Elk Weekly Recap — #6
Elk experienced jaw-dropping growth this week, spurred by #AvalancheRush campaign, the xDai and BSC launch, and other catalysts. The forecast shows more of the same. Read on for a recap of the week’s highlights and a preview of things to come.
- Elk delivered its first ever dual launch on BSC + xDai. Farms went live on Friday night, and users can now instantly transfer $ELK between Avalanche, Polygon, HECO, Fantom, xDai, and BSC via the ElkNet multi-chain bridge protocol
- Moose NFT holders were rewarded with airdrops on xDai and BSC
- Sherpa Cash (Avalanche) joined for an AMA on Elk Discord
- The overview article “A Closer Look at ElkNet” was translated into Mandarin Chinese for the benefit of our growing international community.
- “All Things Crypto,” a fresh Elk Finance podcast, launched on Google podcasts
- Elk Academy Lesson #4 on Impermanent Loss & Elk’s Impermanent Loss Protection feature debuted
- Trader Joe (DEX, Avalanche) honored Elk with 10x boosted rewards over the weekend for its final Farmer’s Market Weekend Special
- $ELK was, at long last, officially listed on CoinGecko
Last week at this time, we remarked “the table seems set for something remarkable.” Well, it seems we’re on our way. Avalanche, our very first network, provided the catalyst when they announced their #AvalancheRush campaign, which promises $3M in liquidity incentives along with a list of other ecosystem improvements.
Liquidity across the network exploded virtually overnight. This happened at almost the same time we launched on xDai and BSC. The results have been, well, remarkable. Just look at the numbers:
- Combined liquidity across networks increased by over 110%, closing out the week at $4.2M in TVL.
- Trade volume and $ELK token price followed, each more than doubling.
- ElkNet volume increased 157%, blasting past the 1M milestone in $ELK transferred.
Best of all, growth occurred across all networks, not just Avalanche. Elk placed 2nd among weekly TVL gainers across *all* Polygon projects. What’s more, the growth wasn’t just limited to trade analytics, but trickled down into socials too. We passed 7,500 followers on Twitter. @PolygonDaily ranked Elk Finance in the top 10 of projects with the highest social signal.
And even with this growth, there’s still an enormous runway ahead, representing incredible near and longer term opportunities for our investors. HECO Moose airdrops were valued at ~$1500 USD at launch, or roughly a 230% ROI based on their sale price only two weeks earlier (based on Uncommon Moose, after accounting for change in $HT value). Meanwhile, ElkDex farms continue to see jaw-dropping APRs, exceeding 500% on multiple BSC farms, and rates surpassing 1000% or more on farms of some of our network partners, such as Trader Joe (Avalanche) and Avaware (Avalanche).
These numbers don’t lie, but nor will they remain. It’s cliché to say, but it’s still so early.
- Numerous minor improvements to usability
- Analytics pages for xDai & BSC
- New collaborations
- Transfer via ElkNet to another user-specified address.
