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What is ELK OF FORTUNE?
ELK OF FORTUNE is a decentralized game built on the Binance Smart Chain. The object of the game is to hire more miners sooner and more often than other players. This in turn earns you more ELK faster. These miners work for you tirelessly, paying you a daily average of 3% of your miners' value. The daily percentage return depends on users' actions that are taken within the platform that impact the miner's efficiency rate. The mining efficiency rate rises and falls as users hire miners, compound earnings and pocket ELK rewards. Once miners are hired, they cannot be sold, and the investment made to purchase them (either through depositing or compounding) cannot be taken back. However, once bought, miners will not stop producing yield.
NOTE: The sustainability and longevity of this game will depend on every single players' actions. It is crucial to compound your earnings at least as often as you pocket them. The moment someone doesn't do their part, the game as a whole starts to suffer. It is also important to spread the word and recruit more players to join. If every person brings in two people, and everyone plays the game as it's meant to be played, everyone wins. Do your part and this game will last a really long time!
Dev fees will also be used in syrup pools to increase contract balance and longerity of the contract with HUGE self sustainablility.
Yeah, but how do miners work?
Mining games work similarly to any other financial market, where an asset has intrinsic value that is relative to the supply or demand of said asset. Miners are purchased with a pre-determined currency at a price relative to the miner's current mining efficiency rate. After the miners are purchased, they go to work for you right away to give you the best yield on your investment possible, for as long as possible. Just as any other asset bought and sold on an open market, the price of a miner will fluctuate over time, as will the mining efficiency rate, as you and other players hire miners, compound earnings and pocket earnings. To put it plainly, the more demand for the miners, the more they will increase in value and the more yield they will produce. Inversely, when the demand decreases, so will the value of the miners and their daily return on investment.
The main difference between a miner and a traditional financial market is that a miner cannot be sold, only the value they provide can be sold. As the players of the game as a whole compound their earnings and make new deposits, the mining efficiency rate will stay relatively constant, but the moment players start to withdraw more than they are compounding, the mining efficiency rate will begin to drop as to preserve the TVL and longevity of the miner.
What makes this miner different?
ELK OF FORTUNE has several anti-dumping and anti-whale measures in place to ensure the longevity of the project. These measures include maximum deposits, maximum withdrawals, as well as a cutoff time AND a cooldown time for withdrawals. ELK OF FORTUNE also uses rehypothecation to help sustain longerity of the miner.
The cutoff time is the amount of time it will take for your "cart" to be full of rewards. Once the cart is full, it will stop filling until you've taken some action in the game. This is to prevent whales from letting their rewards accumulate for a long time, and removes the false impression the contract value is going up when most of it is rewards the whale is waiting to withdraw at once.
The cooloff time is the amount of time one has to wait before they can make another withdrawal. This also prevents the contract balance from decreasing in value too fast. If the team decides it's necessary to protect the contract balance, this time period can be adjusted to slow down the rate of withdrawals, but it can only be set to a value less than or equal to 48 hours (per contract rules).
To reward players for playing the game, there is a bonus when you compound your daily earnings instead of withdrawing them. The compound bonus increases 2% every 24 hours that you compound without withdrawing (20% max after 10 days). This incentivizes the user to compound more often, which will help boost the miner efficiency rate in the long run. To be able to utilize the compound bonus feature, the player must not compound before the provided timer reaches 00:00:00.
For the players who choose to not play the game and only withdraw, there will be a 80% tax on those withdrawals that will stay in the contract. If the player makes two or more consecutive withdrawals, this tax will be applied. Withdrawals that are made following a compound action (after the 24 hour cooldown) will be exempt from the tax.
ELK OF FORTUNE also has a very unique feature that has never been done before which effectively decreases the amount of miner inflation that occurs over a long period of time. Every sell action will only add 5% of the amount sold to the total supply. Older miner add 100% of what is sold to the total supply. This means the contract will have a lower inflation rate, keeping the miner market supply more scarce and more valuable than other miners.
What make a major benefit of joining this miner over other miner's is the sustainability by using dev fee's to stake in ELK FINANCE POOLS to earn an interest which will be deposited weekly into contact giving an everlasting balance increase.
How does the lottery work?
For every 15 ELK you deposit or compound, you will automatically be given 1 ticket to the current lottery, up to 50 tickets max. These tickets come at no additional cost to you and have no impact on your overall investment. The lottery is automatically drawn every 24 hours. When the winner is selected, lottery pot is sent to the winner's rewards as more miners power. There is also a daily HIGHEST DEPOSIT competition where if you are the highest depositer you can win 0.5% of the contract balance direct increasement to your miners. giving incentive to have constant growth and an ever increasing balance.