Elf Finance is inspired by previous algorithmically stable protocols such as Tomb Finance. Like 2OMB Finance, this protocol uses three tokens to incentivize a stable 1:1 peg to the US dollar. Genesis pools will run for 2 days and charge a small one time deposit fee of 1%.
A total of 25,000 ELFs will be released to Genesis pool contributors on a 2-day linear basis, distributed across the pools. The treasury allocation will go towards spreading the word about the protocol, maintaining the tether and rewarding active users on discord.
The ELF token is intended to be used as a medium of exchange. The stability mechanism, built into the Elf Finance protocol, aims to maintain the ELF peg to USD 1 in the long term. GIFT tokens - one way to measure the value of the ELF financial protocol. This works in terms of ELF's discounted future cash flows, as well as investor confidence in ELF's ability to keep ELF at the peg level at all times. During the epoch extension, the protocol mints ELF and distributes it proportionally to all GIFT holders who have staked their tokens in the boardroom.