ELK OF FORTUNE

ELK Miner Dapp

EOF DESCRIPTION

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.

STATUS: ACTIVE

SITE: https://elkoffortune.thefortunehunters.pro/

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

CONTRACT: https://bscscan.com/address/0xc36d17085b26fc5dCBBB46A6A2068b3AdE2CdAb5

ANALYTICS: https://bscscan.com/token/0xeEeEEb57642040bE42185f49C52F7E9B38f8eeeE?a=0xc36d17085b26fc5dCBBB46A6A2068b3AdE2CdAb5#tokenAnalytics

TOKEN: Elk – Bep20 (from Elk Finance on BSC)

TOKEN CA: 0xeEeEEb57642040bE42185f49C52F7E9B38f8eeeE

BUY/SWAP: Buy / Swap Elk at Pancake Swap

TAX STRUCTURE

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

Upon claiming rewards, there is a 7% tax that is subtracted from the amount claimed. This is distributed as follows:

1% to CoF
6% to develop ELK pools to generate yield for the project

Currently all fees are used to develop and grow EoF, with the exception of 1% used to grow CoF. All yield generated in pools is used to boost the TVL of the EoF contract. The team does not take any fees from EoF as payment.

UNIQUE FEATURES

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.

GLOSSARY

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.

SHEETS (INDIVIDUAL ROI/TOTAL INJECTED FROM POOLS & POOLS BALANCE)

ROI SHEET

https://docs.google.com/spreadsheets/d/1C6a0sX4-uj5akaG7FkLefnVO4XBcw5ZLLWOp5In7OA0/edit?usp=sharing

HOW MINERS WORK

This is an example to help people understand how Miners Dapps works and some of the terms used.

Practical example: TVL is at 1000 ELK

User A deposits 100 ELK tokens and receives 100 miners. (the price per miner was 1 ELK).

TVL is now 1100 ELK.

User B deposits 100 ELK tokens and receives 90.90 miners. (the price per miner was now 1.1 ELK).

The APR is 3% per day.

User A is receiving 3.6 ELK per day in rewards.

User B is receiving 3.27 ELK per day in rewards.

Both deposited the same 100 ELK but the price each paid per miner was different, user A got 10 miners more than user B.

Because TVL determines the value of the miners, after user B bought his miners, the TVL increased to 1200 ELK. This made the 100 miners that user A had worth 120 ELK, thus 3% over 120 is 3.6, and user B with 90.90 miners worth 109.09 ELK [due to the TVL being now 1200 ELK] is generating 2.27 ELK per day. 109.09 x 3% = 2.27 ELK per day.

User B claims his rewards at the end of 24h. 2.27 ELK is claimed from the TVL. The TVL is now 1196.72. He continues to have 90.90 miners which are now worth 108.79 ELK.

User A compounds his rewards at the end of 24h. The TVL is now 1196.72 ELK and each miner now costs 1.196 ELK, he now has 103 miners worth 123.6 ELK.

After some time TVL is down to 600 ELK.

Each miner costs 0.60 ELK.

User A has 123.6 miners, worth a total of 61.8 ELK and generating 1.85 ELK per day (61.8 x 3% = 1.85)

User B has 90.90 miners. Worth a total of 54.54 ELK and generating 1.63 ELK per day (61.8 x 3% = 1.63)

By compound rewards the TVL remains intact and depending on other user’s actions, it may be possible to fight inflation.

Another possible way to fight inflation in miner Dapps is the claim and reinvest.

When a user claims the TVL drops, causing the price per miner to drop as well.

Meaning we will be able to buy miners at a lower price than we would be simply compounding.

In EOF users can even use the max deposit lotto to get more miners with the redeposit.