Unlocking Seamless Connectivity

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!