ElkNet v2 is live!
Read below for the new ELK token address, the legacy app URL, and farm changes for Round 12.
ElkNet just completed a monumental upgrade and is now equipped with a new cross-chain “reservoir” system, a generic messaging layer, and optimizations that make the ElkNet faster, more efficient, and more secure. The update is now live at app.elk.finance.
New App
Here is the new ELK token contract address: 0xeEeEEb57642040bE42185f49C52F7E9B38f8eeeE
The new Elk dApp has come out of beta and is now live on app.elk.finance. ElkNet v2, along with liquidity pools and the token upgrade menu are all active. Farms will go live in several hours. The old dApp, along with ElkNet v1 and all the old farms can now be accessed at legacy.elk.finance. You may need to visit the legacy site to retrieve ELK from farms and staking pools.
Please help us improve the new app by reporting anything that is not working properly. If you find bugs or have ideas on how we can improve the dApp, please share them with us here: https://forms.gle/wRdgGieih8GmJsyB9.
New Token
To get started with the token upgrade, you will need to visit the legacy site and withdraw your liquidity. For a tutorial on how to upgrade the tokens, please see here.
All the farms and single staking pairs will stop emitting old ELK on the 12th of April. To complete the upgrade, head over to the new site and follow the prompts on the “Upgrade $ELK” tab. When you upgrade, you will have an opportunity to participate in the first Elk governance vote.
Single staking withdrawal fees have been waived during the migration period. For a complete overview of ElkNet 2 and the updates that come within, refer to this article: Introducing: ElkNet v2 (Overview, Token Migration & Governance).
ElkNet Fees
Cross-chain transfers on ElkNet v2 are no longer subsidized. The streamlining of the transfer process has reduced overhead by over 50%, however, resulting in class-leading low fees that closely reflect the actual cost of cross-chain transfers via ElkNet.
The 4 ELK fee from Avalanche has been cut in half to 2 ELK, while nominal fees have been added to other chains. [Note: fees are currently imposed only on the destination chain. At the present time, all fees are sent back into the community treasury.]
Farming Round 12 starts tomorrow
The ElkNet v2 launch coincides with Farming Round 12. New farms will be live at app.elk.finance/#/farms starting tomorrow, 10 April 2022. Watch for a follow-up announcement. Remember, old farms will continue to reward ELK until April 12, so you are able to migrate at your convenience.
Here is a list of farms that have been discontinued for Round 12:
Other reminders
- Coingecko, CoinMarketCap, and similar platforms are still tracking the old ELK token. They have been notified of the token upgrade and are a priority for get updated.
- The same goes for portfolio trackers like tin.network, debank.com, etc. We are working with each one of them to get the token contract + farms list updated & tracked again ASAP.
- To check the price of the new $ELK token in the first few days after the major upgrade, it is recommended to do it directly in the new dApp to avoid confusion.
As always, if you have any questions regarding the upgrade, please feel free to reach out to us via our official Telegram or Discord channels.
About Elk Finance
Elk Finance is a peer-to-peer network for cross-chain value transfers. ElkNet, its cutting-edge multi-chain protocol, makes it easy for anyone to move value and exchange cryptocurrencies across blockchains quickly and securely at a low cost.
Start exploring the Elk ecosystem today at https://app.elk.finance/.
