Cross-chain Transfers and the Road to Elk Mainnet

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This Friday, July 2, 2021 at 16:00 UTC we will open the gates, enabling cross-chain transfers of $ELK on ElkDex for the first time. When you visit app.elk.finance on Friday, you won’t notice any drastic changes, just the addition of a single button to the menu that says “ElkNet”.

But make no mistake: that button signals a new chapter for Elk Finance, and with it an exciting new paradigm for decentralized finance writ large.

Today, Elk exists as four different exchanges operating on four different blockchains with an aspirational roadmap. On Friday, Elk becomes a network.

This important milestone marks the pivotal first step on what we are calling “The Road to Mainnet.” In the coming days, weeks and months, we will be rolling out new features, expanding functionality, and making upgrades en route to the fully realized version of our network, which will assume the form of a “Layer 3” blockchain that will operate on- and between Layer 1 and Layer 2 chains with a flexible SDK for builders and developers to create their own applications with novel multi-chain use cases.

Our cross-chain vision is gaining steam. Barely a day goes by without a new project promising a multi-chain pivot or next generation bridging solution.

With the release of ElkNet, we aim to demonstrate that transferring assets across chains can be nearly as seamless and cost efficient as a simple in-network transaction.

We will publish follow-up posts soon detailing the technical aspects of our multi-chain architecture, but for now, we invite you to judge us by our fruits: hopefully, it just works.

For the initial phase, there will be a limit of 100 $ELK per transaction. This will give the community a chance to test out the cross-chain transfer function while we closely monitor ElkNet and the financial health of each chain.

The ElkNet Guarantee

We are confident in the ElkNet technology, but new protocols invariably need refining. For the initial phase, we are backing transfers on ElkNet with a guarantee against any lost or stuck funds up to the transfer limit of a single transaction (100 $ELK, initially).

If a transfer fails, we will fully refund it. This guarantee covers one transaction per wallet. Once we grow confident in the network’s stability and raise the transfer limits, this coverage will also increase.

The journey begins Friday. We’re so glad you’re with us. Let’s go.

The Road to Elk Mainnet

• Cross-chain transfer of $ELK token. Limit 100 $ELK per transfer.
• Cross-chain transfer of $ELK token. Limit 1000 $ELK per transfer.
• Cross-chain swaps through the $ELK token (ERC20 tokens on supported chains).
• Elk SDK for developers and platforms to build on Elk.
• SDK support for CEX withdrawal.
• Cross-chain transfer of $ELK token. Limit 10000 $ELK per transfer.
• $CHFT cross-chain stablecoin.
• Ability for users to run an Elk mainnet node.
• Cross-chain transfer of $ELK token. Unlimited.
• $ELK staking and delegation for mainnet nodes.
• Ability for users to run an Elk para node (requires Moose NFT).
• Initial support for proxy tokens.
• Initial support for multi-chain tokens.
• Initial support for cross-chain loans.
• Improved support for proxy tokens.
• Delegation of Moose to para nodes.

In parallel to these (not connected and not in the same timeline):

• Redesigned website.
• Redesigned dApp.
• Mobile app.
• Integration into wallets.

 Chain release plans (probably in that order):

• Binance Smart Chain.
• Arbitrum.
• xDai.
• Ethereum.
• Reef.
• Flare.

About Elk Finance

Elk Finance is a decentralized network for cross-chain liquidity. The Elk ecosystem makes it seamless for anyone to move value and exchange cryptocurrencies across blockchains more quickly and securely, all at a low cost.

Elk’s robust and intuitive architecture also allows developers to build and integrate smart contracts and DeFi applications on top of the Elk platform in order to leverage its cross-chain functionality.

Elk Finance has already launched on the Avalanche Network, Polygon (Matic) Network,  Fantom Opera Network & Huobi Eco. You can find more information about Elk Finance & how to buy the $ELK tokens in our documentation.

Links to our website, charts & community channels can all be found here.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of  CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.

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