Cross-chain Archives - Elk

Unlocking Seamless Connectivity

fox — Tue, 23 Apr 2024 11:56:15 +0000

The Journey of Cross-Chain Bridges and Interoperability

Introduction: Bridging the Gap

In the rapidly evolving world of blockchain, where innovation knows no bounds, cross-chain bridges stand tall as the unsung heroes, weaving webs of connectivity across diverse blockchain networks. They’re the vital infrastructure enabling the swift exchange of assets and data between these bustling digital realms.

However, It’s not all roses and rainbows in blockchain. Bridges have been the victims of major exploits or hacks, and core teams have demonstrated highly suspicious behaviors while managing others’ funds. Major bridges have cost unsuspecting users and protocols many millions, if not billions,of dollars worth of loss and heartache.

Cross-Chain Bridges: Building Connections

Cross-chain bridges are like magical gateways, enabling the smooth transfer of value across different blockchain ecosystems. Think of them as practical tools, akin to exchanging currencies while traveling or using a translator in a foreign land. They simplify interactions and transactions, breaking down barriers between blockchain networks.

They are uniquely necessary amid a range of siloed public blockchains that, by design, squirreled away in their own hermetically sealed environment. But if liquidity can’t flow in and out of a financial or commercial system then it has only one value – zero. Centralized exchanges initially provided the routes to bring real life money to bear on crypto assets, but this is not the Web3 dream, where prioritizing on-chain activities is key to the underlying ethos. Interoperability is therefore critical.

Interoperability: Fostering Unity

Interoperability broadens this scope further. It goes beyond simple asset transfers, aiming to create a cohesive digital ecosystem where various blockchain networks and systems can understand, view, and interact with each other’s data effortlessly. Imagine a universal language that allows nations to communicate seamlessly – that’s the essence of interoperability. It’s about fostering mutual understanding and removing barriers to create a more inclusive digital landscape.

Elk Bridge-as-a-Service (BaaS)

Empowering Developers

Our Bridge-as-a-Service (BaaS) offers developers a versatile framework to construct cross-chain bridges in a permissionless manner. It functions as a collection of standardized contracts, forming an intuitive API to harness ElkNet’s robust cross-chain message transport capabilities. With BaaS, developers gain the power to seamlessly build bridges between two or more blockchain networks, enabling a spectrum of functionalities, from token bridging to cross-chain trades and data transfers.

Expanding Horizons: Future of BaaS

As the landscape of blockchain technology continues to evolve, so too does the vision for Bridge-as-a-Service (BaaS). Currently, BaaS, much like ElkNet, exclusively supports EVM chains. Therefore, after the Beta release, it will expand its reach to encompass all chains currently supported by Elk. Looking ahead, our vision includes extending support to non-EVM chains as well, although this aspect is not covered in the current documentation.

$ELK Tokenomics 101

Transitioning to a New Era

As we embark on the next phase of our journey, significant changes are on the horizon for $ELK tokenomics. Currently, 6,750 $ELK tokens are emitted daily, representing a total of 2.5 million since the last halving. However, in just a couple of weeks, this emission rate will decrease to only 3,375 $ELK tokens per day, amounting to 1.25 million over the year. This reduction in emission is part of our halving process, which will see further reductions in the coming years.

But that’s not all. The upcoming halving marks a pivotal moment as we transition to the v3 DEX and farms. Get ready to experience greater capital efficiency and enhanced functionality across the board! Are you prepared for this new era in cross-chain trading and farming? While we’re diligently finalizing the migration process, we anticipate completing it within the next couple of weeks.

Stay tuned for official announcements (follow @elk_finance on X) and don’t worry, you will have plenty of time to migrate.

$ELK Farming: The new farming contracts are state-of-the-art and based on our Farms-as-a-Service (FaaS): no lock-in, fully v3-compatible, and offering up to 15 reward tokens per farm.

Yes, you heard right. We’ll be leveraging the same permissionless farming infrastructure we built for the $ELK farms. As part of our migration to v3, Impermanent Loss Protection (ILP) will be discontinued, redirecting emissions towards farms and single stake to enhance APRs.

