Details about upcoming ElkDex Launch on Avalanche
As you know, Elk.Finance is going live on the Avalanche network tomorrow, Friday, March 19, 2021, at 15:00 UTC. Read on for a summary of what to expect.
The ElkDex will go live at 15:00 UTC at https://avax.elk.finance. Depending on DNS propagation time, it could take a few minutes to be available for you. Exchange functionality (swap), liquidity provisioning, airdrop, and yield farming will all go live at the same time. We have done our best to make sure that everything runs as smoothly as possible, but as with all launches, some (minor) hiccups are to be expected. Please bear with us and let's have a successful launch!
ElkDex
ElkDex has a similar user interface to Uniswap. This interface should be familiar to you if you have used Uniswap or Pangolin. The smart contracts underlying ElkDex are modified. We refer to these smart contracts as V1 (non-cross chain). Currently, ElkDex does not yet work across chains. Check the litepaper for details.
ELK token
The $ELK token is finally here. Please monitor our social media and telegram for the smart contract address which will be released shortly before launch.
As always, beware of scams. You are safe on https://avax.elk.finance as long as you check the URL and certificate. DO NOT buy fake $ELK tokens as you may not be able to sell them back and we will not be able to help you.
Initial listing price and quantity
We will be listing $ELK tokens at an initial price of USD 0.10 across all liquidity pairs. We expect to list no more than 100,000 $ELK (the exact number may vary based on the price of the paired assets). Some pairs may have low liquidity so plan your order sizes accordingly. Beware that slippage at launch can be brutal!
All bootstrapping liquidity belongs to the Elk Community Hot Wallet! Any proceeds will, therefore, belong to the community, not the team.
Swap
Similar to Uniswap, you may use the swap functionality to buy/sell any tokens on the Avalanche C-Chain, including ELK tokens. Beware of slippage at launch and remember to always set the gas price to 470 as that is an Avalanche rule (please AvaLabs, fix this insanity ASAP!) We will most likely not be able to help you if you change the gas price as the issue is out of our hands.
Airdrop
The airdrop will go live at the same time as the launch. You may head over to the 'Airdrop' tab and claim your $ELK. You will need to use Metamask to that end. If you were one of the first 10 or first 100 community members, you will automatically be presented with the correct amount of $ELK (200 or 100). If not, you will be allowed to claim $ELK 50. All claims must set the gas fee to 470 (as per the current network rule).
If anything goes wrong, do not panic. Team Elk will be on the support chat ready to assist. We ask that you be patient as we may have a lot of requests to process. Remember: all first 100 community members are guaranteed their spot in the Airdrop!
Liquidity Pairs
Team ELK will be setting up the main liquidity pairs and providing some market depth from the ELK community fund hot wallet. Everyone is welcome to list any pairs that they want (it is not like we could stop you, now, could we? ;-) However, please beware that you will have to pay extra $AVAX to create a pair (as opposed to adding liquidity to an existing pair).
Note: We plan to incentivize the creation of ELK pairs by rewarding pair creators with $ELK and we may opt to include several of these pairs in future yield farming rewards. Stay tuned for more details on this!
Note2: We have no immediate plans to provide ELK liquidity on other DEX (e.g., Pangolin) but community members are free to do so. Beware of impermanent loss!
Yield Farming
We will be whitelisting 12 liquidity pools for yield farming with the following rewards immediately at launch:
- AVAX-ELK: 200 $ELK per day
- USDT-ELK: 200 $ELK per day
- ETH-ELK: 200 $ELK per day
- WBTC-ELK: 100 $ELK per day
- LINK-ELK: 100 $ELK per day
- DAI-ELK: 100 $ELK per day
- PNG-ELK: 100 $ELK per day
- AVAX-USDT: 100 $ELK per day
- AVAX-ETH: 100 $ELK per day
- AVAX-WBTC: 50 $ELK per day
- AVAX-LINK: 50 $ELK per day
- AVAX-DAI: 50 $ELK per day
Some important points
- The farming duration for these pools is set to 30 days. Beware that you will need to withdraw your liquidity pairs from these pools in 30 days and stake them again in the new contracts if you wish to continue earning ELK. The next pool duration is expected to be longer.
- These initial pools include non-ELK pairs. This is intended to provide better distribution of ELK tokens to users who may not have managed to participate in the airdrop. The next set of incentivized pools will most likely only include ELK pairs.
- Initially, no impermanent loss protection is planned for these pools. We expect that the $ELK prices may vary significantly after launch. I repeat impermanent loss protection is not enabled! We will be monitoring the situation and may decide to enable protection once the price stabilizes. Remember that these are launch conditions. If you would rather wait to participate in these pools, please do so. And, as always in crypto, never invest more than you are prepared to lose.
- The farming incentives ($ELK 1,350 per day) are compatible with the ELK distribution plan on the Avalanche chain.
- We will be staking a very small fraction of liquidity pairs from the community hot wallet to monitor the situation from up close. Any $ELK tokens earned through our staking tests are the property of the community hot wallet and will be redistributed.
