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Elavate Finance DEX, Sets Vision on Advanced DeFi Ecosystem
After making its first community funding commitment of 2021 to support the development of Elabox, the premier hardware project of Elastos, the Elastos Foundation has now granted funding to Elavate Finance, a Decentralized Exchange (DEX) protocol built in the Elastos ecosystem. In addition to supporting the decentralized exchange of ecosystem tokens and other digital assets, Elavate Finance also stands to propel ecosystem development, as it will be built and deployed exclusively on the Elastos Smart Contract Chain (ESC). Between supporting both Elastos-native digital assets and the Elastos core technologies, the Elavate Finance DEX brings a great deal to the Elastos ecosystem as a growth driver for both Elastos’ developer community and user base.
A DEX With a Vision
In developing and launching their DEX, the Elavate Finance team has defined 3 major goals they aim to accomplish:
1) Deep Liquidity: The Elavate Finance team will use their platform to foster substantial liquidity pools for not only ELA, but other ecosystem tokens issued natively on ESC. Establishing liquidity for these tokens will also help to create a more inviting environment for developers looking for a platform to deploy up-and-coming DeFi applications and other dApps.
2) ELA Utility: Elavate Finance will expand ELA’s utility beyond DPoS staking and DID credential verification by establishing various incentives and use cases for ELA on the Elavate Finance platform. supplying user-friendly, cross-chain migration tools, providing key support for token offerings, and implementing liquidity incentives. The team also has plans to develop built-in incentives for users to interact with DID 2.0, Hive 2.0, and Elastos DPoS Supernode voting.
3) Develop and promote the Elastos Tech Stack: The Elavate Finance team will refine and present the ESC as an attractive platform upon which to build, launch, and use DeFi and web3 applications by supplying user-friendly, cross-chain migration tools, providing key support for token offerings, and implementing liquidity incentives. The team also has plans to develop built-in incentives for users to interact with DID 2.0, Hive 2.0, and Elastos DPoS Supernode voting.
The Elavate Finance DEX and its complete line of features, incentives, and development milestones will be released in a three-phase process. However, a fully functional Elavate Finance DEX and its native token, GLIDE, will be released in phase one, which is slated for launch in September 2021. Here’s what the team has in store the initial launch:
- Fully functional Automated Market Maker (AMM)
- Preliminary list of supported assets – Ethereum stablecoins, HECO & Elastos tokens
- Live Liquidity Pools and Staking
- Completed Smart Contract Audit
- Fair Token Launch: No public or private sales
In phases two and three, the Elavate team plans to bring a number of foundational and advanced features to the platform: Foundational Features
- Analytics page
- Built-in cross-chain bridge, cross-chain liquidity incentives
- DAO based on GLIDE token
- Elastos Essentials support via connectivity tool
Advanced Features (Pending Feasibility)
- Multi-sig wallet, advanced chain-monitoring tools, arbitrage bots
- ELA Mainchain DPoS Voting Incentives
- DID 2.0 credential incentives
- Hive 2.0 hosting incentives
Not Just Another DEX: Differentiating Elavate Finance
As a number of prominent DEXs on various blockchains already established strong user bases and deep liquidity pools, the Elavate Finance DEX will differentiate itself in order to add value to users and yield farmers from across the crypto-space.
1) Sophisticated Tokenomics: Elevate Finance will utilize a unique tokenomic model in order to draw in new users and liquidity from existing platforms, as well as from new users entirely that have not interacted with DeFi. Elevate will implement the following features:
- Uncapped Native Token (GLIDE): GLIDE will be infinitely inflatable, so as to avoid a finite token emission schedule that leads to an eventual exodus of liquidity providers (LPs) when LP rewards diminish. To make up for its inflationary property, GLIDE will be launched without any large whales or VC interests behind it, and thus it will be free from unhealthy selling pressure.
- Reimagined Exchange Fees: As DeFi stands today, most LPs do not benefit significantly from DEX transaction fees, and are mostly interested in receiving a DEX’s native token as well as rewards from project-native liquidity programs. Thus, rather than awarding the full exchange fee to the LPs, Elevate Finance will convert transaction fees directly into ELA. The ELA will then be used to reward users on the platform through pools in which they may either stake or burn GLIDE.
- Elastos Ecosystem Initiatives: The Elavate Finance team is ultimately committed to development of the Elastos ecosystem and the adoption of Elastos core technologies, and will be establishing a number of built-in incentives for users accessing the Elavate Finance DEX to also engage and begin using other applications and features in the Elastos ecosystem, including:
- Elastos DPoS Supernode Voting
- DID 2.0 Credential Utilization
- Hive 2.0 Utilization
To keep up with the Elavate Finance team as they develop the Elastos ecosystem’s new DEX on the Elastos Smart Contract Chain and advance toward a September launch, connect with them on Twitter:
And as always, to remain up-to-date and in-the-know with all of the latest developments across the Elastos ecosystem, stay tuned here on the official Elastos Info Blog.