in an upcoming detailed article. The introduction of this factor will require stepping into it in a controlled manner, allowing for users to adapt to the change in order to not trigger unwanted behavior. Please also note that this will take into account the fact that some pair assets can be safely deployed to specific venues (such as Curve) while only requiring minimal PCA backstop. Points to remember:Balance between PCA and LP assets of a Reactor will have impact on the local LP rewardsThis will improve capital efficiency of emissionsThis prevents “laddering up” of a Reactor (farming with LP, stake TOKE rewards on LD side and subsequently raising the LP rewards) — especially in combination with the revenue factor on the LD side — Use of Reward Surpluses. — Both of the above factors can, at least initially, lead to less actual reward payments to both LPs and LDs than allocated. These surpluses of TOKE rewards will be used to both increase the Token Reactor PCA (via ACC described below) and provide more productive Pair Reactor assets via TOKE-reward reallocation to productive pair assets in order to incentivize further LP deposits. LD Surplus: Bonus can be spread across accTOKE holders (accTOKE described below) and TOKE stakers LP Surplus: Bonus for PCA acquisition (ACC) — ACC — The PCA Token. — With the launch of ACC, Tokemak will be able to accept all supported assets not just as TVL (tAssets), but also directly into its PCA — and as such directly under the control of TOKE holders for all future time, without an associated tAsset liability. ACC will also be a main stepping stone to permissionless reactors, allowing protocols to provide their reactor with the necessary reserve. With this new mechanic, users can deposit any supported asset directly into Tokemak’s PCA, and will receive ACC in exchange (somewhat analogous to depositing CRV into Convex and receiving cvxCRV). There will be a bonus available for those who deposit their tokens into the PCA for a token whose Reactor is currently running with an LP Surplus, as described in the above section. — accTOKE — Locking TOKE. — One can think of accTOKE as a “vote-locked” token (vl model / non-transferable), allowing holders to lock up TOKE in exchange for a number of benefits — not only further aligning long term holders with the protocol, but also expanding the protocol governance, mechanics, and earning potential for those TOKE holders who opt into the accTOKE model. Among other governance functions, accTOKE will play a crucial role in the process of standing up permissionless reactors (similar to the approval process of Curve gauges). Revenue splitting and other exciting features will also be coming for accTOKE stakers. — Example. — It’s important to understand that each of the above mentioned mechanics do not function in a vacuum but reinforce each other and, in combination, have favorable overarching consequences. To illustrate this, we will below examine one of the multiple cause and effect chains between them using a simplified example. In this simplified example we will focus on the relationship between the revenue / surplus modulated rewards and the PCA. In order to keep things simple we will disregard some aspects (e.g. difference between Pair and Token Reactors) which have little impact on the general concept — and we will use simplified numbers: In the above diagram, the ABC reactor is generating 5% in revenue yield, while the XYZ reactor is generating 4%. The XYZ reactor generating less system revenue will result in: LD rewards being weighted towards the ABC reactor (revenue modulation):Increased incentive for protocol agnostic LDs to shift more votes over to the ABC reactor, helping balance the interest of LDs that benefit from liquidity in more indirect ways (DAOs, DEXs etc). This will also prevent farming behavior that is unhealthy for the protocol such as “laddering up” a reactor (Add LP, earn TOKE rewards, vote TOKE to reactor allowing to accommodate more LPs)LDs moving to the ABC reactor leads to an imbalance between the TOKE and ABC side of the reactor, thereby leading to increased incentives for LPs to provide ABC and thus leading to an increase in the TVL to PCA ratio of ABC Increase in ABC surplus (surplus modulation):The increase in the TVL to PCA ratio will lead to an increase in the reward surplus of the reactor, thus more rewards will be allocated to the PCA acquisition of the ABC reactor. This process will increase the PCA, bringing the TVL to PCA ratio back down to the target value — Rollout. — In order to ensure the individual components work as expected and to allow for initial fine tuning of parameters, we will roll out these updates in the following anticipated order:Revenue modulated LD rewardsSurplus modulated LP rewardsACC / accTOKE These updated tokenomics and mechanics will advance Tokemak toward the Singularity, increasing our PCA, revenues, capital efficiency, and utility as the liquidity bandwidth of web3.┻┳ Discord: Website: Medium: Twitter: ┻┳ The ACCretion was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

