Welcome to Eleven.Finance
Building a high APY vault ecosystem on Binance Smart Chain
We are proud to announce the launch of Eleven Finance, a platform empowering high APY vaults in the Binance Smart Chain ecosystem. Our community focussed platform will offer a dynamic and broad range of vaults to provide our users with optimised yield strategies.
As the Decentralised Finance (defi) world grows, the search for the best yield grows with it. From the birth of the ‘Grandfather’ of yield optimisation, Yearn Finance, the space has seen a growing number of options for defi participants in search of the best returns.
Alongside this, Binance Smart Chain has seen exponential growth since its launch in late 2020. It has brought fast and cheap transactions to a growing number of platform users. In turn this has resulted in an explosion of defi protocols on the platform, that have brought with them countless opportunities for yield.
It has now also helped bring Eleven Finance into the world. Our vaults will initially utilise liquidity provider tokens from the ecosystems most popular exchange, Pancakeswap.finance. As further opportunities for yield present themselves in the BSC ecosystem our vaults will adapt to take advantage of these. Users staking these tokens in our vaults will be able to take advantage of our yield optimisation strategies and enjoy fantastic returns.
How it works
Some defi protocols offer participants the opportunity to receive returns or yield for interacting with them. In the quest of yield defi users often seek out decentralised exchanges as sources of yield. On Binance Smart Chain the leading decentralised exchange is Pancake Swap, which sees far and away the highest volume of transactions taking place on it every day.
The beauty of this volume is that users providing liquidity to the exchange see a cut of transaction fees, more volume = more fees = more yield.
Providing liquidity to the platform is as simple as owning both tokens of any given pair, supplying these to the exchange, in return for an LP token, or put simply a record of you providing a given amount of liquidity to the ‘liquidity pool’.
Furthermore, the Pancake Swap platform offers liquidity providers of certain pools further rewards, in the form of their native token $CAKE, in return for staking these LP tokens with their platform. Given the specific pool and amount of liquidity provided these rewards can be pretty attractive. But what if there was an even better way?
Enter Eleven Finance, a network of yield optimised vault, automating much of this process to provide even greater rewards for defi participants and liquidity providers. By providing liquidity to Pancake Swap, Eleven Finance users, can then stake their LP tokens at eleven.finance in our vaults. For a small vault fee of 0.1%, that is only charged on withdrawal of LP tokens, these vaults earn higher returns through strategies such as automated compounding of $CAKE rewards and LP fees, to re-buy more LP tokens in the given pool and repeat this process. When users want, they can remove their LP tokens from the vaults.
ELE token
The ELE token is the native token of the Eleven Finance platform, holders of this token can stake it on the platform in the ELE vault. In exchange for this they will receive E11 tokens. These E11 tokens accrue value through partial redistribution of vault fees collected and sharing of harvested vault rewards.
These fees are distributed in the following way to provide value to the Eleven Finance platform:
As mentioned above when a user withdraws LP’s from the platform 0.1% fee is collected from them, additionally each time a Vault is harvested a 1.5% fee is taken on any rewards gained by the strategy. To clarify the only time a users own LP’s are subject to any fees is the 0.1% withdrawal fee. Of all fees collected, they are distributed in the following manner:
25% of this is used to buyback burn ELE
41.67% of this is used to buyback ELE and distribute this (in the form of E11 to existing E11 holders)
16.67% of this as a developer fee
16.67% of this as a controller fee (this is a fee paid to users who call the harvest function of a vault contract)
Token distribution
The ELE token is distributed in the following way:
Total ELE supply — 11,000,000 tokens
Real ELE total supply — 8,117,630 tokens. Total supply has been reduced by 2,882,370 due to pre-sale not reaching hard cap, as a result these tokens have been burnt
Presale —20 % — 2,022,624 Tokens
Farming — 67.5% —4,950,000 Tokens
Liquidity provided —5% — 595,006 Tokens
Dev fee — 7.5% —550,000 Tokens
Farming
Part of distributing ELE tokens to our Eleven Finance community, is the inclusion of farming rewards for those using our platform. These rewards will run for a year from launch aiming to distribute 4,950,000 ELE over this time.
Vault users can stake specific “11” tokens (granted from using the vaults) in the MasterChef contract, using the ‘Farming’ tab on our website. This will allow users to not only earn great yield in vaults but add to this with the ELE token.
Farming rewards are distributed as follows:
50% of all farming tokens will be distributed in the first 4 months.
The further 50% will be distributed over the following 8 months.
After one year all $ELE tokens will be distributed.
At present farming rewards for providing liquidity to the ELE-BNB pool on Pancake Swap will receive a x 30 bonus of ELE rewards. This is to help incentivise liquidity to the pair as new users come to the platform.
Farming of E11 tokens granted from staking ELE will also receive a x 5 bonus on further ELE rewards.
Buy back and burn strategy
In order to provide further value to ELE holders who have staked to receive E11 our developers have a buyback and burn strategy in place. This uses a large percentage of BNB raised in the Eleven Finance presale to seek optimal yield on the BSC platform. The returns from this are then used to buy back ELE from the market and distribute this to ELE stakers in the form of E11. Additionally a percentage of these returns are used to buyback and burn ELE, placing a deflationary pressure on the total token supply.
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
