To provide liquidity to the platform, users can deposit any of the four assets: ETH/stETH/frxETH/rETH into the Maximizer pool contract. In exchange, an corresponding amount of elETH tokens are minted. The amount of elETH minted is proportional to the amount of assets deposited and the current proportion of the three assets in the maximizer pool. By providing liquidity to the pool, users can earn rewards in the form of more ELT tokens.
Farm is a feature that allows users to stake elETH to earn the platform token ELT. Compare to the ordinary LSD assets (e.g., stETH, cbETH, etc.) with 4% annualized yield, our dividend distribution mechanism brings 25%~40%+ APR rewards plus additional veELT tokens to our holders by locking up ELT.
Users can choose the ELT lock period, locking ELT will generate veELT in addition to the income from ETH. veELT can either be exchanged back to ELT or represent the protocol governance rights, boost the farm APR and get a discount of swapping & bridging fees. This can significantly reduce selling pressure on ELT.
To vest veELT to ELT, a 10+% (depends on the ELT emission for the veELT yields) amount of veELT can be converted to ELT. After meeting the staking condition, the vesting will begin, and the veELT tokens will be vested linearly into ELT during a 30-day period