Playing on Tesoro
Gemas
The play unit, what backs it, and how Redeem works.
1 Gema$0.01 when issued- Advance from a SOL Positionredeems in simSOL
- Advance from an ETH Positionredeems in simETH
- Advance from a HYPE Positionredeems in simHYPE
What a Gema is
Gemas are the one play unit on Tesoro, the same on every chain. A Gema is worth $0.01 at the moment it is issued. Every Gema is also a redeemable claim on its Source: the Advance it was issued from.
At the table, all Gemas are equal. At redemption they are not: the Source fixes the asset and the amount a Gema redeems for, so a Gema issued from an ETH Position redeems in ETH, and one from a SOL Position in SOL.
Source
The dollar price is used once, when the Advance is issued. From then on a Gema is an amount of the Source asset. A later move in the asset's price changes neither the Debt nor what a Gema redeems for, measured in that asset.
When you win a Match you receive the loser's actual Gemas, each keeping its Source. A winner can end up holding a basket of claims on several Positions and several chains. Your Wallet shows these by Source, split into redeemable now and pending.
Redeem
To Redeem is to turn Gemas into their Source asset. It is possible only as far as the Source Position's yield has actually accrued. For each Source, the Gemas you can redeem are your share of the Gemas that yield has already covered, so redemption never pays out more than the yield that exists.
| Situation | What it means for Redeem |
|---|---|
| The Source's yield has covered its Debt and more | Your Gemas from that Source are redeemable now. |
| The Source's Debt is not yet repaid | Your Gemas from that Source are pending and become redeemable as its yield lands. |
| The Source's yield slows down | Pending Gemas wait longer. There is no deadline and no guarantee of a date. |
Redeem pays out in the Source asset: simSOL Simulated on Solana, or the Ethereum or HyperEVM test token on those chains. Redeeming an Ethereum or HyperEVM Gema sends a message to that chain, which takes a few minutes (see Chains).
Which Gemas an entry uses
When you enter a Match, Tesoro uses your own-Sourced Gemas first, the ones from your own Positions, and then Gemas you won. That keeps Gemas that came home counted as yours. An entry can draw on up to 8 different Sources. If your Gemas are spread over more than 8 small Sources, redeem some of the small balances first.
What Gemas are not
- They are not a token you can trade, and not a currency for buying things.
- They are spent only on contests between Players (see Games and Matches).
- They are not a promise of any particular amount of the Source asset until the Source's yield has accrued.