┻┳ A Few Upcoming Milestones for 2022

C.o.R.E.3 Vote Completion and Reactor Activation. — C.o.R.E.3 ends Monday, May 9th at 7PM UTC (12PM PT). You can add, remove, and change your votes until then, but remember: staking TOKE for additional votes takes up to ~15 minutes to appear, so if you’re adding last minute, be sure to factor that into the equation. When C.o.R.E.3 ends, we’ll announce more information about firing up the new Reactors. — Analytics Dashboard + Splash Page. — We’ve nearly completed a comprehensive Dune Analytics dashboard detailing Tokemak’s treasury, PCA, and deployments that can be monitored in real time. This will be released imminently. We’re also in the process of developing and releasing an informational splash page prior to entering Tokemak’s dapp, which will provide an easy-to-digest high level overview of the protocol, and specifically why DAOs would want to utilize Tokemak’s infrastructure as a liquidity solution. We believe there simply isn’t enough information readily available on the website as it currently stands to help new users understand Tokemak’s use case and potential, and we hope this remedies that. — Little by Little, More Governance. — While the system designed for choosing Token Reactors through C.o.R.E. is a great tool for active participation in Tokemak governance, our goal is to progress towards deeper governance at large. Tokemak is a complicated beast, and the development timeline has been the first priority in the early stages of Tokemak’s evolution. As the Tokemak treasury begins to grow, infrastructure for automation begins to fall into place, and the guardrails for liquidity deployment begin to ease, we can look to grow into the DAO Tokemak was meant to become. In the near term, we’re looking to build out a method of allowing TOKE stakers to snapshot-vote for common goals and strategies that should be pursued. — Introducing accTOKE. — accTOKE is coming soon. accTOKE is essentially a “vote-locked” token (or vl model) for TOKE that enables holders to lock up their TOKE for a longer period of time in exchange for a number of important benefits. Why would anyone choose to do this? Here are a few incentives:Increased liquidity control: accTOKE holders get stronger control over liquidity directionBoosted voting power: accTOKE gives holders more votes for C.o.R.E.4Additional governance: accTOKE will be required in order to vote on approval of new reactors post C.o.R.E. eventsIncreased yield: accTOKE holders receive a portion of the protocol revenue For #4, the protocol revenue will be converted into TOKE prior to distribution, thereby supporting the TOKE markets. The introduction of accTOKE will expand protocol governance and mechanics in many ways. This will all be described in dedicated articles coming very soon. For those familiar with the role that vlCVX plays in the Convex ecosystem, you can get a slight indication of what is to come… — PCA Growth through ACC (Formerly Codenamed “pAssets”). — The next phase of Tokemak is all about growing our PCA (protocol controlled assets). The PCA concept encompasses both the value of the portfolio the protocol owns (the so-called PCV or protocol controlled value) as well as the actual portfolio make-up or diversification. We are excited to unveil the concept that is going to unlock massive value for Tokemak and TOKE holders everywhere: ACC. We used to refer to ACC under the codename “pAssets”. When we launch ACC, Tokemak becomes capable of accepting all supporting assets not just as TVL (tAssets), but also directly into our PCA. These assets are forever owned by Tokemak (and therefore TOKE holders) without any tAsset liability. And the kicker: Tokemak will be able to support this WITHOUT increasing emissions/inflation. Participants will want to hold ACC, as they will receive a portion of the protocol revenue. This revenue will be converted into TOKE prior to distribution, supporting the TOKE markets. A user can convert any asset from the LP side of a Token Reactor or a Pair Reactor into ACC, based on the market price of the asset and the price of ACC. Additionally, the system will self-optimize for PCV and TVL across all assets as the “balancing equations” expand to encompass ACC as well. Anytime that we have more TVL in a Reactor than can be safely deployed, the rewards will instead move to a bonus for any asset holders who give us PCA in that Cycle. In this way, ACC will have minting bonuses for assets that are preferentially needed by the protocol. ACC will massively increase the PCV of Tokemak. Tokemak will never pay any extra emissions on any TVL that it cannot efficiently and profitably deploy, instead using the rewards and equations to optimize our PCV to TVL ratio. The future becomes clear and we begin to invert our model, which we have been planning for quite some time: Tokemak at this point will exist to deploy the PCA as liquidity bandwidth for web3, while deploying leverage via TVL only where it can safely and effectively be used. — An Acceleration Toward the Singularity. — So, why the hell did we call it “ACC”? ACC and accTOKE are designed to rapidly draw us to the Singularity, the moment in time when Tokemak owns enough PCA to provide the liquidity bandwidth for all of web3. “Accretion” is defined as the process of growth or increase, typically by the gradual accumulation of additional layers or matter. An accretion disk is a structure of diffuse material in orbital motion around a black hole, forever approaching the Singularity. As Tokemak accumulates more PCV, we approach the Singularity. Does ACC = Accretion, ACC = Acceleration, or ACC = Accumulation? Yes. — C.o.R.E.4. — The end goal, as previously stated, is to implement permissionless Token Reactor creation. There are a number of complexities involved in reaching that goal, particularly when it comes to safety’s sake, and the development team is hard at work focusing on liquidity deployment and other core Tokemak features. In the meantime, the C.o.R.E. series have been effective in slowly and appropriately introducing more Reactors to Tokemak’s roster. Thus, we’re targeting another C.o.R.E. in the next ~two months to keep bolstering Tokemak’s arsenal of Token Reactors. As for Pair Reactors, they’re something that we’ll continue to look to add on a case-by-case basis. — Enter the Exaverse. — We’ve been working with crypto-native artists to build out the Tokeverse since early last year in an attempt to breathe life into Tokemak’s core identity. Our upcoming first release of Tokemech Pilot NFTs, codenamed the Exaverse, has evolved into the beginnings of an immersive world, with a complex interplay between gamification and story telling. The in-game universe is a sci-fi extrapolation of the culture we have established with Tokemak, centered around the Leaky Reactor, which takes place at the edge of a supermassive blackhole. Exaverse, in its current state, is a primitive, on-chain, composable game whose tokenomics are interlinked with Tokemak’s in pursuit of the singularity. The experience will revolve around the construction of Mech NFT’s from modular parts, a process which will contribute to the advent of the singularity for Tokemak. It will include a meta-game which is overlaid onto a map which will give players the ability to determine the fate of the Exaverse itself, in a communally-owned IP fashion. The IP created by this process will be owned by the NFT holders and player base, but more importantly it will evolve through community creativity and governance. The system of processing raw creative input from players into finished material is where the innovation has been identified, and it will produce a living world upon which additional products can be built and monetized on behalf of the DAO. The UI, smart contracts, visual assets for the NFTs, and gameplay loops are in the early stages of being developed and refined. We’re getting closer and can’t wait to share more with everyone. — //more2come. — Note: this isn’t an exhaustive list for updates coming in 2022. As expected, there has been and will be continuous and on-going development, updates to the UI, and other surprises. There will also be a deeper dive article on accTOKE + ACC in the next week or so. ┻┳ Discord: Website: Medium: Twitter: ┻┳ A Few Upcoming Milestones for 2022 was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

C.o.R.E.3 Voting Begins This Monday, May 2nd

Attention Tokemech Pilots that may have had one too many in the Leaky Reactor: we know those Offworld Carajillo’s are tasty but it’s time to sober up and report for duty. C.o.R.E.3 is rapidly approaching and voting starts this Monday, May 2nd. — An Ice Cold C.o.R.E. Refresher for a Groggy Pilot. — C.o.R.E., short of Collateralization of Reactors Event, is where TOKE stakers (as well as LP TOKE/ETH stakers) vote for the next round of Token Reactors. A friendly yet competitive governance event where communities are known to rally around their preferred protocols / token projects to try to kickstart a Token Reactor for active liquidity deployment. The event lasts one week (ending on May 9th), and only the top five Reactors to receive the most votes will progress to the Reactor activation phase.Select the C.o.R.E. tab at the top of the UI to access the voting page. If you’ve participated in a C.o.R.E. before, you’ll find a familiar interface (seen above) where your votes can be submitted, removed, and rearranged at any time. This is all done through an gasless wallet signature, so no worries if you’re an indecisive Pilot and want to change your votes and/or allegiances at any time throughout the week. So long as you have your TOKE or TOKE/ETH SLP tokens staked in Tokemak, your votes will auto-populate and you’ll be ready to start allocating at the start of the event. You can add votes at anytime by staking more TOKE, but it’ll take about 15 minutes before your votes will appear on the C.o.R.E. page.The top five Reactors are separated from those requiring more votes to activate. At any given time, you can see what place a Reactor’s in and how far away they are (in terms of votes) from reaching the top five. If the Reactor you want is closing in on a top five position, it’s time to rally the troops. Historically, there have been some shockingly close calls near the end of the event, so if the Reactor you want is in fifth place, don’t get cocky until the fat lady sings, Pilot. — *4/30 Edit:*. — C.o.R.E.3 will begin midday PDT this Monday, May 2nd — the moment isn’t precise as it depends on final testing before we push live, but we will continue to update everyone in the Discord. It will end on May 9, 7PM UTC (12PM PDT). The final weighting for voting remains the same from C.o.R.E.2.:1 liquid staked TOKE = 6 votes1 staked LP token = 69 votes1 locked (vesting) TOKE = 1 vote Unlike C.o.R.E.2., there is no carryover bonus for C.o.R.E.3; ’tis a blank slate. — Returning Contenders:. — Those contenders that fell short from C.o.R.E.2 making their grand return are: 1INCH, AAVE, ALPHA, API3, AXS, BADGER, BAL, BANK, BIT, BNT, COMP, CRV, CVX, FTM, GRO, INDEX, LDO, LINK, LQTY, LUNA, MATIC, MKR, NEAR, PERP, RAI, REN, RUNE, SPELL, TEMPLE, TRIBE, UNI, YFI, YGG, ZRX — New Challengers:. — There are exciting new challengers in the mix now, vying for a Reactor of their own: ANGLE, APE, BICO, BTRFLY, CNV, DODO, DYDX, ENS, GALA, GFI, IMX, JPEG, PAL, PREMIA, ROOK, SDT, SILO, STG — C.o.R.E. Spotlight. — This past week we’ve been hosting some projects in the Tokemak Discord for some short AMAs to introduce themselves to the community. We’ll be having more tomorrow and even into next week, so be sure to stop by the Discord to see the schedule, which can be found here: The exact time of when C.o.R.E.3 kicks off will be announced shortly before the games begin, so be sure to follow along: Discord: Website: Medium: Twitter: And as always, stop by on Sunday in the Discord for a drink with us in the Leaky.Ah, the Leaky. A wretched hive of degens. C.o.R.E.3 Voting Begins This Monday, May 2nd was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

