Farming-as-a-Service by the Elk Finance Team - Allowing everyone to harness the most advanced farming contracts in DeFi

TRON Hackathon Hackathon Season 4
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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.

Project Info:
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 Website:
https://app.elk.finance/ - Our dApp
https://elk.finance/ - Our website
https://docs.elk.finance/ - Our documentation

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.

Project Details:

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.

Project Milestones:

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

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You welcome to Tron Hackathon session 4

All the best

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Glad to be here! We had such a welcoming and warm experience last time and were humbled by the community :slight_smile:

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Welcome back team
It’s another season
Have a good luck this season too :pray:t2:

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Bienvenido a este S4 de nuevoi, esperamos ver sus actualizaciones.

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Farming-as-a-service is one of the best innovations by the elk team and it sincerely amazing reading through this article… Thank you

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This is really indeed a great move, there is a lots of farming in the BSC network but not much like that in the Tron ecosystem, I really love that, wish the team and the project best of luck, welcome once again to the Grand hackathon S4 :handshake:

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Welcome once again to the forum

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Its always great to see familiar faces in the forum.
I have read through your project and something caught my eye about the ILP.

Correct me if i am wrong, but i read that there are 10million $ELK tokens dedicated for this ILP.

Now my question is, will there be a situation where this 10million tokens can run out due to high patronage of your farming pools and the impermanent losses incured.

Also new pools per my experience on pancake are pools with the greatest record of impermanent losses, as whales come in as quickly as possible when farming opens, as more liquidity providers come trooping in, these whales starts withdrawing from the pool and you the farmer now becomes the yield. When do you think the subgraphs will be in place to attract Liquidity providers into new farm pools.

Thank you and wishing you the best ones again

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Hi @Nana66419, great question! You are correct in that we’ve dedicated 10 million ELK tokens for Impermanent Loss Protection coverage. What I think may not be as obvious (as it may be a bit more burried in the documentation) is that ILP only covers users’ IL up to the maximum of what they have already farmed in ELK (after 42 days when maximum coverage is reached).

So, if a user is in a BTTC-ELK farm and they are earning, for simple math, 10 ELK per day from this farm. They stay in for 42 days, maxing out their potential ILP amount in ELK. This means they have earned 420 ELK over those days, and can only ever receive an additional 420 ELK if the tokens change in price relative to each other. After 43 days, their maximum total ILP becomes 430 ELK, and so on. The pool only rewards potentially double the amount of ELK for all users, when taking into account ELK for farming rewards as well as ELK for ILP.

The truth is, even in the bear market, we very rarely hit that cap, so this maximum amount of ELK is not rewarded a great majority of the time. Additionally, claiming ILP resets your coverage, and it must build again over 42 days. There are a few other factors here that I’ve left out for simplicities sake, but hopefully this alleviates your concern.

Subgraphs are great and all, but with the new farming contracts, we no longer need subgraphs to compute ILP. We are hoping that we can get one going for use with analytics however!

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Hola, gracias por la aclaración, parece un cálculo interesante.

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Thats very nice and straight to the point.

I checked the supply of $ELK and it has no Max Supply on CoinGecko.
Are new tokens minted to pay out reward to farmers.?

Also if a project want to apply for farming on your platform, does it come with a fee? And does the project pay the fees in their own token or you accept only stablecoin as payment. (i.e if there are fees to be paid)

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Screenshot_2023-03-21-12-16-37-956_com.brave.browser
Screenshot_2023-03-21-12-16-37-956_com.brave.browser1080Ă—2340 220 KB

Please, I got interested in your token distribution/ tokenomics

What is the idea behind the yearly halving
According to the screenshot above???

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Hi @Nana66419, our max supply of ELK across all chains is 42,424,242 ELK. Coingecko should be showing that, not sure why it isn’t.

There will be no need for application actually, since anyone can use the UI to create a custom farm. We will be able to whitelist farms in the sense that they are endorsed by us if the token and project is legitimate, and the code has not been altered (which is easy to check).

The fee is taken by the contract (in the UI) and is paid in ELK. Currently, the fee to create a custom farm is going to be 1000 ELK, which is about $160 USD equivalent as of today :slight_smile:

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Well, we need to slowly get the supply of ELK out in a fair distribution model. The best way to do that is with early adopters who farm ELK. Now, we our project is 2 years old, so we will be entering our 2nd halving in the next month or so!

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Okay I understand the halving model now.
All good.

I use to thinking halving is just for BITCOIN alone
Thanks for the Clarification

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Had time today to explore your dex, you are really working. Keep it up.

Please with your single staking pool, do you have any plan to add auto compounding and also add some other tokens like trx and others to attract more users?

Also with multi-chain dexes, we know the competition there is very high, looking at pancakeswap, apeswap and others. Some are now offering limit orders where you can place a limit order to trade at a set price… How are you planning about these, not to compete with them but at least offer some of the great products they have now….

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Thats very wonderful, to clear all doubt in my head, the 1000 $ELK fee will be per single farm.

So if i create two farms i will pay 2000 $ELK as fees

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Welcome to Season 4, I got excited seeing this cause farming is my thing. After a careful read I deduced FaaS allows users to harness the most advanced farming contracts in DeFi, but I got 1 question;

How is the platform secured, and what measures are in place to protect user funds? Security is paramount in DeFi, and any platform that manages users’ funds should have robust security measures in place.

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Hi @Prince-Onscolo! We will be integrating autocompounding with the new FaaS contracts yes!

This is a Uniswap v3 feature, and we will be integrating this in the coming months as well. Thanks!

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