A grand step for Elk Finance towards interoperability between networks in decentralized finance, ahead of Bridging-as-a-Service and cross-chain SDK.
Elk Finance, a peer-to-peer network for cross-chain value transfers, announced that it plans to launch a cross-chain swap feature that makes it easy to swap tokens between 19 chains effortlessly and at a low cost.
For instance, users will soon be able to swap MATIC on the Polygon network to AVAX on the Avalanche network, with just a couple of clicks using an intuitive interface.
The cross-chain swap is enabled using ElkNet, the proprietary cross-chain interoperability solution built by Elk Finance. ElkNet plans to utilize the routers between the swappable networks, while the user only has to select the source and destination, the amount, and click swap. Unlike cross-chain $ELK transfers, users will initially have a limited list of assets that can be swapped, and a maximum amount per token.
The fees will stay the same as they currently are on ElkNet for $ELK token transfers, plus the router fee on both chains, which are relatively low. Fees for cross-chain swaps will be dynamic, depending on the network activity (gas costs) on the respective chains.
Networks (as of writing) supported by ElkNet for cross-chain swaps:
About Elk Finance Elk Finance is a peer-to-peer network for cross-chain value transfers. ElkNet, its cutting-edge multi-chain protocol, makes it easy for anyone to move value and exchange cryptocurrencies across blockchains quickly and securely at a low cost.
Leverage the power of ElkNet with instant free transfers across 16 of the most popular networks. Take advantage of Elk’s native liquidity through a comprehensive financial toolkit. Deploy multi-chain native dApps with Elk’s easy-to-use developer SDK. Explore any chain, anytime, anywhere.
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