Elysian Finance
Building a reserve-backed token for Decentralized Finance version 3.0, or DeFi 3.0 as Elysian refer to it internally at Elysian Treasury, is the project’s primary objective. This is an essential next step that must be taken in order to provide the decentralized economy more stability and infrastructure.
Elysian is taking every possible effort to involve Elysian audience in the development process as we work toward Elysian goal of having the community run Elysian. In order to support the initial supply, it is now time to bootstrap the treasury, and Elysian are entering the preparation phase for the fair debut event. Those who were fortunate enough to get in early had the option to take part in the pre-sale, which included the distribution of “pre-Elysian.” Those who missed out on the pre-sale missed out (pLYS), The subsequent token distribution will be unique in that it will involve the selling of a predetermined quantity of Elysian (LYS) tokens at a price that is a multiple of the RFV.
Overview Elysian Finance
Elysian has launched a blockchain-based ERC20 token, Elysian LYS. It’s backed by a basket of assets in the treasury, which combined with risk free value (RFV) gives it intrinsic worth and ensures 1 LYS minted is always backed by $1. In addition, this token is different from others in that it aims to solve the challenges many projects have faced over the last few years; namely: regulatory uncertainty and lack of market adoption.
A decentralized stable asset system is what Elysian Finance is all about. It is completely owned by the community, does not require permission to use, and is not held in custody. Elysian Finance (LYS) is a stable, algorithmic asset that floats freely in the market. In reaction to variations in the price of LYS on the market, Elysian will alter the circulating supply of LYS using a dynamic algorithm. By making adjustments to the supply that is currently in circulation, our objective is to reduce price volatility and maintain a steady price for LYS.
Elysian Finance primary objective is to offer the decentralized finance industry a fresh point of view on the concept of algorithmically stable assets. Elysian Finance are of the opinion that, in the long run, the use of algorithmic stable assets is the most promising method to ensuring the stability of value in a decentralized system and bringing about price stability.
Objectives of the Elysian Finance System
Elysian Finance (LYS) attempts to breathe new life into the current status quo with an original initiative that was heavily influenced by OHM but takes a novel approach to the construction of its financial system. This contribution introduces upgradeability (EIP-1822 proxy pattern) and modularity to the smart contract architecture, in addition to additional features such as an OTC market for bonds and inverse bonds, protocol automation, on-chain governance, and NFTs.
(LYS) stands for Elysian Finance and is a stable, algorithmic asset that is free-floating. It is intended to monitor the price of Ether (ETH), which is the cryptocurrency that is native to the Ethereum network. The premise behind the notion is that the price of a digital asset can be stabilized by using a basket of assets as a basis for the price.
This project contribution brings upgradeability (EIP-1822 proxy pattern) and modularity to the smart contract architecture, as well as additional features such as:
OTC market for bonds and inverse bonds
Protocol automation
On-chain governance and NFTs.
Concerning the LYS Token and the Pre-Elysian (pLYS) Token
Elysian is an innovative form of cryptocurrency that takes preventative measures to shield its holders from the recurring negative market cycles that affect the cryptocurrency market. Elysian, often known as LYS, is a utility token that both drives the Elysian platform forward and rewards users for doing good deeds inside our ecosystem. The token, which is supported by a portfolio of assets held in the treasury and has a risk-free value (RFV), also ensures that one minted LYS is always comparable to one dollar in US currency. The value of these assets will increase over time as a result of network effects. This will occur as more users contribute to the system by creating nodes, for which they will be paid with ELY tokens.
The ERC20 token known as Pre-Elysian (pLYS) is a derivative of the LYS, or Elysian Token. pLYS is a vesting instrument that contains the right to mint LYS. In order to mint LYS, one must first burn one pLYS and then deposit $1 worth of a reserve asset for every token that is minted. The Treasury pool consists of LYS tokens that have been set aside for use in future token creation events. This is where the value of pLYS originates from. pLYS is a derivative of LYS, and as such, it is considered to have a short-term outlook because there are no predetermined dates at which the available supply will be unilaterally increased.
pLYS distribution:
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.
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Link Info
Elysian Official Website Telegram Twitter Discord Medium
Creator
Username: Javier Manquillo
Link: https://bitcointalk.org/index.php?action=profile;u=3205405