Vulcan Forged introduces Elysium Forges
Previously called Elysium Typhon Nodes, Elysium Forges allow users to stake $PYR and earn $LAVA from transaction fees on the carbon-neutral, Layer 1 Elysium blockchain.
The Vulcan Forged team has announced the introduction of Elysium Forges for their carbon-neutral blockchain.
Initially called Elysium Typhon Nodes, Forges allow holders of $PYR to stake their tokens and receive $LAVA in doing so, with the weekly rewards increasing the longer the lock period is. Though users are paid out weekly, there will be daily snapshots to check whether your Forge still qualifies for receiving more rewards.
There are six tiers of Forges and they represent “the most accessible of all of our Elysium blockchain nodes for the everyday user.” The tier you quality for depends on how much $PYR you’re holding, while the production level of a Forge can be affected by factors such as whether you own Vulcanites, have an OG Badge NFT or a God NFT.
The first tier, called the Cyclops Forge, requires locking 2000 $PYR and gives you rewards in the form of Elysium $LAVA fees, royalty fees and sowing fees. Earning from transaction fees also applies to other tiers. Those who want the highest tier, labeled as the Kraken Forge, have to lock up 64k $PYR.
There are 3 options when deciding how you want to stake: Forge Flexible Staking, Forge 60-Day Lockup and Forge 120-Day Lockup. The first one increases the base generation amount the lowest, meaning that the 1st tier will stay at 100%, while the 3rd tier will have 106% base generation amount. The other two staking options offer higher base generation amounts as they require you to lock the tokens for a certain period of time, whereas Flexible Staking makes it possible to unstake at any time. Choosing a 60-Day Lockup for tier 1 brings the base generation amount to 110%, while the 120-Day Lockup puts it at 121% for the same tier.
For more details, check out the official Medium post here.
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