Elk Weekly Recap — #27
Farming Round 10 is off and running with a more streamlined structure. Plus: Record setting volume and TVL across multiple chains. Read on for more exciting protocol news…
Protocol & Partnership News
- 👩🌾 Farming Round 10 is underway. Be sure to read about the change to farms and how it fits into our overall emissions strategy
- 🤳 Multiple UI changes to improve overall user experience: farm tabs now display ROI from swap fees in addition to rewards APR and a new display has been added to reflect impermanent loss coverage (Note: claiming impermanent loss coverage will still reset the vesting counter)
- 🍯 The $ELK token was added to DeHive’s De-xDai Cluster, a weighted farm aggregator (think ETF or index fund) that provides exposure to a mix of leading assets on Gnosis chain
- ♻️ Autofarm, a popular multi-chain yield aggregator, launched auto-compounding vaults for Elk farms on Cronos
- 🦌 Hunting for Moose? Refinable, a multi-chain NFT marketplace, added BSC + Polygon Moose NFTs as verified collections
Community Happenings & Milestones
- 🍹 We hosted our second Friday Night Social in the Telegram Elk Lodge. Baal made a surprise appearance to take questions. Definitely worth checking out if your timezone allows
- 🎤 Episode 10 of Elk’s All About Crypto Podcast delved into DeFi 2.0, protocol controlled value (PCV), and OHM forks
- 🚀 ElkDEX saw record trade volume + TVL across multiple chains. On Avalanche, TVL breached $3 million and 24-hour volume rocketed to $4 million on Sunday night
- 👨👨👦👦 ElkNet passed 25,000 in unique users
Breakout patterns are difficult to predict because they are typically the result of multiple intersecting factors. Since these overlapping variables can be difficult to isolate, it’s in our human nature to focus on just one contributing element, or more often, if a simple explanation is not forthcoming, we’ll chalk it up to “chance.”
This week, we witnessed the start of accelerated movement on the Elk protocol in terms of volume, price, and TVL following an extended period of more modest growth. What’s more, we are seeing Elk move against the trend of the overall market, which continues to find its footing for the start of 2022. A few weeks ago, we posted a chart displaying the price of ELK relative to BTC, showing how ELK has steadily outperformed the leading cryptocurrency over the past four months. Let’s look at that same chart today:
So what’s going on? We’ll, it’s complicated. One thing to note is how the volume (blue) closely tracks the price (yellow). As the multi-chain DeFi landscape continues to mature, the volume of cross-chain transactions is following suit. This is reflected in the rapid rise of overall volume we’ve seen both on ElkNet and ElkDEX, where daily volume actually surpassed TVL this past Sunday. Separately, ElkNet this week also passed 25k unique users. What this shows is that volume and usage deserve your attention.
There are other factors at play too, of course. With Farming Round 10, we’ve implemented the most comprehensive overhaul of farms to date in an effort to consolidate liquidity on the core chain token and stablecoin pools. Together, these pools form the primary access points for ElkNet; as they continue to grow deeper, ElkNet will continue to become more attractive for large cross-chain transactions.
The farm revisions also cleared the runway for forthcoming launches, which we anticipate will be major catalysts for the Elk ecosystem. You can read the tea leaves in the revised farming list to gain some sense of where we’re headed (we’re looking at you, ELK-WETH.e). This all comes ahead of the major upgrade to ElkNet, alongside other anticipated catalysts like the token halving event in March and the upcoming release of ElkNet nodes.
Of course, moments of good fortune also play a significant role. As the GameFi sector continues to outperform, our wonderful network partners Dragon Crypto Aurum ($DCAU) saw vertical growth to their chart, gaining 1700% over the past week. This resulted in over 10x liquidity and $1+ million volume on the ELK-DCAU farm. We plan to continue offering unique opportunities for farming promising new tokens throughout our ecosystem as part of our overall multi-chain strategy.
Chance, as they say, favors the prepared.
- New partner farm launch
- New medium posts on specific network partner projects
- Another Friday Night Social (not a bad place to score some alpha…)
