Telos Network Quarterly Report (Q2 2023)

Executive Summary

Despite adverse market conditions throughout Q2, the Telos team had one of its most productive and dynamic quarters to date. From having a strong presence at major global events and passing the groundbreaking TEDP4 proposal to taking major strides towards establishing Telos as a leader in Web3 gaming, several catalysts took place in Q2 that will have a long, lasting impact on Telos and its entire community as we move into the future.

I want to start this summary with a note on TEDP4, which I believe will pave the way for Telos to establish itself as one of the most versatile and interoperable blockchains in existence. First of all, I’d like to offer gratitude to the community for your tremendous engagement as 99.46% of the 61.8M vote tokens were cast in support of the proposal. I believe that the transition towards a Layer Zero solution (and all of the other elements included in the proposal) will have far-reaching implications for Telos and we’ll perhaps look back on this as one of the project’s defining moments.

As TEDP4 was introduced and momentum began to build for the project’s transition to a true Layer Zero network, the Telos Foundation also set in motion plans to bring in additional team members that could help guide the project in its next stage of development. Throughout Q2 that all-star cast has been assembled, including a new Head of DeFi, Head of ZK Technologies, Head of Design, Developer Onboarding Specialist, Ecosystem Growth Manager and Communications Advisor. Each of these new talented team members brings a wealth of experience across both Web2 and Web3 to the table and can be huge growth catalysts across the different areas of the project they’re working on.

Another exciting development at Telos in Q2 took place in partnership with The Blockchain Collaborative (TBC) at Baylor University. We teamed up with this talented group of technologists in Waco, Texas to test the might of the tEVM and the results were legitimately astonishing. Through TBC’s testing, the tEVM was able to achieve over 15,200 successful transactions per second (TPS), while also recording 1,826 swap TPS. These are both figures that put Telos at the top of the industry in terms of speed, all while maintaining our rigorous security standards.

Telos’ powerhouse business development team also kept as busy as ever in Q2, establishing roughly more than a dozen new partnerships across GameFi, NFTs, DeFi, custody solutions, and other key areas that can help to onboard new users into the Telos ecosystem.

I’d also like to herald Telos’ highly product development team. From essential maintenance work to regular and ongoing new features and development, I am consistently in awe of the spectacular work they’re doing to ensure that Telos and its ecosystem ticks every box in terms of what’s required out of a leading Web3 project now, and what will be required in the future.

As we move towards fall, all of the different teams at Telos are more in sync than ever and ready to leverage the significant progress we made in Q2 to have an even more impactful Q3. The future truly holds boundless potential for this project and everyone involved in it; as always we thank you for joining us on this journey.

Justin Giudici (CEO, Telos Foundation)

Telos Core Developers

The Telos Core Developers (TCD) continued to innovate and move important developmental goals forward in Q2. The unit also welcomed a new team member that can help build on the unit’s success even more moving forward.

From the native Telos Network to the tEVM and Teloscan, every core piece of Telos’ developmental infrastructure underwent major updates and upgrades in Q2, making each more user friendly, secure, efficient and scalable.

Here is a summary of the TCD’s accomplishments in Q2 2023:

Strategic hire in ZK technologies

• Alberto Garoffolo: The team was excited to introduce Alberto as Telos’ new Head of ZK Technologies in mid-June. His work in Zero-Knowledge and SNARKs will help deliver innovation, greater security and more versatility to the Telos ecosystem.

Team Spotlight: Alberto GaroffoloTelos Core Developers Welcome Alberto Garoffolo as Head of ZK Technologieshellotelos.medium.com

Core Telos Blockchain Protocol Upgrades

General

• LEAP: Progress was made on the substitution plugin, with fixes made to memory violations at runtime and improvements to performance.
• API Telos Net: New feature, ‘Market data route,’ was added, supply exclusions were updated and overall system security was increased. Privacy was also elevated by relocating the Recaptcha API key to AWS secret.
• Added MarketData endpoint which will serve the Teloscan API with fiat price data for major tokens.
• BP Auditor: We’ve boosted URL handling, enhanced history check functionality, and fixed SSL check inconsistencies. The BP Auditor has improved API endpoint detection and enhanced handling of full node_type for API endpoints. It has also corrected URL join function usage and error reporting for history errors.
• Token List: The token list was updated and expanded, including the addition of testnet POPs, which will enable broader testing capabilities and foster innovation on the platform.

