Vaults Vaults Vaults!
The time we’ve all been waiting for is here! Jetfuel Vaults are live!
What are Vaults?
A vault is a yield optimizer that is programmed to take the multiple-step process of compounding yields and automates it for the user. Normally, a user needs to go to the yield farm, harvest their reward, go to the exchange, sell a portion of it, add it back to liquidity, go back to the yield farm, deposit their liquidity provider tokens and do it all over again in a few hours.
The vault contract takes care of all this for the user every hour, or earlier if the community calls the harvest button early! This means the user automatically has their harvest sold, compounded back into an LP, and deposited to allow it to grow at a faster pace and is hands-off. We forked our vault strategies off Beefy.Finance.
Roll Out Plans
To ensure the best practices, the Jetfuel team had all 21 Vaults audited prior to going live. The plan is to deploy the strategy and vault contracts as the audit reports come back. The audit results will be posted on our Twitter, Medium, and Github.
The initial Vaults we are deploying:
The biggest beneficiaries of the vaults are JETS holders. 4% of every harvest is used to market buy FUEL and is redistributed to JETS holders.
How the Vault Strategy works
- Either the contract or the user calls Harvest
- Contract receives the reward
- 94% of the harvest is compounded back to the user’s LP
- 4% of the harvest is used to market buy fuel and sent to JETS holders
- 1.5% of the harvest is used to buy wbnb and is sent to the treasury
- 0.5% of the harvest is used to buy wbnb to reward the caller. Hit that Harvest button!
Standard withdrawal fees are set at 0.5%. This is to prevent bad actors from going in and out of the vault quickly to reap the harvest and then leaving. Many of the vaults will allow the users to generate returns over the withdrawal fee in less than 24 hours.
What’s coming next?
The Jetfuel team is hard at work to roll out new and exciting features to benefit the Jetfuel Ecosystem. We’re working on building a Jetfuel Launchpad to promote new and promising projects, as many vaults as we can deploy, GFORCE Public Sale, a lending platform forked from Compound and Venus, and an AMM (automated market marker)
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