$ELK staking: A makeover is planned. As we gear up for ElkNet nodes, you’ll soon have the opportunity to stake $ELK for node rights or delegate your $ELK to an existing node in exchange for rewards. Although nodes are slated for later this year (pending successful developments), the $ELK staking contracts will already start benefiting from fees earned by ElkNet’s upcoming release. As our BaaS bridges expand, so will the rewards, reflecting our growing processed volume.

That’s all for now! Thank you for being part of our journey, and stay tuned as we prepare for the next phase of our evolution!

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Elk joins the Q: New bridge connection now live

fox — Tue, 24 Oct 2023 20:25:48 +0000

Elk is delighted to open the doors to Q Protocol, an EVM compatible blockchain and set of smart contracts taking aim at decentralised governance in the Web3 world. More than that, Q provides the backbone for governance that allows organizations to grow that go beyond “code-is-law”.

It’s fair to say that Q is aiming high, we applaud them for this goal setting attitude, and are pleased to connect Q’s EVM to ElkNet. This means that Q is now one of 30 connected blockchains on our network. The ELK token can be rapidly sent between these chains — and no ELK has ever been lost. Long may this continue to be true.

What does Elk bring to the Q?

As a protocol comprising of a few moving parts, Elk can provide the following right now:

ElkDex

A Uniswap v2 decentralized exchange (DEX)

Permissionless liquidity pools

pair tokens and swapping is immediately enabled

Permissionless liquidity farms

These provide liquidity incentives to liquidity pools without whitelisting or lengthy negotiations.

Farm-as-a-Service (FaaS) allows for multiple token rewards to be assigned to LP staking positions. Up to 15 tokens per farm. Imagine providing liquidity and earning LP fees AND 15 other tokens on top of that!

Single staking pools

While we wait for ElkNet nodes and validator staking, you can stake your ELK for rewards — a further means to distribute the ELK token to the community.
Remember, ELK powers the ElkNet. No ELK? No interoperability and cross-chain functionality for you…

ElkNet

An interoperability solution that is able to bridge ELK tokens between 30 EVM blockchains.
The current version of ElkNet can move value between blockchains using ELK as a medium of transfer.
ELK is native to every blockchain connected to ElkNet.

What should we Q for at Elk?

Elk is always building and improving the interoperability of the ElkNet. With a major goal being decentralization, including validators and token staking to secure transactions passing through the ElkNet, interim targets include:

Uniswap v3 ElkDex upgrade

Concentrated liquidity
More efficient token swapping
More controllable liquidity farming
Permissionless LP pairs for v3
Permissionless LP Farms — FaaS v3

Bridge-as-a-Service (BaaS) rollout

Enjoy the security and resilience of ElkNet for your cross-chain needs.
Projects can make their token behave like ELK.
Native to any ElkNet-enabled blockchain.
Move through the ElkNet frictionlessly.

Projects can control:

Fees
Which blockchains to move to.
And many other choices.
Or make it wholly permissionless during the development phases!

The BaaS SDK will allow for bridging tokens, messaging and whatever the developers can dream up.

ElkNet security + your imagination = Web3 interoperability

The end of the Q

In the coming days and weeks there will be a series of liquidity incentives shared with the Elk and Q communities (Q-munities?)

These include opportunities like:

Farms
QUSD-QDAI and QUSD-ELK (currently live)
QUSD-WBTC & QUSD-USDC (planned for the future)
ELK rewards
Q token incentives have been added too, remember that users can harness FaaS to create farms and single stake pools with up to 15 different reward tokens to stakers.

Q faucet

To explore the ElkDex and ElkNet on Q you will need some Q tokens for gas.

A faucet is available here: https://faucet.q.org/

FA-Q-s

Is there a Q faucet?

To explore the ElkDex and ElkNet on Q you will need some Q tokens for gas.

A faucet is available here: https://faucet.q.org/

How do I get USDC, DAI, or WBTC on Q Mainnet?

