The Vulcan Bank: A Gamified Single Staking Solution. Stake $LAVA Tokens and Receive More $LAVA.
Every city needs a bank, so Vulcan has forged the Vulcan City Bank PLC*.
The Governor of the Bank of Vulcan City is a greedy little Kobaloi called Robafella. Others call him the Gobernator.
The Governor
Robafella began his career as just another thieving Kobaloi in Boreas. But instead of spending all his stolen cash on beer, fine foods and Kobalettas, like everyone else, Robafella hit on the idea of lending his stolen money to other Kobaloi and charging interest on it.
Over time his Bank of ‘Goblin’ it All Up’ did so well he expanded into Vulcan City itself. Realising he needed a more respectable name that non-Kobaloi could trust, he renamed it the Bank of Vulcan City, and took out some insurance with the Temple of Poseidon so he could officially call it a PLC.
As soon as you enter the Bank of Vulcan City, you will see Robafella, the goblin bank governor ready to assist you. You will need the limited Vulcan LAVA Ledger NFT to use the Vulcan city bank services.
Vulcan Ledger NFT
In order to use Vulcan City’s bank services, you need a Lava Ledger NFT. This NFT can be activated on My Forge on the LAVA Bank page right here.
On this page, you can learn about the profit you made, the plans you participated in, the number of slots left on your Vulcan LAVA Ledger, and more. You can activate multiple ledgers if you want to add additional staking slots.
What is cold LAVA?
The Vulcan bank will use your ‘cold LAVA’ stored on My Forge. You can check your cold LAVA holdings on this page on My Forge. Make sure you have enough funds available before you stake LAVA on the Vulcan bank.
$PYR and $LAVA are the primary tokens used within the Vulcan ecosystem. $LAVA is being used as a play-to-earn gaming token and powers the Elysium blockchain. All the LAVA you earn playing the Vulcan games is cold LAVA. If you stake $PYR, you will receive cold LAVA also. The Vulcan bank will only allow cold LAVA to be staked, as this is the in-game currency.
To summarize:
$LAVA token = on-chain blockchain-powered token.
Cold LAVA = off-chain token. It can be converted into $LAVA tokens 1:1.
$LAVA staking program
Your in-game asset manager at the Vulcan city-based bank will offer several staking solutions. To become eligible for the staking program, you must own the limited Vulcan LAVA Ledger NFT. You will be able to stake $LAVA to earn an annual percentage yield (APY) through one of the following plans:
Flexible Plan: ‘The Thesmophoria’, 5%
1 Month Lock Plan: ‘The Pandia’, 8%
3 Month Lock Plan: ‘The Heracleia’, 14%
The minimum amount of LAVA = 100 for each lock.
The maximum amount of locks for each Vulcan Ledger is 5.
Be careful when staking multiple plans, as you can only use 5 slots.
Interest will be paid out weekly. If you choose the Flexible Plan, you can withdraw or use your $LAVA any time you want. However, withdrawing your funds before the end of the running week will void the current week’s payment. So if you withdraw from the Flexible Plan on day 6 of the first week, you receive nothing. If you withdraw on day 13, you will have received the first week’s payment but will not receive the interest for the second week.
The Plans & How It Works
Currently, the Vulcan bank offers 3 ways to stake LAVA.
The Flexible plan — ‘The Thesmophoria’
A flexible anytime plan, named for the ancient Athenian festival of Thesmophoria, honouring the goddess Demeter, the sower of seeds. Flexible and simple. Sow your lava. Watch it grow.
5% interest
You can compound your earnings each and every week (fully automated) by turning this feature on. You can withdraw your money at any time but you will forfeit that week’s interest payout if you do. Payments are made every 7 days. Please keep in mind to withdraw just after receiving your rewards.
The 1 Month-locked plan — ‘The Pandia’
A monthly plan named for the lunar festival honouring Selene, the goddess of the moon, held when the moon was full, in ancient Athens. You’ll be over the moon on the returns this plan offers!
8% interest
Cold LAVA is locked up for 1 month
You can use the emergency withdraw feature at any time during lockup, but you will have to pay a 25% withdrawal fee.
As soon as the 1 month locking period ends, you will receive your LAVA + interest, and you can stake again if you wish.
The 3 Months-locked plan — ‘The Heracleia’
Named for the festival of Heracles, the mightiest of all the heroes, as is this plan. A quarterly investment plan that yields the highest interest.
14% interest
Cold LAVA is locked up for 3 months
You can use the emergency withdraw feature at any time during lockup, but you will have to pay a 25% withdrawal fee.
As soon as the 3 month locking period ends, you will receive your LAVA + interest, and you can stake again if you wish.
Compounding
Your profits will be added to the amount of LAVA you staked. It will automatically increase your investment and increase your rewards. Compounding can significantly increase your rewards over a longer period.
Rules
- The user can withdraw his funds anytime he wants for a 25% fee when participating in one of the locked plans.
- The user can only lock five amounts for each Vulcan ledger the user owns.
- The minimum amount of LAVA to stake is 100.
- Rewards will be credited every week. If the user withdraws the funds early, the rewards will be zero.
- Auto compounding will add the rewards to the total staked amount resulting in more rewards over time.
*Poseidon Limited Company — protected from earthquakes, hacks, and thieves.
** Note that Vulcan City Bank PLC can only accept deposits in Cold Lava.
About Vulcan Forged
Vulcan Forged is a blockchain game studio, NFT marketplace, and NFT minting engine. Vulcan Forged is the creator of VulcanVerse and Berserk, and many other games. The ecosystem is expanding rapidly, and many games are being enabled within the play to earn economy.
The native token used within the ecosystem is $PYR. The secondary token $LAVA acts as a play to earn tokens. This dual token economy structure is ideal for play to earn. Scholars will earn $LAVA while playing the Vulcan Forged games and will be able to forage special NFTs while in-game. These can be sold on the Vulcan Marketplace for $PYR.