Lodge Letter #57
BTC is perking up, in fits and starts. ETH is continuing a steady, and careful upward moment. The merge is imminent — what will happen? Meanwhile, Elk is happily building away — the antlers have been shed and exciting new antlers are being grown under the velvet. Each day a more impressive Elk is forming, for you, our community.
Last time out we looked at some of the development updates we can share, and this week let’s just go with one:
Farming-as-a-Service (FaaS)
Farming-as-a-Service is in the works. We have completed the on-chain farming contracts but still have work to do on the design and development of the factory contracts. Projects will be able to set up their tokens and farms for use on ElkDEX with rewards/incentives controlled by the deployer.
FaaS is providing a service to projects that are looking to draw in interest from Elk’s cross-chain natives. Such users already enjoy the ElkNet and who are familiar with a DEX they can find on the 15+ chains that Elk supports. DEXs have long been able to launch tokens and provide liquidity pools for tokens, but to add farming to incentivise liquidity growth has not been part of that conversation.
Many DeFi users and on-chain crypto adventurers will remember the BSC meme-fever of early 2021 and even now there are likely hundreds, if not thousands, of tokens added to Pancakeswap each day. None of them are able to provide farming rewards without a deal from Pancakeswap (or whatever DEX they choose to place their initial liquidity). With FaAS a project is able to trustlessly list their token on Elk’s decentralized exchange AND also provide a rewards pool to augment the APR generated by the users swapping the token pairing.
Technical partnerships
Xion Finance | Xion Global
We are working together with Xion Finance to build them a custom cross-chain bridge that will support the enormously high volumes they need for their payment solutions. This is all being built on Polygon. It involves quite a few moving parts, some of which may be taken care of by additional projects that will potentially be included in the technical partnership. There will be more detailed announcements rolling out soon as to the specifics of this collaboration. They’re definitely worth the wait.
Switchere
In fiat news, we have been working with Switchere which provides on-ramp solutions without ID verification using any credit, prepaid, or debit cards. There will soon be additional announcements regarding this project, and soon you will be able to buy ELK using the Switchere on-ramp using both the Ethereum and BNB Chain. This opens the ELK door a little wider, and makes it extremely simple for ELK holders to access 18 different blockchains thanks to ElkNet.
Subnet Bridging
We have been in contact with projects regarding plans to support subnet bridging (intra and inter), but nothing is specific yet at this point. Nevertheless, we’re excited to lean towards this sub-genre of bridging as we continue to explore the cross-chain world in which we live.
Let’s finish with a splash of BaaS
Baal and the developers have a testbed ready for our Alpha testing partners now. The documentation has been written. Are you ready for us to throw the switch?
I rather think you are!