Telos Native app

• Back-end API endpoints were updated to improve user experience. Several improvements to the display of ballots and voting options.
• Improved mobile support.
• Upgrades made to Telos’ native app in June include fixing a recaptcha endpoint error that had been preventing account creation.
• A governance page was added and a universal loading indicator was implemented.

Telos EVM Upgrades

General

• Improvements were made to the handling of receipt values, which will enhance transaction management and tracking, further strengthening the EVM’s overall functionality.
• Telos EVM Translator: Significant enhancements were made to the system’s codebase, with an emphasis on documentation, code readability, error handling, and database query optimization. This will enhance code maintenance and system performance, further strengthening the infrastructure’s efficiency and robustness.
• Telos EVM ElasticSearch Indexer: A bug related to logs bloom was identified and fixed.
• EVM Tests: Updates were made to the README documentation to improve clarity and accessibility, and a comprehensive test for internal value transfer was properly set up. These updates will ensure more accurate and reliable testing processes.
• EVM Translator: The tEVM Translator saw a series of developmental milestones; web sockets were fine-tuned to improve real-time communications (data conversion redundancies for websockets were also eliminated), gas usage displays were optimized, code changes were made to improve efficiency, and transaction data was optimized to be broadcast in its original form.

EVM Docker

• The Hyperion build was fixed, and the repository was secured and made public. This allows the community to benefit from containerized local EVM development and the building of automated tests.
• Hyperion was removed from the system to allow for easier ongoing maintenance.

EVM 1.5

• Upgraded gap checker code, speed functionality and translator speeds.
• Integrity testing and document duplication testing took place.

EVM 2.0

• Internal transaction fixes were implemented and tested rigorously to assure success.
• Progress was made on the Antelope Leap plugin, a key piece of the project’s EVM 2.0 roadmap.

TBC Report

• Telos worked with TBC at Baylor University in Waco, Texas to test and record 15,200 TPS on the tEVM while also measuring 1,826 swap TPS — both figures that far surpass other leading blockchains.

Telos Breaking EVM Transaction RecordsThe Telos Blockchain Network, powered by AntelopeIO, officially ranks among the fastest blockchain technologies in…hellotelos.medium.com

Teloscan Upgrades + More

General

• Teloscan API Loadtest: A new repository was created to implement a load testing suite. This will enable the Teloscan API to withstand higher loads, thus enhancing its robustness and reliability.
• Telos Open Block Explorer (OBE): Action name inclusion was added to deliver more transparency for transactions taking place on Telos, while visual enhancements, code cleanup and multichain refactoring to simplify network switching were also brought forward.
• Web3 package upgrade took place to improve compatibility and performance.
• A sourcify link was fixed to enable unfettered user access.
• Teloscan README documentation was updated.

Teloscan Indexer

• Work is ongoing on the Price API for creating an Etherscan-like Token List and serving prices to the tEVM wallet.
• The price calculation logic was refactored to better reflect liquidity differences between DEXs.
• Several bugs were fixed, such as TokenWatcher shutdown, and the transfer routes were optimized to provide more comprehensive and accurate transfer data. For instances where token liquidity is too low, the token price will now be deleted.

Telos Wallet

• The team made considerable strides in enhancing user experience on the Telos Wallet platform. They have successfully integrated a token balance API that allows users to view their real-time account balances, and balances are now sorted by fiat balance first, followed by token balance.
• The send page has been visually redesigned to improve user experience, and token sending capability has been enabled.
• The receive page now generates a QR code for the account address logged in, making it easier for users to share their information. A wallet transaction row component has been added to the wallet transactions view, improving tooltip behavior and ensuring that transaction rows match the design on both mobile and desktop screens.
• Version 2.0.1 was released, improving the wallet’s usability by enabling full balance and transaction visibility, and the ability to send and receive EVM tokens.
• Several bugs were fixed to enhance the user experience, including issues related to font display, token balance visibility, and token selection functionality. Additionally, a fix was implemented to address issues with wallet connect transactions when no provider is available.
• NFT inventory accessibility was upgraded to enable parallel processing for faster transaction history retrieval and to improve filtering systems for NFTs. Additionally, faster page load times, educational documentation links, enhanced balance displays for new accounts, more dynamic user interfaces for devices with small screens, WalletConnect improvements, bug fixes, general security and system refinements, as well as deeplink handling were also introduced.

TCD Q2 Expenditure

These accomplishments in Q2 2023 demonstrate the TCD’s commitment to the ongoing development and growth of the Telos ecosystem. Through the team’s continuous efforts, the Telos network is well-positioned for further advancements in the blockchain space.

