Elk joins the Q: New bridge connection now live

October 24, 2023
Cross-chain

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.

FA-Q-s

Is there a Q faucet?

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

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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