TOKE Emissions Update April 2022

Phase 1 Effective April 13th, 2022 Update: Tokemak has reached a point where we are now able to proceed with the next stage of our emissions. These forward thinking modifications will set us on a trajectory of sustainable emissions with the ultimate goal of benefitting the Tokemak protocol and its community. Completion of the first phase will reduce TOKE emissions by 23%. In concert with our CRV/CVX strategy our TOKE/ETH liquidity will become increasingly efficient and will ultimately become self-sustaining. The analysis performed also included a review of which emission groups tend to use their rewards actively in the system. Therefore we believe the updated approach will not only reduce emissions and lengthen the runway, but also relieve potential sell pressure in the future. — Phase 1:. — The table below outlines the changes to the weekly TOKE rewards that will take effect on April 13th (Cycle 208) — please note that this table shows the final state, not taking into account that the emissions to the Uni TOKE/ETH LPs will be decreased over time. The UI will reflect the updated reward quantities in the coming days:*Note Uni TOKE/ETH reduction will occur over several Cycles. Initial reduction of 50% in Cycle 208 LP Pair Reactors: More emissions allocated to the current most revenue generating LPs LD TOKE Stakers: Additional rewards to absorb increased LD activity from previous Sushi/Uni LP stakers Sushi LP Stakers: Adapting rewards to match need of SushiSwap liquidity Uni LP Stakers: Rewards to this pool will be initially decreased by 50%, further reductions after with the ultimate goal of sunsetting emissions fully Curve LP Stakers: Rewards that should incentivize appropriately sized liquidity pool, additional rewards via future gauge weight will further supplement rewards here and ultimately become self-sustaining. This pool will be turned on over the coming weeks While this is a noticeable decrease in rewards for Uni and Sushi LP stakers, we’re exploring adding the ability for LP stakers to begin voting to direct liquidity (with diluted voting power). This will not only allow for them to offset the aforementioned changes. LP stakers have long provided a great service to the protocol, some might have wanted to more actively participate in the liquidity direction — which will now be possible for them. LP stakers are taking a non-negligible risk as is, so also giving them a more active role in the system is fair — and at the same time might have the effect of demanding a bit more participation. — Phase 2:. — Phase 2 will introduce a refined incentive structure which will, in addition to the well known “balance the reactors” mechanic, include a factor resulting in rewards commensurate to the system revenue generated by the underlying directed liquidity. This will not only boost the growth of the PCA, from which all will benefit — but also help balance the incentives and interests of the different groups of LDs. Taking into account that larger players such as DAOs and exchanges are more focused on directly benefiting from liquidity direction rather than optimizing for yield, as well as aligning the incentives of more agnostic LDs with the interest of the protocol and all its participants will result in a more balanced and healthy system state. DAOs and exchanges build liquidity while PCA grows. The ultimate goal always is to enable the different users to leverage the system in ways that benefit them while keeping all interests focused on growing a healthy protocol. This is an important evolution and interim step prior to TOKE emissions decreasing in the long term. That long-term flow is: incentivize all liquidity direction -> incentivize liquidity direction that increases PCA -> progressively decrease the need for TOKE incentivization of liquidity direction. Phase 2 will be enabled as soon as we have determined the initial parameters. — Phase 3:. — More information will be forthcoming regarding the introduction of “pAssets,” but to give you a brief introduction: these are permanent assets (cannot be redeemed) designed to massively grow the PCA instead of the TVL. Opting to mint pABC tokens will have a variety of perks, that depositing into Reactors and receiving tABC assets do not. We’ll release an article soon detailing those incentives. Phase 3 timeline TBD.An artistic representation of Reactor emissions modifications :) — Questions? Join the ranks of the Tokemechs here:. — Discord: Website: Medium: Twitter: Also, expect the preliminary C.o.R.E.3. list later this week.☢️ TOKE Emissions Update April 2022 was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tokemak Update March 2022

