LAVA Bank
The Vulcan Forged LAVA Bank is a building in Vulcan City, VulcanVerse, that allows holders of a LAVA Ledger NFT to stake cold LAVA through one of three plans and earn an Annual Percentage Yield (APY).
Background and Lore
The Vulcan City LAVA Bank is the first and at present, only bank within VulcanVerse, Vulcan Forged's blockchain MMORPG. Seated in the Vulcan City LAVA Bank is the Governor, a Kobaloi NPC by the name of Robafella. VulcanVerse lore tells us that others call Robafella 'the Gobernator' and that Robafella began his career as a thieving Kobaloi in the Mountains of Boreas quadrant of VulcanVerse, where he hit on the idea of lending his stolen money to other Kobaloi and charging interest on it.
Over time, his 'Bank of ‘Goblin’ it All Up’ did so well he expanded into Vulcan City itself. Realising he needed a more respectable name that non-Kobaloi could trust, he renamed it the 'Bank of Vulcan City', and took out some insurance with the Temple of Poseidon so he could officially call it a PLC(1).
As soon as you enter the Bank of Vulcan City, you will see Robafella, the goblin bank Governor ready to assist you. You will need the limited Vulcan LAVA Ledger NFT to use the Vulcan City bank services.
Vulcan Ledger NFT
In order to use Vulcan City’s bank services, you need a Lava Ledger NFT. This NFT can be activated on My Forge on the LAVA Bank page right here.
On this page you can learn about the profit you made, the plans you participated in, the number of slots left on your Vulcan LAVA Ledger, and more. You can activate multiple ledgers if you want to add additional staking slots.
What is Cold LAVA?
The Vulcan bank will use your ‘cold LAVA’ stored on My Forge. Cold LAVA is an off-chain version of LAVA. You can check your cold LAVA holdings in My Forge - users should make sure they have enough funds available before staking LAVA in the Vulcan bank.
PYR and LAVA (also known as hot LAVA, see cold LAVA above) are the primary blockchain tokens used within the Vulcan ecosystem. LAVA is the play-to-earn gaming token and powers the Elysium blockchain. All the LAVA you earn playing the Vulcan Forged ecosystem games is cold LAVA. If you stake PYR, you will also receive cold LAVA. The Vulcan bank will only allow cold LAVA to be staked, as this is the in-game currency.
To summarize:
LAVA token = on-chain blockchain-powered token.
Cold LAVA = off-chain token. It can be converted into Hot LAVA tokens 1:1.
LAVA Staking Program
Your in-game asset manager at the Vulcan City bank will offer several staking solutions. To become eligible for the staking program, you must own the limited Vulcan LAVA Ledger NFT. You will be able to stake LAVA to earn an APY through one of the following plans:
Flexible Plan: ‘The Thesmophoria’, 5%
1 Month Lock Plan: ‘The Pandia’, 8%
3 Month Lock Plan: ‘The Heracleia’, 14%
The minimum amount of cold LAVA is 100 for each lock.
The maximum amount of locks for each Vulcan Ledger is 5.
Be careful when staking multiple plans, as you can only use 5 slots.
Interest will be paid out weekly. For the Flexible Plan, a user can withdraw or use LAVA any time they want. However, withdrawing your funds before the end of the running week will void the current week’s payment. So if a user withdraws from the Flexible Plan on day 6 of the first week, they receive nothing. If they withdraw on day 13, they will have received the first week’s payment but will not receive the interest for the second week.
The Plans & How It Works
Currently, the Vulcan bank offers 3 ways to stake cold LAVA.
The Flexible plan - ‘The Thesmophoria’
A flexible anytime plan, named for the ancient Athenian festival of Thesmophoria, honouring the goddess Demeter, the sower of seeds. Flexible and simple. Sow your lava. Watch it grow.
- 5% interest
- You can compound your earnings each and every week (fully automated) by turning this feature on
- You can withdraw your money at any time but you will forfeit that week’s interest payout if you do
- Payments are made every 7 days. Please keep in mind to withdraw just after receiving your rewards.
The 1 Month-locked plan - ‘The Pandia’
A monthly plan named for the lunar festival honouring Selene, the Goddess of the Moon, held when the moon was full, in ancient Athens. You’ll be over the moon on the returns this plan offers!
- 8% interest
- Cold LAVA is locked up for 1 month
- You can use the emergency withdraw feature at any time during lockup, but you will have to pay a 25% withdrawal fee
- As soon as the 1 month locking period ends, you will receive your cold LAVA + interest, and you can stake again if you wish.
The 3 Months-locked plan - ‘The Heracleia’
Named for the festival of Heracles, the mightiest of all the heroes, as is this plan. A quarterly investment plan that yields the highest interest.
- 14% interest
- Cold LAVA is locked up for 3 months
- You can use the emergency withdraw feature at any time during lockup, but you will have to pay a 25% withdrawal fee
- As soon as the 3 month locking period ends, you will receive your cold LAVA + interest, and you can stake again if you wish.
Compounding
Your profits will be added to the amount of cold LAVA you staked. It will automatically increase your investment and increase your rewards. Compounding can significantly increase your rewards over a longer period.
Rules
- The user can withdraw their funds anytime they want for a 25% fee when participating in one of the locked plans
- The user can only lock five amounts for each Vulcan ledger the user owns
- The minimum amount of cold LAVA that can be staked is 100
- Rewards will be credited every week. If the user withdraws the funds early, the rewards will be zero
- Auto compounding will add the rewards to the total staked amount resulting in more rewards over time.
(1)Poseidon Limited Company — protected from earthquakes, hacks, and thieves.
Note that Vulcan City Bank PLC can only accept deposits in Cold Lava.
- Poseidon Limited Company — protected from earthquakes, hacks, and thieves.
- Note that Vulcan City Bank PLC can only accept deposits in Cold LAVA.
God buffs
Hestia:
‘The Virgin of the Hearth’
The Vulcan state pays out extra rewards for any LAVA ledger stake.