Cross-chain Transfers and the Road to Elk Mainnet
The highly anticipated release of Elk’s basic mainnet enables cross-chain transfers, a pivotal milestone in the evolution of decentralized finance
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.
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.
ElkNet will make it possible to transfer $ELK between Avalanche, Polygon, Fantom, HECO, and every chain we add in the future.
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.
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.
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
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.