March of the Tokemechs Q1 of 2022 kicked off the beginning of Tokemak’s official liquidity deployment. Since the start of the year, we have:Launched the ‘pro mode’ exchange voting UI for Liquidity DirectorsBegun preliminary liquidity deployment to Curve poolsSeveral iterations of dApp / website updates and improvementsReleased two audits, one by Omniscia and another by Trail of Bits (both live now in the tokedocs)Launched the new TOKE staking contract to prepare full liquidity directionMigrated to weekly Cycles, in preparation for full liquidity direction This initial phase of liquidity deployment has been an intentional slow rollout of funds with the intention to scale gradually, and into different types of liquidity provision (stable pools, then ETH pairs, then full system deployment). At the time of writing, Tokemak has $370M worth of assets deployed to various Curve/Convex pools, including our tABC/ABC pools from Token Reactors. In addition to the tABC/ABC pools allowing users to quickly enter and exit tAsset positions without waiting for a Cycle conclusion, the Curve/Convex deployments are part of a larger strategy which was teased in the Leaky Reactor this past Sunday. You can read snippets of the strategy found on Tokemech Captain Tratium’s Tokebase Leaky Sundays coverage here. To shine some light on what’s coming next for the pilots following along, we want to give a rough outline of the next few weeks/months. Note: some of these dates are moving targets and approximations, so think of this as a targeted flight path rather than a “roadmap.”Mech Flight Path and Upcoming Milestones: — SushiSwap / Uniswap v2 DEX Liquidity. — At the start of this week’s new Cycle (starting tomorrow, March 9th), liquidity from Token Reactors will begin flowing to SushiSwap and Uniswap v2 based on Liquidity Director votes and certain guard rail parameters. Please note, this will be a first-drip amount and not full-scale deployment of all Reactors. We’ll make an announcement tomorrow regarding the selected pools for deployment that meet these preliminary guardrails and the logic for said guardrails. As seen on the Linear timeline screenshot above, we’re then planning to increase further DEX deployment the following few weeks in a continuation of safe scaling and careful evaluation. Make no mistake, this is a major milestone in Tokemak’s progress and the beginning of the first real display of its intended design. Timeline: Tomorrow, March 9th / Scaling more liquidity March 16th / further scaling March 23rd — Omniscia Curve Reserve System Audit. — In addition to the tABC/ABC pools being an entry and exit point for tAssets outside of depositing directly into Tokemak, an audit will be released next week that details utilizing the Curve tABC/ABC pools as the reserve pools for rebalancing deficits and surpluses across the system as a whole. These reserve mechanics will be further detailed upon the release of this audit and Gitbook documentation updated. Timeline: Week of March 14th — C.o.R.E.3.. — C.o.R.E.3. is coming, however, the current phase of liquidity deployment is the first priority over planning for the next integration of Reactors. We’re anticipating releasing a list of candidates before the month ends, but are aiming for the actual C.o.R.E.3. event sometime in April. We’ll keep everyone updated as this becomes more concrete, and we appreciate everyone’s patience. Timeline: preliminary announcement of new candidates before the end of March, and C.o.R.E.3. sometime TBD in April — Tokemak UI and Dashboard Reskin / Ongoing Tokemak dApp User Experience Improvements. — UI homepage overhaul *Subject to changeDashboard overhaul *Subject to change The front end and design team are working hard to continuously improve the UI/UX based on community feedback to improve usability. Some major changes to the website/dApp will be released soon, including:Reimagined design system setup for a unified design language for all current and upcoming featuresResponsive design support — for a first class user experience on mobile and tabletsDashboard UI improvements to improve current/next cycle information easier to parsePro-mode UI polish We welcome all feedback so please feel free to make suggestions in the #suggestions-improvements channel in Discord. Timeline: targeting UI/homepage overhaul launch March 23, Dashboard overhaul launch March 30th — Tokemak Splash Page. — New splash page teaser… *very subject to change The front end and design team are also working on implementing an informative and helpful splash page, which will give quick insights into the TVL and PCA of the protocol as well as the liquidity directed. More importantly, it will focus on providing more clarity and understanding of what Tokemak offers for users and DAOs, as well as simplified access to helpful resources. Timeline: aiming to be implemented before the end of April — Discord #dev-feed Channel. — Since a lot of what we’re working on involves moving targets as well as smaller changes unfit for this article, we’re going to be adding a new channel in the Discord known as the #dev-feed channel. This channel will be used to give regular, mostly smaller updates on development progress on the fly in a singular place for easy reference as opposed to Medium articles (although Medium articles will still be used primarily for larger announcements). The channel may include Cycle summaries and act as a place where development related announcements can directly provide any necessary announcements on the state of the system. Our goal here is to keep the pilots up to speed with the latest updates and provide as much transparency as possible, without cluttering up the larger announcements channel and annoying everyone with constant ‘pinging.’ We’re working out a strategy for this now but it should be implemented soon. Timeline: one to two weeksMore to come This is a snippet of the next few weeks into April, and we’re planning on rolling out some deeper explanations of Tokemak’s planned mechanics soon, as we scale liquidity deployment. More articles, more surprises, and more updates to the docs are planned in the coming weeks. Stay up to date in the Discord in both our #announcements channel and the upcoming #dev-feed channel. Discord: Website: Medium: Twitter:☢️ Tokemak Update March 2022 was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Conclusion of Cycle Zero: Weekly Cycles and Staked TOKE Migration

Weekly Cycles and Migration tl;drPre-liquidity deployment “phase” Cycle Zero is concluding, as we enter official liquidity deployment with active liquidity directionAction Required for single asset TOKE stakers: Starting today Feb 23, all Liquidity Directors (TOKE stakers) will have one week to migrate to the new TOKE staking contract for the purposes of officially directing liquidityNew staking contract address: 0x96F98Ed74639689C3A11daf38ef86E59F43417D3TOKE stakers in the existing contract will continue to earn rewards for one week (1 Cycle) following the new migration contract’s deployment, but after that they must be migrated to keep earning TOKEMigration is only required for single TOKE stakers aka Liquidity Directors (TOKE/ETH LP stakers and Token/Pair Liquidity Providers require no action)Migration requires a single transaction via the website (walkthrough below)Staking TOKE to the new contract no longer provides users with tTOKELiquidity Directors’ (TOKE stakers) existing votes will remain in place upon migrationCycles will now shift from daily to weekly (as originally intended when we entered active liquidity deployment)Earned rewards will be available to claim today (two days early), as we start with new weekly Cycles beginning on WednesdaystABC/ABC Curve pools are being stood up for for tAssets for each Token Reactor (with initial liquidity provided by the treasury), enabling users to get in and out of tAssets faster if they wish to avoid waiting for a weekly Cycle rollover, as well as added composabilityThe End of Cycle Zero “Cycle Zero” was what we referred to as our pre-liquidity deployment phase, to familiarize users with the concept of Cycles and staking TOKE while we continued to prep and audit the contracts for liquidity deployment as well as progressively build out the UI. Over the past few weeks, we’ve begun a slow roll out of Pair Reactor liquidity deployment, with approximately ~76MM currently deployed in various Curve pools. In the next week or two, we’ll begin the process of deploying assets from the Token Reactors (preliminarily with only ETH) from the ETH Pair Reactor to Uniswap (v2) and Sushiswap. In preparation for that, we’re transitioning our daily Cycles to weekly Cycles, as had been intended from Tokemak’s conception for active liquidity deployment.Cycles ReminderWeekly Cycles The weekly Cycle design for active liquidity deployment is an intentional early-stage Tokemak structure to allow for time for liquidity direction choices, calibrate deployments, and stage withdrawals given volatility in market conditions. You can read more about Cycles here, but as a quick reminder:When liquidity deployment begins, your assets deposited will not be deployed as liquidity until the start of the next CycleIf you deposit assets as an LP or stake TOKE as an LD mid-Cycle, you’ll begin to earn TOKE at the start of the next CycleWhen you want to withdraw, you must first “request” to withdraw, and assets will only then be able to be fully withdrawn at the start of the next Cycle or you may choose to trade out of an asset in its Curve tABC poolAt the end of each weekly Cycle, there will be a brief rebalancing phase where liquidity will be pulled in and deployed as needed — this window may likely vary in time from Cycle to Cycle, although the Cycle start times will remain fixed early PST on WednesdaysTOKE rewards are only claimable weekly at the time of Cycle rollover (now Wednesday mornings PST) — tABC/ABC Curve Pools. — Although Cycles are shifting to weekly, Tokemak is seeding tABC/ABC Curve pools for each Token Reactor using tAssets from the reserves to give users the ability to readily trade in and out of their tAssets throughout the weekly Cycle. These tABC/ABC Curve pools will also act as the current default vote for Liquidity Directors for Token Reactors: tALCX/ALCX, tAPW/APW, tGAMMA/GAMMA, tFOX/FOX, tFXS/FXS, tSNX/SNX, tSUSHI/SUSHI, tTCR/TCRtAsset Curve pools are live at These tABC/ABC pools will also enable further composability with your tAssets! Fun! :DLiquidity Director (staked TOKE) Contract Migration In addition to the implementation of weekly Cycles, it’s time to deploy the TOKE staking contract that has the full functionality required for liquidity direction. This will require all current TOKE stakers to migrate to this contract. There are a few important things to note about the new TOKE staking contract: There are a number of guardrails in place to make Liquidity Providers whole in the event of impermanent loss, which can be found dissected here. In the event an LP cannot be made whole from assets in a Token Reactor’s reserve or protocol-wide asset surpluses, TOKE staked by Liquidity Directors can experience potential slashing. While our guardrails are set extremely conservatively to avoid the risk of TOKE slashing, this new contract allows for that possibility. As our mechanics evolve, there may even be a point where we render this backstop as unneeded (more on this soon). Beginning in one week (after this first weekly Cycle) and upon liquidity deployment from Token Reactors, TOKE votes will begin acting as this last resort of IL mitigation. Prior to those Token Reactor LP asset liquidity deployment (this first weekly Cycle), TOKE stakers will not be liable for IL protection .We will release an article on IL mitigation next week, as well as add some updates to the docs linked above. As a result of the new contract, staking TOKE to direct liquidity no longer results in providing users tTOKE as it had in the past. tTOKE, like all tABC assets, was a 1:1 claim to the underlying staked TOKE. To be clear, that will no longer exist with the new staking contract.TOKE Migration Walkthrough Migrating your TOKE to the new contract is easy. It’s front and center on the dApp as a new, UI addition and requires a single transaction to execute. Once migrated, this notification will disappear from the UI. TOKE staked in the old contract will continue to earn rewards for 1 week, but after that they must be migrated to the new contract to continue earning TOKE. Clicking the “MIGRATE TOKE” button will trigger a wallet transaction: When the transaction is executed, there will be a “MIGRATION IN PROGRESS” notification as well as an Etherscan link to the transaction: When the transaction is complete, there will be a “MIGRATION SUCCESSFUL” message, and you’re good to go: After migrating, any previously allocated TOKE votes should remain in place. If you haven’t allocated votes, please remember to vote to Reactors in order to earn TOKE. This requires a gasless signature.Audits + Roadmap Coming We’ll be releasing an Omniscia audit today which includes the staking contract and a Trail of Bits audit will also be released next week. Some pilots in the Discord have been asking about a roadmap. We hear you and we’ll be transcribing our internal plan to shine some light onto what we have in store in the next few months, even if there are some moving targets. You can expect that in the next week as well. We’re also looking to implement some small Discord organizational changes, as well as plan for an AMA with some of the core team. Stay tuned for more info on that. That’s it for now, but much more coming soon. Each week we get closer to Token Reactor liquidity deployment into DEXs and we’re proud to have our Tokemech Pilots alongside us for the ride.Questions? Join us in the Tokemak Discord: Discord: Website: Medium: Twitter:☢️ The Conclusion of Cycle Zero: Weekly Cycles and Staked TOKE Migration was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

