Elk Weekly Recap — #8

As NFTs captured the news cycle this week, Elk demonstrated its utility through new partnerships with NFT projects on multiple chains. News that single staking is coming to Elk capped off the week. Read on for more…

• Single staking is coming to ElkDex. Soon, will be possible to stake $ELK to earn $ELK and tokens from featured projects
• SOTA Finance (BSC, HECO, Polygon), a multi-chain NFT platform, will begin to accept $ELK as a payment token
• Elk hosted an AMA with Snowball (Avalanche), an auto-compounder and stablecoin AMM over on Discord
• Hecopunks (HECO), an adaptation of punks NFTs for HECO, will also offer $ELK as a payment option on their marketplace
• Another week, another network milestone: over 3 million $ELK have now been transferred via ElkNet

NFT MANIA!!

In another sign that we are back in the midst of a growth cycle, NFTs took center stage this week to capture the news cycle. While Ethereum continues to be the place where new NFT projects make the most headlines, there are emerging signs that NFTs will follow the overall DeFi market by branching out onto other networks.

Since $ELK can be moved quickly across multiple networks, it is an ideal payment token for time-sensitive purchases…

One of reasons for this belated migration is that marketplace infrastructure for NFTs on emerging chains has generally lagged behind other DeFi applications. With that in mind, we were excited to announce two new partnerships this week that will make it possible to use $ELK for payment on NFT marketplaces that serve HECO, BSC, and Polygon. These are just the first of several partnerships based on utilizing $ELK for purchases on NFT marketplaces.

Wait, hold on…$ELK and NFTs? I love Moose — own one myself — but why is Elk getting into the business of NFTs?

It’s actually a perfect case study of $ELK’s cross-chain utility. As networks compete to attract the most talented NFT artists across crypto, it makes sense for marketplaces to accept payment in a currency that can freely move around between many networks.

Not only is $ELK virtually free to move, but it’s fast. Since $ELK can be moved quickly across multiple networks for minimal fees, it is an ideal payment token for time sensitive purchases, such as NFT drops. The hottest NFT releases often sell out just minutes after they are announced. Most of us don’t keep spare funds on every chain waiting for drop announcements. For those that do, there’s an associated opportunity cost, since your funds are not earning as they are sitting in your wallet.

Thankfully, with $ELK, that’s no longer a problem.

• Article outlining multiple use cases for $ELK
• New ElkNet UI preview (this week for real!)
• More partnerships…