Singapore, Singapore, August 14th, 2024, Chainwire
The decentralized derivatives trading platform, ELFi Protocol, officially launched today on the Arbitrum network.
ELFi is a decentralized derivatives trading platform dedicated to creating a unique and forward-looking trading experience that rivals centralized exchanges (CEX). ELFi is the first to implement a Portfolio Margin and vAMM hybrid model on-chain. Additionally, 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 support for LSD assets.
Innovative Features Introduced by ELFi:
- Portfolio Margin Mode: This feature allows users to use various cryptocurrencies as margin assets, enabling more flexible risk hedging within their multi-asset portfolios. It improves capital efficiency, reduces trading costs, and enhances the implementation of trading strategies.
- Zero-Risk Stablecoin Liquidity Pool: This on-chain yield product offers returns compared to DeFi industry rates. Users can deposit stable coins such as USDC or USDT to enjoy potential returns without the risk of capital loss due to market volatility.
- High-Yield Coin-Margined Liquidity Pool: This feature offers potential high-yield products pegged to coin prices for on-chain asset holders, including liquidity pools for major cryptocurrencies like BTC and ETH.
- Support for LSD Re-Staking: The upcoming LSD re-staking feature will allow synthetic assets like stETH to be re-staked, providing additional yield opportunities.
In May of this year, ELFi Protocol announced its funding, successfully completing two strategic funding rounds totaling $5 million. The latest round was led by IDG Capital and KuCoin Ventures.
Mainnet Launch Limited-Time Event
To celebrate the launch, ELFi is hosting an event with an initial prize pool of $5,000. For every $10 million in trading volume, the platform will add an additional $1,000 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 will also result in accelerated rewards, with the maximum acceleration being 5x.
Users who interact with ELFi by staking or trading will be eligible to share the prize…