ELEPHANT MONEY TOKEN
The ELEPHANT money token is based on the Binance Smart chain and is the main store of value on the protocol. ELEPHANT is a reflective token meaning that holders will earn rewards for simply holding! The token benefits from its own innovative burning mechanism that auto balances supply.
ELEPHANT is also used as partial redemption collateral for the TRUNK stablecoin. 25% of the BUSD used to mint TRUNK is used to buyback ELEPHANT greatly benefiting holders through reflective rewards.
Total Supply and Distribution
At launch total supply was 1 quadrillion and the initial distribution of tokens was as follows:
49% were sent to the Graveyard (burn address) .
1% to marketing
25% to locked liquidity
25% to community participants at launch
Each ELEPHANT money transaction (buy, sell, and transfer) is charged by a 10% fee,
of which 5% goes to existing token holders and 5% to locked liquidity. The burn address is treated as a regular holder and thus pays the same fees.
Its important to understand the way the ELEPHANT Money tokens are being burnt. Tokens are not just simply sent to a "burn address", (a frozen private one-way address with no ability to reverse transactions or withdraw the token) but to a smart contract called the Graveyard.
What usually happens with reflective tokens that are burnt is that they accumulate into a burn address that gets so large, it sucks up most of the reflective rewards. So when the graveyard address holds up to 51% of the total supply it will re balance back to 50%. The extra 1% is then split: one half is sold for BNB and the remaining half paired with BNB for ELEPHANT/BNB LPs on PancakeSwap. When the re blancing occurs ELEPHANT holder can expect to get a good amount of reflection rewards!