Hi @manfred_jr, we are planning to audit FaaS before release. Anyone will be able to create a farm, but we will only be whitelisting farms/tokens that we believe to be safe on app.elk.finance. It is up to each individual user to make sure the projects who launch the farms are safe, as this is DeFi, users will always need to do their own research and not trust anyone!
We’ve been around for 2 years now and have really enjoyed getting the word out about Elk, but we are still not as well known as many large projects, but we’re hoping that with our new features like FaaS and BaaS, we can see a lot more growth
We also rely on users to spread the word! Thanks so much for the support!
Thanks for the detailed response, but I’m curious about a few things;
Will there be any limitations on who can create a farm on the FaaS platform, such as minimum capital requirements or other qualifications?
Are there any plans to offer insurance or other forms of protection to users in the event that a whitelisted farm/token experiences a security breach or other issue?
No problem. The 1000 Elk per farm cost should help with part of this, but in the end we can’t really control who makes what, just like a dex cannot control who adds liquidity for a token.
Projects have the option for impermanent loss protection, but we can’t fully audit every project we whitelist, so using a farm that is not created by us (or to be thorough, even one created by us) always creates a need to DYOR. We have the technology, but we can’t control down to the smaller details, what they do with it. I think it is part of the essence of DeFi, but that essence has risk. To be safe, only use farms created by those projects you trust :).
The FaaS will be audited, so a security breach is unlikely. We have taken all the steps to ensure its security and safety.
Will it be possible to make an option where a project will be required to lock an x amount of $ELK for an x number of days to permit them to create as many farms as they want, Whiles they pay a one time fee of 1000 $ELK.
Creating alot of options to choose from to me will be very lovely.