These are pretty key questions! USDC, DAI, or WBTC on Q can be obtained by transferring from your wallet on Ethereum using Q’s bridge:

How do I get QUSD on Q Mainnet?

QUSD can be obtained by depositing USDC, DAI, or WBTC into a vault on Q’s Saving & Borrowing dApp, which will allow you to borrow QUSD:

What else do you reQuire from me?

We’d love to see you at the upcoming AMA sessions, read your X posts, answer your queries and listen to your suggestions in our social media groups on Discord and Telegram. Come and join us, the tide is turning, and it’s time to have fun.

Get to the front of the Q.

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Blockchain expansion: New chains ready to explode onto ElkNet soon

fox — Tue, 27 Jun 2023 10:03:05 +0000

Lodge Letter #69: Currently supporting 20 blockchains, the time has come for this to grow again

How are new ElkNet chains determined?

The community most certainly has a say in such matters. You may have noticed polls in the Elk dApp UI and our social channels where we enquire as to which blockchain ElkNet should go to next. Further to these questions are the needs of existing partners and where they’d like to see ElkNet lay further foundations. And we do feel we are here to help our ecosystem partners and users alike.

Let’s not forget that as soon as a chain is selected for inclusion in the ElkNet, the ElkDex will also deploy on the new chain; instantly creating an asset marketplace for ELK on a new chain. Elkbrings users a Dex, a bridge, LP farming, and staking opportunities. Builders can secure token liquidity using our self-managed farm creation FaaS tool, who’ll then be ready for easy cross-chain swaps to 20 OTHER chains. Then 25, then 30…you get the picture. We haven’t even mentioned the exciting stuff yet (keep reading).

Does this mean patience and hope is the only way to see ElkNet enter “your” ecosystem? No, it is not! However, in the ever-changing Web3 landscape where blockchains spring up (and sometimes sink away) all the time, taking a gamble on every single chain that appears on the horizon is not possible and not sensible. At Elk, we will certainly try to be everywhere, and we enjoy growing our ElkNet, but ecosystem builders can help too. We’ll bring our toys, for all topermissionlessly play with, and blockchains host the users, the partner projects – those seeking opportunity, liquidity, and flexibility to move from chain to chain.

Is a new blockchain coming? Or more than one?

Following conversations with several ecosystems, Elk is delighted to be expanding the ElkNet to embrace half a dozen new blockchains in the near future. Stay up to date with announcements for where we’re going to appear next by following our social media and community channels. We’re excited to join these new outposts of the ElkNet and help write their stories in crypto, blockchain and Web3, and are looking forward to sharing our new developments with these new blockchains as we all keep building towards inclusivity and interoperability.

As we continue Elk’s cross-chain journey through the spaces between blockchains, we find ourselves positioned such that if a chain is looking for ElkNet to land on their shores, then providing a grant, liquidity, marketing and business development support is a surprisingly effective way to bring Elk on board. We have plenty to offer and wish to strive for excellence alongside willing and capable partners.

Elk Finance coming to your blockchain?

Elk arrives on-chain…

When Elk Finance appears on a blockchain the following features become available:

ElkDex

LP pairings.
Liquidity farming.
Single staking ($ELK).

ElkNet

Transfer $ELK to/from any ElkNet-connected blockchain.
No $ELK has even been lost on a cross-chain transfer.
Ever.

Farm-as-a-Service

Create liquidity for your project by creating your own permissionless token farms. Read more here: https://elk.finance/farm-as-a-service/ and even more here: https://docs.elk.finance/for-developers/farming-as-a-service-faas
Live on BitTorrent Chain.
Avalanche, Fantom and Polygon coming next for FaaS.
Let us know if you have an urgent need for farms on our other chains so we can prioritize deployment to help your project grow.

Social media and community channel support

We’re friendly and welcoming
We support ecosystem projects
We help where we can

That’s the story right now…

CCTP, cross-chain swaps, Uni v3 and what else?

