Elysian Finance; A new age in DeFi solutions.

otto11 (53)in #defi • 2 years ago (edited)

Hey, their creatures of the Hodl-space, It's Otto 11 here again and as always I trust you guys are well?

So, today guys we are dissecting Elysian Finance, a Next-Generation reserved-backed token.

List of Content-

What is Elysian Finance?
What are reserved-backed tokens?
What did you say DeFi was again?
What is WEB 3.0
WEB 3.0 + DeFi ;- A merge made in blockchain
How it’ll work.
Tokenomics.
Conclusion.

What is Elysian Finance?

Elysian Finance is a next-generation Decentralized Finance Protocol that is focused on Algorithmic assets emission and advanced on-chain asset management.

Elysian Finance also aims to recreate a non-traditional finance system by using a different method where the DeFi system consists of features like Upgradeability and Modularity to its smart contract architecture.

What are reserved-backed tokens?

Firstly, let's establish by first defining what reserve-backed currencies are…

It is a large quantity of currency maintained by central banks and other major financial institutions to prepare for investments, transactions, and international debt obligations, or to influence their domestic exchange rate.

The above definition also applies to Blockchain assets and so, It should be better defined as a readable type of stable currency that is used by the protocol to maintain market volatility.

What did you say DeFi was again?

So let's use that opportunity to reintroduce what Decentralized Finance is…

Decentralized Finance (DeFi) is a public financial application built on a public Blockchain and is governed by smart contracts, representative of the protocol part.

But looking much closely there are more to the components of DeFi and this has brought about the age of Decentralized applications (dApps), Web3.0, Decentralized Exchanges (DEXs).

What is WEB 3.0?

Recently, we have seen that the term “web 3.0” is used a lot, that is because it is an advanced form or better referred to as the evolved version of the internet that we are currently used to.

It is agreeably defined as the generation of internet services that decentralized and would fully explore the use and application of machine-based learning and focuses on making this a way to make better and trusted decisions.

WEB 3.0 + DeFi ;- A merge made in blockchain

So, what would it be like if we merge DeFi protocols with the decentralized web?

Interoperability.
Data File storage.
Automated actions through smart contracts.
Better Utility of dApps.

The expected plans are what protocols are currently building because it actually is the solutions to human-controlled protocols.

Another is, that it’ll force semi-decentralized protocols to switch their games up.

How it’ll work.

“Elysian Fiance; We are building next-generation reserve-backed token for DeFi and Web 3.0.
Our goal is to build a non-custodial protocol focused on algorithmic asset emission and advanced on-chain asset management. Elysian treasury will engage in strategies ranging from arbitraging to market making, robo-trading, and ETFs.

Our smart contracts provide full transparency about how the strategies are performing and how they are composed and how they operate.

Elysian (LYS) token is backed by a basket of assets in the treasury, which is combined with risk-free value (RFV) which gives it intrinsic worth and ensures 1 LYS minted is always backed by 1$ “

Tokenomics

The distribution of Pre-Elysian (pLYS), a derivative of LYS with a option-inspired behavior.

This means pLYS gives the right to mint LYS by burning 1 pLYS and depositing $1 worth of a reserve asset for each token minted.

Since pLYS vests based on supply, it is a long term bet and there are no specific dates at which the circulating is arbitrarily inflated. The behavior of pLYS resembles an option because it only makes sense to redeem it when LYS is trading above its intrinsic value.

Early supporters, advisors and team will be able to cumulatively vest their pLYS when the supply reaches 12%. This means that when the supply is at 1m there will be 120k reedemable pLYS, at 10m supply, it will be 1.20m pLYS and so on.

Here is a breakdown of 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.

Proceeds of the distribution will be used to fund development and scaling demands, as well as marketing and product development.

Conclusion

Question 1; Do you think having a robo-trading platform is a good idea?

Answer; I can't say, because we all know that Blockchain is an ever evolving space, So making that call will honestly be too soon.

Question 2; Why do you think Elysian finance flourish?

Answer; I am not saying it'll or that it won't, I simply saying they have a lot facts and goals down that shows that the core team knows what they're doing.

Question 3; I'd like to reach the team to talk to them personally.

Answer; I have made provisions for this at the bottom of this piece.