Marketing

The Telos Foundation supercharged the project’s marketing team in Q2 through a series of strategic hires and the implementation of new always-on content pillars on top of what was already a regular cadence of content, updates and marketing-related initiatives. Telos now has the marketing team in place that’s required to take the project to the next phase in its evolution. The entire Telos community will benefit through a more refined creative look and feel, comprehensive approach to ecosystem growth and a communications strategy with greater potential for virality and global distribution.

This past quarter’s new hires join Telos’ CMO Peter Nguyen who began leading the project in Q1 and has set to work on heightening its marketing capabilities and reach. The new, fully formed team wasted no time hitting the ground running in Q2, unleashing a series of campaigns and initiatives aimed at highlighting all of the tremendous dev work, business development and other progress taking place across Telos. The project got a facelift with a new, more elevated brand identity (which continues to be developed), grew to new all-time highs in terms of follower and community count across social and Telos received coverage in top publications including CoinDesk, Blockworks, PYMNTS, The Street, and more in Q2.

Here’s a full overview of the project’s marketing achievements during that time frame:

Team Expansion and Growth:

• Onboarded an experienced Ecosystem Growth Manager, Head of Design and Communications Advisor to The Telos Foundation Marketing Team.

Campaigns and Initiatives:

• Introduced new initiatives such as The Telos Digital Collectible Show, new seasons of Telos Zealy, new Powered by Telos Twitter Spaces, and Telos Uninterrupted.
• Rollout of TEDP4. Hosted various community AMAs focused on educating the Telos Community about the TEDP4 proposal.

Events, Conferences, and Collaborations:

• Hosted a variety of engaging AMAs, Twitter Spaces and Discord events with Telos ecosystem partners with the goal of community cross-pollination and education.
• Telos announced its official collaboration with international gaming juggernaut GameStop at the beginning of June to help onboard the next generation of gamers into Web3 through the Playr game launcher.
• Attended international conferences such as Consensus 2023, Next Block Expo 2023, Web3 Berlin 2023, and 3XPGG.

Telos World Tour Thread

• Attended Goat studios Innovation Junction in Toronto, Canada.

Telos at Innovation Junction Toronto

• Organized a new Telos Town Hall community Q&A where the Telos Foundation and Telos Core Developers provided a deep dive into ongoing GameFi collaborations and network developments.
• The Telos Foundation’s Head of Business Development, AJ Dinger, was featured in an exclusive interview on the Future of Web3 Gaming on CoinDesk TV’s ‘The Hash’!

CoinDesk Interview with AJ Dinger (TF Head of BD)

• AJ also represented Telos in the r/Superstonk community AMA alongside Platinum Sparkles and Crybad from the r/SuperStonk Community.

Content Strategy and Communication:

• Introduced Telos Zero to the Telos community. Created and refined Telos Zero branding.
• First and Second wave of telos.net website improvements were deployed.
• Continued production and hosting of recurring content and community events, including Telos Thursday Talks, Telos NFT Show, Weekly Express and Telos Weekly.

Telos Weekly Series

• New Video tutorials were added to the official Telos YouTube channel providing in-depth guides to getting started with the Telos Network and Telos Ecosystem Partners.
• Introduced The TCD Snapshot and TCD Q&A to provide updates to the Telos community about the latest behind the scenes technical Telos Network upgrades from the TCD.
• Introduced The Team Spotlight Series introducing the Telos Foundation’s newest team members to the Telos community.

Community Engagement and Metrics:

• Successfully completed new seasons of Telos Zealy to gamify community tasks and promote awareness.
• Surpassed 100k followers on the Telos Twitter Account.
• Achieved over 1.6 Million impressions on Twitter in Q2, bringing total 2023 impressions to 3.2 Million.

The achievements of Q2 highlight the unwavering commitment of the Telos Marketing Department to heighten both awareness and engagement around the Telos ecosystem. A robust trajectory for the Telos network has been carved out through their relentless efforts, setting it up for sustained growth and success in the competitive blockchain landscape.

Business Development

The Business Development team at Telos continued its run of consistent productivity in Q2, establishing new alliances aimed at enhancing and expanding the Telos network. From the NFT space to GameFi, DeFi and other sectors across Web3, the team developed a steady pipeline of reputable and impactful partners that will be strong contributors to the Telos ecosystem far into the future.

The project’s BD team was also out front and center in the community and in the media, as referenced in earlier sections through initiatives like reddit AMAs, CoinDesk interviews, and more. These appearances continue to build awareness and credibility for Telos as a whole and have a highly positive impact on the perceptions of the project for newcomers and third-party audiences in particular.

