Prepare for takeoff! Elk will launch on Fantom Opera this Friday, May 21st, 2021, at 16:00 UTC.
The rocket ship was built by the community in 34 seconds, which is the amount of time it took to sell out our MATIC Moose NFTs, which raised the initial liquidity for Fantom. Thank you, Elk community! Read more below for details about the launch and the airdrop.
Starting from 16:00 UTC, https://app.elk.finance/ will support trading on FTM.
Airdrops — 15:00 UTC
Airdrop for Moose NFT Holders
To reiterate the airdrop specifics from our previous article:
- All MATIC Moose NFT holders will receive 100% of the purchase price of their Moose (~$600 USD) issued as a single $ELK airdrop on Fantom at launch;
- All AVAX & MATIC Moose NFT holders will receive a single airdrop of 42 $ELK at the same time;
- For each airdrop, Rare Moose will receive a 1.5x multiplier and Epic Moose will receive a 2x multiplier
All $ELK will be dropped automatically to wallets holding Moose NFTs. We will take a snapshot of Moose holders at 12:00 UTC on both AVAX and MATIC.
Clarification: there was some confusion in the previous post about how the amount of $ELK covering the purchase price of Matic Moose would be calculated. For this round, and moving forward, the $ELK value will be calculated based on the average price of $ELK across all existing chains (in this case, Avalanche and Polygon).
Airdrop for Strong Holders (Liquidity Score)
A total of 20,000 $ELK will be distributed as airdrops according to your Liquidity Score (based on tokens held + LP across Elk networks to date). If you have a Liquidity Score of at least 10, your address and your estimated claim will appear on this spreadsheet.
We are once again pleased to announce that every wallet address that is eligible for the liquidity score airdrop or the Moose airdrop will receive $FTM 0.1 to help you transact on the Fantom Opera network.
Begin trading — 16:00 UTC
Trading $ELK on the Fantom Opera network will be available starting from 16:00 UTC. For information on how to get funds on Fantom, please watch this video tutorial.
An initial liquidity pool of 50,000 $ELK will be listed on Fantom.
Yield farming — 18:00 UTC
Here are the liquidity pools that will be listed at launch:
Initial Farming Round Details
- The first round of incentivized pools will last 9 days. You will need to withdraw your liquidity pairs from these pools after 9 days and stake them again in new contracts to continue earning ELK. The next pool duration will be longer.
- Strong initial volatility is expected, so there will be no impermanent loss protection (ILP) for these initial pools.
- Combined rewards across pools will be set to $ELK 1,350 per day.
We will be staking 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.
Introducing Bifrost (liquidity bridge)
Since the Elk mainnet has not launched yet and bridging assets across chains can be difficult and costly, we are setting up a one-time manual bridge option for moving $ELK from either of the existing platforms (Avalanche or Polygon) to Fantom at a 1:1 ratio.
We are calling this bridge Bifrost, and the mechanism is similar to how our mainnet will work, only it will be administered manually.
To participate, you must interact with the Bifrost contract on the chain of your choosing:
- Avalanche: https://cchain.explorer.avax.network/address/0x78573D5a16C3420F9090e3F0BEf4D0974d0e274a/write-contract
- Polygon: https://explorer-mainnet.maticvigil.com/address/0x9ff3A97aeC53856De8384436ad78e319378Cf2B1/write-contract
Specifically, you must use the deposit function call to deposit $ELK tokens before May 21 at 12:00 UTC. Any deposited $ELK will be automatically distributed to your Fantom wallet (using the same MetaMask address) at the same time as the other airdrops.
We will be posting a tutorial shortly to explain how to interact with the smart contract from the block explorer. Please stay tuned!
- You must use the deposit function and not send $ELK directly to the contract address for the Bifrost to register your tokens!
- Only deposit $ELK! Any other assets will not be counted and will be returned. There is a limit of 2,000 $ELK transferable per chain for each account. There is also a total limit of 100,000 $ELK transferable per chain across accounts, which will be filled on a first-come-first-serve basis until the total limit is reached.
About Fantom Foundation
Fantom is a fast, scalable, and secure Layer-1 EVM-compatible platform, which is built on a permissionless aBFT consensus protocol. On Fantom, transactions are confirmed in 1 second; and cost only a fraction of a cent.
The speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world uses.
The technology has also been adopted by enterprises and government offices that have launched digital transformation programs.