Project Name: Farming-as-a-Service
Project Track: Builder
Team Name: Elk Finance
Team Member(s): 5 Team Members- Baal, Pyro, FoxFortyTwo, LtSnakePlissken, FiatsJudas
Dorahacks Project Link: Elk Finance | Buidls | DoraHacks
Project Goal: The Elk team is hard at work on Farming-as-a-Service (FaaS) smart contracts. This feature will initially be deployed on the BitTorrent chain, allowing users and developers alike to create custom LP farms with no coding experience necessary. The contracts compute on-chain impermanent-loss protection, the ability to reward up to 15 tokens per farm, and an easy-to-use UI to deploy them.
Elk FaaS Pitchdeck- Tron Hackathon.pdf (507.4 KB)
Farming-as-a-Service allows projects to launch their own farms on the ElkDex using a UI, no code required! These contracts are the most advanced farming contracts in DeFi and allow rewarding of up to 15 tokens simultaneously. Farm creators can take advantage of Elk’s on-chain Impermanent Loss Protection for any given farm on BTTC and implement any token as coverage. Elk uses on-chain data with our custom oracle contract, with the necessary security measures, to make sure all farms are protected. The fee to create a farm is quite small, only 1000 ELK (subject to change based on ELK’s value). Projects deemed legitimate can be listed on our “Farms” page under the whitelisted section, others can be displayed and are not tagged as whitelisted until they are reviewed.
Project Test Instructions: Please follow the comprehensive guide in our documentation here. The guide will be updated with new links and instructions to test new features as FaaS development continues.
Elk Finance has developed a peer-to-peer network for cross-chain value transfers and blockchain interoperability in decentralized finance (DeFi). ElkNet, the powerful engine at the heart of the network, allows for secure and efficient cross-chain transactions, reducing friction and asset fragmentation between blockchains. Community projects and developers are also able to build dynamic multi-chain applications that leverage ElkNet features such as proxy tokens, cross-chain messaging, and cross-chain farming. Any chain, any time, anywhere.
Elk Finance provides not only multi-chain infrastructure through the capabilities of ElkNet to any connected blockchain, but it also includes a decentralized exchange (ElkDEX), currently operational on all 20 active EVM chains that are connected. ElkNet allows data to be transmitted between any connected blockchain, allowing it to send and receive data (e.g., ERC-20 tokens, NFTs, messages, smart contract commands) to/from other blockchains.
Elk Finance addresses many on and off-chain concerns. ElkNet solves a variety of concerns in a multi-chain environment. Safety concerns with regards to bridging infrastructure are in the forefront, as traditionally, bridges represent a large portion of DeFi capital lost due to hacks or exploits. 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.
Added benefits, such as removing blockchains from their “silo” and allowing them to effectively communicate with other chains are also front-of-mind. Projects using our ElkNet SDK, for Bridging-as-a-Service (BaaS) will be able to become multi-chain, while keeping their liquidity on a single blockchain. This also has the positive effect of decreasing fragmentation of liquidity. ElkNet will also be open-source and as trustless as possible, where users stake ELK and operate validator nodes to ensure finality of transactions on origin blockchains. Projects will have the option to create custom native bridges, and other systems, so that users can interact with their products on multiple chains as they see fit. Our Farming-as-a-Service product allows any project to create custom farms on our DEX, and even award coverage for impermanent loss that occurs using our Impermanent Loss Protection (ILP) that operates directly on-chain.
Smart Contract links: Please see the most up to date links for the testnet and mainnet contracts here in our documentation.
Milestone 1- Alpha version of FaaS contracts- February 1st, 2023
Milestone 2- Complete Beta version of FaaS contracts- April 1st, 2023
Milestone 3- Launch FaaS contracts on BTTC testnet for user testing- April 15th, 2023
Milestone 4- Launch contracts on BTTC Mainnet along with dApp UI- Prior to May 1st, 2023