PeFi Weekly Digest #3: Penguin Emperor, PEFI-DAI Igloo, Withdrawal Fee Decay and more! (May 4th, 2021)
A letter to the Penguin Community from your penguin companions, Cody Maverick and BisBis.
Firstly, here it COMES! As per tradition, we will list some of our notable achievements and statistics, and as of right now it’s all looking bullish for penguins!
- Counting the Nest, PeFi sits at $24 million TVL, and climbs to the 2nd spot on Avalanche, up two spots from our last digest!
- WITH a Market Cap of $9.2 million+, we are cruising through the rankings. The $PEFI token is currently up 448% from ATLs we saw last week!
- The Penguin Nest current holds 23% of the circulating PEFI, and out of 1271 addresses that hold PEFI, 818 hold xPEFI.
- Over 360,000 $PEFI has been burned to date, a whopping 1.7% of the max supply and 8.69% of the current supply! At the time of writing, more than $750,000 worth of PEFI is gone forever!
- We have announced a new Igloo! PEFI-DAI should be launching soon, to give our penguins yields by holding a stable coin and PEFI!
- Our new unique King of the Hill dApp was a success! With over $150,000 in the jackpot, participants of the Penguin Emperor and penguins in the nests have received GREAT rewards.
- The proposal on our discord regarding Igloo withdrawal fees has passed! Implementation is now underway.
PEFI-DAI Igloo 💸🐧
Our new Igloo pair has been announced, and should be out this week! WITH our upcoming Igloo, DAI-PEFI, we bring an additional investment opportunity for our penguins. By proposing a stable coin farming opportunity, we hope to bring in investors that want safer yield pairs with PEFI. DAI is a secure and decentralized stable coin, one that our community loves. If you have other Igloo suggestions, please head over to our discord and make yourselves heard! Penguin Finance’s future is dictated by all penguins.
Penguin Emperor 👑
What a hit! You guys have been very vocal about the appreciation towards the Penguin Emperor dApp, our unique and innovative way to approach a King of the Hill game mode. With 1319 transactions made on the contract, the jackpot grew to a total of 24917 xPEFI that was split between the top 3 penguins, according to the corresponding tokenomics underlined in the Penguin Emperor medium article. An estimated 90 000$ have also been sent to the nest as rewards as a direct result of these past 4 days of playing with the dApp.
We are humbled by the results. However, we are aware that some of you have provided valuable feedback towards improving the future iterations. Rest assured that your voice has been heard and we are working on different game modes, that will ensure that everyone has a chance at taking some xPEFI from the chest and being crowned the sole Emperor of the Penguin ecosystem.
Our next Penguin Emperor round should start this week, and will consist of a COVID-themed charity event in which all money is donated towards India’s Covid Crypto Relief Fund! It will make donating fun, easy and interactive. There is a special surprise for penguins that donate towards an important cause. We will release more information about this event as we continue developing it!
Igloo Withdrawal Fee Decay
The community has been vocal about reducing the igloo withdrawal fees. Rest assured, you have been heard! A popular proposal on our discord was forwarded towards community voting, which consisted of reducing withdrawal fees bi-weekly to reward our penguin HODLers.
4% decay to 1% every two weeks over 14 weeks by factor 0.2
2 Weeks : 4%
4 Weeks : 3.2%
6 Weeks : 2.56%
8 Weeks : 2.048
10 Weeks : 1.6348%
12 Weeks : 1.31072%
14 Weeks : 1% > Forever
This proposal aims to encourage short to mid-term holding, while ensuring that penguin HODLers are rewarded for remaining in the incentivized igloos. The previous withdrawal fee was a static 4%, but with this implementation the fee will decrease every 2 weeks and subsequently allow early birds to reap most of the benefits while being punished the least. This proposal would apply to the following 5 pools: AVAX-ETH, PEFI-AVAX, PEFI-PNG, PEFI-SNOB, and PEFI-SUSHI.
The vote has passed with flying colors, meaning that implementation is now underway! Updates on the withdrawal fee decay proposals will be provided as we continue to develop the necessary functions to implement the decay, so stay tuned in our socials.
A Penguin Riddle
Oh yeah, the riddle is not always at the end! Bet you scrolled directly to the end didn’t you? This week’s riddle is not so simple. It is hidden within the article! We will reward the first penguin that can send us the message with 100 PEFI. Happy reading!
Update: Our penguin Volkonik has found the message and received the reward, but you can still look for the hidden message for fun! Stay tuned for future riddles to possibly earn a prize.
Penguin Nests 🥚
Since we have given an additional use case to xPEFI, these past few days have led to an impressive increase in the amount of PEFI locked in nests. By putting PEFI into the nest, not only do you get safe returns with great APYs and no risk of IL, but you are also able to interact with the Penguin Emperor dApp. This has in turn decreased the amount of circulating supply of PEFI and added value to all of our holders, whether they are inside the nest or outside of it. In the future, we will add more special interactions with xPEFI, so make sure you are HODLing!
Burnt PEFI 🔥
With our deflationary mechanics working like clockwork while PeFi continues to grow, we have burnt an additional 120,000 $PEFI since our last medium article, bringing the full amount of PEFI burnt over 360,000 $PEFI. By running a tight ship and using fees to buyback and subsequently burn PEFI regularly, the sell pressure on the token decreases substantially. Our main goal is always to bring value to our investors.
Thank you for reading all the way until the end, POWER to the penguins! We have raised our TVL by a large margin since our last digest, and our market cap followed suit. This is all thanks to our supportive penguin community.
We are working on delivering additional dApps, innovative features and partnerships, as well as good documentation. This is all to make sure you stay entertained while interacting with our contracts, and stay in the know as to how our dApps work and how our PeFi ecosystem is built, as this is our RESPONSIBILITY.
We are certain that we can reach new heights, as this is only the beginning of a long journey through the Avalanche. 🚀