Hello XELITE 👋
The wait was finally over last week!
Introducing— Single staking ELITE on ftm.guru
When you stake ELITE, you get XELITE tokens as a receipt.
➦ Mint XELITE by staging ELITE as collateral.
Deposit your ELITE into the XELITE smart contract, sit back and enjoy your gains. This XELITE automatically accrues more and more ELITE as interest is gained on holding ELITE.
➦ Redeem underlying ELITE and its borne rewards.
To unlock your rewards, liquidate your XELITE shares. Doing this will also return the underlying ELITE to your wallet.
But wait! That’s not it!
ELITE gets re-denominated when it enters the XELITE contract —
1 ELITE gives 133 700 000 XELITE.
1 XELITE gives 0.000000007479431563 ELITE
Similar to its inspiration, XELITE is to ELITE what WOOFY is to YFI, but with a lot more innovative benefits to the end-holder, including but not limited to upscale re-denomination as well as accruing interest on and in the underlying asset (ftm.guru $ELITE).
The XELITE/ELITE minting ratio slowly increases as XELITE accrues more and more interest. This ratio can only increase (#UpOnly🚀) so that just by holding XELITE, our users gain exposure to ELITE rewards.
Here’s a primer on getting started with XELITE:
Minting XELITE
Step 1: Visit ftm.guru/xelite
Step 2: Approve the ELITE
Step 3: Enter the amount of ELITE you would like to lock
Step 4: Click ‘Deposit ELITE’ below the swap interface
Redeeming ELITE + ELITE interest
Step 1: Visit ftm.guru/xelite
Step 2: Enter the amount of XELITE you would like to burn
Step 3: Click ‘Reclaim ELITE’ below the swap interface
XELITE in an Index Fund
Powered by the Beethoven-X exchange, XELITE is now part of an Index Fund, offering a balanced exposure to the Foundational Assets of Cryptocurrencies along with a modern array of Stablecoin primitives.
Guests of the Elite Opera
“Guests of the Elite Opera” is a high level Token that can be redeemed for one or more of the underlying assets of this index fund. This token, just like other tokens, can be moved around freely, swapped or traded for other tokens.
The Index
A well-balanced portfolio including 3 stablecoins and 4 native chains’ coins.
Stablecoins (Fully-Collateralized USD)
- $USDC ― USD Coin (15%)
- $DAI ― Multi-collateral Dai (10%)
- $MIM ― Magic Internet Money (10%)
Native Coins (Foundational Assets)
- $BTC ― Bitcoin (10%)
- $ETH ― Ethereum (15%)
- $BNB ― Binance (15%)
- $FTM ― Fantom (15%)
and,
- $XELITE ― ftm.guru/xelite (10%)
Investing in XELITE Index
All constituent assets should be preferably added in their respective weight-ratios. Alternatively, it is possible to add any number of assets in any proportion as well, but this is not recommended if the addition is a significant (>0.1%) part relative to the net AUM.
Steps:
- Head over to our Beethoven page for Guests of the Elite Opera
https://app.beets.fi/#/pool/0xe402555efa3b232ee8bc4c79a446b47b38b93ebf00010000000000000000007e - After connecting wallet, choose the “Best Price” to add assets for a properly balanced investment.
- Approve the Vault for all the assets and then enter the desired amounts against each asset and press “invest”.
- Make sure to keep the price impact low by adding as close to the weights as possible for the best results.
Upon successful investment, you will receive the “BPT-GUESTS” token in your wallet. Please keep it safely as it is the key to redeem your underlying assets. This token will also be utilized in our upcoming yield-farm* that gives ELITE as dividends for buying this Index Fund.
- More details will be available soon via our Discord server. It will be part of the YieldState program as it includes XELITE as a core asset
Divesting and Withdrawing
Similar to investing and pledging assets, you can withdraw and redeem the underlying assets at any time freely.
Simply move over to the withdraw section and choose the fraction (or whole) of your GUESTS portfolio you’d like to withdraw.
Important Notes
- Exposure to any asset in the Index Fund will stay limited to its respective weight.
For example, if there is $100 in the Index, where BTC constitutes $10, and BTC goes up or down by 50%, the net valuation of the Index will change only by upto $5, and BTC will constitute $10.5 or $9.5, respectively. - In case an assets goes down to near-zero valuation, remaining of the portfolio will stay protected and net valuation of index will only be affected up to the weight-worth of that specific asset.
For example, if BTC crashes 99% (it wont!), a previously $100 portfolio will sell $9 from the remaining reserves and buy more BTC, giving a net Index Fund worth $90. - The GUESTS Index Fund also utilizes its reserves to generate additional income by means of facilitating inter-swaps between the assets under management (AUM) to maintain Index weights. External traders and DeFi protocols can tap into this Liquidity freely, while paying a modest 0.1337% trading fee, which is injected back into the index fund and whose ownership is distributed pro-rata to the existing investors only.
- Yield Farming via the ftm.guru YieldState will enable earning extra yield on your GUESTS Index Fund. No ELITE or XELITE inflation will occur and rewards will be furnished from the “recycling” of ELITE via the E.L.I.T.E. D.A.O.’s treasury.
