Lodge Letter #52

There’s been a little bump in the market, but what does it mean? Perhaps it’s an indicator that the bottom is in. Or maybe it’s a bull trap. Only time will tell.

Hoo

We have been sent info, discovered more, and investigated the best we can. Now we want to share the following information about the Hoo Smart Chain (HSC) troubles.

Hoo Exchange has been hit pretty bad with liquidity issues. As such, Hoo Group, the parent company of both Hoo Exchange and HSC, has taken some drastic measures to stay afloat.

As of this week, we learned that all HSC staff have been released. There will not be any official involvement from HSC staff from now on.

Apparently, the founder is in the process of making a plan to keep Hoo Exchange running and maybe continue development of HSC, but these plans are not guaranteed in any way.

You can also find an announcement from Hoo in Chinese here: https://help.hoorhi.shop/hc/zh-cn/articles/8639241247129

What does that mean for ELK holders and users on Hoo?

An important point of note: HSC token contracts will be updated so if you have any assets in HSC, please withdrawn to Hoo exchange account before 24/7.

What does it mean for Elk?

Your Elk is, as always, safu. We will keep the bridge open to allow people to migrate their Elk off-chain.

Here’s a final message from the Hoo Team, as was.

“Dear Hoo Users,

In order to promote the platform restart, all Hoo Smart Chain(HSC) tokens that bridged by Hoo Exchange are being recalled. The cross-chain channel between Hoo Exchange and HSC will be closed at 24:00 on July 24, 2022 (UTC+8), and the relevant token contracts will be replaced by new ones.

Please remember to transfer all your HSC tokens back to Hoo Exchange before the HSC channel is closed. All the old HSC tokens will not be redeemable after this recall. We sincerely apologize for the impact of the above decision.

For the follow-up progress, please pay attention to the latest announcement issued by the Hoo team.

Hoo Team
July 19, 2022"

Bridging-as-a-Service (BaaS) — What could you do with it?

Case Study 2: Exposure

Congratulations! Your DeFi protocol has launched - It has users, loyal users. It works and works well. You want to share this with the whole world. Does this mean you have to launch on multiple blockchains?

Not at all.

With Elk BaaS you can make your token available to other chains through bridging and creating liquidity pools on popular DEXs (ElkDEX is always on destination chains, of course). This allows your project to attract speculation and interest from a new raft of crypto-enthusiasts. Add in some social media action, PR and advertising efforts, then perhaps a competition or two, and these potential users can buy a bag of your token and watch it grow. They are also well-positioned to head over to your home chain and try out your protocol for themselves — already proud holders before they even arrive on-chain!

Eventually you may move your protocol to other chains to make them native, but is it really necessary if you’ve integrated ElkNet into your plans? Add more chains and your token can be used from anywhere to function in your game, for lending, for borrowing, for other things that are for you to dream up! What’s the next cool DeFi/SocialFi/MachineFi/GameFi thing you can think of? What’s the next Fi?!

And anything else?

Elk’s development team are continuing to iron out small issues with oracles and the UX for cross-chains swaps. Likewise the SDK, before its alpha release. The initial projects set to explore the possibilities it unlocks are getting closer to experimentation time!

There’s also some indication that Stag is making some good strides in their brand new, never-been-seen-before protocol that is designed to benefit Stag users (as you’d hope) and, with gratitude, Elk Finance. It could be described as liquidity-as-a-service, or treasury-as-a-service. What is absolutely true is that we’re looking forward to it and are happy to engage in patience-as-a-service in the meantime.