Brace Yourselves, Pilots: Tokemak Liquidity Deployment Begins

Live feed coverage of Hurricane TokemakThe Beginning of a New Era Tokemak liquidity deployment began this week, marking an important milestone for the protocol. A combined $1.5mm of UST, FRAX, and USDC have been successfully deployed from the Pair Reactors to UST-3Pool (wormhole) and the FRAX + 3Crv pool. It’s important to note that this process of liquidity deployment is beginning in a way that is carefully controlled, monitored, and gradual. This is intentional for the purposes of ensuring the security of the mechanics in order to graduate to a larger scale of deployment, and reach the stage where the team feels confident in unlocking Tokemak’s full design and potential. Thus, kicking off deployment with stablecoins into Curve pools was an obvious way to ease into ensuring the mechanisms at play are behaving as intended. — So what’s next? Wen hurricane?. — Over the next month, we plan to continue to scale stables from the Pair Reactors to Curve pools on the way to full deployment (roughly $400mm at the time of writing). Beginning in a few weeks in parallel, we’ll begin to drip assets from Token Reactors, scaling them similarly into freshly made Reactor-default Curve tABC/ABC pools. After these deployments are completed, we’ll start plugging in more wires across the whole system and start scaling liquidity into Uniswap v2, SushiSwap, Curve V2 (volatile pairs), and Balancer, based on TOKE votes by Liquidity Directors. A summary of the path to full liquidity deployment can be thought of like this:Pair Reactor assets deployed as single assets to Curve poolsToken Reactor assets deployed as single assets to Curve poolsThen traditional combination liquidity pairs will begin to flow into exchanges, as the system progresses slowly and safely towards more decentralized and automated deployment — More Updates. — Cycles will remain daily for now, but will shift to weekly Cycles soon — the team will give a heads up prior to that transition, though it could be as soon as a week or two from nowFresh audits from Omniscia and Trail of Bits will be released in our docs over the next weekMore UI updates will be pushed as we continue to clean up the dAppC.o.R.E.3. date to be announced soon™Wen brane? Membrane Discord will be launching soon™A deeper exploration into the Tokemech universe is en route as well, so stay frosty, PilotsJoin the ranks of the Tokemechs If you have questions and you’re not already in our Discord, be sure to hop in and join us. The Reactors are heating up. Discord: Website: Medium: Twitter: Brace Yourselves, Pilots: Tokemak Liquidity Deployment Begins was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

UI Update: Exchange Voting is Live

Pre-Liquidity Deployment Exchange Voting Now LiveExchange Voting tl;drLiquidity deployment is not live yet; this is to familiarize users with the exchange voting process before active deploymentLiquidity Directors (TOKE stakers) now have exchange-specific granularity when voting for specific Token Reactors by switching on “Pro Mode,” located above the vote input fieldInitial exchange venues available for directed liquidity: Curve (new), Uniswap V2, Sushiswap, Balancer V2 (more to be added soon)“Pro Mode” exchange voting is not mandatory for voting to a Token Reactor, and voting generally to a Token Reactor will currently default to the Curve ABC/tABC pool (for now)Each exchange tile will offer a degree of information about the health of the liquidity poolVoting for a specific exchange doesn’t affect the APR indicated per Token Reactor, the APR will remain the same no matter what level of granularity a Liquidity Director chooses, whether generalized or exchange specific (this may evolve in the future)Exchange Voting: The Final UI Update Before Liquidity Deployment The ability to vote your TOKE to a Token Reactor, and choose the exchange you prefer to direct liquidity to is now live. Although there may be tweaks, this UI update will be the precursor to active liquidity deployment.Note: active liquidity deployment is not yet live, however, and this pre-liquidity deployment phase is meant to familiarize users while we finalize preparation for active deployment. In the meantime, you’ll notice a “Deployment Offline” message on each exchange tile. To activate ‘Pro Mode’ and see the exchanges that votes can be applied to, flip the switch above the voting field on a Token Reactor: Here you’ll be able to easily input your staked TOKE votes to one or several desired exchange(s): Voting to a specific exchange does not increase or decrease the indicated APR on a specific Token Reactor. Note: Exchange voting / Pro Mode is not absolutely necessary for Liquidity Directors to vote to a Token Reactor. You can still vote generally for a Token Reactor, as normal prior to this update: When a Liquidity Director votes generally (without using Pro Mode), your TOKE votes will be allocated to whatever is set as the default. This may be modified in the future through early-stage team calibration, and may further be voted upon through DAO governance. Update: When Tokemak begins deploying liquidity, the first ‘default’ pool will be the new ABC/tABC Curve pools. These ABC/tABC Curve pools will be set up to safely measure preliminary liquidity deployment calibration as well as enable low-slippage liquidity for tAssets. Initially, the tABC side of these Curve pools will be provided utilizing some of Tokemak’s reserves. This is an important addition for the future of Tokemak, by (among other things) enabling users to get in and out of tAssets more readily. — Stats. — Each exchange tile will offer various statistics detailing the overall ‘health’ of the venue’s pool. Each tile contains the following information: Liquidity Directed: The total amount of liquidity the Token Reactor is directing to a specific venue’s liquidity pool. My Liquidity Directed: The total amount of liquidity an individual LD is directing. Total Depth: The USD value of assets in this pool. Slippage @ $100,000: The percentage price change caused by an order of $100k. Turnover: The number of days to trade through assets in the pool based on current 24 hour volume. 2% Depth +/-: Capital in USD required to move the market by 2% up or down from last traded price. Directed Liquidity: Tokemak assets currently deployed in this pool. Tokemak Vol Last Cycle: USD volume of Tokemak deployed liquidity which traded in the exchange in this pool during the last completed Cycle. — Future Plans. — When liquidity deployment goes live, all assets will be preliminarily paired with ETH (with the exception of the Curve ABC/tABC pools) for a brief period. After liquidity deployment reaches a level of confidence operationally, we’ll update the exchange voting UI to allow Liquidity Directors to choose from the array of Pair Reactors to pair assets with from the Token Reactors.Liquidity Deployment is nigh… With the addition of exchange voting, the stage is now set for active liquidity deployment. We will be closely monitoring that everything is functioning correctly with the new exchange voting UI and will be on stand-by to quickly address any bugs that may arise. The announcement of the target date for activating liquidity deployment will be made once we believe the new updates are stable. We look forward to hearing any and all Pilot feedback, so be sure to drop by our Discord if you have any questions or concerns. Discord: Website: Medium: Twitter:☢️ UI Update: Exchange Voting is Live was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tokemak, the Kingmaker of Web3

