Elk Finance Review 2023
Elk Finance is a popular decentralized exchange created by Baal in 2021.
It runs on 14 different chains including Ethereum, Elastos, Fuse.
Elk Finance offers features such as nfts, liquidity mining, bridge, staking, yield farming, spot trading and more.
We rated Elk Finance 3.5/5, based on it's features, security, and future prospects.
Elk Finance Features
NFTs
This DEX sells NFTs that you can buy and collect. They're great for profile pictures, and in some cases could be used for staking. Though this depends on the DEX.
Liquidity Mining
Elk Finance allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by Elk Finance.
Bridge
Has a cross-chain bridge. So you can move your crypto between different chains.
Staking
Has staking for it's native token; allows you to earn passive income.
Yield Farming
Hosts incentivised yield farms. You can earn boosted rewards from staked LP tokens. This is a great way to earn more crypto. Projects put up tokens for you to earn, often for marketing efforts.
Spot Trading
This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.
Elk Finance Fees
Trading Fees
All DEXs charge trading fees. Elk Finance is no different.
Trading fees incentivise liquidity providers to provide liquidity to Elk Finance. This enables people like you to freely trade between tokens without incurring too much slippage.
Withdrawal Fees
Elk Finance does not charge withdrawal fees.
DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.
How to use Elk Finance?
- Get a crypto wallet that supports web3 on one Elk Finance's of supported chains.
- Deposit crypto into the wallet, ensuring you have tokens for gas
- Navigate to Elk Finance's homepage
- Connect your wallet to the website
- Goto Swap/Trade
- Choose a token that you'd like to swap to
- Finally, swap!
FAQ
Where can I buy ELK ?
You can by ELK direct from Elk Finance. It is the native token of Elk Finance, and they will therefore offer the most liquidity.
Is Elk Finance safe?
Yes, Elk Finance is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.
What chains do Elk Finance support?
Elk Finance supports Ethereum, Elastos, Fuse, Moonriver, Polygon, KCC, BNB Chain, Arbitrum, IoTeX, Fantom, Avalanche, Optimism, Harmony, Gnosis.