A deeper dive into Wrapped ELITE
―The tokenomics behind XELITE
Despite XELITE being a contract to stake ELITE, Xelite also exists independently as a sovereign token that can freely be moved around, swapped & traded and used for almost anything that a normal token could do.
Transaction tax
XELITE inherits the 1.337% transaction tax which is a characteristic of its parent ELITE (ftm.guru) token.
Depositing and Redeeming ELITE from the Staking contract is subject to a combined fee of x0.01337^2 = 2.69%, paid in ELITE.
This aligns incentives for long-term ELITE holders with the long-term project goals, as both wanted to reward holder loyalty in a bold way. Expectedly, breaking even against this fee should take less than 1 week.
Exceptions
All transfers and transactions which move XELITE across wallets are subject to this tax, with a few exceptions, namely:
- Minting XELITE from ELITE deposits
- Redeeming XELITE shares for ELITE
- Trading at Beethoven-X Decentralized Exchange
- Investing in the “Guests of the Elite Opera” index fund
- Divesting from the “Guests of the Elite Opera” index fund into constituent assets
Rewards and Emissions
All the collected taxes (the 1.337%) are sent to the E.L.I.T.E. D.A.O. treasury to fund staking rewards (XELITE), provide farming incentives with the YieldState and for enhancing on-chain visibility.
Starting now, marketing campaigns (community consensus) will also be launched, furnished by this treasury.
APRs for all ELITE-based assets across the ftm.guru ecosystem will be kept low to maintain the exclusivity and Eliteness of our main asset. This will protect us from over-inflation or worse, a hyper-inflation that most protocols with a yield-farm suffer.
Supply
Key takeaway:
ELITE supply will stay capped at 250.
All the expenses incurred by rewarding ftm.guru users will be covered by recycling the E.L.I.T.E. D.A.O.’s treasury. This acts as a feedback loop that rewards the ftm.guru system as a whole based on its performance and on-chain activeness.
As a parallel, XELITE contract can have a maximum of 250 ELITE deposited into it. This gives a theoretical top limit of 33,425,000,000 XELITE.
As per the tokenomics as described above, this limit can only crawl lower as time goes by and the minting ratio moves higher. At the time of print, this number has already declined by over 1% to 33.08 Billion XELITE.
Notably, since a big chunk of Liquidity for ELITE had been burned by the DevTeam at Genesis, this limit shrinks furthermore due to the scarcity of ELITE itself.
Another factor that plays a role in the max. supply calculation would be the Total Liquid ELITE that enable trading at over 28 DEX Markets across the Fantom Opera ecosystem.
A these ELLITE not only provide deeper liquidity but also act as points for extended reach and discovery, their permanence is unquestionable.
The new “ELITE Gems” voting interface is under changes and would accept either ELITE or XELITE as payments to cast votes. Similar to the old mechanism that burned ELITE, these XELITE will be burned as well.
All in all, if ELITE can be said to be deflationary, XELITE can be thought of as something double-deflationary, as XELITE can only created by ELITE, which in itself are getting rarer by the calendar flips.
Farming and Liquidity Incentives
Re-denomination of ELITE when wrapped as XELITE serves one more objective:
Removing the “too expensive” stigma.
Investors have a certain belief, as denoted by myriad psychological studies as “Unit Bias”, that something which is very cheap individually, has a greater chance of appraisal and could increase in valuation faster.
Time and again, this hypothesis has been tested and the results have been shocking everyone, every time, proving its grounds. Thus, in order to stop this from holding back the price of ELITE (only 250 max supply!), we’ve embraced an enveloped re-denomination by means of XELITE’s special minting ratio of 1 : 133.7 Million.
At the time of print, spot prices stood at:
➯ ELITE ― $6302,
➯ XELITE ― $0.00004739
Exclusive $13.37k Rewards Program
To align our actions with our vision, we hereby announce an initiative to bootstrap XELITE and enhance its on-chain Liquidity with rewards worth $13.37k, to be disbursed to the participants over the coming weeks.
These funds come from the treasury and include multiple reward-assets such as ELITE, XELITE, FTM, ETH, BTC, BNB, USDC, DAI, MIM, etc. among many others!
More details about this program are going to be shared shortly at our Discord server.
We welcome you to come over and interact with our community to discover more about ftm.guru and its various offerings.
Join us at :
& t.me/FTM1337.
References:
- XELITE Smart Contract
https://ftmscan.com/token/0x1BE23c78038B6057172848534AcD62667fA2620d - ELITE Market Data
https://coinmarketcap.com/currencies/elite-1337 - Mint XELITE / Redeem ELITE + Earn Interest
https://ftm.guru/xelite - Add XELITE-FTM Liquidity at SpookySwap
https://spookyswap.finance/add/FTM/0x1BE23c78038B6057172848534AcD62667fA2620d - Invest into “Guests of the Elite Opera” Index Fund
https://app.beets.fi/#/pool/0xe402555efa3b232ee8bc4c79a446b47b38b93ebf00010000000000000000007e
