Epoch 2

Using the Mining Wallet - Preview 1

The mining wallet is accessible at wallet.teaproject.org.

Here is a video tutorial for using the wallet in the preview stage:

A transcript of the video is available here.

Below are the steps described in the video in more detail.

Preparing Your Wallet

First install the Polkadot{.js} extension and then create your wallet account. Then you'll be able to use the faucet to generate some TEA necessary for the gas to pay for your first transactions.

You 'll need the TEA Project's NFT known as Camellia (CML) to start mining on the TEA network. The investor registration form for our latest epoch is available as a Google Form to sign up for redeemable CML seed coupons.

Testers will be able to see their CML coupons in their tea wallet when the new epoch starts.

Steps to Start Generating TEA Yield

Mining TEA

The two ways to generate TEA are either to mine or to stake. To begin mining, you would plant a CML seed into a TEA mining machine to generate TEA tokens. These machines are all virtual for right now, merely simulated machines in place of real miners. Look for the little icon here in your CML seed's row to plant your seed into a miner:

The miner ID & IP will accept anything at this stage (again, these are imaginary machines):

Staking TEA

Staking is a method of generating revenue without requiring the user to have a mining machine. Some people lack the knowledge, capital, or patience necessary to run a mining machine. Others may have TEA tokens but lack the CML NFT necessary to start up a mining machine.

Users can stake either 1 CML or 1000T per staking slot. To start staking, select the "Mining Camellia" link in the header. Click on the Stake button for any miner you want to stake with:

You can either select one of your non-staked and defrosted CML for staking, or leave the CML unselected and the system will automatically take 1000T for your staked amount. The slot index is a slippage tolerance setting and can be safely ignored for now:

Genesis TEA Loans

Contestants can use their frozen CML seeds as collateral for a Genesis Loan. A Genesis Loan is particularly useful for generating the TEA needed for the initial mining machine staking slot. Putting up your extra seeds as collateral will provide you with 500T in exchange for each CML seed.

C CML seed - 1500T
B CML seed - 3000T

Borrowers would have to pay back the loan with interest in order to receive their seeds back (loan duration is currently set at 3 days). Users also have the option of rolling over their loan indefinitely while only having to pay interest.

The Genesis TEA Loan has a variable interest rate given by the AMM curve. The rate is subject to change based on the remaining TEA in the liquidation pool of the Genesis Loan. This is calculated using the AMM curve. That means that the less TEA there is remaining in the liquidation pool, the higher the interest rate. This will be a flexible compound interest rate that is recalculated every 100 blocks. So no matter what the rate was when you took out the loan, the current interest rate you pay is whatever the rate is for the most recent 100-block recalculation.

Genesis TEA Loans can be paid off in full or just the interest to extend the loan

Contestants can extend the loan as long as they pay the interest accrued by the end of the loan due date.

Contestants still have the option to pay off the loan entirely.

Users can see how much Genesis TEA Loan debt they have outstanding in their wallet:

Last updated 3 months ago