The Summoning, and the day after.

The Summoning - concluded? 

The time has come, dear Summoners, to crop the yields and bring DeFi Summer to Telegram. TAC is about to go live, so here are some directions for you on what's next and how to claim your well-earned rewards.

But first, let's take a look back at the amazing work done by the Turtles: a campaign started in a full bear market, with tariffs and crypto scams. It looked like an impossible mission back then, but turned out to be one of the most successful campaigns of this cycle:

• ‍4k unique addresses (+350 over 50K$ equivalent)‍
• 790M$ of assets
• 26 asset partners
• 4 vault providers
• 11 curators‍
• A successful secondary market on Ethereum Mainnet with Curve and Morpho.
  ‍

But the beauty of this campaign is not only in the numbers, it's also in the almost perfect balance that you find among non-yield-bearing liquidity (neutral) and yield-bearing assets (derivatives). That balance drives the efficiency TAC will benefit from immediately after the migration.

Liquidity is not the same: onboarding a lot of derivatives on TAC and not having neutral liquidity would not have generated any activity onchain. As an outcome of this campaign, every single unit of BTC derivatives can be used as collateral to borrow cbBTC or mBTC (neutral). Same for all the other asset classes. This is the recipe to foster real onchain activity, versus parking liquidity to just farm incentives and doing nothing else.

Turtle did not just make the liquidity flow; they made the liquidity flow into a power generator to light up the entire Telegram DeFi ecosystem.
‍

What happens next?

Liquidity in the vault will not generate yields anymore. But a substantial set of incentives has already been provided to the whitelisted dapps on TAC ready on day 1: Curve, CarbonDeFi, Morpho, Euler (and EulerSwap), Zerolend and more to come. These teams have already set up incentive campaigns on Merkl.xyz, ready to stream $TAC tokens and bring back the yield to the Turtle TAC vaults.

Step by step, during this week, the different vault providers will start the bridging process from Ethereum Mainnet to TAC and this liquidity will be deployed into the whitelisted dApps, to farm not just incentives from $TAC, but incentives provided at dapp level and additional yield coming from the normal LP activity (protocol fees). We recently announced the Long Term Incentives Plan that will start tomorrow and will last for at least 6 months, streaming unlocked and unvested $TAC tokens to bump up the yields for LP, while we wait for Telegram consumer apps to bring DeFi to the masses. 

DeFi on TON and Telegram sits at the heart of TAC’s global value proposition.
‍

The Summoning has been carried out over two different phases:

- Phase 1 (1/04 - 5/06): 3.3% of the $TAC supply, including deposit bonuses allocated to the different vaults. Rewards fully vested, linearly, on Jun 30th. Every LP that kept the liquidity in the vaults (or on the secondary market) will be able to claim these $TAC rewards fully unlocked tomorrow. These rewards sum up to the native yield generated by the vaults and that accrued directly on the vaults' LP Tokens (tacBTC, tacUSD, etc).

- Phase 2 (6/06 - 16/07): The second phase of the TAC Summoning campaign officially started on June 6, allocating 1.5% of the $TAC supply to keep farming yield on the liquidity in the vaults. These rewards will start vesting today, linearly over 45 days (till 30th August). Withdrawing before will forfeit Phase 2 rewards still unvested. During the vesting period, LPs will be able to claim, every day, the Phase 2 rewards + the new incentives allocated to dapps.

The Summoning is officially concluded, but Turtle Vaults will continue to serve Ethereum Mainnet users. It’s time to switch tacUSD, tacBTC and tacETH from being “vault share tokens” to become fully fledged TAC Ecosystem LST proxies on Ethereum Mainnet. There is no plan to shut down these 3 vaults: every user on the Ethereum Mainnet will be able to deposit liquidity and mint these 3 LST tokens. The underlying liquidity will be moved to TAC, managed by the curators, deployed into TAC DeFi, and will generate a yield that will accrue back to the LST tokens. Holding tacUSD on Ethereum Mainnet will give one exposure to the yield generated on TAC USD-based DeFi without caring about bridging, deploying, etc. And these 3 tokens will benefit from the existing secondary market, which we plan to expand on with partners like Pendle, to augment even more yield opportunities.

Summoning’s watch has ended, welcome tacLSTs!

‍

Next steps - Claiming Rewards

You can claim your Summoning Phase 1 rewards on Merkl. Here are the steps to check your available rewards and claim them:

• Head over to https://app.merkl.xyz/users 
• On the  top-right of the above page, connect your EVM wallet 
• After connecting your wallet, you will be able to check your “total earned” rewards and the claimable rewards
• Rewards are claimable directly on the TAC blockchain. In order to ease the process, we have airdropped 0.1 $TAC in all wallets eligible to claim the phase 1 rewards, to pay the transaction fees for your claims
• After you click on claim, you will be able to receive your $TAC rewards on TAC, but the popup will not close automatically, as here you will find a link to the gForce Fusion Vault: it’s an accelerated staking vault, brought to you by Gravity, that will issue the official TAC LST and that is sponsored by the TAC Foundation, in partnership with IPOR, the vault provider for Fusion
• Rewards will be provided as WTAC (wrappedTAC). When you bridge them to TON, the bridge automatically unwrap them. If you want to use them on dapps, they usually rely on WTAC. In case you need to unwrap them manually (for staking, for example), you can use Curve.finance to wrap/unwrap $TAC and WTAC.

