The Graveyard (GY)
Last updated
Last updated
The Graveyard (GY) is a smart contract that holds 50% of the ELEPHANT token's supply at all times. As a holder of ELEPHANT like all other holders, the GY earns from transaction fees, as the largest holder it earns to half of all RFI rewards income.
Once the RFI rewards earned have increased the graveyard's holding by 1%, now the graveyard holds 51% of the total supply. When this occurs a rebalance in executed, selling off 1% of the GY holdings and returning to the GY balance back to 50% of the supply.
The Graveyard Rebalance was implemented to make sure that the Graveyard does not grow too large from rewards and eat up more than 50% of the RFI rewards earned. This ensures a continuously fair rewards distribution for all holders.