Growing our vault and farming ecosystem
Eleven Finance is proud to announce further expansion of vaults and farming on our platform at eleven.finance.
As a new entrant to the yield optimiser space on Binance Smart Chain (BSC), Eleven Finance has been steadily onboarding new users and growing our community. Furthermore our platform has been quick to react to the broader BSC space, responding with new vaults and farming opportunities in lightening quick fashion.
In keeping with this, we are proud to announce today that we have added over 40 new vault pairs to our platform. Bringing the total number of vaults to nearly 50! In addition to this as part of our native token distribution (ELE) we soon be adding farming pools for each of these vaults, meaning users staking LP’s in our vaults, can ‘double up’ with ELE rewards as well!
Our new vaults
Our dev team has been hard at work, adding to our collection of vaults. Giving Eleven Finance users a choice of a huge variety of options when in comes to maximising their yield. We’ve added pairs for some of the most liquid pairs and highly traded on PancakeSwap and therefore on the Binance Smart Chain overall. This gives an opportunity to boost returns for almost every liquidity provider out there! Our vaults now include:
Our Vaults Explained
The core of what we do at Eleven Finance is implement yield optimisation strategies on assets of those staking them on our platform. These assets are PancakeSwap liquidity pool/provider (LP)tokens. Users receive these tokens as a receipt of sorts when providing liquidity to a trading pair on PancakeSwap (more information of the specifics of doing this can be found here). Providing liquidity entitles participants a share of trading fees and additional incentives provided by the platform. Using an optimised strategy embedded in smart contracts, Eleven Finance users these LP tokens to maximise possible yield for users who choose to stake these tokens on our platform and vaults.
How to stake in our vaults
If you’d like to take advantage of the increased yield rewards Eleven Finance can offer on top of your what PancakeSwap offers, the process is quite straight forward. Once you’d provided liquidity to a pair on PancakeSwap (be sure this pair has a corresponding vault on the Eleven.finance site — don’t worry, it should there are nearly 50!), come to the website, connect your wallet using the wallet button in the top right corner (make sure your wallet is connected to Binance Smart Chain).
Once connected if you scroll down the corresponding vault, the site should identify the LP tokens in your wallet for the pair you are looking to add liquidity for. This will be displayed above the ‘Balance’ field on the left of the screen. If you would like to stake these LP tokens in our vaults, first approve Eleven.finance to spend these tokens and place them in the vault, by clicking the approve button and confirming the transaction in your wallet. The next step is to select the amount or percentage of LP tokens you’d like to stake in the vault, select the percentage or enter a number in the field and click deposit (or deposit max if it suits you). Confirm this transactions and congratulations you are using our Eleven Finance vaults. Please note we do have a 0.1% withdrawal fee that will be taken from your LP total on exit to our vaults, to see how this fee adds further value to the Eleven Finance community see more details here).
You should now see the amount of corresponding 11"NAME” tokens you’ve deposited on above the ‘Deposited’ field on the right hand side of the screen. Don’t worry if these don’t match the exact number of PancakeSwap LP tokens you deposited, LP tokens on PancakeSwap and in our vaults are calculated differently, but the overall value is the same.
These 11"NAME” tokens will be named according to the vault you have entered, for example in if you’ve entered the BNB-ALPACA pool they will be reflected as 11APLACA. It is the 11 tokens that will accrue value through the vault strategies. Whenever you chose you can unstake or withdraw these tokens, by clicking the ‘withdraw’ button, selecting the amount and confirming the transaction. This will return to you PancakeSwap LP tokens, which dependant on the amount of time they have been stakes and the APY% of the vault will have grown in number and therefore value of the underlying assets (please note as with any 2 sided LP tokens, these are subject to the potential of impermeant loss on the PancakeSwap platform, knowledge of this is important for any liquidity provider).
So in a nutshell, that’s how our vaults work! Pretty cool huh? Taking assets and protocols that already exist in the space, and adding further value to them, we feel, is a further ‘value add’ to the growing Binance Smart Chain world. But what if there was even more?
ELE distribution and farming with your 11 tokens.
ELE is the native token of the Eleven Finance platform — see more about it’s distribution and value accrual mechanism in our introduction article here. Part of the distribution to incentivise use and place ELE in the hands of the community is the use of farming to do this.
Participating in farming is easy, with your 11 token you’ve received as a ‘receipt’ for using our vaults. Select the ‘farming’ tab in the top right corner of the eleven.finance page. Find your corresponding pool and click ‘mine’, approve and select an amount to deposit, confirm this transaction and congratulations you’re now farming ELE!
*Please note — at present only select pools are eligible for farming with 11 tokens, this will be increased to all our vault pools in the coming days*
Rewards for ELE earning will be displayed when you select ‘mine’ in a pool you have 11 tokens staked in. Remember, your LP tokens in the vaults are still growing in value at this time as well.
The highest ELE returns are for those providing ELE-BNB liquidity on PancakeSwap. Please note there is no vault for these tokens, just take your LP tokens directly from PancakeSwap and ‘mine’ them in the ELE-BNB pool. Your reward, 30 x the amount of ELE per block compared with a standard pool!
Furthermore, those farming/’mining’ with E11 — gained from staking ELE in the vaults have a 5 x weighting in returns of ELE per block.
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: