We continue to be blown away by the support we’ve received on Fantom.
Our farms have generated hundreds of thousands of volume and the liquidity for Eldritch continues to grow.
We introduced two new pools for ELDR: ELDR-fUSDT and ELDR-ETH.
These pools gained tens of thousands of dollars in liquidity within an hour.
We are announcing here the following steps to be taken as well continue developing our protocol.
First, our goal by the end of the year is the release of Eldritch Crypts.
Second, we will be phasing out non-ELDR pools over time.
Third, we will be introducing FTM pools for ELDR holders.
The Crypts will automatically compound user’s liquidity and reward ELDR.
ELDR will remain a fixed supply token.
The Crypts will use a portion of the compounded profits to buy ELDR and burn it.
The Crypts will also use a portion of the compounded profits to generate wFTM. This wFTM will be sent back to users who stake ELDR.
The use of non-native pools to generate fees is a necessary step towards building a war-chest capable of handling the many costs of operations, which range from acquiring a thorough audit to handling real marketing.
But we will be phasing out these pools overtime.
Beginning November 20th, the following pools will be closed:
SCARE-USDC
MARS-FTM
BOO-USDC
DAI
SPELL
The next pool closure will be on November 27th. We will announce the pools before that time.
We are testing this now and will introduce it next week.
