This week’s updates bring us a big step closer to the launch of the basic mainnet, which will allow cross-chain swaps.
A new round of farming begins today, and along with it we are upgrading the $ELK token to prepare for the upcoming basic mainnet launch!
New farming round & $ELK token upgrade
Since our Impermanent Loss Protection (ILP) system is running smoothly, the new farming round will be upgraded to the full 42 days, instead of the previous 21 days. This means that IL coverage will now vest at a rate of 2.5% per day.
Your ILP claims from Round 5 will be displayed when you go to withdraw from the farms. You can shortly find all the new pools for all networks from elk docs here.
To join the Farms for Round 5, you will need to withdraw your liquidity from Round 4 and swap your $ELK tokens, which are now designated $lELK (“legacy ELK”) for the new and improved $ELK token. All tokens will be swapped at a 1:1 ratio. Unconverted legacy tokens will remain in circulation, but they will have no utility.
When you are ready to convert your $ELK, just copy and paste the contract address for the new $ELK token into the token field on the swap page:
New ELK address: 0xE1C110E1B1b4A1deD0cAf3E42BfBdbB7b5d7cE1C
Important: Unlike previous rounds, you will need to break your LP and add it back with the new token.
Upgraded ELK token
What new features is the upgraded $ELK token getting? The new contract is based on the latest Solidity version (0.8.5), which supports several features necessary for mainnet usage and future chain integration.
Additionally, with the new $ELK token:
The hard cap of 4.2M $ELK per chain has been lifted. This change will prevent problems in the future as $ELK flows freely between chains based on demand. With the old contract, once the 4.2M per chain cap was reached, there would have been no way to transfer additional $ELK funds onto that chain. Importantly, the maximum supply across chains remains capped at 42M, so the general tokenomics will not be impacted.
The token becomes pausable, which will help to secure a safe launch of our mainnet. If there happens to be a security breach or other vulnerability discovered in the mainnet architecture, we will be able to pause transfers temporarily to prevent critical exploits. We plan to keep this feature for 3 months and then relinquish it to a governing council of 7 people for at most 6 months before we leave its fate up to governance.
Finally, the upgraded token now supports block-based snapshots, which will help to streamline cross-chain transfers, as well as things like analytics and airdrops.
To upgrade your legacy ELK (lElk) to the new Elk, find the tutorial here: https://docs.elk.finance/tutorials/upgrade-elk-token
Moose NFT are growing stronger!
Starting with the farming round #5, Moose NFTs will double their holder’s ILP vesting speed on the corresponding chain. If you hold a Moose NFT in your wallet, your IL coverage will accrue at a rate of 5% per day instead of 2.5% if you do not have a Moose NFT.
Note: holding multiple Moose per chain and Moose rarity does not increase this particular benefit.
3 Epic Moose NFTs will be distributed shortly to the TOP 3 Liquidity Score Holders on Fantom (up through Fantom Moose release snapshot)! Thank you for your patience.
Look out for further updates in the days ahead related to the launches of Huobi Eco Chain launch and basic mainnet. Happy farming!
What is Elk Finance?
We are building a decentralized network for cross-chain liquidity. The Elk ecosystem will make it seamless for anyone to exchange cryptocurrencies.
In short, we are addressing fragmentation across blockchains. Currently, there are hundreds of separate blockchains that do not interoperate, making it really hard to move value across chains and creating a barrier to adoption.
We want to make it easy and cheap to move your capital across chains, and beyond that, we want to make it easy for the next generation of crypto adopters to interact without blockchains without having to set up 10 different RPCs and wallets to interact with the most profitable projects out there.
However, we are not just interested in building a simple multi-chain DEX: we want to build on top of our cross-chain functionality to support various cool features that currently are either impossible or very hard to achieve.
We have already launched on the Avalanche Network, Polygon (Matic) Network, and Fantom Opera Network. You can find more information about Elk Finance & how to buy $ELK from our documentation.
Links to our website, DEX, charts & community channels can all be found from here!