Bullish growing pains? Yes, absolutely.
Some important updates are being made to the Elephant.Money ecosystem at the moment; expect a bit of short term volatility and a new opportunity — read on and I suspect that you’ll find as much reason to feel confident as I do.
2023 has been a rewarding year for the Elephant.Money herd!
Elephant.Money has had a tremendous success this year, even throughout the bear market that the year began in. ELEPHANT token itself has increased from about $0.0853 per million on January 1, 2023 to as of this writing $0.3198 per million — 3.74x on a token backed by this much liquidity is simply unheard of in this market. FUTURES has been performing extremely well and is driving much of the ELEPHANT price growth, as it was designed to. The UNLIMITED NFT launch was a tremendous success as well, with minting already up to round 2 and an active marketplace keeping them a highly liquid asset. TRUMPET has already gone over 2X as well. Everything introduced in 2023 has been a raging success.
The herd has been extremely enthusiastic and has been steadily growing.
There are a few loose ends that need tied up.
There have been some potential concerns which need to be addressed before the contracts can be fully renounced as this project grows into its final, battle-hardened, tested and proven form; those concerns are primarily related to:
- Dependencies on third party coins which could become unusable at some point in the future. This would include BUSD or any alternative such as USDC etc. If they were to be disabled somehow, it could affect the functionality of our own contracts.
- Looming USA regulatory concerns which seem to be targeting coins pegged to the US Dollar, which TRUNK in its current form is.
- Growing debt obligations from TRUNK products like STAMPEDE and FARMS which do not help the ELEPHANT Treasury grow and serve primarily as a distraction from the core efforts that help the ecosystem as a whole grow.
- The inability to list our flagship ELEPHANT token on any centralized exchanges (CEX) due to the necessity of capturing value on the blockchain from ELEPHANT token sales. ELEPHANT token is DeFi only.
We are eliminating third party dependencies.
The first point, dependency on BUSD, is easily solved and the upgrade has been planned for some time. Although FUTURES currently uses BUSD for deposits and withdraws, the value is transferred into and out of ELEPHANT; BUSD is simply a method of transferring value to and from ELEPHANT. So we can swap out BUSD with anything else, and what the developer has most sensibly chosen is the token native to this blockchain, BNB. FUTURES uses dollar based accounting so when it comes time to receive a withdraw, you’ll simply withdraw the amount of BNB equivalent to what you are owed in USD value. It’s up to you whether you want to then hold that in BNB or trade it for stables or whatever. Likewise, deposits will be made in BNB rather than BUSD, presumably maintaining a $200 USD equivalent minimum of BNB. From an end user standpoint, this should be a painless change. Any of us on the BNB chain are used to dealing with BNB already.
TRUNK will become deflationary and seek listing on many CEX’s
The remaining items listed above, points 2–4, are very easily and elegantly wrapped up with a rather simple solution: STAMPEDE, FARMS, and the redemption queue will be decommissioned and TRUNK token will become deflationary, with BERTHA buying TRUNK and using it to mint and burn TRUMPET in perpetuity. All of those TRUNK tokens you’ve been patiently waiting to return to $1, now have no upper limit to their value.
So what, right? They’re trading at far less than $1 at the moment, and now you can’t even redeem them in the soon to be vanished redemption queue.
Well, just hold on there. Don’t panic.
This is actually tremendously bullish news. Straight fire from the mastermind behind this endeavor, who by the way has the majority of his own personal wealth invested in TRUNK token and thus has every motivation to see it succeed. He’s also fully doxxed, so he’s not feeding us a bunch of b.s.
What this is going to allow us to do is turn an albatross that was little more than a drain on a wildly successful project, into a brand new flagship item which can be listed on any CEX and already has a significant holder base as well as respectable liquidity.
TRUNK will serve as a token to advertise the entire ecosystem.
What’s more, it certainly won’t take long for buyers on a CEX to catch wind of the incredible opportunity that TRUMPET presents. Now although crypto has enjoyed widespread adoption, most crypto buyers don’t really venture off a centralized exchange. The vast majority have probably never even heard of DeFi. TRUMPET will provide these types of buyers with a reason to learn to use their wallets with DeFi. Once they figure out that they can move their TRUNK off of a centralized exchange and use it to mint TRUMPET, which only goes up in price, they’ll likely begin to explore other areas of the ELEPHANT.Money ecosystem and thus CEX listings of TRUNK become a way to help bring in new buyers of ELEPHANT, UNLIMITED NFT’s, and FUTURES participants.
Everything we store value in is now effectively deflationary.
Keep in mind what this means for the long term: BNB is a deflationary coin. ELEPHANT is fixed supply, however BERTHA keeps buying back more and more of it, essentially reducing the human accessible supply over the long term. TRUMPET uses unique mechanics to ensure that its price in terms of TRUNK only goes up. Now TRUNK is becoming deflationary as well. Every part of this system and even the native token it stores value in is now deflationary and will only ever become more scarce over time.
Why stop at peg?
At the moment BscScan is reporting an ~82.3M circulating supply of TRUNK. There is about $2.1M BUSD backing the liquidity on PCS and it is currently selling for about $0.10 USD per TRUNK. It would take a little less than $5M USD to rebalance the TRUNK/BUSD LP and get TRUNK price back to $1, assuming there would be no sells. Although $5M really isn’t that much in the grand scheme of things for a project this size, the problem is all of those other ~75M TRUNK tokens which would be sold back into the LPs, causing the price to drop unless we came up with $82.3M USD to back all of them.
By turning this into a deflationary token which the CEX’s will be willing to list (they don’t like to list inflationary tokens), we’ll be exposed to a much, much broader market than we’ve ever been seen by before. $82.3M isn’t exactly nothing for a market cap, but it’s very achievable; an $82.3M market cap would currently put it among the top 400 crypto projects according to coingecko.com. That number would also bring us back to $1 per TRUNK, and anything above that is more than any of us ever had reason to hope for until now.
The whole time that new eyeballs and fresh money keep getting invested in TRUNK, awareness of TRUMPET, ELEPHANT, UNLIMITED NFT’s, and FUTURES will continue to grow.
In case you missed it, we’ve flipped.
Something else interesting has happened which is getting a bit ignored at the moment: the ELEPHANT Treasury, a.k.a. BERTHA, now holds more ELEPHANT tokens than the entire herd combined!
Individual holders currently have about 191.5T ELEPHANT tokens in total. BERTHA, our treasury, has grown to hold 194.1T ELEPHANT. What this means is that the effect which human buyers have on the ELEPHANT supply will continue to diminish as compared to the steady, growing influence of the treasury.
With BERTHA programmed to just keep buying as much as possible and sell only the bare minimum required, we can expect her to keep stuffing more and more ELEPHANT tokens into her hungry belly long into the future, increasing the scarcity of ELEPHANT tokens in the LPs and likely driving the price up over the long term.
We are poised well for this launch into a vastly broader market. Congratulations on finding yourself here!
Disclaimer: None of this should be considered financial advice, I am not a licensed financial advisor and present this information for educational and entertainment purposes only. All crypto involves risk and typically proves most fun when you don’t invest more than you’re willing to lose. I may have a financial interest in the product(s) referenced and could benefit from your purchase.
