It was truly a banner week for Elk, which kicked off in style with a stealth relaunch of ElkNet. By the week’s end, over 120,000 $ELK had already travelled across chains. Read below for more coverage, along with our weekly technical note from the dev team.
Week in review
- ElkNet relaunched, re-enabling cross-chain token transfers between Avalanche, Polygon, Fantom, and HECO (link, see statistics below)
- Limits on ElkNet were raised from 100 to 1000 $ELK per transfer
- ElkDex HECO smart contracts passed an audit by HashEx (link to full report)
- Analytics for ElkDex HECO went live (link)
- Elk’s Discord hosted a text-based AMA with Yield Yak (Avalanche) (link to archived AMA)
- A community survey launched for feedback on Farming Round #6, which starts August 1 (link to survey, still active!)
- The official Telegram Waterfall price bot (lists >100ELK trades) was updated from lElk to Elk (link)
- Trader Joe (Avalanche) surpassed $200k liquidity on its ELK-AVAX farm (link)
From the Devs
Surprise! After we finished the final round of testing on ElkNet last Tuesday night, we decided that it would be fun to flip the switch and see how long it took for the community to get wise to it. It didn’t take long — by lunchtime on Wednesday, the cat was out of the bag on Telegram, and transactions steadily ticked up throughout the day.
It took a few weeks longer than anticipated to relaunch, but we trust it was well worth the wait. There was also a lot of chatter about price arbitrage prior to launch, and we were excited to see the price of $ELK reach nearly perfect price parity (~$1.07) across chains as of time of writing. It’s been amazing to see so much volume move through the mainnet without any issues of note so far — but we’re just getting started.
Now the fun begins. Right now, all we have proven is that we can move value across chains faster and more cheaply than anyone thought possible. You didn’t think it would be that simple, did you? Now we move onto the milestones on the “Road to Mainnet”. . .
We deployed with a 100 $ELK per transfer limit & 5 minute interval between transfers. It worked great, so we raised the limit to 1000 $ELK & 2 minutes between transfers.
The next feature we plan to add to ElkNet will be sending $ELK to different addresses. We will continue to closely monitor the health of the network, but assuming everything continues to go smoothly, we will raise the transfer limit again in a week or two.
The week ahead
- Three new farms launch tomorrow (27th of July) on ElkDex Avalanche (JOE, XAVA, VSO)
- Impermanent Loss Protection will be launched on HECO for Farming Round #5. [**Deposits will be eligible for retroactive coverage if they have not unstaked from the farm. Coverage will not be applied for deposits that were withdrawn prior to ILP activation.]
- Elk Academy, a new series of educational articles about crypto, DeFi, and all things Elk, launches this Wednesday.
- Audits for ElkDex smart contracts on Avalanche, Polygon & Fantom
- AMA with Pangolin (Avalanche) (to be announced)
- Farming Round #6 begins Sunday, August 1. Updated farms and emissions will be announced prior to launch