A quiet launch of a discord has built into a fantastic community in less than a week. We love the energy, growth and memes, but are ready to take a deeper dive into why the excitement is warranted, who we are and how we are more than another OHM/TIME fork.
Your path to Valhalla awaits (🪓,🪓).
The world of decentralized finance is a dynamic space, new protocols are being built every day, and the impact of some are more revolutionary than others.
Olympus DAO have made the concept of a free floating, asset backed, decentralized currency a reality. In doing so, have marked a significant change in the way we think about, interact and build within the decentralized finance space.
Brought to life by the established Eleven.Finance team, Vikings.Finance and it’s native token $VAL (Valhalla) are an independent project. We will embrace underlying Olympus DAO concepts and further build on them. Alongside this however we can’t deny our key ties to our previous experience building in DeFi. In doing so our community inherits the trust of a reputable (KYC’d to Certik and other organizations), proven and committed team. A team, with a focus and track record of building and delivering that has made many partnerships with most of the top known DeFi projects.
A protocol that owns rather than rents its own liquidity is a much more sustainable one, and one that ensures value is kept within the community rather than handing this to parasitic farmers. Vikings.Finance allows this to be true for itself as a protocol.
Vikings Finance will utilize the familiar bonding and staking method to grow our treasury and deliver great APY to those who stake and bond. This will start with $VAL/$MIM and $MIM bonds, as well as $VAL staking on launch and grow as the platform matures.
We will launch on the Avalanche Network taking advantage of an accessible, fast, cheap and secure blockchain. Key elements in efficient protocol participation for purchasing, bonding and staking.
Features of VikingsFinance
After more than 3000 contracts deployed for yield optimization strategies in 5 different chains during last 12 months (some of them being very complex lending and leverage contracts), we have a lot of experience thinking out of the box for optimization and feel confident we can deliver more than what’s already available.
Even though OHM model is a very boxed system without much room for imagination, we believe there is some clear improvements we can deliver over current offering.
These are the key features of our upcoming protocol:
As expected, we will have a DAO to decide the most important features of the protocol. The voting power is measured in sVAL held by a wallet.
We will have wsVAL available since launch. Key benefits are some users can benefit legally in their countries and wsVAL is necessary for the protocol interactions we have in mind for the future.
Multichain treasury and staking
We feel very comfortable working in multi-chain. There is no reason why we shouldn’t. The more opportunities to improve our treasury and expand our offering, the better. We feel many teams have been moving very slow in this regard, but we will deliver it as a priority (hopefully faster than anyone else).
Truly optimized treasury
Again, we have a lot of experience building yield strategies. We feel like there's a lot of room to optimize the treasury. In every chain. Something as simple as achieving >25% yearly yield on the treasury instead of nothing, could have a massive impact on the protocol. Of course we must balance risk/reward ratio, but we are not scared to pursue it to the maximum.
Elastic Dynamic Rebasing (3,3 to Valhalla)
We will implement a Elastic Dynamic Rebasing for stakers (3,3) since launch. Elastic, meaning, the rebasing frequency can be modified to be higher or lower depending on protocol conditions and DAO votes.
- Prevents rebase exploiting / farming. (Buy token+stake before rebase and sell afterwards).
- The APY% will be more realistic, as the staking APY% can vary a lot between 8h rebases.
- Minimize accumulated sell pressure from people waiting for rebase before selling. Price stability is very important for our protocol.
Ideally, we would like to rebase literally every block (why not?), but with AVAX gas its not possible and would be actually detrimental to the network by spamming a lot of txs, so its not ethical either. We must be responsible with our protocol to provide value with the chains we will be involved. We will start rebasing every 5 minutes in our launch. We might reduce it further if it’s possible and makes sense.
Auto-staked Bonding (4,4)
Bonding is crucial for treasury growth, but it’s a double-edged sword, because bonders mint extra VAL and dilute the token. If they stake it, the protocol keeps growing at a healthy rate and everyone benefits, but if everyone sells what they are bonding, the net result is negative (except for them).
This is why we will implement auto-staking for bonders. That means, you bond, and your bond will be vested in sVAL instead of VAL and linearly released over 5 days. This will incentivize bonders to keep staking and minimize sell pressure, plus make life much easier for those who wanted to do it.
NOTE: (4,4) won’t be available since launch, because the initial massive expansion of treasury growth through bonding would dilute the stakers (3,3) APY% too much, so we will wait until the protocol growth is stabilized for at least a few days. However, the contracts are already done and ready.
External strategies for protocol users
We want to be creative with what you can do with your wsVAL to get an extra layer of yield and profit on top of it and also incentivize more stakers (healthy for the protocol).
We want to offer lending and leveraged products that interact with our ecosystem, (6,6), (9,9), (12,12)… you name it. The possibilities are endless in this regard. This would be an extra layer on top of VikingsFinance, and is not clear how will be delivered (yet), but it is in our plans.
Vikings.Finance has stealth launched a discord with a whitelisting process for our presale. It has been fair and open, making sure everyone had a chance to participate and rewarding best contributors.
Our presale will aim to raise 400,000 $MIM. Contributions will be capped at 1000 $MIM per wallet.
We didn’t really need to raise funds in a presale to build the protocol as we already had a team to build it. Main purpose is to launch with deep liquidity so everyone can participate early and have a smooth protocol launch.
100% of all presale funds will be used to fill our treasury and seed initial trading liquidity on TraderJoe AMM.
Like Vikings, we sail off into the unknown, bravely and together. We have grand plans for what Vikings.Finance can become, how innovation, active treasury management and cross chain expansion can continue to build on what Olympus DAO have started.