As the Elysium Blockchain continues to onboard more and more dApps that ultimately contribute to more transaction fees and more activity on Agora Marketplace, its NFT marketplace, it is important to provide some key details on the in and out of fees and rewards.
In the upcoming weeks, Elysium Nodes and Elysium Forges will be operational providing key mechanisms that ensure a successful, transparent circular economy that benefits all — towards the success of Vulcan Forged and that of all, whether players, PYR and LAVA holders or partners building on our Layer-1 blockchain, Elysium.
1. Introducing Nodes, Forges, and Rewards
As part of the Vulcan Forged ecosystem and the Elysium Blockchain, there are three main mechanisms to be rewarded with LAVA: Elysium Nodes, Elysium Forges, and Demeter Rewards.
1.1 Elysium Nodes
Initially introduced as Cronus Nodes, these are now Elysium Nodes.
The Elysium nodes are physical nodes, requiring a server and software to operate. There are 51 of these validator nodes in total, with some positions filled, and the Elysium team is still accepting applications for the remaining node positions. Understandably, there is a strict criteria in place should you want to host an Elysium Node, including technical knowledge, validation by the team (applicants should be known and trusted entities), location and the ability to stake 50,000 PYR in the node’s address.
Due to the limited number of node positions and the criteria set, those hosting nodes will benefit from some of the best rewards Vulcan Forged offer for authenticating transactions and keeping the Elysium blockchain secure. These rewards will come through transaction fees, royalty fees, and sowing fees.
Currently, some institutions and prominent blockchain projects have already secured an Authority Node to help secure and further decentralize the Elysium Blockchain.
1.2 More details on the Elysium Forges
Elysium Forges (initially named Typhon Nodes) allow PYR holders (any amount) to be rewarded in LAVA as long as they have these PYR on the Elysium mainet. They receive a proportion of the marketplace fees, royalty fees and Elysium LAVA gas fees. Essentially, a user stakes PYR and receives LAVA. Your LAVA rewards will increase based on three key factors:
- The amount of PYR held;
- The length of the locking period and;
- The boosters held (check section 2 below).
What’s great is that if you decide to stake for longer and starting at 2,000 PYR, Elysium Forges come in six tiers rewarding you more. Overall, whether it’s a couple of PYR or a larger amount, Elysium Forges are incredibly accessible, even if you’re new to the world of blockchain!
There are a minimum of 14 days to lock your PYR for a LAVA reward as well as longer time period offering larger rewards as per below:
- Minimum Period: 14 days — 100% Generation Rate;
- Elysium Forge 28-Day Lockup (4 weeks) | 101% to 116% base generation amount;
- Elysium Forge 56-Day Lockup (8 weeks) | 110% to 139% base generation amount;
- Elysium Forge 112-Day Lockup (16 weeks) | 121% to 169% base generation amount
Shortly before Elysium Forges go live, we’ll announce any final details in a new article and on our Discord — join if you haven’t yet, it’s where all our news goes out first!
1.3 Demeter Rewards
Demeter Rewards are given to those who hold VulcanVerse land between level 4 and level 7 or above and can be considered a bonus on top of the land staking program. 10% of all transaction fees generated on the Elysium blockchain will be divided between those who qualify for Demeter Rewards.
2. Boosting your reward
So you have PYR in the Elysium Forges? Great. You’ll be happy to hear, if you own certain NFTs, you’ll be able to boost the output of your Elysium Forge. These Boosters apply to anyone from the base 14-day period all the way to the more rewarding 16 weeks forges.
2.1 God NFT Booster
Here is what you need to know when it comes to holding an Olympian or Titan God NFT.
- If you own an Olympian or Titan God NFT, the base generation amount for your Vulcan Forge tier rewards will increase by 5%.
- If you own one of either Zeus or Cronus, the heads of the Olympians and Titans respectively, you’ll receive a massive 15% boost on the base generation amount for your Elysium Forge tier.
Note — God NFTs are not stackable for this purpose.
2.2 Vulcanite NFT Booster
Vulcanite NFT holders will be able to boost with a total maximum bonus of 10% on top of the Elysium Forge base rewards you receive. You can stack up to a maximum of five Vulcanites. Please refer to the below for the booster value of these Vulcanites.
- Level 1 Vulcanite: Vulcan Forge base generation amount + 1.00%
- Level 2 Vulcanite: Vulcan Forge base generation amount + 1.25%
- Level 3 Vulcanite: Vulcan Forge base generation amount + 1.50%
- Level 4 Vulcanite: Vulcan Forge base generation amount + 1.75%
- Level 5 Vulcanite: Vulcan Forge base generation amount + 2.00%
- Level 6 Vulcanite: Elysium Forge base generation amount + 2.25%
2.3 OG Badge NFT Booster
If you own an OG Badge NFT, you’ll receive a 2.5% boost on the total reward.
Note — OG Badge NFTs are not stackable for this purpose.
