Eleven Finance — April 2021 Update.
Our community is the heart and soul of what we do at Eleven Finance and now that we are well and truly up and running we felt it necessary to provide you all with a regular update of what we’ve been doing, where we are at now and where we are going. So here goes….
What we’ve been doing:
It’s hard to believe a little less than 2 months ago, our initial Eleven Finance contracts were pushed to the Binance Smart Chain. Our small telegram community saw these yield optimising vault strategies go live and in short order discussions around the project launch were taking place. Just like that we opened a 48 hour Bounce Finance presale (which was undersubscribed at the time) that raised 505 BNB (link).
Those that were around at the time saw the beginnings of a project where building a useful, value add product for the Binance Smart Chain ecosystem was core to what Eleven Finance was about. Vault’s were added with fierce regularity, the newest projects on BSC had strategies devised, based on community feedback our vault selection grew and grew. Being on the front foot allowed our development team to have vaults ready on project launch (or even before hand in some instances).
Our community grew alongside our platform, with Telegram and Twitter numbers increasing. We saw Total Volume Locked in our vaults grow steadily too. With this came news of the next step in the Eleven Finance ecosystem, Bigfoot — an optimised leveraged yield farming platform. More complex strategies came, allowing users to ensure optimised rewards beyond that of just the Pancakeswap platform.
Where we are at:
Eleven Finance currently has in excess of $90 million in total volume locked in our vaults, utilising in excess of 95 strategies. Our market cap at time of writing sits at around $24 million. Farming distribution of our native token $ELE continues, incentivising those using our platform. Our community stands at a Telegram of over 2600 members and a Twitter following of 3300 and growing. Our UI has been updated, allowing a much clearer outline for users and their experience with Eleven.Finance including entry and exit to vault and farms, monitoring their position and rewards.
Where we are going:
Those following us closely would be aware of some of the following, however the break neck speed of Defi growth and the Eleven Finance team with it, it’s timely to document our plans:
Pancakeswap V2 migration
As many on BSC would be aware, upgrades to Pancakeswap liquidity pool tokens will require a migration of LP tokens. The team at Eleven Finance is developing a simple front end on our website at eleven.finance which will allow current vault participants to unstake current LP’s, transition to new LP’s and restake these in our corresponding new vaults. Effectively migrating their LP tokens, whilst keeping them staked on our platform to ensure optimal reward strategies.
Bigfoot Launch — Optimised Leveraged Yield Farming
Bigfoot is ready. Our optimised leveraged yield farming platform is ready to go and is awaiting the rollout of the new Pancakeswap V2 to launch. This platform will allow users to lend BNB to the Bigfoot bank in return for interest bearing BNB. Alternatively borrowers will be able to take out leveraged positions against collateral to enter our vaults for exposure to the potential of even higher APYs. Bigfoot will be a staged rollout, initially offering our 11CAKE and 11CAKEBNB vaults and BNB lending. With time, the number of vaults on Bigfoot will grow, as well as additional collateral options such as ETH and BUSD.
Cross Chain Migration/Interoperability
The world of decentralised finance is growing, Binance Smart Chain has been a blockchain that has seen cheap and fast transactions reach a huge number of defi participants. Having said this other blockchains are growing in popularity for similar reasons, all with a growing number of users and in turn opportunities for yield and yield optimisation. Eleven Finance will work to build cross chain interoperability, bringing our vaults and leveraged yield farming to a variety of other blockchains. Our first priorities will be Fantom and Solana.
Our long-term vision is that our platform becomes the one-stop platform for all your yield optimization needs. When we say “all”, we really mean it. In order to make this possible, we need to reduce current ELE rewards by 30%, which will be completely reinvested in the integration of the new chains and farms. The changes will take immediate effect.
Finally, thankyou.
To our great community, thanks for being with us on this journey, we look forward to working with you as we grow and are incredibly excited for what the future brings.
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