Leaky Thoughts by Core Contributor Sterling Archer“He who controls the TOKE controls the flow of value.”Background The data-flows of Web2 are rapidly being replaced with value-flows in the form of tokens. This ongoing metamorphosis is the catalyst that propels the evolution of Web3. However, interacting with this liquidity is still far from frictionless. Web3 interactions correspond to value transfers; as such, it is necessary to minimize value losses, that is to say, it is necessary to maximize liquidity. Tokemak is a decentralized market maker that maximizes the utility of tokens through their aggregation and transformation into liquidity. This is accomplished through Token Reactors and Pair Reactors where liquidity providers (LPs) can deposit tokens that will be deployed as liquidity to DEXs. Through this mechanism, all token holders can effortlessly earn yield and become LPs on Tokemak with single-sided exposure and without impermanent loss (IL) risks. This user abstraction for LPs enables the simplicity that is required to aggregate and convert Assets into tAssets (the token representation of assets deposited into Tokemak Reactors). In addition to the improvement of Web3’s economic bandwidth via increased liquidity, Tokemak also allows projects to overcome the inflationary dependency that is intrinsic to the liquidity costs of Pool 2s (i.e. pool with a native token and its pair). Instead of attracting TVL in “liquidity loans” that cease when liquidity mining rewards decrease or disappear, protocols can acquire TOKE to direct liquidity to their pools with single-sided exposure and no IL risks. As projects seek to reduce liquidity costs and optimize capital efficiency, Pool 2s will be revamped into “Pool t1s” (pools containing the tAsset representation of a native token). This transition will drive the demand for TOKE for use in Token Reactors. So what about the recently launched Pair Reactors that contain ETH and stablecoins? The “Curve Wars” have dominated the DeFi sphere in a battle for gauge weights that control CRV emissions on Curve pools. These emissions serve one purpose, peg stability. However, the long-term sustainability and growth of stablecoin projects can only be achieved with increased usage of their stablecoin, and this is where TOKE comes in. The TOKE that is staked to each Pair Reactor controls the yield that is associated with that given pair. Due to this, stablecoin projects are incentivized to accumulate TOKE and stake it to the respective Pair Reactor to increase both integrations and organic demand. Through this process, the corresponding TVL of that Pair Asset increases thus maximizing its pairings and distribution within Tokemak’s network of liquidity. The endgame for Tokemak is to become an omnipresent liquidity layer that spans across all DEXs and chains. By acting as a liquidity router that unifies Web3, Tokemak constitutes a new layer that exists “above” the DEXs and chains that are powered through its liquidity engine. As such, Pair Assets benefit from a global exposure to the entire liquidity layer. This article explores the role of TOKE as a kingmaker for Pair Assets that seek to maximize organic adoption within Tokemak’s network of liquidity. Furthermore, it addresses the complementary nature that exists between the current “Curve Wars” and the upcoming “TOKE Wars”, where TOKE commands all flows of liquidity.The Foundation of DeFi — Curve Finance Stablecoins are a fundamental component of DeFi that provides the stability that is necessary for a functional financial ecosystem. Before Curve’s launch in 2020, decentralized stablecoins that remained pegged were a mirage within DeFi. Considering that at the time the available AMMs, such as Uniswap, only offered constant product bonding curves (which evenly distribute liquidity across all prices), this was to be expected. Curve’s launch created a new era for DeFi. By introducing its Stableswap invariant that enables the concentration of liquidity around a specific price, it became possible to finally achieve reliable peg stability and greatly minimize slippage. Deep liquidity on Curve became a synonym of tight peg stability for stablecoins. The minimized slippage that is possible due to Curve’s Stableswap invariant incentivizes arbitrage opportunities whenever the price slips off peg. This arbitrage process restores the stablecoin to its peg. As a result, stablecoin protocols began to incentivize Curve pools with liquidity mining rewards (e.g. SPELL rewards to Curve’s MIM pool). However, this strategy inflates the supply of the governance token that is used to incentivize liquidity, and therefore, it creates additional sell pressure from yield farmers that sell their tokens. Curve’s tokenomics constitute part of the solution to the liquidity costs that peg stability represents. By “vote-locking” CRV as veCRV into the platform (maximum voting power with 4 years lock), stakers can benefit from Curve’s trading fees (distributed as 3CRV), receive reward boosts up to 2.5x CRV, and more importantly, they have governance rights over Curve gauge weights. These gauges are the key that controls the CRV emissions that are attributed to Curve pools. The rise of Convex created the separation between the revenue that is generated by veCRV and its governance. Each cvxCRV represents a claim over the revenue that is generated by the underlying veCRV that is locked by Convex, and each vlCVX represents the governance power that is associated with the same underlying. This governance derivative empowers CVX with the ability to be “vote-locked” as vlCVX for 16 weeks, consequently, it gives vlCVX holders access to the governance power of Convex’s underlying veCRV with a much smaller commitment period. In order to decrease the liquidity costs that are inherent to peg stability, stablecoin projects started to bribe vlCVX holders through Votium in addition to the accumulation of CRV and CVX. This method is far more capital efficient than directly incentivizing Curve pools to increase their corresponding TVL. In summary, the so-called “Curve Wars” represent an improvement in terms of capital efficiency where stablecoin projects seek to control Curve gauge weights as a stability mechanism. As a consequence, there is often a misalignment between the CRV emissions that these pools receive and the volume that they generate. This discrepancy is compensated with bribes for vlCVX holders, however, the concerns with the low market adoption of stablecoins that receive high emissions and generate low volume persist within the Curve community.Beyond Peg Stability — “The TOKE Wars” As aforementioned, the “Curve Wars” represent the next frontier in terms of capital efficiency for stablecoins that wish to control Curve gauge weights as a stability mechanism. This allows them to achieve a reliable peg and deep liquidity on Curve. Regardless, peg stability by itself isn’t enough for the long-term success of these projects.Bob deposits ABC tokens as collateral into a CDP (collateralized debt position);Bob mints 1000 units of stablecoin A;Given that stablecoin A isn’t widely integrated within DeFi, Bob swaps it for 1000 DAI;This swap creates a minor depeg of stablecoin A;Alice also has an open CDP and wants to pay her debt;Alice buys 1000 units of stablecoin A and burns it to close her CDP; In this oversimplified example, it is evident that without integrations that foster organic demand there is a ceiling to the growth of stablecoin A. As a result, this stablecoin cannot expand its supply because it lacks the utility that is required for users to be willing to hold it. This implies that to maintain its peg, the aforementioned protocol needs to incentivize with inflation a Curve pool where LPs are willing to hold stablecoin A in exchange for inflationary rewards. Due to this, it is possible to conclude that without organic demand for stablecoin A, its long-term sustainability is undermined. There are multiple promising protocols with stablecoin distributions that are mostly concentrated in Curve pools. This reflects a lack of organic demand and a dependency on liquidity mining rewards to maintain peg stability. Additionally, LPs that provide liquidity to such pools create a strong sell pressure on the reward token that ultimately ends up diluting its holders. So how can stablecoins overcome the conundrum of lack of adoption? There are multiple approaches that allow stablecoins to maximize integrations and improve organic demand:Partner with DEXs and aim to become the dominant trading pair within that market;Target DAOs and create proposals that facilitate