Introduction to Elk Finance
Any chain, anytime, anywhere.™
How ElkNet Outperforms Traditional Bridges
Elk Finance is building a peer-to-peer network for cross-chain value transfers and blockchain interoperability. ElkNet, the powerful cross-chain engine at the heart of the network, allows for secure and efficient transfers of value and information, reducing friction and asset fragmentation between blockchains. Community projects and developers will be able to build dynamic multi-chain applications that leverage ElkNet with features such as proxy tokens and cross-chain messaging.
Elk Finance combines several innovative features:
- Cross-chain utility token for value transfer ($ELK)
- Safe and secure transfers compared to traditional bridges
- Cross-chain value transfer via ElkNet in seconds between all the blockchains Elk supports
- Bridging-as-a-Service (BaaS) to provide infrastructure for developers to leverage the ElkNet for custom bridging solutions
- Cross-chain swaps between all connected blockchains
- Impermanent Loss Protection (ILP) for our liquidity providers
- Non-Fungible Tokens (Moose NFTs) with unique abilities and features
- Plans for a cross-chain stablecoin for value transfer and loans ($CHFT), a decentralized ElkNet with the help of nodes, Farming-as-a-Service
- and more...
Elk Finance One-pager
Elk Finance [Feb 2022].pdf
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, users will 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), a Bridging-as-a-Service (BaaS) SDK for custom bridging solutions, and 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. Below are some of the problems with bridges that Elk aims to solve:
- Safety and security
- High cost
- 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 to swap do not exist on both chains
Our approach is much more efficient and inexpensive than a standard bridge. It is a "multi-bridge on steroids" that is safer, cheaper, faster, and more adaptable than the competition.
Ralph, our mascot, taking off!