> For the complete documentation index, see [llms.txt](https://wiki.elephant.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://wiki.elephant.money/ecosystem-tokens/elephant/economics.md).

# Economics

When the value of ELEPHANT is rising, it is due to an increase in user growth, that is growing ELEPHANT token buyers (the front office), as well as an increase in protocol participation in Unlimited NFT minting and Elephant Futures Vaults (the back office).

### There are two main sources that create ELEPHANT buying volume

1. $ELEPHANT token holders
2. Unlimited NFT minters and Futures participants (via the Elephant Buyback System)

### The front office and the back office explained

$ELEPHANT token holders are essentially the front office, they are holding $ELEPHANT as a store of value, seeking price stability and price appreciation. 

Unlimited NFT minters and Futures participants can be seen as the back office, they do not directly interact with $ELEPHANT, they enter the ecosystem to earn stable passive income with minting & staking Unlimited NFTs or depositing BNB into Futures. Though they do not directly interact with $ELEPHANT token, their activities do drive more $ELEPHANT buying volume none the less. 

{% content-ref url="/pages/gKVylZogeq9TRN4TExht" %}
[Elephant Money Futures Vaults](/services/elephant-money-futures-vaults.md)
{% endcontent-ref %}

{% content-ref url="/pages/J0PU8CvfRnyjaTqdHPsg" %}
[Unlimited NFT's](/services/unlimited-nfts.md)
{% endcontent-ref %}

### Volume

Each type of ecosystem participant generates their own unique ELEPHANT buying volume/pressure

* The **retail buyers** that are buying ELEPHANT directly for price appreciation, bring daily buying volume.
* **Futures participants** lock BNB to earn daily yield in USD, bring daily buying volume as well, as 90% of the BNB is used to buy ELEPHANT for the Treasury.
* Unlimited NFT minters use BNB to mint Unlimited NFTs. These participants bring their own unique daily buying volume as well, as 100% of the BNB from minting buys ELEPHANT for the Treasury.

{% content-ref url="/pages/C4Il64BxzNiLHtFBPLIt" %}
[Elephant Buyback System](/ecosystem-tokens/elephant/elephant-buyback-system.md)
{% endcontent-ref %}

### Long Term Growth

A deeper look into the long-term growth strategy for ELEPHANT token can be found [here](/price-stability-formula/elephant-token-supply-management-system-growth.md).

### Protocol Owned Liquidity Management 

A deeper look into the fundamental liquidity management strategy can be located [here](/price-stability-formula/liquidity-management-stability.md). 


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