It is with great joy that we share with you this news,
Scarab.Finance is now a part of the Guru Network!
We welcome all Scarab ecosystem users to the ELITE family and wish us all great success in our shared future 🦾, 🚀
A brief introduction
SCARAB is an Algorithmic Stablecoin that tracks the price of Fantom to gauge its own supply via a TWAP-based re-balancing index to converge at a price of 1 FTM.
As with a traditional “Basis Cash” system, it has a Boardroom, a “shares token” and issues Bonds as well. Altogether, SCARAB, GSCARAB & SBOND form the basis of the Scarab.finance project.
You can learn more about it at docs.scarab.finance & check out the underlying Smart contracts.
SpiritSwap & Scarab:
Scarab also offered a Convex-layer farming experience for SpiritSwap Liquidity Providers. Users could stake their LPs at the Sinspirit valley to earn upto 250% more yield compared to staking directly at SpiritSwap.
This boost was possible because of Scarab’s SINSPIRIT token — A special liquid-wrapper that envelopes inSPIRIT (locked SPIRIT). It allowed people to mint SINSPIRIT by permanently locking their SPIRIT into the Scarab Protocol. Lockers can then use their freshly-minted SINSPIRIT tokens paired with SPIRT in a SpiritSwap LP to farm more SPIRIT. Exits, if needed, are made possible by this pool.
Additionally, users could also simply stake SINSIPIRIT directly to earn more SPIRIT.
Scarab utilized their protocol’s inSPIRIT holdings to vote for SCARAB-FTM, GSCARAB-FTM & SCARAB-GSCARAB pools in the SpiritSwap gauge-voting to direct more emissions towards itself, providing an alternative recourse to the core yield. This has an effect of raising yields across all avenues offering returns to the Scarab liquidity providers.
Reviving SCARAB
Over the last few months, the open markets shrunk a lot. Scarab’s ecosystem was affected as the valuation of its assets declined. Due to the design of the Scarab model, this led to a “contraction phase” and the printer went silent.
With the advent of SpiritSwap’s V2 based on the principles Solidly.Exchange, the old Gauge was decommissioned, and all emissions stopped at the old Spirit farms, indirectly pausing the yields offered by the Sinspirit Valley. Due to the nature of its contracts, the V2 of Spirit became incompatible with Scarab Protocol, rendering its reserve of inSPIRIT unusable for boosted farming.
Migrating to the Elite lands
The core idea behind a migration of Scarab assets to the Guru Network was to prevent the price of Scarab tokens from going down further. With the creation of a migration contract, we have established a permanent floor to the price of SCARAB, GSCARAB & SINSPIRIT, backed by ELITE.
All users who hold SCARAB, GSCARAB or SINSPIRIT can convert their tokens into ELITE. A Snapshot for the same was taken at Fantom’s Block Height of 49,000,000.
Arbitrage & outsider’s profit
This system enables an external actor to purchase G/S/s token in case they are trading below the floor and receive more value in return by migrating those tokens, denominated at the floor price. The difference would result in an instant profit for such an outsider.
It also makes sure the floor-mechanism works autonomously and keeps raising the prices of G/S/s whenever they start to floor.
One-way Bonds
This migration doubles as a one-way bond. People can convert their old tokens into ELITE freely, without any slippage or fee. This also results in a permanent reduction of the supply of S & G, and of SBonds & Sinspirit, as they leave the circulation forever.
Levitating the floor
As time goes by, the price of Scarab tokens is expected to float above floor price. The floor-price will be revised again whenever there is a sharp decline, incentivizing users to keep migrating their tokens.
Driven by this extra force, we expect an ever-increasing supply crunch to drive the prices higher, eventually close enough to the peg, beyond which the Scarab system could thrive on its own once again.
Ascend to the top of The Pyramid
Holders of SCARAB, GSCARAB & SINSPIRIT can convert their tokens at ftm.guru/ascend to start receiving a stream of ELITE into their wallets.
This process is powered by 🦙LlamaPay.io’s amazing Payments Platform!
How to Ascend
- Connect your MetaMask wallet on the Fantom Network
- Press the [ASCEND] button
- Confirm 3 approvals (for G/S/s) in your wallet
- Confirm the 4th, final transaction, to Ascend.
- Claim ELITE daily at LlamaPay
Aftermath
Scarab, our new family member, will enhance our potential to provide more value to the blockchain community and pave the foundation of a truly-sound Store of Value, fueled by scarcity and an explicit yield-earning treasury-backing.
As, as a protocol, our monthly earnings increase, our treasury will steadily inject more capital into restoring the charms of Scarab, via Bribes, incentives and options.
Giving GSCARAB back to those who migrate
Once the Scarab revives, we will offer exclusive rights to all those who Ascended to become Elites, to acquire GSCARAB at extreme discounts to the then market price, marking the maturity of our One-Way Bonds.
This was modeled as a discount/coupon-bond instead of an airdrop to make sure it does not upset the price of GSCARAB in the future due to a sudden increase. All users who migrate G or S or SinSPIRIT will be eligible to claim GSCARAB at a discount to market like an Ohmic Bond, up to the value of the migrated assets.
About ELITE & ftm.guru
ELITE is a non-inflationary token, with a non-reflexive but regenerative transfer tax of 1.337% utilized to increase the value captured by the Guru Network, with a Circulating Supply of just 250. Similar to Ohm, in situations where the market cap of ELITE falls below the value of our treasury, a systematic buy-back of ELITE is carried out.
The Guru Network is primarily a B2B, or a DAO-to-DAO Smart Contract Solutions provider, a Data-aggregator & a tailor of Web3 products with over 25 clients, the revenues from which flow to our ever-increasing treasury.
Besides this, we operate multiple DEXes, DEX-aggregator, Yield Optimizers, Bribe Optimizer, Governance Delegators, FarmMaker™, Casinos, Token Launchpad, Blockchain explorers & validators, On-chain data analytics platforms, Governance Power aggregators, and a plethora of other niche products in the blockchain space.
We’re delighted to onboard new Elites and excited to witness a new future unfold at Scarab.finance!
🔼 Ascend to Eliteness with your Scarabs at ftm.guru/ascend.
🎮 Join us at Discord.gg/QpyfMarNrV to get the latest updates!
