Elk Finance to offer single staking $ELK token
Buoyed by the success of our popular Liquidity Score program, Elk Finance is pleased to announce a simplified earning opportunity that will bring value to all $ELK token holders. Single staking will be available on app.elk.finance in the near future.
The process for users is incredibly easy to understand:
- Stake $ELK in a pool
- Earn $ELK from staking
That’s it! Zero risk of impermanent loss and guaranteed increase in $ELK holdings for the staker.
Elk is a way to move value, therefore it represents value. The very act of holding it means you possess something incredibly powerful. A means to transfer value to different chains is available now on the ElkNet, and the future will bring further utility for $ELK: running nodes, governance participation, NFT purchases, loan collateral; the use cases are plentiful.
Guess what? The process is similar to earn in Elk’s Partner SSPs:
- Stake $ELK in a pool
- Earn tokens from one of Elk’s community partners
Elk is a community project. Our success is based on the dedicated community and strong partnerships we’ve cultivated with like-minded projects on each network we serve. We want our community to benefit directly from the partnerships that Elk curate. As a cross-chain network, Elk is the DeFi Gateway between chains, projects and communities. Stake and be part of something bigger.
Single staking will replace Liquidity Score program
The community is the main focus for Elk Finance. To transfer value cross-chain using ElkNet supports the project. Providing liquidity supports the project. Holding $ELK supports the project. But holding means your assets aren’t working for you. By staking in the SSPs the community introduces a way to support the project while earning.
When we launched, we added a Liquidity Score feature that provided airdrops to reward “Strong Holders” — community members most committed to the long term success of Elk. It has served its purpose admirably, but now that we’ve matured into a six network platform, the program has outgrown its usefulness. It is unduly weighted toward early adopters, but it also has created an unintended barrier to participation throughout the networks we support, by discouraging users from taking advantage of applications like auto-compounders and lending protocols where individual liquidity cannot be tracked effectively through the current system. We want to encourage broad network participation, not penalize it.
Single staking pools provide a similar incentive for holding $ELK, but they treat all users equally regardless of when they joined the community. Meanwhile, Impermanent Loss Protection provides great incentive for parking liquidity on ElkDex.
Strong Holder airdrops will be honored through the most recent launch, but they will be retired after the final airdrop is distributed. (Since single staking will replace the Liquidity Score program, it will not result in inflation — the opposite in fact!)
This is just the start of use cases for the $ELK token. With the future release of network nodes, users will be able to stake $ELK as a way of making Elk a secure, decentralized network. $ELK will soon support multiple other functions as well — proxy token minting and collateral for cross-chain loans to name two. These single staking pools are the first step on that path, increasing the stability of the ecosystem while giving the Elk community new opportunities to secure their stake in our shared vision.
About Elk Finance
Elk.Finance is a decentralized network for cross-chain liquidity. ElkNet, its multi-chain bridge protocol, facilitates trading, liquidity mining, and instant cross-chain cryptocurrency transfers.
ElkNet unlocks the full potential of cross-chain DeFi, supporting a full suite of financial tools, multi-chain native applications, and interoperable smart contracts — a true DeFi gateway.
Links to our website, charts & community channels can all be found here.
