Elephant Money - Introducing the TRUNK Stablecoin

Capitalizing on the stablecoin trend, Elephant Money will offer high yields on their new stablecoin TRUNK.

By
BSCNews
on
November 16, 2021
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Introducing TRUNK

Elephant Money Stable (TRUNK) makes its debut as a high yield stablecoin. TRUNK aims to keep a tight peg with Binance USD (BUSD) while offering high yield with low smart contract risk.  Yield and value is backed by a novel treasury system built around the core ELEPHANT rewards token and BUSD. TRUNK is designed to be a universal tool for profit taking that can operate in any market conditions and maintain peg during bank run scenarios.


How TRUNK Stablecoin Works

TRUNK is a future-proof way to compound profits made across your portfolio. Lock in your gains by using the Elephant Reserve to mint TRUNK with BUSD. A low processing fee of 1% is charged on minting and redemption of TRUNK. The stable coin is partially collateralized at a fixed 75% BUSD and 25% ELEPHANT. Both collateral assets are securely stored in treasuries protected by Gnosis Safe multi-sig wallets. The 1% minting processing fee is also used to 100% back TRUNK with BUSD in a Pancake LP. The LP provides a dynamic marketplace for arbitrage of the TRUNK stable coin and increased liquidity.

Reward credits are generated on minting and redemption at a rate of 11% and 4% of volume respectively. These credits are distributed to the TRUNK staking pool (8% mint/ 2% redeem), v2 asset pools (2% mint/ 1% redeem), and the performance pool (1% mint/redeem). All pools release funds at 1% a day from their credit balance.


The Elephant Treasury

The Elephant Treasury acts as a store of value and pays interest to stakers in the Elephant Money ecosystem. The Elephant Treasury and use cases built around it acts as a large/active market participant. 

This differentiates it from the passive Elephant Graveyard which also protects the price of ELEPHANT. The Elephant Treasury also receives passive reflection rewards which ensures a collateralization ratio above 1. This is required to fully redeem Elephant at 25% on the dollar along with 75% BUSD guaranteed.

For more information about Elephant Money, visit the following links:

Website

Twitter

Telegram

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