Elk Receives Grant from xDai Ecosystem Fund
November 10, 2021
Enhanced rewards are coming to Elk farms on xDai. The xDai Ecosystem Fund, a competitive grant program for advancing innovation on xDai, has awarded Elk.Finance a 6-month progressive grant worth up to $125,000 to accelerate growth of the Elk trading platform and multi-chain bridge. The grant was approved through an on-chain governance vote by xDai validators.
Since Elk launched on xDai in August, over $1 million has flowed into xDai from other chains via the ElkNet bridge. xDai is based on a unique dual-token model: xDAI, a stablecoin used for payments and transactions on the network, and STAKE, a dynamically priced token that supports governance and proof-of-stake (PoS) consensus.
Starting November 17, 2021, ELK-xDAI and ELK-STAKE farms will receive dual-token rewards, earning STAKE in addition to ELK. For the first month, these farms will receive $20,000 in STAKE, which will be matched 2x ($40,000) by ELK rewards, for a total of $60,000. Dual-token Incentives will continue for a total of six months, with monthly adjustments based on liquidity maintained in the pools.
Elk enables fast and free cross-chain bridging between other blockchains. The ElkNet multi-chain bridge currently supports instant transfers between 14 chains. Elk’s decentralized exchange on xDai offers a full range of trading services, along with unique features like impermanent loss protection (ILP) across all farms, and Moose NFTs, a utility token that supports the Elk network. Last week, a collection of 100 Moose NFTs ($600 xDAI each) sold out in under 10 seconds.
To participate in the xDAI+Elk incentive program, simply deposit into ELK-xDAI or ELK-STAKE farms via https://app.elk.finance/#/elk before November 17.
About xDai
The xDai chain is a stable payments EVM (Ethereum Virtual Machine) blockchain designed for fast and inexpensive transactions. The chain uses a unique dual-token model; xDai is a stable token used for transactions, payments, and fees, and STAKE is a governance token used to support the underlying POSDAO Proof-of-Stake consensus.
About Elk.Finance
Elk.Finance is designed for cross-chain interoperability. Powered by ElkNet, a purpose-built blockchain protocol, Elk provides free and secure cross-chain transfers in seconds among the most popular networks. The innovative ElkNet framework also supports cross-chain messaging and multi-chain native apps, breaking down barriers between blockchains.
Elk currently supports Avalanche, Polygon (Matic), Fantom, Huobi ECO Chain, xDAI, Binance Smart Chain (BSC), HOO Smart Chain, KuCoin Smart Chain (KCC), Harmony One, OKExChain, Elastos, Moonriver, Cronos, and Telos.
Join the Elk Community! https://t.me/elk_finance_chat
Have a Question or Proposal for Elk? hello@elklabs.org
