Every city needs a bank, and so, Vulcan has forged the Vulcan City $LAVA Bank, a building in Vulcan City, the walled hub at the center of VulcanVerse.
This is the first of several DEFI initiatives in game, including other banks, swaps and APY functionalities coming in the future.
You can open and manage you Vulcan City $LAVA Bank account if you own one of just 500 Vulcan LAVA Ledger NFTs. The bank offers a single staking solution for Cold $LAVA.
What is Cold LAVA?
$PYR and $LAVA are the primary tokens used within the Vulcan ecosystem. $LAVA powers the Vulcan Forged play-to-earn economy and will drive the forthcoming Elysium blockchain. All LAVA earned by playing Vulcan games is Cold LAVA. The Vulcan City Bank will only allow Cold LAVA to be staked. Note, you can convert Hot LAVA to Cold LAVA and vice versa from your My Forge account.
$LAVA token (or Hot LAVA) = on-chain blockchain-powered token.
Cold LAVA= off-chain token.
It can be converted, or ‘heats up’ into $LAVA tokens 1:1.
$LAVA staking program
Your in-game asset manager at the Vulcan city-based bank will offer you several staking solutions. To become eligible for the staking program, you need to 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: 5%
Hermes Plan: 1 month lock: 8%
Athena Plan: 3 month lock: 14%
Interest will be paid out weekly. If you choose the Flexible Plan, you can withdraw or use your $LAVA any time you want, but it 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 qualify for the second week’s.
Future Banks and Features
The Vulcan City Defi district will expand the number of banks, features, plans and products available for their clients. Be sure to grab one of the Vulcan LAVA Ledger NFTs to ensure you don’t miss out on the first such initiative.