Elk Weekly Recap — #7

As the DeFi network wars heat up, Elk is positioned to benefit regardless of the outcome. Read on for a round-up of this week’s events, along with tips on leveraging ElkNet to capitalize on market trends.

• PolygonDaily reported that Elk topped the weekly charts for TVL increases across the *entire* Polygon network. Analytics went live for xDai and BSC, allowing users to track their liquidity positions, fees, and more
• Impermanent Loss Protection (ILP) was also activated for all xDai and BSC farms
• Market cap and supply info are now accessible on ElkDex UI by clicking the balance button
• Recaps of AMAs with Trader Joe (Avalanche, DEX) and Yield Yak (Avalanche, Yield Aggregator) were uploaded to AMA Archive
• Elk Academy Lesson 5 offered insights into auto-compounding and yield aggregators
• Through a new partnership, Beefy Finance (Multi-chain, yield aggregator) launched auto-compounding vaults for ELK-BNB and ELK-DAI pools on BSC
• Episode 2 of Elk’s All Things Crypto podcast covered your questions about liquidity
• Tin.network made it easy to track your ELK portfolio across 5 chains
• ELK-SUSHI farms received a 5x boost on Avalanche and Polygon to celebrate SushiSwap’s migration to Avalanche
• DeBank wallet added support for Elk
• Zabu (Avalanche, yield farm) added a single-staking option for $ELK
• ElkNet blew past 2M ELK in total transfers, with over 1M in transfers onto Avalanche alone

Do you hear that? The sound of drums beating in the distance. The DeFi network wars are upon us…

A little over a week ago, Avalanche announced #AvalancheRush, an $180M DeFi incentive program that came with several new partnerships from crypto blue chips, including SushiSwap, like Aave and Curve. It triggered an onslaught of new liquidity onto Avalanche virtually overnight, swelling from $200M to $2B+ in TVL in a matter of days. ElkNet performed a critical role during this influx, as 1,000+ users from other networks bridged over $3.5M in funds.

Other networks have taken note. Last night, the Fantom Foundation responded by announcing its own 370M $FTM incentive program, and now all eyes turn to Fantom. And once again, Elk is there.

ElkNet is seeing unprecedented inflows onto Fantom. Trade volume on ElkDex Fantom has risen 438% just over the last 24 hours. The FTM-ELK pool is offering a 230% APR on trade fees alone, without accounting for farming rewards.

With so much at stake, these types of incentive programs will only increase, and we will witness more massive migrations as speculators and yield chasers follow the money. Amid the arms race, there is one network in a unique position to benefit regardless of who wins out: Elk.

With every new mass migration, people are discovering that Elk is the gateway to DeFi. As people flock to a new network, the utilization of Elk skyrockets. But here’s the rub: there’s no hangover once the party ends and people move on. $ELK maintains its value because it’s just as useful on whatever network has managed to grab the spotlight.

As each network has grown, we’ve seen that scaling in crypto is still a very real problem. ElkNet experienced lags and intermittent stoppages on Avalanche last week due to network congestion, and we are already seeing some of the same on Fantom. ElkNet, for its part, has performed well throughout.

It’s impossible to say what network will prove victorious. Most likely, there will be more than one viable option. But in every scenario, Elk wins.

• Discord AMA with Snowball Network (Avalanche)
• Strong Holder airdrops on BSC and xDai
• A preview of Elk’s new UI
• ElkNet optimization and a new feature announcement