Elephant Money: 205% Interest on Stable Coin

As we continue the passive income journey to financial freedom, today I will take a look at the Elephant Money ecosystem. Bankteller is the developer behind Elephant Money. Bankteller’s earlier project Bankroll Flow is the forerunner to DRIP, one of the leading decentralized finance (DEFI) projects paying a fixed, high-yield interest rate. Elephant Money is a DEFI project built on Binance Smart Chain and has the ELEPHANT and TRUNK tokens.

ELEPHANT is a reflections token which pays hodlers a reward for holding the token. Rewards are automatically credited to the holder’s wallet. ELEPHANT is not a stable coin, so price fluctuations impact portfolio values.

TRUNK is a stable coin that pays up to 205% APR depending on whether it is staked or bonded. This is one of the highest stable coin interest rates.

ELEPHANT Token

About half of ELEPHANT’s supply has been sent to a burn address, reducing the tokens available for sale. By making fewer coins available, the developers hope to drive the price higher.

TRUNK Token

TRUNK can be deposited into the staking portal to earn interest. The interest rate on staked TRUNK can never fall below a 30% annual rate but is expected to increase over time as the system grows, and at the time of writing was 64%. Interest earned can be compounded — rolled in Elephant Money parlance — to increase the staked balance and earnings, or it can be withdrawn. The principal is not locked and can be withdrawn at any time.

Stampede Perpetual Bonds

The maximum amount that can be withdrawn from Stampede over time is called Maturity. This is always 2.05 times the principal (bonds). Compounding increases principal and maturity. As long as you are compounding, you can continue earning and withdrawing from the Elephant Money system.

The main selling point for the TRUNK token is that it is a stable coin paying a high interest rate. Stable coins typically earn lower interest rates because they do not have the same opportunity to benefit from price increases which can increase yields. The flexibility to either keep your principal unlocked in the staking portal or lock it in Stampede for higher returns is another plus. Many high-yield protocols do not offer this flexibility.

For crypto investors looking for a high-yield investment without the volatility, staking TRUNK is a good alternative. Recent price declines in DRIP created anxiety among some holders who do not understand that compounding over time offset price drops. TRUNK staking eliminates that anxiety. Holders can decide what they want their earnings to be and invest the appropriate amount or compound to reach that target, without worrying about price fluctuations.

Herd Partner Network

Final Thoughts

The Elephant Money ecosystem has shown tremendous growth recently, with total value locked and the price of the ELEPHANT token rising sharply. It is still early days, but the trajectory for Elephant Money looks good.

If you found this article useful and is considering joining the HERD Network, please consider joining my team. I’m available for questions you may have, and I offer airdrops to team members.

My Partner address is:
0xCA5051060d8F3e5dE574Eabe533f9A9C2B7F324E

This article is for information and educational purposes only, and nothing stated herein is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits, or losses you may incur as a result of this information. Please do your own research and due diligence before making any investment decisions. The author has made every effort to ensure accuracy of the information in this article, but makes no representations or warranties, expressed or implied, to its accuracy, completeness, timeliness, or correctness. The author may own cryptocurrencies discussed in this article.

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jaycesondon

Accountant (CPA), equity research analyst and crypto enthusiast.