treasury diversifications;Create opportunities that are only accessible with a specific stablecoin; Despite the virtues of such approaches they are suboptimal when compared to the distribution that is attainable with Pair Reactors. Tokemak’s liquidity layer unifies and routes liquidity between DEXs and chains, for that reason, stablecoins that are present among its Pair Reactors are exposed to the distribution that is inherent to Tokemak’s liquidity layer. Taking this into account, TOKE can be seen as a kingmaker that scales the distribution of stablecoins as trading pairs. The heuristic that is applied to Pair Reactors is simple: if one maximizes the amount of TOKE that is staked to a given Pair Asset, one maximizes its yield. That being the case, this Pair Asset will attract more TVL and thereby increase its pairings within the liquidity that is deployed by Tokemak. For stablecoin projects, this implies that TOKE is an instrument that catalyzes integrations. By fostering organic demand and adding utility to stablecoins, the vicious cycle of pure farming purposes and mints that are immediately followed by swaps is broken. This creates a symbiotic relationship where “Curve Wars” mean stability, and “TOKE Wars” mean utility. — Example: The TOKE/FRAX Duality. — Tokemak has several promising stablecoins integrated within its Pair Reactors (e.g. Fei, UST, LUSD, Frax, MIM), as well as prominent and widely adopted stablecoins such as USDC and DAI. To illustrate the synergies that can be created between TOKE and the adoption of such stablecoins, Frax will be used as an illustrative example. Frax Finance has recently approved a proposal that aims to allocate up to 100M Frax to its Tokemak Pair Reactor, this represents a great value addition for both parties where Tokemak ensures that it has a large Frax reserve that can be deployed as pairings to its assets, and Frax benefits from the widespread distribution that can be achieved within Tokemak’s network of liquidity. However, this is only part of the symbiotic relationship that can be developed between both projects. First, let’s dive into the mechanics of Frax Finance. Frax has adopted the veCRV token model, due to this, its FXS (Frax governance token) inflation is controlled through veFXS and it can be attributed to any pool that is paired with Frax. It’s important to emphasize that, unlike Curve gauges, Frax gauges can be present on any DEX and chain as long as there is a pool that is paired with Frax. Considering that Tokemak’s liquidity layer will also expand to all DEXs and chains, this implies that every asset that is deployed with a Frax pairing becomes eligible to an FXS gauge. Saying that this is a powerful dynamic would be an understatement, as the overlap that is created by Frax’s widespread gauge distribution and Tokemak’s liquidity layer can create a symbiosis where Frax accumulates TOKE to increase its reserves and corresponding pairings within Tokemak, and Tokemak can continuously accumulate and lock FXS as veFXS to vote on its own Frax gauge weights. Taking into account that Convex has now integrated Frax Finance, FXS will be continuously locked as veFXS into Convex with a liquid cvxFXS secondary market where users can exit their staked FXS positions. Due to this integration, it will be possible for Tokemak to incentivize vlCVX holders to vote on its own Frax pairings and maximize the gauge weights that are associated with them. By doing so, Tokemak can continuously accrue FXS rewards that can be locked as veFXS thus increasing its voting power over Frax gauge weights. Furthermore, Tokemak would simultaneously benefit from the revenue that is distributed from Frax Finance to veFXS stakers. In summary, as Frax Finance accumulates TOKE, it increases its Frax reserves on Tokemak Pair Reactors, therefore, the protocol can improve its distribution and increase the existing organic demand for Frax. For Tokemak, this implies that as Frax pairings increase, the number of pools that are available for gauge weights are equally maximized. Through the accumulation of FXS rewards, Tokemak can vote on its own gauge weights thereby maximizing its revenue independently of the volume that is generated by such pairs. Keep in mind that this is one illustrative example, and similar synergies exist with the other stablecoins that Tokemak supports.TOKE, the Meta-Governor Without getting into the undisclosed developments that Liquidity Wizard has prepared for the Tokemak community, it is safe to announce that Tokemak will start to strategically accumulate both CVX and CRV. Additionally, if everything goes according to plan, Tokemechs will finally be able to circumvent the restrictions that are imposed through Tokemak cycles and it will become possible to swap tAssets and Assets leveraging deep composability with Curve for same-peg assets. Besides the benefits that will be disclosed with the liquidity-debt duality, this represents a major utility improvement for Tokemak users, and it will also drive volume to Curve pools that can be generalized to any tAsset/Asset pair that is present in Tokemak reactors. As a result, TOKE will become backed by CVX and CRV. This empowers TOKE with meta-governance powers that will allow stablecoins to maximize organic adoption, while simultaneously improving peg stability by leveraging TOKE’s underlying governance power.Conclusion Token and Pair Reactors are the duality that powers Tokemak’s liquidity engine. This black hole of liquidity absorbs tokens (regardless of their idiosyncrasies) and matches them with Pair Assets that can be deployed as liquidity to any venue on any chain. From the perspective of Token Reactors, this means that the costs and friction that are associated with Pool 2s can be abstracted through the capital efficiency of single-sided exposure and the absence of IL risks. This implies that projects can reduce liquidity-related costs, and all token holders can become LPs without the aforementioned friction. As a result, Assets will become tAssets, and Pools 2s will become Pool t1s. By aligning interests among all shareholders, Tokemak maximizes Web3’s available liquidity and minimizes value losses while interacting with it. From the perspective of Pair Reactors, this means that promising stablecoins that have so far struggled to increase distribution, are now empowered with TOKE as an instrument that allows them to catalyze integrations within Tokemak’s network of liquidity and foster the organic demand that is required for their long-term success. Introducing this novel form of utility as the next chapter of the “Curve Wars” is an understatement. Curve is the building block of DeFi that enables peg stability, Convex unleashes the power of the veToken model by separating revenue and governance power, and Tokemak constitutes a new superset that empowers all tokens with a widespread distribution that is commanded by TOKE, and is only limited by the expansion of Web3. As the passage of time margin calls projects that overspend their budgets on liquidity, the demand for TOKE will grow. The rise of CVX due to its improved capital efficiency when compared to the direct incentivization of Curve pools is an omen of TOKE’s future success at a Pool 2 level. But this won’t be the only catalyst for such demand. Stablecoin projects will also rely on TOKE as an instrument that catalyzes adoption, and DAOs will accumulate TOKE to control the flows of liquidity within the “internet of value”. Once again, the growth of Tokemak is only limited by the growth of Web3. It is also worth noting that as Tokemak externalizes inflation, it internalizes value through trading fees and LP rewards that grow its Protocol-Controlled Assets (PCA). Once the singularity is reached, Tokemak becomes independent of third-party LPs and TOKE emissions come to a halt. This point marks the transition from inflationary-based liquidity, to a sustainable model that relies on organic economic activity. Additionally, this discontinuation of TOKE emissions implies that demand will become further exacerbated while the underlying PCA maintains its expansion. In summary, for governance tokens Tokemak represents capital efficiency and control over liquidity, for stablecoins Tokemak represents widespread distribution, and for Web3 Tokemak represents sustainable liquidity. In the novel internet where liquidity is ubiquitous, TOKE is the Kingmaker. Discord: Website: Medium: Twitter:☢️ Tokemak, the Kingmaker of Web3 was originally published in Tokemak on Medium, where people are continuing the conversation by highlighting and responding to this story.