The LAVA rewards for each of the Elysium Forges and their respective boosters come from transaction, marketplace, and sowing fees, as outlined in our whitepaper. Please note that the Vulcan Forged Foundation plans to supplement LAVA contributions until a viable circular economy is operational. The foundation will regularly review its contributions to tightly control inflation and meet other budgetary requirements.
3. Sunsetting the LAVA Gem rewards
In our quest to construct a more competitive circular economy that rewards our users and community while fuelling the forge, we announced during our white paper work earlier this year that the LAVA Gem program will be under review until the end of the year. That time has now come, with the team making the decision to end the reward program on December 1st.
The LAVA Gem program was established prior to many of our current mechanisms coming into play, in what were very different times early in the Vulcan Forged story when LAVA was an uncapped token. LAVA is now the native coin of Elysium blockchain and has a maximum supply of 1 billion tokens (uncapped previously).
During its time, Vulcan Forged is estimating that the LAVA Gem program has distributed over 15 million LAVA in rewards to over 1,000 users, providing a lot of reasons (over $800k at LAVA current price, Nov 24) for all these lucky users to be happy.
Elysium Forges will be the natural transition to the LAVA Gem program and will allow a more structured and more rewarding experience to all users.
Rest assured that while the utility of these LAVA Gem NFTs is changing in that specific case, we are looking at how LAVA Gem can continue to operated within the wider Vulcan Forged ecosystem.
4. Some Other Important Items to note
4.1. Soul Bound Tokens — OG Badges
OG Badge NFTs were first sent to each unique wallet that took part in the VulcanVerse Land sale back in the autumn of 2020. The original purpose of the OG Badge was to both designate the owner of the wallet as a certified Vulcan Forged OG — the first people to show faith in what Vulcan Forged were building, and to reward those users, as various airdrops and benefits were arranged. The nature of the land sale saw some users have no choice but to purchase from multiple wallets, which meant that they received more than one OG Badge NFT when they were sent out. Also, as OG Badges were tradable on the marketplace, some users purchased multiple badges having seen the benefits of owning them. This has resulted in there being newer users who now hold OG Badges despite not being around for the land sale back in 2020 and other users holding multiple badges.
Vulcan Forged plans to continue leveraging the capabilities of the Elysium Blockchain by implementing the first Soulbound Tokens. These will be applied to OG Badges. What is a Soulbound Token? It is a token representing a non-transferable digital asset. Unlike typical tokens or NFTs (Non-Fungible Tokens), which can be bought, sold, or traded, a Soulbound Token is permanently linked or “bound” to a single wallet or digital identity and therefore a perfect way to mark out Vulcan Forged OGs! It makes sense to us to allow everyone who has been loyal to Vulcan Forged and has seen the value of dearly holding onto their OG Badge NFTs to be rewarded for it.
Of course, as mentioned, we recognize that some would have taken the opportunity to acquire an OG Badge having seen the value in it and we have to respect that. Also, for the users who have accumulated more than one OG Badge, we are looking at a fun solution to further reward these users as we implement our Soulbound OG Badges.
So what of those holding multiple OG Badges? Each badge does provide 25 XP per day, this is something we are keen to retain. But airdrops per badge held are a thing of the past. Vulcan has spoken:
“Vulcan speaks! Listen oh mortal. In days past, I rewarded all who first came to VulcanVerse with a token, a digital medallion for the Old Guard that you fleshlings call ‘OG Badge’. In time, some of you traded these medallions for the beings of my land, Vulcanites. Others yet, sold them for riches and some mortals possessed of great intelligence sought them, so that they may hold many. And Lo! How they benefited from my benevolence!
But hear me fleeting one! I will forge medallions that each holder of an ‘OG Badge’ will carry on them for life — call them Soulbound if you will! Each mortal will receive one, and only one, bound to their person. In my forge, my automatons and minions work, casting new items of splendor. Each old ‘medallion’ given over will be recast into a divine item, retaining the power of the ‘OG Badge’ it once was.”
As we make an OG Badge per holder a Soulbound Token, we will also be re-purposing multiple OG Badge NFTs through an upgrade process, bestowing new purposes on them.
Users will be able to give Vulcan their OG Badge and select from one of several OG items available. Vulcan will recast the OG Badge into the special limited edition item of choice. The new item will function in a similar way to the old OG Badge, as long as the NFT is held, it will produce 25 XP a day for the holder. It will also provide function in one of our games — from VulcanVerse to Tartarus, from Berserk to Vulcan Royale, as a weapon, armor or similar item.
4.2 Rewarding you from December 1st, 2023
With the sunset of the LAVA Gem program and the upcoming introduction of the Elysium Forges, we realize there is a missed-opportunity to be rewarded. As such, Vulcan Forged will proceed with a snapshot of the linked MetaMask wallet on December 1st, 2023. Here are some top-level details:
- Snapshot of wallets on December 1st, 2023.
- At a later date, we will proceed with a second snapshot to identify matching PYR amount.
- The goal here is to reward loyal holders of PYR with a retroactive reward (in the form of LAVA as if you would have started staking in the Elysium Forge) plus a bonus incentive for your commitment.
We’ll provide more details in due time.