Elk Receives Grant from xDai Ecosystem Fund

xDai Ecosystem Fund, a competitive grant program for advancing innovation on xDai, has awarded Elk.Finance a 6-month progressive grant worth up to $125,000 to accelerate growth of the Elk trading platform and multi-chain bridge.

Since Elk launched on xDai in August, over $1 million has flowed into xDai from other chains via the ElkNet bridge. xDai is based on a unique dual-token model: xDAI, a stablecoin used for payments and transactions on the network, and STAKE, a dynamically priced token that supports governance and proof-of-stake (PoS) consensus.

Starting November 17, 2021, ELK-xDAI and ELK-STAKE farms will receive dual-token rewards, earning STAKE in addition to ELK. For the first month, these farms will receive $20,000 in STAKE, which will be matched 2x ($40,000) by ELK rewards, for a total of $60,000. Dual-token Incentives will continue for a total of six months, with monthly adjustments based on liquidity maintained in the pools.

Elk enables fast and free cross-chain bridging between other blockchains. The ElkNet multi-chain bridge currently supports instant transfers between 14 chains. Elk’s decentralized exchange on xDai offers a full range of trading services, along with unique features like impermanent loss protection (ILP) across all farms, and Moose NFTs, a utility token that supports the Elk network. Last week, a collection of 100 Moose NFTs ($600 xDAI each) sold out in under 10 seconds.

About xDai

The xDai chain is a stable payments EVM (Ethereum Virtual Machine) blockchain designed for fast and inexpensive transactions. The chain uses a unique dual-token model; xDai is a stable token used for transactions, payments, and fees, and STAKE is a governance token used to support the underlying POSDAO Proof-of-Stake consensus.

About Elk.Finance

Elk.Finance is designed for cross-chain interoperability. Powered by ElkNet, a purpose-built blockchain protocol, Elk provides free and secure cross-chain transfers in seconds among the most popular networks. The innovative ElkNet framework also supports cross-chain messaging and multi-chain native apps, breaking down barriers between blockchains.

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https://medium.com/elk-finance/elk-receives-grant-from-xdai-ecosystem-fund-43ba3c07c680