Introduction to Elk Finance
Elk Finance is a decentralized network for cross-chain liquidity. The Elk ecosystem will make it seamless for anyone to exchange cryptocurrencies. Our motto is Any chain, anytime, anywhere.™
Elk Finance combines several innovative features:
Cross-chain utility token for value transfer ($ELK)
Cross-chain stablecoin for value transfer and loans ($CHFT)
Non-Fungible Tokens (NFTs) with cool powers
Impermanent Loss Protection for our liquidity providers
Liquidity Scoring system and extra rewards for our early adopters, $ELK holders, and liquidity providers
... and many more...
At the core, our goal is to provide our users with a simple and cheap way to transfer value across chains. However, Elk’s mission goes far beyond just enabling users to swap assets across chains. We want to make it so our users do not even have to think about which chain you are on anymore. Some of the functionality we will support include calling smart contracts across chains (and allowing smart contracts on different chains to interact), using liquidity on one chain to get a stablecoin loan on another chain, support cross- or multi-chain synthetic assets, or facilitating cross-chain arbitrage.
No. While bridges are a step in the right direction, we believe they just do not do nearly enough to enable cross-chain functionality. Some of the problems with bridges:
Expensive
Slow
Largely centralized
Hard to manage
One-off (you need to deploy a new bridge between every pair of chains)
Only support bridging assets that exist in both chains
Require conversions if the two assets you want to swap do not exist in both chains
Our approach is much more powerful and cheaper than a bridge: it is a kind of multi-bridge on steroids that is cheaper, faster, and supports many more use cases.
