Let’s burn some $ELE — Supporting our ELE holders and building for the future
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 in some pools with very low ELE APR, to the point where gas fees to stake were not covering expected rewards.
Furthermore we continue to inflate with ELE rewards. Today we have taken actions to change both these issues and give more back to ELE holders. From this point forward we will move to burn 31.9% of all emitted ELE. This will be farmed into a ‘burning pool’ with these tokens being sent to a burn address and permanently removed from the circulating supply every 6 days.
In addition to this change, our buyback and burn token model continues to place buy pressure on the ELE token and burns this (read more), burning more as our platform use increases.
With all this happening we haven’t forgotten our ELE stakers and ELE/BNB liquidity providers who are the core supporters and believers of Eleven Finance. As a result we have chosen to keep rewarding them with the highest percentages of our ELE distribution or 34% of total ELE emissions (which is 50% of non-burnt emissions).
Additionally our desire to build cross chain interoperability means that we’ll continue to reserve a 23% of our farming supply to do this (or 33.8% of non-burnt emissions). Also our ELE stakers will get 9% (or 13.2% of non burnt ELE). Those lending to the Bigfoot bank are vital to getting this the volume it deserves, so those with staked bfBNB and bfUSD will also be incentivised with ELE rewards.
Our farming model will continue to have the ability to change to the needs of the Eleven Finance community. We feel the above changes will help support the ecosystem as we continue to build and grow, continuing to offer opportunities for the best yield in any market conditions and across several blockchains.
Keep up to date, and find out more info about everything we are doing at:
Website: eleven.finance
Twitter: twitter.com/ElevenFinance
Telegram: t.me/ElevenFinance
Telegram ANN: t.me/ElevenAnnouncements
