Elk Weekly Recap — #25
Happy New Year! 🎉 We’re hitting the ground running with new launches and much anticipated features right around the corner…
Protocol & Partnership News
Community Happenings & Milestones
- ⛄️ Our very special CronosMas event concluded, with $$$$ + dozens of NFTs given away. Congrats to all the winners, and huge thanks to all the projects that made the event possible!! (The remaining prizes will be distributed on the Tuesday, 4th of January
- 🗺 The Cronicle (Cronos) featured Elk in their useful guide to decentralized methods for bridging assets on Cronos
Happy New Year, #ElkHerd!
This week will be a shorter update, as we’re all emerging from the holidays. Rest assured though, we’ve got plenty in store in the coming weeks, and we’re ready to hit the ground running with a bunch of roadmap items and network launches (and maybe a few surprises along the way).
Proxy tokens are one of the more exciting features that is nearly out of production and ready for its debut. We’re already in discussion with a few projects (veterans & newcomers) who have discussed novel uses for proxies. It’s overwhelmingly clear there’s a need, but it’s just as evident that we haven’t even begun to imagine all of the innovative and novel ways that these new platform features might be used.
If you’re new to Elk, you can read about proxy tokens here. In short: they are custom wrapped tokens that are able to interact with ElkNet, which means that once a proxy token has been minted, it can be sent freely to any of the 16 networks Elk is deployed on. This bypasses the need for chain-specific wrappers and thereby offers a novel solution to the problem of token fragmentation.
One of the uses we are most excited about will come to life with the later release of our ElkNet developer kit (SDK). There are a lot of interesting applications here, but one of the most basic is also the most powerful: they enable multi-chain projects to launch their token on a single chain, preserving the integrity of their token supply, optimizing fee overhead, and taking advantage of the features specific to individual chains, while simultaneously being able to move tokens onto other chains as needed. In terms of interoperability, it’s a whole new ballgame.
Have an original idea for using proxy tokens? We’d love to hear about it! Let us know about it in our telegram or discord channels.
- Round 10 starts next week! Look for an announcement with changes to farms will be posted later this week
