Quote:
Originally Posted by twinklover
I thought the entire point of crypto currencies was to get away from banks LOL!
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This is decentralized finance, aka DeFi.
There is no central authority or organization, the contracts are enforced by programmed code. It is an evolution of crypto that permits more productive financial products and helps avoid centralized exchanges. The "bank" in this case is simply a collective of immutable contracts that will be on the blockchain for as long as the blockchain exists.
Some updated numbers:
ELEPHANT is currently at ~$0.1660/million, an approx. 73% increase since my initial post.
ELEPHANT treasury has grown to 142 trillion, valued at 23.6 million USD.
A Futures deposit on Jan 30 would have accrued 70.5% to date, without any compounding. Weekly compounding could have raised that to nearly 2x. Over 1400 participants have joined Futures to date, depositing over $6 million in total.