TLX is a leveraged tokens protocol that enables users to mint and redeem leveraged tokens for over 50 assets with up to 20x leverage. Built on Optimism and backed by Synthetix perps, TLX pilots the next generation of leveraged tokens in DeFi. Where gaining leveraged exposure to a wide range of assets is as simple as one click.
Why Leveraged Tokens?
Leveraged tokens, as a financial instrument, provide leveraged exposure to an underlying asset. Unlike perpetual futures, leveraged tokens maintain a constant leverage factor and require zero margin management. Because of these characteristics, leveraged tokens enable individuals to easily gain leveraged exposure without all the complexities and active management that come with it.
TLX leveraged tokens are minted as composable ERC-20 tokens. Once minted they appear in your wallet just like any other ERC-20 token. They can be transferred to other addresses, or even used in different protocols like AMMs. Each leveraged token on TLX is backed by Synthetix perpetual futures contracts and can be redeemed at any time. By drawing from the Synthetix perps engine, TLX leveraged tokens have deep liquidity while maintaining cost-effective fees.
A Decentralized Beginning
Work on TLX began in mid-2023 and up until now, public communications have been kept quiet. Now that this core development phase is nearing its end, it's time for a beginning. Unlike many DeFi projects that launch today, TLX will not be launching in a manner shrouded in “points” or tacky engagement tactics. Rather TLX will be community-led and decentralized from the very start. This process will start by electing the TLX ecosystem council before token and protocol launch.
Ecosystem Council Elections
The TLX ecosystem council represents the interests of the TLX community and ensures alignment is maintained with other projects in the ecosystem. As a protocol built on Optimism and Synthetix, proper alignment is necessary before TLX is live. Starting on Thursday, February 22nd community members may nominate themselves for an ecosystem council seat by posting in the #nominations channel on Discord. Nominations will be open for 9 days. Once nominations are closed, a vote will be held shortly after to determine which members will take the two available ecosystem council seats. For a guide on how to structure your nomination post refer to the pinned message in the #nominations channel on Discord.
Voting
The Ecosystem Council election vote will take place on the TLX Snapshot. But wait, how can I vote if the $TLX governance token is not live yet? This governance vote is a unique one-off vote that does not use $TLX voting power. Rather, voting will be held via a dual whitelist strategy that includes staked SNX holders and registered TLX users. Any user who holds staked SNX on Optimism or has completed TLX Registration at the time of Snapshot (when the vote begins) will be able to vote. Once live the ecosystem council election vote will conclude after 9 days. The two nominees who received the highest amount of votes will be elected. Ecosystem council seats are held for a total of 4 months before a reelection occurs.
Ecosystem council members will receive a monthly stipend of $TLX governance tokens (to be determined after TGE).
What's next?
After the ecosystem council election concludes the process of making TLX community-led and decentralized will continue. During this time we'll share details for the $TLX token generation event, the TLX governance framework, and protocol documentation. In the meantime join us on Discord and if you haven't already make sure to complete TLX Registration.