Elk Finance is a decentralized network that facilitates cross-chain liquidity. Through this ecosystem, traders can exchange crypto coins and interact with smart contracts flawlessly across networks, so they don’t need to use complicated and expensive bridges. The mission of this DEX is to facilitate fast, inexpensive, secure cross-chain value exchange across all blockchains.
Elk Finance overview
These are some of the features the DEX offers:
- Impermanent loss protection
Users providing liquidity on automatic market makers are prone to impermanent loss. So, the platform provides them with coverage against this loss on a linear vesting schedule.
- Cross-chain ElkNet bridge
This bridge enables transfers of ELK 1:1 between each chain supported by Elk.
- Stablecoin
Elk will soon release a stablecoin known as CHFT to facilitate cross-chain value transfers and payments with minimal risk.
- Support chains
The platform supports several chains, including Avalanche, Fantom, Binance Smart Chain, XDai, Polygon (MATIC), Heco, and so much more.
How does Elk Finance work?
These are the actions the exchange supports:
- Liquidity provisioning
- Farming
- Staking
- Swapping
What can you buy on Elk Finance?
The DEX works with the following assets:
- Yak token
- Yearn.finance
- YetiSwap
- Aave
- Avaware
- Binance USD
- Cream
- Dai Stablecoin
- Elk
- FOX
- Gnosis Token
- Haku Swap
- Husky
- Tether USD
- Kassandra
- Kalao
- miMatic
- Maker
- Old Elk
- Parachute
- Pangolin
- RaceX
- Radio Token
- and more
Is Elk Finance safe?
According to the vendor, all the smart contracts on Polygon, Avalanche, Heco, XDai, Binance Smart Chain, and Fantom Opera have been audited successfully. Apparently, no substantial risks were found. Elk Finance does not require users to transfer their coins to a third party as a decentralized exchange. Therefore, the risk of an organization being hacked, putting your money at risk of loss, is eliminated. Moreover, the platform will not require you to fill out know-your-customer (KYC) forms, so you are provided with anonymity and privacy.
Elk Finance fees, compatible wallets, and transactions
Install Metamask, Coinbase Wallet, and WalletConnect are the main wallets integrated into this DEX. Any withdrawals you make on the platform will require you to pay the following fees:
- Before 1 hour–5%
- Between 1h and 1 week–2%
- Between 1 week and 1 month–1%
- After a month–no fee
What are the ways to trade on Elk Finance?
These are the trading options available on the exchange:
- Liquidity provisioning
By providing liquidity, a user will earn a 0.3% fee on every trade, commensurate with their liquidity pool share.
- Swapping tokens
You can exchange one coin for another, earning passive income from tokens that rise in value over time.
- Farming
Farms on Elk provide brilliant marketing initiatives for your project. For instance, the exchange will distribute ELK to all staked LP tokens. As a result, other traders are encouraged to purchase and stake liquidity utilizing your token.
Customer support
Customer support is mainly available in the form of email, Telegram Chat, Reddit, or Discord. Following the platform’s Medium, Twitter, Tiktok, and YouTube pages might be helpful as you get to learn what the vendor is up to.
Should you trade with Elk Finance?
Elk Finance summary
Elk Finance summaryPros
- Has passed all security audits
- Offers impermanent loss protection
- Is compatible with many chains
- Supports liquidity provisioning
Cons
- Relatively new
