Elysian Finance — Building The First Decentralized Reserve And DeFi 3.0 Protocol
Web 3.0 And Elysian Finance
When you first hear about the concept of web 3.0, it’s easy to become overwhelmed by buzzwords like decentralization and blockchain. Blockchains will be a key technological component of Web 3.0, which refers to the next iteration of the internet in its evolution from the first generation (1.0) to second generation (2.0).
The World Wide Web created an explosion in communication and led to the unprecedented sharing of information across the globe. Web 3.0 promises to take this a step further by delving into new phenomena like cryptocurrencies and decentralized applications that run on blockchains.
Certain aspects of DeFi are already centralized within the cryptocurrency ecosystem. Specifically, cryptocurrency trading is highly concentrated with a few large exchanges holding the lion’s share of the volume. These exchanges control the bulk of the trading on specific pairs. They are also heavily regulated and subsequently, have significant overhead and costs. This centralization does not belong in an ecosystem that will help us achieve Web 3.0 or a more decentralized system for all online transactions.
Some of the most popular DeFi use cases include trading, lending, and borrowing. Thanks to DeFi protocols, you can trade cryptocurrencies without having to trust an exchange with your funds or KYC data. You can also lend and borrow crypto assets directly from your wallet without having to deal with a centralized institution. As you might have guessed, these use cases are made possible by smart contracts on blockchains like Ethereum.
Elysian Finance is making strides in the decentralized space. Their technology is going to be the next advancement in DeFi — DeFi 3.0 if you will. The first use case of Elysian’s protocol is a next generation reserve backed token. The protocol emits and manages algorithmic assets through smart contracts which provides full transparency to how they are performing and what they are composed of.
Elysian Finance is a new breed of decentralized finance protocol that combines the best features of DeFi 1.0 and DeFi 2.0 to create DeFi 3.0. It’s unique in being backed by both cryptocurrency assets and real-world assets, as well as having a governance system that gives all token holders, large and small, an effective say in how the protocol evolves and adapts over time.
Then, You Need Know Aims Of Elysian Finance
Elysian Finance (LYS) aspires to breathe new life into the present status quo with a groundbreaking initiative that is profoundly influenced by OHM but takes a wholly distinct approach to system design. It contributes to the smart contract architecture by introducing upgradeability via the EIP-1822 proxy design, and modularity. It also includes extra features like as: an OTC market for bonds and inverse bonds, protocol automation, on-chain governance, and non-fungible tokens (NFTs).
The Elysian Treasury will manage all funds received by the protocol and facilitate governance decisions. It has been designed with flexibility in mind. On one side, it allows us to open new pools both through a community vote or through an immediate decision by Elysian core team using specific moderators addresses. On another side, it allows us to implement new features through upgrades without any disruption of service.
This project is based on the following concepts:
Pre-Elysian (pLYS) Distribution mechanism
Elysian are proud to announce that we will soon be launching Pre-Elysian (pLYS), an option inspired derivative that is the first product of its kind in the crypto space. The upcoming round will see the distribution of pLYS, a derivative of LYS with an option behavior. Because the intrinsic value of LYS in the treasury is $1, for every LYS minted there must be $1 in the reserve. Holding pLYS gives the right to mint LYS by burning 1 pLYS and depositing $1 worth of a reserve asset for each token minted.
The number of pLYS required to mint new tokens increases with time through an exponential function, which vests at a rate of 1% per week. This means that early supporters can obtain more leverage by purchasing earlier and locking up their tokens for longer.
Since pLYS vests based on supply, it is a long term bet and there are no specific dates at which the circulating supply is arbitrarily inflated. The behavior of pLYS resembles an option because it only makes sense to redeem it when LYS is trading above its intrinsic value. When the supply of pLYS hits 12%, early supporters, advisers, and the team will be able to vest their shares in a cumulative manner.
Tokens backed by reserves for DeFi 3.0 and the decentralized web. On-chain asset management and algorithmic asset emission are the focus of our non-custodial protocol development. This includes arbitrage, market making, robo-trading and EFTs. Encrypted smart contracts allow complete transparency into the performance of strategies and how they are built and run.
With risk free value (RFV) and an intrinsic value of $1, the Elysian token (LYS) has intrinsic value. Compounded returns and staking and bonding urge all participants to actively engage in the protocol.
80,000 LYS will be offered for sale
The offering price will be $2.5 per LYS
The AMM pool will open at $7.48 with $240k liquidity
Only staking will be enabled at launch. Bonds will be added successively.
Team: 330m pLYS and 8% supply
Investors: 70m pLYS and 3% supply
Advisors: 50m pLYS and 1% supply
Community: 550m pLYS and no supply cap
Elysian Finance Roadmap
The project is presently preparing for the fair debut event. In the pre-sale, “pre-Elysian” (pLYS), a call option-like instrument, was distributed for RFV ($1) in the treasury, redeemable for Elysian (LYS). An Elysian (LYS) fixed quantity will be sold at a multiple of the RFV in the next token distribution.
At Elysian Finance, I believe that the next generation of DeFi protocols should be built in a more secure way and be governed by participants rather than developers. Elysian has a strong team of developers, researchers and designers working on building a sustainable infrastructure for DeFi. The goal is to create a new open finance ecosystem using blockchain that people trust, and use. The purpose of this page is to provide a detailed technical overview of Elysian Finance.
For more information about Elysian Finance project vision, roadmap, update and please visit:
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