Saddle?Finance Creates New Standards for DeFi Trading

    DeFi is a sub-sector in the crypto industry that has witnessed significant innovation since its inception. However, the narrative has struggled to stay consistent, affecting the domain overall. The current bear market has wiped out more than half of DeFi Total Value Locked (TVL), hampering innovations. Furthermore, several projects have simply forked (copied) existing protocols and brought zero ideas to the market. Amidst all of this, one project is making strides with the best innovations DeFiers have seen in a long time. Saddle Finance is the protocol that enables efficient DeFi trading for stablecoins and pegged-value crypto assets like wETH and wBTC. It redefines DeFi trading by offering cheap, efficient, swift, and low-slippage swaps for traders and high-yield pools for Liquidity Providers. The protocol has facilitated over $2B in transaction volume to date. Enabling an Efficient and Secure DeFi Trading Experience Saddle Finance is an AMM-based decentralized exchange (DEX) running on multiple blockchains, including Ethereum, Fantom, Arbitrum, Optimism, and Evmos. It is designed specifically for trading stablecoins and pegged crypto assets. The platform is ideal for HODLers and newbies because of its easy-to-use interface. Its strongest point, however, is that it ensures minimum slippage while swapping assets. This is accomplished through innovative liquidity pools that use the StableSwap mathematical formula to maintain market liquidity. The protocol is also known for it... read More

GameFi platform and play-to-earn guild, Polemos closes $14M seed round

    Polemos, a GameFi application and play-to-earn guild, today announced it has closed a US $14 million seed round at a $100 million fully-diluted valuation, establishing it as one of the fastest-growing entrants to the GameFi sector. Funds will go to further developing its proprietary tech platforms, which will facilitate the lodgement and leasing of NFTs, data analytics, and educational resources for scholars, as well as investment into new play-to-earn games and growth of the team. Contributors to the round include Delphi, QCP, Framework, Golden Tree, IOSG, and LD Capital. Notable high net worth backers include the founders of COTI, Tokemak, Sushiswap, and Altered State Machine. Polemos anticipates significant growth in 2022 with the release of a series of high-quality games it will be supporting, including Illuvium, MonkeyLeague, and Fancy Birds. AAA-produced NFT game titles will increasingly drive gamers to the blockchain through platforms and guilds like Polemos. “Polemos’ vision is to become one of the world’s leading DAOs and bring tens of millions of global digital asset providers and gamers together inside a unified GameFi ecosystem. With the growth of our platform, we expect to soon see thousands of guild members playing the most popular play-to-earn games.” - Sascha Zehe, Co-Founder of Polemos Late in 2021, Polemos released a whitepaper that revealed its strategy to build the world’s first GameFi platform to enable any individual or gr... read More

Bribe Looks to Usher In DAO 2.0 With Voter Extractable Value

    Community governance is a concept that hearkens back to the early days of cryptocurrency, when intrepid cypherpunks pooled resources, shared ideas, and tinkered with one another’s proposals. With everyone pulling in the same direction, but each bringing his own talents and theories to the table, the idea was that those most committed to a project were the ones best placed to influence its evolution. This principle eventually gave rise to decentralised autonomous organisations – or DAOs for short. Made up of developers, engineers, coders and regular community members, these open-source organisations were intended to automate decisions without the need for a traditional management structure or board of directions. Since Ethereum founder Vitalik Buterin touted DAOs as the holy grail of organisation types in a 2013 article, there have been dozens of DAOs deployed on the blockchain, and though each had a decision-making mechanism at its core, the overall projects were highly varied. Alas, many DAOs have been hamstrung by low voter turnout while some have suffered reputational damage due to well-publicised hacks. Reimagining the DAO Model Now, a brand-new kind of DAO is being developed by the Bribe defi protocol. In a nutshell, Bribe is a DAO tooling platform that coordinates voters into formidable coalitions and allows ‘bidders’ to borrow a larger share of a voting pool to influence proposals they feel strongly about. In exchange for lending their own vote share, each comm... read More

Terra Proposal Seeks to Expand UST Stablecoin to 5 Different Defi Protoc...

    On January 6, Terra Research announced a proposal to expand the network's stablecoin asset terrausd (UST) across a number of different protocols on Polygon, Ethereum, and Solana. Terra's governance blog post discusses how the proposal to leverage $139 million of UST can bolster 'awesome use-cases' in the world of decentralized finance (defi). Terra Research Proposes to Expand Terrausd's Reach Across 5 Protocols At the time of writing, Terra's terrausd (UST) stablecoin is the fourth-largest U.S. dollar-pegged token among all the stablecoins in existence. It is also the largest decentralized algorithmic dollar-pegged coin with $10.4 million in UST in circulation today. Furthermore, the stablecoin's market capitalization has increased 21.4% during the last 30 days. Now the team behind the Terra network wants to increase the stablecoin's exposure to five different defi protocols on three chains. The proposal's author, Ezaan from Terra Research, explains how cross-chain UST liquidity has grown a great deal and he thinks that adding more UST to specific protocols will add 'awesome use-cases' to defi. The first UST collaboration mentioned is with the Olympus DAO on Ethereum, Solana, and Polygon. Essentially, Ezaan wants to enable UST bonds and bond $1 million UST in Olympus forever. 'Follow up posts in the Agora thread including when UST bonds are live,' Ezaan said. '1m bond transaction, bi-weekly updates on UST in the Olympus DAO treasury for two months, all three pair addresses wh... read More

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