The Path Ahead

On December 5th, we realized the EO TGE, marking the cornerstone of Elevado.

We thank you to everyone who participated.

Through EO, we aim to establish a broad on-chain network of early participants who provide both the initial capital formation and the foundational governance layer for Elevado and its native asset primitives – including Cipoal, ESA, EGA, Elevastrat, Sereno Street, Etamurho, Ethertower, and more to come.

What does Elevado solve?

Cipoal, ESA, EGA, Elevastrat, Ethertower, and Sereno Street's fund-based assets all share a common asset framework, which is pioneered by Elevado.

From this new, innovative asset framework, Elevado solves the foundational weaknesses of digital assets by creating tokens that are fully collateralized, non-dilutive, and protected by a mathematically enforced floor that never decreases – a new paradigm for on-chain finance.

This is achieved through a simple and elegant but powerful mechanism: every mint and every redemption carries a fee that remains inside the protocol, permanently increasing reserves. As supply adjusts while reserves grow, each transaction mechanically raises the reserve-per-unit ratio, ensuring that the per-token backing only moves upward over time. And because each asset is denominated in the same unit as its collateral – BTC-backed assets measured in BTC (i.e., Cipoal), gold-backed assets in ounces (i.e., EGA), etc. – the price floor becomes inherent to the system: value cannot fall below the collateral-denominated claim guaranteed by the protocol.

Architecturally, Elevado transforms all user activity – mints and redemptions – into endogenous value accrual. Large redemptions increase the collateralization of the remaining units; large mints inject more value than they create in liabilities; and reserves are never exposed to lending, leverage, or discretionary strategies.

The result is a new class of digital assets whose real value only rises, whose supply cannot be diluted, and whose appreciation is structural rather than speculative. Elevado envisions assets that maintain integrity under all market conditions.

To reinforce this architecture, each Elevado asset primitive is deployed as a single, monolithic, immutable smart contract that contains the full logic of its economic system end-to-end. Minting, redemption, reserve accounting, fee capture, collateral management, exchange mechanics, and self-audit functions all live within one contract with no external dependencies (i.e., oracles), upgrade paths, or multi-module trust assumptions. This monolithic design means the entire monetary system is transparent, self-contained, and permanently decentralized from the moment it is deployed. Nothing can be altered, redirected, or reconfigured. The economic behavior is fixed, predictable, and cryptographically enforced – ensuring that the principles of full collateralization, non-dilution, and rising backing are preserved for the lifetime of the protocol without governance or human intervention.

“Where does the yield come from?”

In most on-chain, yield-bearing assets, “yield” is ambiguous – often sourced from external lending markets, governance-controlled incentives, or variable market conditions.

Elevado takes a unique, different approach. The yield generated by its asset primitives (Cipoal, ESA, EGA, Elevastrat, Ethertower, and Sereno Street's fund-based assets) is transparent, deterministic, and entirely internal to their protocol’s mechanics. Every mint and redemption carries a fee, and 100% of these fees are retained as additional collateral within the protocol. Because supply adjusts while reserves grow, each transaction increases the reserve-per-unit ratio, meaning that the backing of every outstanding token becomes stronger over time.

This creates a form of structural, built-in yield that does not rely on external risk, leverage, or discretionary decisions. The system does not chase yield; instead, user activity itself generates incremental value that permanently stays inside the reserve.

The result is a predictable, mathematically enforced appreciation of per-unit collateral backing – a yield mechanism that is not only fully on-chain and auditable, but also aligned with the long-term integrity and solvency of the asset.

In Elevado’s primitives, the answer to Where does the yield come from? is simple: from protocol usage, captured transparently, and returned to the supply in circulation as rising backing.

The intersection of EO and Elevado

EO provides a straightforward way for early participants to supply the initial block of collateral (or “liquidity”) that an Elevado asset (Cipoal, ESA, EGA, Elevastrat, Ethertower, and Sereno Street's fund-based assets) needs before it can launch.

Because Elevado’s asset primitives are fully collateralized and use fee-based reserve growth, this first block of liquidity does more than just start the system – it establishes the initial value floor and puts the protocol in a position where every future transaction automatically strengthens it. Once the asset goes live, minting and redemption fees flow directly into the reserve pool that EO holders helped create, ensuring that the protocol’s backing becomes stronger from day one.

This structure makes EO participation economically interesting. Since each mint and redemption increases total reserves while supply adjusts, every transaction after launch raises the reserve-per-unit ratio, benefiting the entire system – including those who provided the initial capital.

EO tokenholders, therefore, aren’t just early supporters; they are positioned at the foundation of a deterministic mechanism where all subsequent activity accrues value to the reserves they helped establish.

It is correct to assume that, in a framework built on non-dilution, rising backing, and collateral-denominated floors, this early positioning becomes both intuitive and financially sensible.

On Etamurho and the tri-token standard

Alongside the deterministic framework shared by Cipoal, ESA, EGA, Elevastrat, Ethertower, and Sereno Street's fund-based assets, Elevado is also introducing a tri-token standard through Etamurho.

Etamurho represents a fundamentally different economic architecture: instead of deterministic reserve-based mechanics, it operates as a free-floating, game-theoretic, and highly novel system designed to explore a distinct class of on-chain monetary dynamics.

Because of its unique nature within the Elevado ecosystem, Etamurho will be approached with careful deliberation and extended community discussion. Its design requires Elevado – and its surrounding capital network – to reach a higher level of maturity to fully realize the protocol’s intended purpose.

We look forward to engaging with the community and hearing their perspectives as we refine the path toward Etamurho’s rollout.

What comes next

We will open a Telegram group in the upcoming days to begin broad community coordination. Following this, we will launch the token-gated Discord server for EO holders, where structured discussions and voting will take place regarding the rollout of the first Elevado-originated asset primitive.

The launch of the first Elevado primitive will coincide with the debut of Elevado Markets, the dedicated trading venue for these assets. Ahead of this, we will publish revised editions of several Elevado whitepapers – most notably an updated Ethertower specification that adopts the dual-fee mechanism used across Cipoal, ESA, EGA, Elevastrat, and Sereno Street's fund-based assets, (Ethertower originally implemented a single redemption-side fee). We will also release an expanded Etamurho paper providing deeper insight into its tri-token architecture.

The EO TGE represents a foundational milestone for Elevado, and we look forward to advancing into the next phases.