Here’s an overview of all the latest additions to the Telos ecosystem:

New NFT Ecosystem Partners:

• NeftyBlocks

New Infrastructure Ecosystem Partners :

• Forward Protocol
• Altura

New GameFi Ecosystem Partners:

• GameStop
• Good Games Guild
• Hypermove

New DeFi Ecosystem Partners:

• iZUMi Finance
• AssetUX
• Pomelo
• SafePal
• Sidekick
• ChangeNOW
• WagyuSwap

The Business Development team at Telos continues to hold firm to its dedication of incorporating only the top-tier projects into the network’s ecosystem. With a pipeline teeming with thrilling prospects, the team is unwavering in its mission to continually amplify the network’s features and potential.

Telos NFT Department

This range of NFT-related achievements in Q2 further cements the team’s unwavering dedication to exploring new realms, supporting artistic talent and championing forward-thinking innovation on the Telos Network.

Here a full overview of the accomplishments and milestones achieved by the Telos NFT team in Q2:

Core Values and Strategic Direction:

• Continued commitment towards exploring new frontiers, nurturing artistic talent, and spearheading innovation in the NFT landscape.

Partnerships:

• Swapsicle revealed their debut collection, Ice Cream Zombies, with the Telos NFT Team hosting the launch party AMA.
• Collaborated with token.art and encouraged users to share their digital assets using the app on Twitter, offering a $100 prize.
• Robinos, Telos’ sports betting platform, released its second series of NFTs, focused on Cricket, allowing collectors to earn based on the performance of their NFTs in the season.
• In collaboration with the Telos NFT team, Kanda launched the unique Kanda Weather NFT project, representing fractional ownership of a real-world weather sensor in Uyo, Nigeria. This project aims to improve weather data in the region, with the potential to positively impact millions of people.

Blockchain Battles Climate Change:Kanda Weather & Telos’ Groundbreaking NFTshellotelos.medium.com

Artist Grants and Campaigns:

• Launched the Artist Search Program in collaboration with Launchifi to shortlist artists for the Telos NFT Artist Grant, a prestigious grant supporting artistic talent.
• Launched Season 2 of the Artist Spotlight Program, celebrating artists who have minted their work on Telos, and featuring a wide range of mediums and styles. The artists were also showcased on the Digital Collectible Show in the Official Telos Discord.
• Community developer Israel was awarded a Telos Ignite Grant for his vision and work on a Telos-centric marketplace, in addition to his contributions in creating tools for the Telos NFT ecosystem and assisting in development work of various on-chain projects.

Events

• Presented at the 2nd annual NFT BC conference in Vancouver, Canada with representatives The Big Gooey, Vaz and BasedJake, who participated in speaker panels, artist activations and workshops.

Telos NFT at NFT BC

• Initiated a weekly NFT show every Wednesday at 16:30 UTC that provides an update on NFT-related happenings and a platform for artists to showcase their work.
• VazNFT represented Telos at the ReFi Toronto event, promoting the practical impact of Telos’ NFTs in the real world.
• The Telos NFT Department was featured on the GOAT Studio Artist’s show, attended by over 500 listeners.
• Participated in Goat Studio’s Innovation Junction in Toronto with Telos artists showcasing their work. Peter Nguyen, the Telos Foundation’s CMO, also discussed the Future of Generative Art as a panelist.

Telos’ NFT ecosystem is expanding and new, talented and dynamic artists and creators are being onboarded each and every quarter, with Q2 being no exception. The Telos NFT Department is making huge strides in terms of fostering a creative and technically-savvy community that are beginning to drive excitement and traction around the project’s NFT ecosystem. With appearances at a number of North American events and regular, ongoing NFT-related content being broadcast far and wide across social media in Q2, a promising level of momentum is being built for Telos in terms of its reputation and presence within the NFT space.

Liquidity and Exchanges

Throughout Q2 2023, the Telos L&E Team demonstrated considerable resilience and adaptability. Despite market volatility in April, the team launched perpetuals in the Telos ecosystem, which drew increased community engagement and investment. Governance was strengthened with the addition of Brian Tse and Ajinkya Jagtap to the oversight committee.

