Introduction:
Elk Finance, a pioneering force in the DeFi landscape, has created a secure custom bridging & cross-chain messaging solution that reduces fragmentation and enhances interoperability in the world of decentralized finance. With ElkNet, our flagship product, we provide a secure and efficient multi-chain operation platform for various blockchain projects on Metis. As we venture into the next phase of our journey, we are excited to announce our deployment on the Metis chain. Elk is live now on Metis, so go check it out!
Website: Elk Finance
ElkDEX dApp ElkDEX
Social Media: X/Twitter, Discord, Telegram
Proposal Details:
Background and Motivation: The future of DeFi is undeniably multi-chain. As numerous blockchains emerge, the challenge lies in transferring value and information seamlessly between them. Elk Finance’s ElkNet offers a transparent and secure bridging solution, eliminating custodial risks and reducing vulnerabilities. Our deployment on the Metis EVM chain is a strategic move to tap into the vast ecosystem of Metis, benefiting both our users and the Metis community.
Benefits for Metis Ecosystem:
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Interoperability with ElkNet: Our cross-chain capabilities ensures seamless transfers between Metis and other supported chains. Not only this, but any project will be able to permissionlessly create a bridge to/from Metis to any other chains of their choice with our Bridge-as-a-Service infrastructure. This will attract other projects to Metis from our (currently) 27 other blockchains (and counting). Currently, users can bridge the ELK token from any of the other 27 ElkNet connected blockchains to Metis to participate in the ecosystem (and can even trade some ELK for gas automagically in case they are new to the chain).
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Farms-as-a-Service (FaaS) We will launch our audited Farms-as-a-Service contracts on chain so that any user/project can use our UI to create custom farms that can reward up to 15 different tokens from a single farm, no coding required (currently live on Avalanche, Polygon, Fantom, and BitTorrent Chain on the ElkDEX
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Increased Trading Volume: Elk Finance’s deployment promises additional liquidity on the Metis chain, enhancing the overall trading experience. This is incentivised by ELK token staking as well as a $METIS-$ELK farm, not to mention user created farms using FaaS. Elk will be deploying a Uniswap v3 DEX and UI within the next month or so, which will introduce greater functionality.
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User Growth: The Metis community will gain exposure to Elk Finance’s robust user base, driving more users to Metis-based projects.
Why ElkNet?
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Security - ElkNet is a safe method of moving value across blockchains. ElkNet minimizes common bridging risks (double spends, etc.) The system introduces optimistic delays and periodic verification of transfer messages to detect inconsistencies in the blockchain (e.g., reorganization) or suspicious activities, preventing further processing of such transfers.
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Low Cost - ElkNet is efficiently gas optimized and requires only two on-chain transactions per cross-chain transfer, minimizing gas costs for users and operators.
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Fast - ElkNet is as fast as the underlying blockchains it supports. In most cases, transactions go through in mere minutes. The transfer is completed after finality is confirmed on the source chain. The transfer speed between two chains is unaffected by other chains or congestion.
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Compatibility - Its unique design allows ElkNet to be compatible with all blockchains, whether they are EVM or not. Our design would enable Metis to reap the benefits of any chain ElkNet is connected to, allowing the project to easily proxy its token on EVM and non-EVM blockchains. ElkNet also plays nice with other bridging solutions, and is very modular, so you don’t need to commit to just one bridging solution.
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Unique Opportunities for Partnerships - Having a token present on multiple blockchains allows for unique partnerships with projects on a variety of chains, allowing more opportunities for business development and marketing.
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Decentralized - ElkNet will be secured by a set of decentralized nodes that collectively verify messages and transfers and work together to post transactions on the target chain. The decentralized nature of the system also helps provide censorship-resistance and long-term viability.
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Transparency - Using a reservoir system allows users/projects to follow transactions on and off-chain, and ensures a simple but adaptable mechanism for bridging. Transfers are easily executed by users where the only interaction is with ElkNet, the origin blockchain, and destination blockchain that the user is bridging between.
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Customizability - Applications and bridges built on top of ElkNet can customize their bridging interface as they see fit. The liquidity for any proxy token can be present on any decentralized exchange (DEX), allowing the interface to direct the user wherever they like. Our Bridge-as-a-Service infrastructure will be completely permissionless, so no need to ask anyone before creating your bridge!
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Unique Features - Features such as the “swap for gas” option, allow users to arrive on new chains with the ability to instantly interact with the chain’s ecosystem. Cross-chain messaging allows ElkNet to communicate with any blockchain it is connected to. ElkNet is the hub of the ecosystem and ensures that transfers from/to all chains are handled without issue.
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Minimal Maintenance - Since the ElkNet is becoming an independent network operated by decentralized nodes, developers building on top of ElkNet need not maintain their own nodes. Similarly, ElkNet supports easy cross-chain price arbitrage, allowing prices to stay consistent on all blockchains. Using ElkNet for arbitrage represents another potential opportunity for Metis to capture profit.
Grant Utilization:
The $5K USD grant will be allocated to make up a portion of our deployment costs. Elk has already spent funds launching our DEX on Metis, and would like to recoup a portion of our development costs through this grant. We believe that the functionality we bring to Metis will exponentially outweigh the initial cost of the grant.
Conclusion:
Elk’s deployment on the Metis EVM chain marks a significant milestone in our journey. We are committed to delivering a seamless and secure experience for all users and are optimistic about the synergies this collaboration will bring. We humbly seek the support of the Metis community in this endeavor and look forward to a fruitful partnership. 