Elk Farming Round #7: Instructions and Reminders
Tomorrow, Saturday, September 11, marks the end of Farming Round #6 and the start of Farming Round #7 across all 6 networks on https://app.elk.finance/#/elk.
As with previous rounds, this new cycle will run for 42 days, with an end date of Saturday, October 23. In order to continue to earn rewards, users will need to withdraw their staked LP tokens from the Round #7 farms and restake them into the new farms.
An announcement will go out across all social channels when the new farms go live. Once they are up on the site, you can access the finished farms to withdraw by clicking the “Withdraw From Previous Farms” button. [Note: If your LP tokens are deposited in an earlier farm, please refer to the complete Farm Archive list to locate the relevant contract).
A few important reminders:
- Any claims for Impermanent Loss Protection (ILP) will be displayed below your LP Token deposits and outstanding reward balance click the “Withdraw” button.
- If you plan to migrate your LP tokens to the new farms, you do not need to break your pairs or remove your liquidity from the pools. Simply remove your LP tokens from the Round #6 Farm and restake them in the Round #7 Farm.
- The beginning of Round #7 also means a fresh start for accumulating ILP! If you joined the community mid-cycle, this is your chance to enter farms and earn full coverage by joining on the first day. New ILP balances will not begin to display for at least a day after the new round starts.
If you have LP tokens on Avalanche in one of the pools for legacy bridge tokens, you will need to unstake your LP from the pool and upgrade to the new AB Bridge tokens (the new tokens all end with a “.e” suffix). You may use the official AB Bridge website to upgrade your tokens 1:1 by visiting https://bridge.avax.network/convert.
Please note: several of the legacy tokens are currently valued higher than the new tokens, so you may be better off swapping through another DEX to receive a better exchange rate. To check for the best exchange rate, we recommend Yield Yak’s DEX Aggregator (https://yieldyak.com/swap).
The seven tokens that require upgrades are as follows:
- DAI > DAI.e
- ETH > WETH.e
- LINK > LINK.e
- WBTC > WBTC.e
- USDT > USDT.e
- SUSHI > SUSHI.e
- AAVE > AAVE.e
For further help with the upgrade, please watch this video tutorial:
If you do not upgrade your tokens, you will not be able to earn rewards in the new farms.
The complete list of farms is still being finalized, but there will be multiple new opportunities to earn $ELK by staking LP tokens from our valued community partners across all networks.
Nearly all of the existing farms will be renewed for Round #7, so if you are content with your existing pairs, you will be able to keep them intact. Newly added farms tend to yield higher APRs when they first open, so these will offer a valuable opportunity to put your $ELK tokens from ILP claims and outstanding rewards to good use.
Finally, please keep in mind that we rebalance our farming emissions at the start of every new round based on a careful analysis of trade volume, target liquidity, and long term emissions targets. As a result, farms will display an adjusted pool rate, which can be higher or lower. Emissions across existing networks are gradually reduced at the start of each round at the start of each round in preparation for new chain launches.
As always, when choosing a farm it is also important to consider the trade fees earned by that farm, which can boost overall APR significantly. Native token pools (AVAX-ELK, MATIC-ELK, FTM-ELK, HT-ELK, xDAI-ELK, and BNB-ELK) along with stablecoin pools benefit the most in this regard, adding up to 100%+ APR based on trade volume.
Keep in mind, earning $ELK tokens now will secure your access to governance along with the entire range of exciting use cases under development, many of which will be released as this round unfolds. An announcement regarding the launch date of our new single-staking pools will also go live shortly after Round #7 gets underway.
A new cycle with Elk. Is there anything better?
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