PeFi Weekly Digest #4: Penguin Launchpad, PEFI-LINK, Timelock and much more! (May 24th, 2021)

A letter to the Penguin community from your penguin friends, Cody Maverick and Bisbis.

● Despite market conditions, 1,292,256 PEFI are in the Nest! That is over 16% of PEFI out of circulation.

Redesigned the user-interface graphics to give it a more appealing and intuitive design.

Raised 468 AVAX for India’s COVID Crypto Relief Fund through our Penguins without Borders event!

● Over 606,000 $PEFI have been burned to date!

● PEFI/LINK Igloo made it to a TVL of about $700k in the first 24 hours!

● Reached 7000 Followers on Twitter!

Penguin Launchpad 🚀

Have you been trying to invest in upcoming projects but keep getting denied because of centralized ICOs and other unfair distributions? Worry not as your favorite project will now be offering each and every penguin the opportunity to both get free tokens from projects within the Avalanche Ecosystem and exclusive access to new projects that will be coming to Avalanche.

As stated in the Penguin Vision, we want Penguin Finance to act as the ultimate dashboard for everyone who is invested both within and outside of the Avalanche Ecosystem. In order to achieve this we’ve been hard at work developing innovative features for the Penguin Ecosystem and polishing our existing User Interface. The Penguin Launchpad has been in the pipeline for quite some time but we’re extremely excited to make it public and put it in the hands of the Penguin Community.

More importantly, in order to reward penguins who will be staking their $PEFI in the Nest, access to the Launchpad will require that penguins hold xPEFI in their wallet. We want to make it as accessible as possible so there will be several tiers that will allow you to participate regardless of how much money you have.

The Penguin Launchpad will not be your standard IDO platform; it will provide penguins with the opportunity to invest in upcoming projects in several creative ways. There will be a standard token sale platform for which penguins will be whitelisted in order to have exclusive access to IDOs within Avalanche. There will also be several engagement activities where penguins can get access to the project’s tokens without having to spend any money.

Specific details for the Launchpad tiers and requirements will be published soon.

Penguin without Borders

The Penguins without Borders initiative was an incredible success as we were able to raise a sizable amount for a very noble cause in just 4 days! Through providing limited edition NFTs, we will also be rewarding those who participated in this unique event.

  • Total Raised: 383.94 AVAX & 2381.74 PEFI

Elk Finance had the novel idea of organizing the Avalanche Community into participating in India’s Covid Relief initiative. We thank them profusely as we were all able to support those who need it most during such harsh times. We’d also like to thank Snowball Finance for providing the multi-sig address that was used as an intermediary to donate to the COVID Relief Fund.

PEFI-LINK

The PEFI/LINK Igloo went live a few days ago and it turned out to be a huge success! It broke penguin records as it reached nearly $1,000,000 TVL in less than 24 hours after launch!

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.

LINK will soon finish its integration with the Avalanche C-Chain which will allow us to integrate them into the Penguin Arena and other coming dApps.

Emission Rates

In accordance with the target max supply of 21.000.000 $PEFI, we are happy to announce that the first and second round of emission adjustments were implemented. The emission rate has gone from 6.15 PEFI/block to 4.98 PEFI/block. Further scarcity and value is brought in via this emission rate adjustment.

With the burns that have occurred till now, we are sitting at a hard cap of 20,525,000 $PEFI. Each and every day, the maximum supply of PEFI will continue to diminish, making all of your precious $PEFI ever more valuable.

Timelocks

As requested by the Penguin Community, a 24 hour time lock has been established on both the Penguin Token and the Penguin Masterchef. This ensures that your funds are always protected no matter what. We thank our investors that have believed in us as we were setting up the Timelock, and the ones that are yet to be our investors that were waiting for this added technical safety.

For the Timelock, we’ve chosen to utilize an upgraded version of Compound’s timelock given that it’s as rugged as it gets.

A Penguin Riddle

Reperio the code in the Caesar contract, you will surely find what you are seeking. First penguin gets 100 PEFI!

Final Thoughts

Thank you for being part of the adventure! The last weeks have seen a lot of new participants in our social media channels, and a lot of new active members on Telegram. It is always a pleasure to communicate with all of you and answer your questions or use your great feedback to improve our product.

As Avalanche is slowly gaining traction, the past few weeks have proven that we’re just getting started.

Penguin Finance (PeFi) is an exciting new yield farming project on $AVAX.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store