‍

Please note: the wallet you connect must be the one you used to deposit in The Summoning campaign. Every self-custody EVM wallet supports TAC (as a standard custom EVM chain), but for some custodial wallets like Fireblocks or Copper, it will not be possible to claim just yet. TAC provides day 1 support for some custody providers like Cobo, Fordefi (custom network) and safeWallet, and we’re expanding to onboard more partners soon. 

TAC is committed to not leaving anyone behind. Users who face issues in claiming because of a lack of support from their MPC wallets, or because of other unexpected issues, can fill out this form. We'll join forces with Merkl to reallocate the rewards to a new address and provide a new claiming window ASAP. 

Secondary Market rewards (Curve, StakeDAO, Morpho on Ethereum Mainnet) will be available for claim in the upcoming days.
‍

For wallets:

• Self-Custody Users (Metamask, Rabby, OKX, etc) can simply configure a custom network in the wallet, and there are multiple ways to do this:
  
  • Manual Configuration:
    
    • Network Name: TAC
    • Chain ID: 239
    • Native Currency: TAC
    • Decimals: 18
    • RPC: https://rpc.tac.build
    • Explorer: https://explorer.tac.build
  • Script Configuration:
    
    • On https://explorer.tac.build you can scroll down and find a Metamask logo with “Add TAC”, simply click it and confirm the new network setup
    • On https://chainlist.org/chain/239 connect your wallet and click on “Add to Metamask”
• SafeWallet users can find the SafeWallet instance, operated by Protofire, at https://safe.tac.build. Protofire provides a simple (unofficial) tool to port over an existing safeWallet from Ethereum Mainnet to TAC, leaving the address, the signatories, and all the on-chain configuration intact : https://safe-anywhere.vercel.app/. Type 1 (Ethereum Mainnet) in the Chain ID field, type your safeWallet address, and your deployment transaction (which you can find on etherscan.org, on the address page, in the tab “More info”, by clicking on the date near the creator address/ENS name). Let the tool analyze your source safe, and if there are no issues, continue with the deployment by typing the TAC Chain ID: 239. Make sure to test the safe instance by receiving and sending some assets on TAC before claiming the Summoning TAC rewards.
• Cobo users can simply log in, and they will see TAC live on Cobo UI. 
• 0.1 $TAC will be more than enough to pay for the transaction fees, but in case something goes wrong (network congestion or unexpected reverts), you can also buy $TAC to get additional gas on your wallet:
  
  • Buying it directly from the Telegram Wallet: just type @wallet in the search bar of Telegram, buy $TAC with a credit card or other crypto, and withdraw it on your TON wallet, then bridge it to TAC using the official TAC bridge at https://bridge.tac.build/
  • Buying it on an exchange like Bybit, Kraken or Bitget, and withdrawing it to your wallet on TON. After you have done that, you can bridge it from TON chain to TAC using the official TAC bridge at https://bridge.tac.build/
  • Buying $TAC with $USD1 on Binance Alpha (Pancakeswap on BSC) and bridging to TAC using https://stargate.finance 
  • By swapping other tokens directly on a DEX like Curve, Euler or Bancor
    ‍

You claimed and got your $TAC, now what?

Now you own a piece of the infrastructure that enables real DeFi for TON and Telegram users, but there is much more you can do with your $TAC now. Depending on your risk appetite, you can instantly generate a yield from your $TAC. Here are a few ideas for you, ranked by risk (low to high)

• You can bridge $TAC to your TON wallet using the official TAC bridge at https://bridge.tac.build/ and from there;
  
  • You can deposit $TAC on the Telegram Wallet and stake it to earn 8% APY, or convert it to USDT
  • You can deposit $TAC on one of the exchanges like Bybit, Kraken or Bitget and hold or convert it for USDT
• You can bridge $TAC to BSC directly using https://stargate.finance and trade it for other currencies directly on Binance Alpha.
• You can stake your $TAC using https://staking.tac.build. Just connect your EVM or TON wallet that holds the $TAC, pick a validator you like from the list (that does not exceed the 10% of fees) and enjoy low risk 8% APY on your $TAC, or you can deposit your $TAC into gForce Fusion Vault to get 20% APY for 3 months at the exact same level of risk. 
• You can use your $TAC to manually provide liquidity in dapps like Curve (paired to USDT), Carbon, or EulerSwap, and get even higher returns. Subject to impermanent loss risks

