Elephant Money: BUSD Sunsetting
Elephant Money is in the process of minimizing its exposure to BUSD. This Medium post will serve as a changelog of what we are doing to derisk our exposure to the Binance USD stable coin long term.
Update 1, 9/30/23 — The BwB Program and NFT Minting programs are now in BNB Only mode:
- https://bscscan.com/tx/0x7c62a1cd71c1a66aab35b0caa07b3e6a64c394900b917428b0645ff1e0e9e1dd
- https://bscscan.com/tx/0x65d5e3bd46eb92ded274c71987b5582e6ca6ef770b32ed0bbd408f751bd473f0
We will contiunue to shift tx volume to only hit WBNB liquidity and staging over the course of the next few weeks
Update 2, 10/1/23 — Rolled back changes for now while we do more research on the current state of BUSD liquidity which seems very healthy on chain. The goal for now is to continue to drain the LPs as quickly as possible and that depends on balanced arbitration.
Update 3, 10/5/23 — As part of the the migration from BUSD we will be removing all incentives on the OpenLeverage ELEPHANT/BUSD trading pool. This will take effect on 10/6/23 @ 12pm EST. Expect favorable volatility in the short term as traders close positions. Get your dry powder ready.
Update 4, 10/9/23 — As part of the migration we are including account transfer at the wallet level for Futures. This means that you can transfer your account to another fresh wallet that has not been used with Futures previously. This will zero out the source account and allow it to be used again as well. This can be useful to migrate to new cold wallets as well as recovery from a compromised wallet.
Update 5, 10/9/23 — Account Transfer Functionality added to Stampede
Update 6, 11/22/23 — BwB updates including the following: Using BwB no longer enters you into the raffle. BwB will only buy / sell from the ELEPHANT/WBNB LP. The updated contract can be viewed here: https://bscscan.com/address/0xBF522ff5C3D1820AC7D54F580017899a7C5aB1CC#code
In addition, where applicable additional contracts are being set to BNB mode or being rewritten to ignore the ELEPHANT/BUSD LP.
Update 7, 11/26/23 — UI USD price references have been updated to reference Chainlink instead of calculating price using Pancakeswap LP paths terminating in BUSD.
Update 8, 12/3/23 — Enduser minting/redeeming of TRUNK has been disabled in the Reserve at the smart contract level and removed from the UI.
Update 9, 12/3/23 — Farm TRUNK deposits / emissions have been terminated. The Farmer’s Depot is paused and no longer supporting deposits. It is still paying out emissions.
Update 10, 12/4/23 — The TRUNK RedemptionQueue has been refunded.
The last tx from the queue: https://bscscan.com/tx/0xc7bb0957c0186f949bc7678f09bc0540468d608938be107477394f375f30c424
Update 11, 12/4/23 — The Legacy TRUNK Ecosystem has been sunset. Here’s a list of the reason’s why as explained by community member https://t.me/CryptoniteTN:
There are many reasons the changes were necessary…
1. The regulatory environment is such that EM would have a giant target on it because of Trunk. Needed to end any talk of a stable coin. Trunk is now a Yield Coin
2. The redemption queue was stopped because rather than paying off one person at a time, now Bertha can buy Trunk and burn it. Everyone benefits now from the governance contract…not just individual by individual
3. With 3% of Bertha’s buying power now directed at buying Trunk and minting Trumpet…then burning both, we are talking major gains over time…especially as Bertha’s value grows. People in the redemption queue will more likely get to $1 faster than they could by entering the queue.
4. Trunk is now deflationary…a second store of value in the ecosystem. No limit how high Trunk can go since it’s becoming more scarce every single day.
