The expansion onto Huobi ECO Chain brings a 4th network to Elk’s growing ecosystem
The next stop on the Elk Finance mission to mainnet is Huobi ECO (HECO) Chain Mainnet, with touch down scheduled for this Friday, June 25th, 2021, at 16:00 UTC. The HECO launch marks a key global expansion of Elk Finance’s rapidly proliferating cross-chain liquidity network. HECO’s fast, efficient, and environmentally sound DeFi ecosystem currently boasts over $5.9 billion in total locked assets, while the chain’s native token $HT carries a market cap of over $1.8 billion.
The HECO launch follows successful rollouts of Elk on Avalanche, Polygon, and Fantom Opera networks, integrating a fourth platform in advance of Elk’s basic mainnet, a key milestone being released at the end of Q2.
ElkDex (https://app.elk.finance/) will support trading on HECO from 16:00 UTC on June 25, with farms opening two hours later at 18:00 UTC. To connect to HECO on ElkDex, simply refresh the exchange page with MetaMask set to Huobi Eco Chain Mainnet.
As with previous launches, an initial liquidity pool of ~$50,000 ELK-HT, funded by the proceeds from the Fantom Moose sale, will be available at launch. Additional $ELK liquidity will be provided by airdrops based on Moose NFTs and Elk Liquidity Scores, as well as one-time transfers of $ELK from existing networks using Elk’s Bifrost bridge.
Airdrops — 15:00 UTC
Airdrop for Moose NFT Holders
- All Fantom Moose NFT holders will receive 100% of the purchase price of their Moose (~$500 USD) issued as a single $ELK airdrop on HECO. The calculation will be based on a snapshot of the average price of $ELK across existing chains several hours before the airdrop.
- Moose NFT holders on each chain (including Fantom) will receive an airdrop of 42 $ELK per Moose.
- Rare Moose earn a 1.5x multiplier and Epic Moose earn a 2x multiplier for each of the airdrops above.
Airdrop for Strong Holders (Liquidity Score)
A total of 20,000 $ELK will be distributed as airdrops based on Elk Liquidity Scores (held tokens + 3*LP across Elk networks to date). A minimum Liquidity Score of 10 is required to qualify for the airdrop. For estimated claims, see the Liquidity Score spreadsheet.
Every wallet that is eligible for any airdrop listed above will receive $HT 0.01 to assist with transactions on the HECO ecosystem.
Begin trading — 16:00 UTC
Trading $ELK on HECO will be available starting from 16:00 UTC. For information on how to move additional funds onto HECO chain, please watch this video tutorial.
Yield farming — 18:00 UTC
Initial Farming Round Details
- The first round will last for 9 days. After the initial round, funds will need to be withdrawn from these pools restaked in new contracts to continue farming. Impermanent Loss Protection (ILP) will be enabled in a few days.
- Combined rewards across pools will be set to $ELK 1,350 per day.
- Elk Finance will stake a small fraction of liquidity pairs from the community hot wallet in order to monitor. Any $ELK tokens earned through our staking tests are the property of the community hot wallet and will be redistributed back into the rewards pool.
Bifrost (one-time liquidity bridge)
Since Elk’s basic mainnet will not be live for a few more days, Elk’s Bifrost bridge will be available for one-time transfers of up to 10000 $ELK per wallet from any existing chain (Avalanche, Polygon, Fantom) onto HECO at a 1:1 ratio. There is an added limit of 500,000 $ELK transferable across all wallets, to be filled on a first-come-first-serve basis until the total limit is reached.
To participate, transfer $ELK to the Bifrost contracts below before Friday, June 25 at 12:00 UTC. IMPORTANT: Do not transfer funds directly from MetaMask. To make the transfer, you must use the deposit function on the chain explorer. To learn the process for safely transferring funds , please watch this brief tutorial.
- Avalanche: https://cchain.explorer.avax.network/address/0xe0bd2C4303A5e8Aa3093481875aD01301c875B46/write-contract
- Polygon/MATIC: https://polygonscan.com/address/0xe0bd2C4303A5e8Aa3093481875aD01301c875B46#writeContract
- Fantom: https://ftmscan.com/address/0x379f1437267B0F069c4856953bE43c42b03795da#writeContract
About Huobi ECO Chain
Huobi ECO Chain (Heco) is a decentralized, high-efficiency and energy-saving public chain, also the first product launched by the Huobi Open Platform. It is compatible with smart contracts and supports high-performance transactions.
The endogenous token of Heco is HT and it adopts the HPoS consensus mechanism. Heco will continue to improve the efficiency of Ethereum by Layer2, which will supplement and empower the Ethereum ecosystem.
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, and Fantom Opera Network. 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.