Elk Finance which is a decentralized network for cross-chain liquidity has announced the launch of its ElkNet v2 upgrade. ElkNet v2 is the first fully functional version of the ElkNet protocol, with security and efficiency as its highlighting upgrades.
For more details, please visit Introducing: ElkNet v2 (Overview, Token Migration & Governance) | by Elk.Finance | Elk Finance | Mar, 2022 | Medium https://bit.ly/3ujn9D9
The upcoming ElkNet v2 upgrade will be secured by design with various security checks and transfer limits in place. It will work on a cross-chain triangle model where security, speed, and cost will be balanced within the network to enhance user experience.
Cross-chain messaging is one of the highlighting features of ElkNet v2 which will allow outside developers to deploy cross-chain smart contracts and web3 applications.
ElkNet v2 is a ground-breaking cross-chain architecture based on a system of token “reservoirs” that are installed on each chain supported by ElkNet.
ElkNet Reservoirs will improve transparency, minimize custodial risk, and reduce smart contract vulnerabilities all at the same time.
Another interesting part of the ElkNet v2 upgrade is the deployment of a new ELK token contract which is a pre-requisite to installing the ElkNet Reservoirs. In order to take advantage of the new features and network operations, users must upgrade to ElkNet v2 from the Elk dApp.
As part of the ElkNet v2 upgrade, the first official governance vote will also be initiated. A significantly revised ELK tokenomics framework will be presented to users for approval.
The first vote will be placed during the token upgrade and the token update will be followed by a poll about each of the new token contracts, with the results being published on the blockchain.
Detailed information about the ElkNet v2 upgrade is available in the above-mentioned medium article.
Summary
Elk Finance is going to launch its ElkNet v2 upgrade on April 9th, 2022, with upgrades including an ELK token upgrade, first governance vote, ElkNet Reservoir System, and many other updates.
Social Links
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Medium: https://medium.com/elk-finance
Media contacts
Pyro, CMO, Elk Finance
E: pyro@elklabs.org
U: https://elk.finance/