Two separate platforms harnessing the power of the interoperability of DeFi to do great things for users.
The Polygon DeFi ecosystem is a vibrant and fast moving space that has seen the key platforms build out, gain popularity and emerge as key players.
Two of these are Iron Finance and Eleven Finance.
Iron Finance is well on their way to establishing themselves as a premier decentralized, non-custodial ecosystem of DeFi products, protocols, and use cases on the Polygon network. The IronSwap protocol alone has seen huge volume and value locked.
Those who know, have known for a while, we have been planning a roll-out of our new and improved leveraged yield farming platform on the Polygon network for some time now.
We’d like to use this article to introduce this platform and talk through some of its features and benefits to the Eleven Finance ecosystem.
For a leveraged yield farming system to work, we need a lending side where collateral is lent by users, to the system or banks, to then be borrowed out. …
Thanks to everyone for their patience. After lots of hard work we have now retrieved all data and finalised the snapshot, identifying a list of wallets affected by the Nerve Vault Exploit.
This was no easy feat and we need to thank all involved from both within the Eleven Finance team as well as external parties for there help (shout out to @AlladaBlaise on Twitter for their database assistance).
Find the official snapshot below:
If you were affected please follow the below instructions:
First and foremost, thanks everyone for your patience and continued support. Despite everything that has happened recently, the community has stayed united and this gives us a lot of motivation to keep working hard everyday. Now, lets go deep into what happened, and what we are going to do about it.
Our platform currently hosts more than 200 vaults in two chains using different yield optimization strategies. A few days ago, a malicious exploiter found a way to abuse one small subset of vaults and successfully drained all their funds.
The targeted vaults were part of a custom and more…
Approximately 36 hours ago the Eleven Finance team was made aware of an exploit targeting it’s Nerve vaults this included the following:
bfusd (just unutilised funds in NRV vaults, not funds being lent)
This has resulted in a 100% loss of funds from these vaults, totalling around $4.5 million USD.
Upon analysis the cause of the exploit was developer oversight. The emergencyBurn() function not burning shares allowed the attacker to execute this attack.
It should be noted that this not new code, this has been present since the inception of these vaults, overlooked on code…
We at Eleven Finance have well and truly settled in after expanding our vault offerings to the Polygon/Matic Network less than 2 weeks ago. Over this time our number of vaults as quickly grown and along with it our TVL, which stands in excess of $28 million USD on Polygon alone.
In partnership with Quickswap we will be offering double incentives for both ELE/MATIC and ELE/QUICK qLP (Quickswap LP token) pairs. ELE rewards of 3000 ELE/day (from our crosschain fund) will be distributed across these qLPs, which will be matched in value with QUICK rewards from the Quickswap team.
As long time users of Eleven Finance would be aware we have incentivised usage of our platform through distribution of our native token ELE through farming rewards. Those using our vaults could stake in our farms for ELE on top of great APY from vault strategies.
In the early days of our platform, we had few vaults and lower total volume locked, ensuring an even distribution across users of Eleven Finance.
Times have changed. Our token distribution is hard coded into our contract at 0.711 ELE per block. Spreading this across every pool for every vault we offer has resulted…
Our Bigfoot leveraged yield farming platform has been live for a while now, slowing gaining traction. A phased launch of this platform has always been the plan, but today we take this to the next level with the launch of BigfootUSD (bfUSD) and leveraged stablecoin yield farming.
Introduction to bfUSD
Stablecoins have enabled and revolutionised the defi landscape and enabled a wide range of new products and yield opportunities. Protocols like Nerve Finance have been developed to help maintain the stability (or peg) of these assists as well as provide a place to trade them with low slippage.
A flexible fee model has allowed us to increase the burn rate and buy pressure on our $ELE token by %466 this was achieved through lowering the developer fund and controller allocation and reducing ELE dividends to stakers.
What a whirlwind the past 2 months have been!
The launch of Eleven Finance has brought with it tremendous growth and innovation. As such we’ve hardly had a chance to catch our breath on our way to $185 million in total value locked on our platform and growing.
We thought this would be a good time to take a deeper dive into…
We are so happy to announce the partnership between Wault Finance and Eleven Finance.
Eleven Finance from launch has places a huge focus on adding value to the BSC ecosystem and has done this through yield optimisation and vault strategies. We’ve supported vaults and strategies for a number of projects that we feel followed this value add approach, none more so than Wault Finance and it’s IDO’s. With the launch of WSwap and it’s token WEX we are taking this to the next level.
By linking our two platforms, WSwap users will have the easy option to, once they’ve added…