Lodge Letter #43

FoxFortyTwo šŸ¦Š
Elk Finance
Published in
5 min readMay 16, 2022

Terra (LUNA/UST), wow šŸ˜¢, Avalanche Elk Rush continues and the APRs remain HUGE!

What a rollercoaster we are on

In a week where the Fed is making no major moves, inflation is edging higher, and the global traditional markets are most definitely affecting cryptocurrencies, particularly Bitcoin, Terraā€™s LUNA/UST mechanism being gamed into a ā€œdeath spiralā€ was the worst possible news for our fledgling decentralized finance space.

There are many influential voices on both sides of the argument for and against the adoption of digital assets. DeFi is gaining widespread acceptance, Web3 is championing data ownership, self-sovereignty of money is erupting, and NFT/metaverse concepts are being welcomed into our lives. This is all happening at breakneck speed, and somehow also incredibly cautiously ā€” with many bumps in the road on the journey so far.

Itā€™s important to remember that Bitcoin only appeared in January 2009. The youth of the space is undeniable. The number of rises and falls that grandfather BTC has endured since Satoshi conjured his magnum opus is phenomenal, something Cardanoā€™s Charles Hoskinson referred to explicitly in the last few days.

When the market is buoyant, there are calls of despair and doom from those firmly entrenched against crypto, with considerable uncertainty coming from those who are already ā€œdown the rabbit holeā€ too. When the market turns bearish these voices become gleeful (if they can even feel joy).

Belief in whether financial trustlessness and true data ownership is even possible following the aftermath of rampant *Web2) internet growth lies with each individual. What do you believe in? What will you support in its infancy? What will you use in the future? Where is your freedom to choose? Can you regain a freedom that was taken from your antecedents long, long ago? A new world order has been glimpsed; who is coming on the journey?

The advocates and cheerleaders for Web3, cryptocurrency and DeFi recognise that the real building and innovation occurs when the spotlight of wild speculation and excitement is dimmed momentarily. At Elk we believe that DeFi will continue, of course it will, and stronger than before. Importantly, new and existing DeFi users will learn and grow to explore the surviving opportunities, whatever the chain. And to reach those chainsā€¦they have ElkNet.

Elk Avalanche Rush

All the partner farms are now live on Avalanche C-Chain. There are some spectacular APRs available. Itā€™s just the ticket for the current climate. Earn big and earn fast. All with Impermanent Loss Protection.

Keep your eye on Twitter this week for a bit of a finale. Yes, it involves liquidity mining, is still on Avalanche, and should spice up the party as last orders are called. We rather think itā€™s going to be a great encore.

The Elk team is currently firmly focused on presenting a clear roadmap for the remainder of 2022. What is likely to be on the menu? You will know most of these already, and further details are being finalised.

  • Cross-chain swaps: This is all about smoothing the UX for those using the ElkNet bridge for value transfer. Fewer clicks, fingers without fatigue, winning.

This is expected to be the next major release for the ElkNet, therefore our current focus is on the technical hurdles and UX/UI it requires.

  • Bridging as a Service (BaaS): ElkNet is not just a bridge for Elk users, it is a tool, a service, an opportunity for projects and protocols to explore the multi-chain universe, or multi-verse if you will! Weā€™re just your friendly neighbourhood cross-chain bridge.

If a protocol wants to move chains then they will be able to just rock up to Elk.Finance, flash some $ELK, then BOOM, they exist on multiple chains in the blink of a (very secure) eye.

  • $CHFT: Stablecoins are pretty much the talk of the town right now, particularly how unstable they are and how imperative for ecosystems to flourish when they maintain their peg, and how dangerous they can be when they canā€™t!

We will not be rushing our implementation of $CHFT, as you can imagine.

  • Governance: What would you like to be able to influence with your Elk holdings? Perhaps you want to decide how much APR you can earn from LP? Or what share of protocol earnings youā€™d like? How about which chains come next to the ElkNet? What are your thoughts for governance of Elk.Finance?

With the reduction of emissions through the recent ā€œElk halveningā€, it is not quite as easy to earn ELK for future use-cases. However, the $ELK token is currently somewhat lower in price than it has been for quite a while. Some could see this as an opportunity; especially when coupled withā€¦

  • Tokenomic adjustments: As a project we are focused on providing an interoperability solution for DeFi, to be ā€œtop of mindā€ for cross-chain interaction, and to be a valuable cog in the DeFi machine. $ELK is the cornerstone of the whole system.

No $ELK? No cross-chain for you! No $ELK? No building using the ElkNet SDK for protocols. No $ELK? No voice in the governance of Elk Finance. No $ELK? NGMI.

  • SDK: Letā€™s save this one for another time! What we will say is that we are looking forward to welcoming developers to the ElkNet and ushering the value proposition for $ELK, Elk users, Elk holders, and all who build with us.

If you are interested in bringing your project to other chains, and would be interested in gaining early access to the tools we are assembling, please get in touch with us now.

Are you ready for the Elkening?

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FoxFortyTwo šŸ¦Š
Elk Finance

Cross-chain. DeFi. Web3. (Arthera, Elk, more!) Technology start-up co-founder. Former teacher. Writer. Copyeditor. Marketer. Family first - work up from there.