Elk Weekly Recap — #10
A flurry of upgrades under the hood this past week have improved the stability of ElkNet, in advance of multiple new feature rollouts. Read for more on what’s in store…
New Farms and Partnerships
- Yield Yak (Avalanche) launched custom auto-compounding strategies that reinvest ILP claims along with their farming rewards, a DeFi first
- SOTA Finance added $ELK as a payment option for its NFT marketplaces on BSC, HECO, and Polygon
- Olive Cash launched two new ELK pools on Fantom, an ELK-FTM pool that earns fOLIVE, and a single-sided fOLIVE pool that earns ELK
Milestones
- ElkNet blew passed 5 million ELK in total transfers between chains
- Transfer limits on ElkNet were raised 2,000 to 10,000 ELK
- 2 million ELK have been sent to the Avalanche and 1 million ELK have been sent to BSC via ElkNet
- A rare Avalanche Moose sold on the newly launched Yeti Swap NFT Marketplace for a record-breaking 125 AVAX (approx. $7500)
- Once again, Elk scored high on lists of TVL growth over 7 days, ranked #2 on Polygon and #3 on BSC across all network projects
Things may have seemed fairly quiet across Elkland this week, outside of some new milestones, farms, and partnerships. Behind the scenes, however, the dev team has been hard at work bringing a bunch of important upgrades that will make ElkNet more reliable and less dependent on the other networks for operation.
In our promotional materials, you’ll frequently see it advertised that transfers across ElkNet take 7 seconds on average. This is based on the time from when ElkNet first picks up a transaction to the time that it routes it to the appropriate chain. Of course, in practice, many of our users have had to wait much longer — sometimes multiple hours — for the transaction to process. This is due to the fact that many of the networks we interface with have clogged RPCs, underestimate the default gas rates, or suffer from other node issues that slow down transfers.
Often, these problems are related to scaling, such that they coincide with an influx onto a network. Of course, for users of Elk, those issues are invisible. All they see is ElkNet, and their judgement is rightly based on how expeditiously ElkNet is able to transfer their funds. We’ve been monitoring these clogs, making records of when and why they happen, and adjusting ElkNet’s parameters accordingly. These optimizations are based on real feedback, so they will continue to improve over time, making Elk battle hardened in a way that’s only achievable through direct experience. The upgrades are already showing results: in the last 48 hours, there have been no mentions of transactions being stuck in our telegram chat.
Based on the stability we’ve seen, we decided midway through the week to lift the transfer limit across ElkNet from 2,000 ELK to 10,000 ELK. This new limit not only demonstrates our growing confidence in ElkNet, but it also reflects the promising growth trajectory over the past several weeks. The average transfer size has steadily been increasing week-over-week, suggesting real demand for larger transfers.
With multiple new use cases set to launch in the coming weeks, starting with our single-staking pools, there will be even more reasons for transferring large amounts of ELK.
As the saying goes: gb, friends.
- At last, Strong Holder airdrops (see pin in Telegram for an explanation of the delay)
- Launch of single-staking pools on ElkDex (all networks)
- A new season, filled with intrigue and delight
