The ELE token

The ELE token is the native token of the Eleven Finance platform, holders of this token can stake it on the platform in the ELE vault. In exchange for this they will receive E11 tokens. These E11 tokens accrue value through partial redistribution of vault fees collected and sharing of harvested vault rewards.

These fees are distributed in the following way to provide value to the Eleven Finance platform:

When a user withdraws LP’s from the platform 0.1% fee is collected from them (for single asset vaults this is 0.2%), additionally each time a Vault is harvested a 2.2-3.49% fee is taken on any rewards gained by the strategy. To clarify the only time a users own LP’s are subject to any fees is the 0.1-0.2% withdrawal fee. Of all fees collected, they are distributed in the following manner:

70.83% of this is used to buyback burn ELE

4.17% of this is used to buyback ELE and distribute this (in the form of E11 to existing E11 holders)

12.5% of this as a developer fee

12.5% of this as a controller fee (this is a fee paid to the bot that automatically call the harvest function of a vault contract when this fee covers the gas cost to call).

The exception to the above are vaults that use WaultSwap and wLPs. Where the following harvest distribution occurs:

41.67% of this is used to buyback burn ELE

38.89% is used to buyback and burn WaultX

2.78% of this is used to buyback ELE and distribute this (in the form of E11 to existing E11 holders)

8.33% of this as a developer fee

8.33% of this as a controller fee (this is a fee paid to the bot that automatically call the harvest function of a vault contract when this fee covers the gas cost to call).