ELFi Protocol DEX Derivatives Platform Launches with $100,000 Airdrop
Singapore, Singapore, August 14, 2024, Chainwire
The decentralized derivatives trading platform, the ELFi protocol, officially launched today on the Arbitrum network.
ELFi is a decentralized derivatives trading platform that competes with centralized exchanges (CEX) to create a unique and forward-looking trading experience. ELFi is the first to implement a portfolio margin and vAMM hybrid model on-chain. In addition, the platform has designed an innovative zero-risk stable coin liquidity pool and a mature risk management system for contracts of various risk levels. The platform strives to better meet market and user needs in areas such as risk isolation, asset pricing and LSD asset support.
Innovative features offered by ELFi:
Portfolio Margin Mode: This feature allows users to use different cryptocurrencies as margin assets, enabling more flexible risk hedging in their multi-asset portfolio. Improves capital efficiency, reduces marketing costs and implements marketing strategies. Zero-Risk Stablecoin Liquidity Pool: This on-chain product offers returns comparable to DeFi industry rates. Users can deposit stablecoins like USDC or USDT to enjoy returns without risking capital loss due to market volatility. High-Yield Coin-Dedicated Liquidity Pool: This feature provides on-chain asset owners with high-yield products pegged to coin prices, including liquidity pools for major cryptocurrencies such as BTC and ETH. Support for LSD Repossession: The upcoming LSD Repossession feature will allow reordering of synthetic assets such as stETH, providing additional production opportunities.
In May of this year, ELFi Protocol announced its funding, successfully completing two strategic funding rounds totaling $5 million. The final round was led by IDG Capital and KuCoin Ventures.
Mainnet launch limited-time event
To celebrate the best, ELFi is hosting an event with an initial prize pool of $5,000. For every $10 million in transaction volume, the platform adds $1000 to the prize pool, with a maximum prize pool of $100,000. Users holding ELFi's beta test NFTs can earn accelerated rewards, and each valid user referral also earns accelerated rewards, with a maximum acceleration rate of 5x.
Users who interact with ELFi by selling or trading will be eligible to share the prize pool. The prize pool will be divided based on each user's share of the total interaction amount at the end of the event. The final prize amount will be announced at the end of the event.
NFT double rewards for beta users
Users who get the official ELFi NFTs during the beta test can get an additional 1-2x reward during the event.
About the ELFi protocol
ELFi is a decentralized derivatives trading platform that focuses on providing high-level trading functionality. It is a pioneer in supporting portfolio margining in the P2Pool model, and boasts a sophisticated risk management system for listing contracts of varying risk levels. In addition, ELFi introduces innovative liquid pool designs, offering industry-first zero-risk stable coin liquid pools and LSD-backed liquid pools. It strives to better meet market and user needs with features such as risk isolation, asset pricing and LST asset support.
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