Today we are pleased to announce that the pre-launch phase of the Elastic Vault release has begun.
Starting today, kMPL holders can stake their tokens into the Elastic Vault in preparation for the Elastic Finance Token (EEFI) airdrop.
The kMPL staking window will be open from March 4 to March 18, 2022. kMPL holders who stake their tokens into the vault will be the only individuals eligible for the airdrop.
About the Elastic Vault
The Elastic Vault (an innovation developed by the AmpleSense DAO) allows holders of Ampleforth to earn yield.
The Elastic Vault works as follows:
- Deposit AMPL: Earn yield on your AMPL with one click
- Leverage the Rebase: The vault will emit EEFI rewards to stakers when AMPL is in negative rebase or equilibrium (no/neutral rebase). This will allow vault users to hedge against negative rebases and generate yield when the Ampleforth protocol is at equilibrium
- Benefit from a Deflationary Crypto Asset: Supply of vault reward tokens (EEFI) on the market declines during Ampleforth expansion cycles (positive rebases)
Learn more about the Elastic Vault.
About the kMPL Pre-launch Staking Period
As announced previously, holders of the kMPL governance token will receive 40% of the initial EEFI supply (currently 100,000). To receive EEFI, kMPL holders must stake their tokens in the Pioneer Fund II vault prior to the end of the Elastic Vault pre-launch period. Specifically:
- kMPL holders will have a two-week period to stake their tokens in the vault: March 4 to March 18, 2022.
- kMPL holders who do not stake their tokens in the vault will not receive EEFI token airdrop
- Stakers will be able to claim their EEFI via the vault
Shortly after the end of the staking period on March 18, we will deposit EEFI tokens into the vault for kMPL holders to claim. After this, new EEFI holders will be able to provide liquidity for the token on Balancer. The Balancer pool is weighted 90% EEFI, 10% ETH, meaning that EEFI holders can provide liquidity less expensively. For example, if they provide $10,000 in EEFI, they will only have to match it with $1,000 in ETH.
Elastic Vault Documentation and Audit
We have developed expensive documentation on the Elastic Vault, which can be found here.
The Elastic Vault was audited by Omniscia, a well-regarded blockchain security firm specializing in helping startups and enterprises design, build and secure complex decentralized networks and applications. The audit can be accessed here.Recommended1 recommendationPublished in