The next phase for Elk is to take the above, which works (and works well), then add a bit more compatibility, improve the user experience, and make it available to more blockchains. Then we can give more tools for builders to play with ElkNet themselves. You want a bridge? They want a bridge? Everyone wants a bridge! And they’re all allowed to build on ElkNet to make their bridge work.

The existing features and tools will still be available but we will sprinkle the following into the mix too:

ElkDex – Uni v3 Dex

Customisable LP position NFTs.
More efficient concentrated v3 liquidity farming.

ElkNet

Cross-chain swaps – Choose the token you send to ElkNet and receive any token on a destination chain, again of your choosing.
Cross-chain swaps powered by $ELK via ElkNet or USDC via Circle’s CCTP.
No lost $ELK for cross-chain transfers/swaps.
Ever. (It’s crazy not to stress this point!)

Farm-as-a-Service

All current self-managed FaaS benefits, but with v3 liquidity.
More efficient.
More profitable.
All in your control.

Social media and community channel support

We will stay friendly and be here for our chain-agnostic community.

Web3 is Web, we are one tribe, we are Elk: Any chain, any time, anywhere.

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ElkNet: Unleashing the Power of Cross-Chain Bridging

elk — Wed, 07 Jun 2023 08:30:28 +0000

In the dynamic landscape of decentralized finance (DeFi), the need for a seamless, secure, and efficient method to move assets and data across diverse blockchains has never been more pronounced. ElkNet, a pioneering cross-chain infrastructure framework, is stepping up to revolutionize the DeFi space, offering a powerful solution to the challenges that centralized exchanges and bridges present.

The Need for Cross-Chain Bridging

The exponential growth of Web3 and DeFi ecosystems has led to the emergence of a multitude of blockchains, each boasting unique features, benefits, and potential. This diversification, while a testament to the innovation driving the blockchain space, also presents a significant challenge: how can we facilitate the seamless, secure, and efficient movement of assets and data across these diverse blockchains?

This question underscores the crucial role that ElkNet plays. As a groundbreaking cross-chain infrastructure framework, ElkNet is transforming how we navigate the intricate maze of the blockchain universe. It provides a secure, frictionless conduit for moving assets and data between decentralized blockchains, laying the foundation for a more integrated and interoperable DeFi ecosystem.

ElkNet: Revolutionizing Cross-Chain Transactions

ElkNet is not your ordinary bridging system. At its core is a novel reservoir system that eliminates the constraints and bottlenecks often associated with cross-chain transfers, such as token availability limitations. With the ElkNet cross-chain bridge, tokens deployed immediately become native on all supported chains. This feature ensures a level of fluidity in asset transfers across blockchains that has been largely unprecedented until now.

ElkNet is secure by design: We’ve built multiple security checks and fail-safes into ElkNet, while including common-sense features like transfer limits and circuit breakers, which will help minimize the damage in the rare case of an exploit attempt.

Unmatched in efficiency: Security, speed, and cost form the three foundational points on the cross-chain triangle. With ElkNet, users get free access to a powerful cross-chain engine – each step in the transfer process has been streamlined without sacrificing security, resulting in fewer overall smart contract interactions.

Our goal is to preserve ElkNet’s status as the fastest and most economical cross-chain bridging option anywhere.

The Benefits of Decentralization

Centralized exchanges and bridges, while providing necessary functions, have inherent limitations and vulnerabilities, including the potential for security breaches and lack of user control. ElkNet addresses these issues head-on by offering self-custodial bridging for projects and users. This approach ensures a high level of security while offering the advantages of decentralization. It’s a move that aligns with the ethos of blockchain technology, where power and control are decentralized and democratized.

Experience the ElkNet Advantage

With ElkNet, moving assets between your favorite blockchains is no longer a complex or daunting task. Instead, it becomes a simple, efficient process that can be completed with a few clicks. The elimination of the usual headaches associated with slow transfers and security concerns allows users to focus more on maximizing their DeFi strategies and less on navigating the technical complexities of cross-chain transactions.

But ElkNet is more than just a tool; it’s a game-changer for the DeFi space. By enabling safer, more accessible, and more efficient interactions within the DeFi ecosystem, ElkNet is playing a key role in shaping the future of decentralized finance.

