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Introduction to Elk Finance
Any chain, anytime, anywhere.™
How Elk outperforms traditional bridges
Elk Finance is a decentralized network for cross-chain liquidity. The Elk ecosystem introduces a seamless process for anyone exchanging cryptocurrencies. Our motto is Any chain, anytime, anywhere.™
Elk Finance combines several innovative features:
- Cross-chain utility token for value transfer ($ELK)
- Cross-chain value transfer via ElkNet in seconds between all the chains Elk supports
- Cross-chain stablecoin for value transfer and loans ($CHFT)
- Non-Fungible Tokens (Moose NFTs) with unique abilities and features
- Impermanent Loss Protection (ILP) for our liquidity providers
- and more...
What are the Use Cases?
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. With Elk, will eventually not have to think about which chain they are on. Some of the functions we will support include: calling smart contracts across chains, allowing smart contracts on different chains to interact, using liquidity on one chain to get a stablecoin loan on another chain, allowing cross- or multi-chain synthetic assets (proxy tokens), utilization of an SDK allowing developers to build on top of ElkNet, and facilitating cross-chain arbitrage.
Is This Yet Another Bridge?
No. While bridges are a step in the right direction, we believe they just do not do nearly enough to enable cross-chain functionality. Below are some of the problems with bridges that Elk aims to solve:
- 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 on both chains
- Extra costly conversions if the two assets you want to swap do not exist in both chains
Our approach is much more efficient and inexpensive than a bridge. It is a "multi-bridge on steroids" that is cheaper and faster, with support for many more use cases.
Ralph, our mascot, taking off to the moon with his $ELK rewards...
Last modified 9d ago
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