Today, I will be discussing my experience with Elk Finance, specifically my experiences in how I transfer and fund my assets on Cronos. Elk Finance is basically a decentralized exchange that operates on many different blockchains. You can yield farm and stake on their protocol and they even have their own NFTs that provide multiple benefits including $ELK airdrops and impermanent loss protection! More specifically though, I will be sharing my thoughts on Elk Finance’s bridge, ElkNet, it’s features I like and how I get more assets on Cronos in the first place.
is Elk Finance’s Bridge that allows it’s users to send their token, $ELK, to different blockchains. Although it is still in beta, you can transfer assets between the Avalanche, Binance, Cronos, Elastos, Fantom Opera, Fuse, Gnosis, Harmony, Hoo, HuobiEco, IoTex, KCC, Moonriver, OKEx, Polygon and Telos blockchains. However, the bridge is only limited to sending only $ELK and 10,000 of $ELK at once. There is also no minimum transfer amount and a minimum of 2 minutes that you need to wait between making transfers, which is negligible as the transaction usually takes longer than that anyway. As for acquiring $ELK, you can trade your other tokens for it through Elk Finance and then you are good to go. Finally, you can send 1 $ELK per transaction as gas fees to the target blockchain, preventing you from getting your assets stuck on a particular one without any gas.
My Thoughts
What I really like about ElkNet is that you can transfer between many different blockchains. This is a huge improvement to some other bridges, some of which are only limited to Ethereum and Polygon. However, you cannot transfer funds to and from the Ethereum blockchain (who does that anyway the gas fees are outrageous ??). Another limitation I somewhat dislike is how you can only send $ELK, which could make your gas fees a tad bit more expensive. Furthermore, I really enjoyed how I was able to use $ELK to buy gas on other chains (really was a lifesaver for Fuse).
Funding Your Wallet
There are many ways to fund your wallet, my personal favorite being buying Bitcoin, $MATIC and/or $CRO on CRYPTO.COM and then transferring it to their respective native chains. From there I swap to $ELK and just use ElkNet to bring the assets anywhere I desire. As for actually getting the money in order to buy crypto, here are some of my personal favorites. Sites like PrizeRebel allow you to make amount of money on the side for completing easy surveys and watching videos, the former allowing you to even withdraw in Bitcoin! As for passive income by putting in no effort, you can use GoodDollar to collect your own Universal Basic Income on the Fuse Blockchain! Finally, if you want to make a lot more than the previous examples, you can use Paid Online Writing Jobs to make up to $35 writing and researching blog posts, Write App Reviews to get paid to write reviews for your favorite apps and Paying Social Media Jobs to get paid for doing what you do anyway, which is use your socials! Thank you for reading and as always, this isn’t financial advice, do your own research and stay safe on the blockchain!
Check out the best DEX on Cronos: https://mm.finance/?ref=MHg3MzQzRDFGYTViNWNlQjNjQzZlZDFiNDlCNTY5RjNlREFiMzhkMEYw
P.S. Feel free to tip, like and or comment if you enjoyed reading!