The ElkNet v2 Beta is live and free for anyone to try out for themselves: https://app.elk.finance/elknet

Join the ElkNet Revolution

Are you ready to experience the next generation of cross-chain bridging? ElkNet is inviting you to unchain your assets and navigate the DeFi space like never before – securely, efficiently, and on your own terms. With ElkNet, you’re not just participating in the DeFi space; you’re actively shaping it.

Embark on your journey with ElkNet now and be part of the movement that’s making Web3 more accessible to all. The future of DeFi is here, and it’s spelled E-L-K-N-E-T. Don’t get left behind in this revolution.

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Understanding Cross-Chain Bridges: Your Key to Seamless Cryptocurrency Transactions

elk — Mon, 05 Jun 2023 15:59:42 +0000

Introduction

In the vast universe of blockchain and cryptocurrency, cross-chain bridges play a significant role, acting as intermediaries that enable seamless cryptocurrency transactions across different blockchain networks. With the growing demand for interoperability in the decentralized world, the need for efficient cross-chain bridge services has become more prevalent.

What is a Cross-Chain Bridge?

A cross-chain bridge allows the exchange of information, cryptocurrency, or non-fungible tokens (NFTs) from one blockchain network to another, thereby facilitating the flow of data and tokens across what would otherwise be isolated data sets on different blockchains¹.

In contrast to traditional fiat currency exchange systems, cross-chain bridges provide a more efficient and less costly way to exchange different cryptocurrencies. Instead of converting cryptocurrency into fiat currency, which often involves fees and time, a cross-chain bridge allows users to directly exchange one cryptocurrency for another.

How Cross-Chain Bridges Work

Cross-chain bridges employ several mechanisms to facilitate transfers between different blockchain networks. One common approach is the use of wrapped tokens, where the value of one token from a specific blockchain network is encapsulated inside another token. For instance, Wrapped Bitcoin (WBTC) is a Bitcoin token wrapped with an ERC-20 Ethereum smart contract, enabling Bitcoin to be used in Ethereum-based blockchains¹.

Another method involves a liquidity pool, where a cross-chain bridge provider holds an inventory of various coins that can be exchanged for one another.

Popular Cross-Chain Bridges

Celer cBridge

The Celer cBridge uses the Celer State Guardian Network to enable liquidity across different blockchains. It supports numerous blockchain networks such as Ethereum, Astar Network, BNB Chain, Avalanche, Polygon, Arbitrum, and more. It also supports a wide range of cryptocurrency tokens like Tether, USD Coin, Ethereum, and others¹.

However, when discussing cross-chain bridges, it’s crucial to highlight an emerging player that’s demonstrating a superior approach to cross-chain interoperability: Elk.

Elk Finance’s ElkNet

Elk Finance’s ElkNet is a cross-chain infrastructure framework that allows for the movement of assets and data between decentralized blockchains. It provides self-custodial bridging for projects and users. The heart of the ElkNet solution is a novel reservoir system that eliminates fragmentation and token availability limitations that can hinder cross-chain transfers. Tokens deployed on the ElkNet immediately become native on supported chains².

ElkNet not only offers services for individuals but also for businesses. Individuals can move their assets between blockchains securely, fast, and efficiently. Elk also offers liquidity mining where ELK tokens are distributed through liquidity farming on ElkDEX and impermanent loss protection is provided for *most* ELK pairs².

For businesses, ElkNet’s Bridging-as-a-Service allows protocols to create self-managed bridges with all the benefits and security of ElkNet. Additionally, Elk has “Farming-as-a-Service” where projects can deploy their own liquidity farms. A noteworthy feature of Elk Finance is its insurance fund where 10 million ELK tokens are held in reserve in case of an attack or exploit, further enhancing its security².

Elk Finance’s mission is to build the most powerful and convenient interoperability network for Web3, with a vision of making Web3 accessible to all and integrated within the future internet. We place a high emphasis on safety and simplicity for the end-user.².