‍

gForce, the Accelerated Staking Vault

Out of all these possibilities, probably the most risk/reward balanced is the gForce Fusion Vault, live at https://app.ipor.io/fusion/tac/0x754bed7C83FB9bc172df86e606be7baC8bD69357‍

‍gForce Vault is a $TAC Accelerated Staking Vault, incentivized by the TAC Foundation to bootstrap the upcoming $TAC LST (Liquid Staked Token).

gForce is a vault built on the IPOR/Fusion tech stack and curated by Gravity, the official partner of TAC Foundation that will issue the canonical LST for TAC. It will be live in about a month, and this LST will unlock the DeFi flywheel for the $TAC token. gForce will be the opportunity to put your $TAC to work for you, benefiting from the dPOS staking mechanism underlying the TAC chain.

100% of the $TAC token deployed in this vault will be staked natively until the $TAC LST is live. At that point, the $TAC will be unstaked and used to mint the $TAC LST.

Users who deposit $TAC in this vault, will earn 20% APY by locking their $TAC for just 3 months (5% net more $TAC tokens), and after will be able to decide to withdraw $TAC or the $TAC LST that will be launched and adopted in TAC DeFi. Deposits in the gForce vault are capped at 100M $TAC and will be open for 10 days post-TAC public launch.

‍

‍What about underlying liquidity and risks?

All assets deposited in the Summoning vaults will be migrated to the TAC EVM chain and deployed in the dApps that are part of the Long Term Incentives plan. 

The entire setup is intended to minimize risk, with well-defined security in place: 

• Bridging Risk: Every asset is bridged using a canonical bridge provider, identified and selected by the protocol asset issuer's original team, among the three partners supporting TAC at Day 1: LayerZero, AggLayer and HyperLane. Bridging risk is inherited by the specific bridging solution selected by the asset team. Each canonical asset can be seen on the official TAC token list (https://github.com/TacBuild/tokenlist/blob/main/src/tokens/tac.json). Near each asset, users can identify the canonical bridge by the tag: tac-lz-bridged, tac-agg-bridged, or tac-hl-bridged. Every asset bridged is not impacted by the TAC integration with TON: there is a direct bridging between Ethereum Mainnet and TAC, and these assets (except for USDT) do not hold any link with TON Blockchain. 

Bridging risk for TON assets (TON, stTON, bmTON, kTON, USDT) will be dependent solely on the TON Adapter, built in-house, audited by the best auditors in the industry, that connects TON to TAC.

• DApp Risk: Every asset bridged is used only in low-risk correlated/ delta-neutral strategies (no volatile pairs, no impermanent loss) implemented by professional and institutional curators. Liquidity does not touch risky dapps, all whitelisted protocols are DeFi bluechips, with a proven track record on the Ethereum Mainnet.
• Chain Risk: The liquidity is secured by the dPoS mechanism of TAC, which is a vanilla CosmosEVM (cosmosSDK), one of the most battle-tested blockchain stacks of the industry (preceding Polygon PoS). Additionally,, the future onboarding into Babylon BSN will provide an additional layer of security.

‍

Further security measures are in place to protect the liquidity migrated to TAC: real-time exploit detection with Hypernative, 24/7 SOC with ZeroShadow + in-house team members, ChainPatrol detection, every single line of code audited, etc. All of this is well documented in an article published recently.

If all of this is not enough, your liquidity will still not be locked on TAC. Ecosystem vaults (tacBTC, tacUSD, tacETH) and most of the external vaults can be redeemed directly on ETH (with a 7-day cooldown period) and within the Turtle Dashboard. Alternatively, LP tokens can be bridged over TAC (using the Turtle Dashboard), and liquidity can be redeemed on TAC (with a 3-day cooldown period). 

Once assets are removed from the vaults, if the redemption happened on TAC, they can be bridged back to the Ethereum Mainnet in multiple ways, depending on the assets:

• TON, USDT and all the other “ton-native” assets can be bridged back to TON using https://bridge.tac.build and from TON Blockchain, to other chains using Stargate.finance or other bridges like rhino.fi, Symbiosis, or Layerswap.

• All the “tac-agg-bridged” tokens can be bridged back and forth from the Ethereum Mainnet and CDK chains using Polygon AggLayer
• cbBTC, wETH and all the other “tac-lz-bridged” tokens can be bridged back and forth on the Ethereum Mainnet using https://stargate.finance 
• USN, ezETH, and all the other “tac-hl-bridged” tokens can be bridged back and forth on the Ethereum Mainnet using HyperLane Nexus (​​https://www.usenexus.org)

For More Information

Don’t hesitate to contact us by opening a ticket on Discord. Join the TAC Official Telegram Group, follow us on X, and follow on DeBank.