Here is a list of the Telos L&E Teams key accomplishments in Q2 2023:

• Announcement of perpetuals representing a significant step in the evolution of the Telos ecosystem. This feature is expected to enhance Telos’ DeFi offerings and encourage community participation and engagement.
• Integrated SafePal with tEVM.
• The governance structure of the L&E team improved, with Brian Tse and Ajinkya Jagtap joining the oversight committee alongside Telos Foundation executives. Brian Tse, with his extensive crypto accounting and record keeping experience, will validate reports.
• The L&E team responded to the unexpected failure of the MultiChain bridge, which resulted in the depegging of the USDC stablecoin on the Telos network. Precautionary measures were implemented to protect the Telos liquidity fund. Efforts were also made to minimize negative impacts on Telos markets through detailed market analysis and constant monitoring.
• Made significant progress on new bridge solutions, with a commitment from one of the top 5 bridge solutions set for deployment in early Q3.
• Campaigns with Swapsicle and Omnilend continued throughout May.
• Welcomed Nicky Chalabi as the new DeFi lead; she will be driving new project outreach, managing deal flow, negotiating partnerships and developing Telos’ overall DeFi strategy.

Team Spotlight: Nicky ChalabiTelos Foundation Welcomes Nicky Chalabi as Head of DeFihellotelos.medium.com

• Actively worked on securing top exchange listings and on/off-ramp solutions, with conversations progressing positively and some in advanced stages.

Read our new article below for an overview of the team’s strategic direction and focus areas for the upcoming months:

Unleashing DeFi on Telos — Bringing the full DeFi Composability to TelosAs members of our growing community, you are all aware of recent events related to the bridging solution within our…hellotelos.medium.com

Through continued focus on these strategic areas, the Telos L&E team aims to create a robust and thriving ecosystem that benefits all participants while maintaining healthy liquidity measures and protections in place at all times. The team showed tremendous fortitude in Q2 despite some challenges and proved without a shadow of a doubt that it’s ready to tackle and overcome — with great speed — any obstacles or barriers that come along. While the MultiChain incident may have had a significantly negative impact on other project’s, Telos’ L&E team’s quick action and adaptability ultimately brought the team and community together while leading to a great long-term outcome through the project’s new bridge solutions.

Telos Foundation Q2 Expenditure

Governance

Governance serves as the bedrock and lifeblood of the Telos Network, and for us at the Telos Foundation, alongside our elected Telos Guardians, nothing holds more significance than transparency and clear communication. Embodying this principle, we are thrilled to unveil the Telos Governance section, which will be a consistent feature in all of our Monthly Recaps and quarterly reports henceforth.

This dedicated section will shed light on critical advancements in Telos Governance, presenting key unbiased reviews from the community-elected Telos Guardians. It will offer transparency on vital performance indicators, network health, and celebrate noteworthy accomplishments within the Telos Foundation. We see this as a pivotal move in keeping our community thoroughly informed and engaged.

Follow the Official Telos Guardian Twitter Account

Conclusion

Builders build, plain and simple. This is an ethos that can be applied to everyone working on Telos regardless of market conditions, trends, circumstances or any other factors. Q2 was, perhaps, the project’s most productive 3-month period since its inception in 2018; from some of the biggest business development deals in Telos’ history to passing the historic TEDP4 proposal, the project is on the path to significant and sustainable long-term success.

In Q2, the Telos Foundation assembled a dream team to lead the project into the next bull run. Meanwhile, the talented teams already in place also made tremendous progress in their respective lines of business towards adding value, utility, versatility, seamlessness and user-friendliness to all facets of the Telos ecosystem.

The dawn of a new era is approaching at Telos as the Telos Foundation sets in motion the standards and updates approved through TEDP4. Future updates will be heavily centered around the project’s shift to a true Layer Zero solution and all of the flexibility and potential that can and will provide everyone involved with Telos. Until then, a moment to thank all of the hard working and determined stewards of Telos after another busy quarter and, of course, a massive show of appreciation for the Telos community around the world.

About The Telos Foundation:

As a decentralized, independent and not-for-profit organization, the Telos Foundation spearheads the advancement and governance of the Telos blockchain. Launched in 2018, Telos has an impeccable five-year record of uninterrupted service. With the introduction of the tEVM in 2021 — the fastest Ethereum Virtual Machine — Telos has demonstrated its commitment to cutting-edge technology. Now shifting its focus to becoming a Layer Zero network, Telos places paramount importance on scalability, security, and decentralization. The network’s impressive performance allows for 15,200+ transactions per second, all while maintaining near-feeless operations. Today, the Telos ecosystem boasts more than 100 partners, 250 dApps, 1.2 million accounts, and a rapidly growing community. Telos continues to propel the industry’s transition to Web 3.0 and pave the way for global adoption of decentralized solutions.

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