Eleven Finance — A PancakeSwap migration update

What a past few days it’s been! With so much happening at Eleven Finance, we feel the need to keep our community informed as dust has began to settle on everything that’s recently been happening.

TLDR;

Please continue to migrate across to the new vaults and farms if you haven’t already. ELE farming rewards have been reweighted. Harvesting is changing so APY for everyone is optimised.

PancakeSwap migration update

The whirlwind announcement of the migration of liquidity pools on Pancake Swap from V1 to their new V2 tokens has had a ripple effect for Eleven Finance. As users would be aware, this has meant the team has needed to re-deploy new V2 vault contracts for all our existing vaults that use Pancake Swap rewards either directly or indirectly.

As a result users can, and for the most part have, migrated their farming, vault and underlying LP positions from V1 to V2. Simply connect your wallet to Eleven Finance, in the farms and/or vault page you will see a yellow warning header for pools needing migration. Withdraw your 11TOKENS on Eleven Finance from these pools, if in farm then farm first, then vault. If only in vault then just vault. This will then give you V1 Pancake Swap LP tokens.

Follow the migration instructions provided to Pancake Swap to convert your tokens from V1 to V2. With the new V2 tokens, return to Eleven Finance and enter the new Vaults and Farms.

For those looking to unstake from old farms in order to migrate liquidity please use our old UI at — https://v1.eleven.finance/

Farming rewards re-weighting process

As our users may have noticed, we have also reweighted ELE farming rewards to the pools during the migration process. As a result you may notice changed ELE APR from some pools compared to what was present with V1 farms. Farming rewards were been scaled back dramatically during the migration process.

From today we have reweighted farms to align with Vault volume and reward ELE holders. As per our usual process farming weights will continue to be monitored, and adjusted, to ensure we are rewarding high volume pools. All the while still offering all users the double bonus of earning $ELE while getting great vault APY.

To our ELE/BNB LP’s — please note all rewards are now provided on V2. These rewards have the highest $ELE weighting by far across all our farms (x60 the base rewards, with standard farm weighting now x0.04).

Farming % distribution for newly released ELE rewards

Please note, Vault APY is not affected by the farming re-weights and remains a leader across BSC from a combination of compounding strategies and very low fees.

Updated harvesting function

One of the upsides of the migration and re-deployment of vault contracts was that it allowed us to implement a change that had been in the works for a while. Our compounding strategy and incentives for harvesters has always been a strength of our platform. Popular vaults and harvested super frequently, offering the best APY for participants. However some of the less popular pools did not see as frequent harvesting and compounding as we would have liked.

Additionally we had issues with a ‘front-run bot’ on some of the harvest calls, which on some pools, at some times would try to ‘front-run’ harvest calls from our harvesters.

To overcome this our new vaults will use bots to compound, essentially when harvest rewards = gas rewards the bots will call the harvest function. This will mean lots more compounds and hence rewards for all, hugely benefiting the ecosystem.

Flexible fee model

Another advantage of re-deploying our vault contracts was the ability to introduce a flexible fee model. In our short time as a project we’ve started to implement more and more complex strategies to optimise yield returns for our users. With these different strategies the ability to scale the fee paid back to the Eleven Finance ecosystem is now available. As users would know, at present when a vault is compounded, 1.5% of all rewards are distributed back to a combination of ELE burn, ELE buyback, caller rewards and dev fees. This new function will allow for the fee % to be adjusted, which could have an impact on the buyback and burn function of ELE moving forward. If changes to this take place we would sure to announce prior, but when we do we’re sure you’ll be happy!

Next steps

The community has been clear to use that our UI could be simpler to navigate. We’ve been not only listening, but working hard in the background to make this a reality. We will look to launch our new UI shortly, but wanted to provide a bit of a sneak peek for those that have made it this far:

As you can see, a much more streamlined approach for entering, exiting and monitoring vault and farm positions. We feel this will aid users, especially with those new to the platform, with a more intuitive approach and less 2 token confusion (everything is still the same on the back end). We hope this can bring even more people into our vaults and farms.

Further to this, we have the launch of our leveraged yield farming platform, Bigfoot, coming. Additionally we have a new suite of vaults to rollout for more exciting yield bearing opportunities on BSC. The growth keeps coming as we keep building, and we are so excited to have you along for the journey.

Community

We’d love to hear from you, answer any questions you may have or help you out in any way. Reach out to us through any of the following channels:

Website: eleven.finance

Twitter: twitter.com/ElevenFinance

Telegram: t.me/ElevenFinance