Multichain

Multichain, known for its bridge technology that facilitates asset transfers across different blockchain networks, experienced operational disruptions due to unforeseen issues and the unanticipated absence of its CEO, Zhaojun. The issues affected the cross-chain service of several chains and stirred rumors within the cryptocurrency community. The incident resulted in a substantial decline in the value of MULTi, Multichain’s native token. Despite the concerns, the Fantom Foundation assured that the situation had no impact on its assets and bridging¹.

Security Considerations

While cross-chain bridges offer several benefits, they also come with security risks. Cyber threats and attacks have targeted cross-chain bridges, leading to substantial losses. Therefore, it’s vital to choose secure and reputable cross-chain bridge services to ensure the safety of your assets¹.

ElkNet and Cross-Chain Bridges

Elk Finance is a notable player in the realm of cross-chain bridges. It utilizes the innovative ElkNet technology to offer a secure and efficient cross-chain bridging service. Through ElkNet, Elk Finance moves assets and data between decentralized blockchains and provides self-custodial bridging for projects and users².

Elk Finance not only facilitates the transfer of assets across different blockchains but also offers additional services like liquidity mining and impermanent loss protection, making it an appealing platform for both individuals and businesses².

Conclusion

Cross-chain bridges are undoubtedly crucial in the world of blockchain, enhancing the interoperability of different networks and making cryptocurrency transactions more efficient. Elk Finance, with its innovative ElkNet technology, stands as a testament to the advantages of cross-chain bridges, offering users a secure, efficient, and comprehensive DeFi platform. Try Elk Finance’s cross-chain bridge service today and experience seamless cryptocurrency transactions like never before.

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Elk Finance Unveils Brand New Cross-Chain Interoperability Solution

elk — Mon, 08 May 2023 19:07:02 +0000

An alpha version of our Circle CCTP Reservoir

Developers can soon build cross-chain payment and lending solutions with ease using the new Circle CCTP (Cross-chain transfer protocol) reservoir integrated into ElkNet.

Elk, a pioneer in the blockchain industry focused on decentralized cross-chain interoperability infrastructure, has announced the successful completion of an alpha version of the Circle CCTP reservoir for ElkNet. This cutting-edge solution, built on top of ElkNet, will enable developers to transfer USDC seamlessly across different chains such as Avalanche and Ethereum with no slippage and virtually no risk.

This technology has the potential to transform the way developers build cross-chain payment and lending solutions, as it streamlines the process by removing the need to rewrite app logic for different blockchains. The implementation of this feature has been driven by Elk’s founder and lead developer, Baal, who is eager to aggressively push the release of this feature with a targeted beta version by June.

The Circle CCTP reservoir will offer a range of benefits to the blockchain ecosystem, including:

Cross-chain swaps: Integration with v3 pools will enable efficient swapping of tokens across different chains.
Batched bridging: By bundling multiple transfers simultaneously, gas costs can be significantly reduced, making cross-chain transfers more cost-effective.

Liquidity fronting: Elk is prepared to take the bridging risk on themselves for a fee, resulting in near-instant settlements across chains.

With the pricing structure likely to be just $0.5 (plus gas) for transfers, Elk is committed to providing a cost-effective solution for cross-chain transfers. The Circle CCTP reservoir is designed to work seamlessly with ELK as the bridged token, allowing for easy integration with all supported chains. This will likely lead to a massive increase in adoption, as developers will no longer have to wait for Circle to release more chains.

This development marks a significant step forward in the blockchain industry, paving the way for more efficient and seamless cross-chain solutions. Keep an eye on Elk as we continue to innovate and break new ground in cross-chain blockchain technology.

About Elk

Elk is a peer-to-peer network for cross-chain value transfers. ElkNet, its cutting-edge multi-chain protocol, makes it easy for anyone to move value and exchange cryptocurrencies across blockchains quickly and securely at a low cost.

Move value between 20+ of the most popular EVMs, including BNB, Polygon, AVAX, and ETH networks. Earn ELK through Yield Farming, Single Staking, including earning multiple tokens from a single farm.

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