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Vulcan City’s First Decentralized Bank
[[File:Lavabank_location2.jpg|right|300px]]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).


Earn through an APY when you stake your $LAVA in the Vulcan City $LAVA Bank
==Background and Lore==
[[File:Lavabank_location.jpg|right|thumb|300px|Location of the LAVA Bank in Vulcan City]]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.


Every city needs a bank, and so, Vulcan has forged the Vulcan City $LAVA Bank, a building in Vulcan City, the walled hub at the center of VulcanVerse.
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).
[[File:Lavabank6.png|none|thumb|600x600px]]


This is the first of several DEFI initiatives in game, including other banks, swaps and APY functionalities coming in the future.
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.


You can open and manage you Vulcan City $LAVA Bank account if you own one of just '''500 Vulcan LAVA''' Ledger NFTs. The bank offers a single staking solution for Cold $LAVA.
==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 [https://myforge.vulcanforged.com/lavabank 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.
[[File:Vucan ledger.png|none|thumb|600x600px]]


[[File:Vucan ledger.png|773x773px]]


==What is Cold LAVA?==
==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.
[[File:Earning.jpg|none|thumb|600x600px]]
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:
[https://polygonscan.com/token/0xb4666b7402d287347dbbdc4ea5b30e80c376c0b3 LAVA token] = on-chain blockchain-powered token.
Cold LAVA = off-chain token. It can be converted into Hot LAVA tokens 1:1.
[[File:Cold and hot lava.png|none|thumb|600x600px]]
==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%
[[File:Lavabank7.jpg|none|thumb|600x600px]]
[[File:Lavabank8.jpg|none|thumb|600x600px]]
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===


$PYR and $LAVA are the primary tokens used within the Vulcan ecosystem. $LAVA powers the Vulcan Forged play-to-earn economy and will drive the forthcoming Elysium blockchain. All LAVA earned by playing Vulcan games is Cold LAVA. The Vulcan City Bank will only allow Cold LAVA to be staked. Note, you can convert Hot LAVA to Cold LAVA and vice versa from your My Forge account.
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.


$LAVA token (or Hot LAVA) = on-chain blockchain-powered token.
===Rules===
Cold LAVA= off-chain token.


It can be converted, or ‘heats up’ into $LAVA tokens 1:1.
*The user can withdraw their funds anytime they want for a 25% fee when participating in one of the locked plans


Take it to the bank- earn by staking LAVA at the Vulcan City Bank
*The user can only lock five amounts for each Vulcan ledger the user owns


[[File:Cold and hot lava.png|777x777px]]
*The minimum amount of cold LAVA that can be staked is 100


==$LAVA staking program==
*Rewards will be credited every week. If the user withdraws the funds early, the rewards will be zero


Your in-game asset manager at the Vulcan city-based bank will offer you several staking solutions. To become eligible for the staking program, you need to own the limited Vulcan LAVA Ledger NFT. You will be able to stake $LAVA to earn an annual percentage yield (APY) through one of the following plans:
*Auto compounding will add the rewards to the total staked amount resulting in more rewards over time.
[[File:Lavabank2.png|none|thumb|767x767px]]


* '''Flexible Plan''': 5%


* '''Hermes Plan:''' 1 month lock: 8%


* '''Athena Plan''': 3 month lock: 14%
''(1)Poseidon Limited Company — protected from earthquakes, hacks, and thieves.''


Players get a weekly payout at the end of each week (after seven days of the deposit) depending on the $LAVA they have locked in the bank.
''Note that Vulcan City Bank PLC can only accept deposits in Cold Lava.''
[[File:Lavabank4wiki.png|none|thumb|600x600px]]
*Poseidon Limited Company — protected from earthquakes, hacks, and thieves.
* Note that Vulcan City Bank PLC can only accept deposits in Cold LAVA.


The weekly payout can be re-invested instead of withdrawn. This can be done manually or be set to “Auto-Compound.”
==[[Gods (Titans/Olympians)|God buffs]]==


The player can initiate the deal by talking to the Goblin Banker NPC, located inside the Bank inside Vulcan City.
'''Hestia:'''


==Future Banks and Features==
‘The Virgin of the Hearth’
[[File:Lavabank4wiki.png|center|thumb|600x600px]] 


The Vulcan City Defi district will expand the number of banks, features, plans and products available for their clients.  
The Vulcan state pays out extra rewards for any LAVA ledger stake.


Be sure to grab one of the Vulcan LAVA Ledger NFTs to ensure you don’t miss out on the first such initiative.
[[Category:Tokens]]
[[Category: VulcanVerse]]

Latest revision as of 20:34, 14 June 2023

Lavabank location2.jpg

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

Location of the LAVA Bank in Vulcan City

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).

Lavabank6.png

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.

Vucan ledger.png


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.

Earning.jpg


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.

Cold and hot lava.png

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%

Lavabank7.jpg
Lavabank8.jpg

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.

Lavabank4wiki.png
  • 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.

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