$1,414,457 worth of $YLD Staked in Elevate. WTF?
I was digging through the list of top $YLD holders yesterday just to see what the whales might be up to and what other coins they are involved in. However, my search was halted when I spotted a wallet in the second-highest ranked position that I had never seen before;
The wallet caught my attention because it was bigger than the SushiSwap wallet, and the only other wallet bigger than it was the $YLD Deployer itself.
In total, it has $1.41 million inside the contract, so, obviously, I had to dig deeper…
As it turned out, $YLD was a new addition to one of the staking pools on Elevate Finance;
Source: Elevate Finance Staking Dashboard
Unfortunately, the APY statistics weren’t showing and were printing an unuseful “NaN %.” So, I decided to ask around in the community channel, and it seems that the wires behind the scene to print the APY percentage isn’t connected fully yet.
Nevertheless, after some digging on the Telegram group, it appears that the APY is around 96%. Obviously, this is variable and is likely to drop as more $YLD pours into the contract, but 96% is pretty damn impressive, and I didn’t want to miss out on it myself!
Why is it a great deal for $YLD holders?
Elevate Finance ($ELE) is a new project on top of the Reflect Finance ($RFI) family. For those unaware, $RFI is aiming to create a new frictionless way of generating yield for its holders. All you have to do is hold $RFI, and you are earning yield through the 1% fee applied to each transaction which is split amongst all holders of the token.
The $ELE token itself launched without an ICO. It had no pre-mine, no private sale, no random arbitrary percentage of the total supply going to “team.” It was a totally fair launch. On top of that, it’s leveraging DeFi staking to distribute its tokens to the people of DeFi through their four different staking pools they have created for $ELE, $RFI, $YLD, and $NRCH.
The token sees 5 million $ELE inflation per year, but then another facet of the tokenomic model sees a 1% transaction fee split into two parts; 0.5 for burn and 0.5% redistributed to $ELE token holders (similar to how $RFI works).
The addition of the $YLD staking pool is great for holders because it acts as a show of confidence for the Yield Credit project itself. It shows that other unrelated projects are happy to integrate the token into their own platform as they believe in the vision moving forward for $YLD.
On top of that, it also provides an opportunity for $YLD token holders to put their holdings to work and earn a passive income for themselves. It is a one-sided staking pool, so there is no reason to split your $YLD portfolio in half to purchase $ETH to put it alongside like you have to do with Uniswap Liquidity provider pools. No, simply just deposit your $YLD into the smart contract and let it earn a passive income through $ELE for you.
Yes, for those that are wondering…the staking contracts have been audited by one of the most prominent auditors in the space — Certik. You can review the audit here. This settles any fear of the team being able to “rug” or run-off with the $YLD you deposit into the contract.
If one audit wasn’t enough to give you confidence, the project has also been audited by Solidity. You can view that here.
Double audit = double confidence!
Once you deposit your $YLD into the staking contract, there is a 15-day lockup period. During this time, you won’t be able to withdraw your $YLD until the timer has finished. Additionally, there is a 90-day vesting period for $ELE to ensure stakers don’t just dump the market instantly.
Conclusion
It’s been a hard month for $YLD hodlers with the consistently falling price during March. Nevertheless, most that are invested already are here for the long-term vision, and if you are in that category, the Elevate Finance staking option for $YLD provides a perfect opportunity for you to put the $YLD you are sitting on to work for you!
