ELK Miner Dapp
Elk of Fortune (EoF) was the second project from the Fortune Hunters team to be launched.
It is similar to Cake of Fortune. The major difference between EoF and other miners is that the “dev fees” from deposits are used to invest in pools that generate yield, instead of being used to pay developers. The interest that is generated from these pools is later injected back into the EoF contract.
This maintains a stable TVL that helps with the longevity of the project and keeps paying investors.
This mechanism effectively removes the “ponzinomics” from EoF.
In addition to continuously generating income from pools, EoF also receives incremental TVL boosts from fees collected on all other projects launched after it.
EOF USEFUL LINKS AND DATA
EOF – Elk Of Fortune.
APR: 3.33% (based on miner worth)
REF SYSTEM: 4% on deposits to the person whose ref link the depositor is using.
LAUNCH DATE: 09/07/2022
TOKEN: Elk – Bep20 (from Elk Finance on BSC)
TOKEN CA: 0xeEeEEb57642040bE42185f49C52F7E9B38f8eeeE
BUY/SWAP: Buy / Swap Elk at Pancake Swap
In EoF, investors pay 0% tax on their deposits, which means that when they make a deposit they receive miners that are equal to 100% of the value of their investment.
Although there is no tax on deposits, 6% of every deposit is taken from the TVL (not from their invested amount) to support the project.
Effectively, 6% of every deposit is distributed as follows:
- 1% to CoF
- 5% to develop ELK pools and generate yield for project
- 1% to CoF
- 6% to develop ELK pools to generate yield for the project
- DAILY LOTTO: for every 15 ELK used in a compound or deposit users get one ticket for a random daily lotto. (Lotto rewards are paid in miners)
- HIGHEST DEPOSIT LOTTO: every day there is a lotto to reward the daily highest deposit. (Lotto rewards are paid in miners)
- FORCED COMPOUND BEFORE CLAIM: users must compound once before claiming their rewards or there is an 80% tax penalty. (those 80 % stay in the contract TVL)
- MAX REWARD ACCUMULATION: Users must take action within a 48h timeframe (compound or claim) or the rewards will stop accumulation.
- 24h COOLDOWN: There is a 24h cooldown period where users can’t take any action.
- MINIMUM DEPOSIT: 180 ELK as a minimum deposit.
- COMPOUND BONUS: Every time the user compounds there is a bonus (in miners) starting at 2% and a max 20% for consecutive compound action, if the user claims and breaks the consecutive compounds the bonus is reset.
- EOF – ELK Of Fortune
- ROI – Return Over Investment
- Dapp – Defi Application
- APR – Annual Percentage Rate
- MINER – The name given to a Defi project that uses the TVL to determine an asset value and from which the rewards are calculated from, thus in essence “mining” the TVL.
- TVL – Total Value Locked – It is the total amount of funds present in the contract (deposited funds minus fees minus claims)
- MINERS – When a user deposits and buys miners, these miners’ price is not fixed, but rather is determined by the TVL. As the TVL goes up the price per miner also rises, when TVL goes down, the price per miner drops.
- INFLATION – Inflation is used in miner Dapps to explain the drop in rewards and the variations in price per miner.