5. Trunk can be listed and will be listed on CEXs since it doesn’t have any tax associated with it. This will become the billboard for Elephant Money
6. Stampede and Farms were a drain on the ecosystem. Sustainable is what we are shooting for… long-term growth and sustainable
7. Stampede and Trunk holders are now all together with Futures & NFT holders. If Elephant goes up with our front office products, we ALL WIN. We are all in the same boat now
8. Trumpet is an amazing contract…only goes up. The taxes in and out of Trumpet pay the additional Trunk yield holders receive. Sustainable contract…not paper gains
9. Stampede holders are no longer locked in a staking contract…they are liquid. If they don’t want to stay for the inevitable price appreciation, they are free to leave
10. Most important — BT is renouncing the keys to the entire system. This had to be completed for that to happen. Elephant Money will be running on the blockchain in contracts that can not be changed. Think about that — a sustainable system which governs itself and is deflationary
Update 12, 12/4/23 — The final version of Stampede v7 has been released which manages migation from legacy version v5 (pre Futures model) and also the Transfer of TVL balance to Trumpet for the proper sunsetting of Futures. The contract is verified here: https://bscscan.com/address/0xac029255e8ed91cca690df20b6dc89ba10d65c14#code
Update 13, 12/13/23 — SafeElephantNftMinter is in production and using Chainlink / TWAPSnapShotOracles for secure pricing info. If slippage falls out of an acceptable range txs may fail. In the process of bulk minting you may want to limit how large your batches are.
https://bscscan.com/address/0xB3A23fCDB4165e1BBeF5263546e653B58c8fBACD#code
Update 14, 12/24/23 — Futures v7 is now LIVE! Futures is nearly future proof. Daily rate is dynamic based on the health of the BNB Reserve which is supported by multiple dynamics in Futures and by governance funding like all yield bearing products in the ecosystem.
Note: The migration from BUSD to BNB is not 100% complete. More funds are earmarked for the BNB Reserve.
Update 15, 12/24/23 — BUSD BufferPool and BUSD Treasury fully retired with a remaining $181K withdrawn and converted to BNB. At the time of writing the current BNB under custody management is 3062 BNB. worth approximately $1.22M USD.
In addition, the TRUNK Treasury was fully retired, 320K TRUNK was pulled from the Treasury, worth approximately $26K and that was paired with 100 BNB for liquidity in the TRUNK/WBNB v2 LP. An additional, 418 BNB + 1.16M TRUNK of liquidity was also added.
400 BNB was sent to the BNB Reserve to top it up, totaling 958 BNB worth $253K at the time of writing.
The system is currently stable and Futures is paying out at a stable 0.5% a day. More software updates and platform buybacks will continue in the coming days. At this point disruptions in any utility should not occur for end users.
Update 16, 12/26/23 — A new NFTMinter was deployed that handles bulk buys gracefully and uses the Chainlink and TWAPOracles. In addition, the final bulk minting has a completed. A total of 1,804 NFTs were minted worth $1.07M USD at the time of writing. 103B ELEPHANT worth a total of $39K USD was sent directly to the ELEPHANT Treasury after manual arbitrage. 105BNB was held back for end of month expenses and potential manual arbitrage.
Update 17, 1/7/24 — UI updates to reflect the changes in priorities. All retired products can now be referenced on the Retired page; direct links have been removed.
Update 18, 1/23/24 — Introducing Futures v8!!! Futures v7 migrated from BUSD to BNB and introduced the BNB Reserve. The BNB Reserve receives 10% of deposits and pays out immediate outflows. It has proven to be a reliable metric of health when compared with daily liabilities. We use the ratio between the BNB Reserve and liabilities to scale from 0.0–0.5% daily yield; this established our Base Yield.
Market volatility and uncertainty around how the final platform updates would land lead to a temporary decrease in participation in Futures. We have made efforts to return a certain measure of predictability to Futures by adding a Personal Bonus. The Personal Bonus provides an additional daily rate of 0.2% (73% APR) that decays to zero after 45 days, whenever a deposit is made.
We hope you enjoy the latest release as we reach our milestone of migrating away from BUSD and also finalizing this first major milestone in the Elephant Money Protocol.
Update 19, 2/6/24 — Stampede variable interest accrual will not be used after Feb 29th. It is important that you migrate your account immediately to get the best possible return when converting to TRUMPET. Starting on 3/1, only a fixed rate based on today’s current prices will be used to calculate the available before migration.
