14 chains coming to Xion!
Xion has partnered with Elk Finance to bring over 14+ chains to the Xion Global decentralised payment gateway and Xion Finance DeFi protocol.
Utilising Elk Finances cross-chain bridging solution, consumers will be able to pay with the crypto of their choice and merchants will receive stablecoin payouts, such as xDAI. Furthermore, allowing merchants to bridge their xDAI stablecoins to the crypto of their choice.
What is Elk Finance?
Cross-chain value exchange is the next battleground for cryptocurrencies and the next major hurdle for adoption. Currently, moving or exchanging tokens across chains is a very painful and expensive process. Elk.Finance aims to make this process easy and intuitive.
Elk Finance is a decentralized network for cross-chain liquidity. ElkNet, its cutting-edge multi-chain protocol, makes it easy for anyone to move value and exchange cryptocurrencies across blockchains quickly and securely at a low cost.
The ElkNet framework also lets developers imagine and build novel cross-chain applications. At time of writing, ElkNet supports Avalanche, Polygon, Fantom Opera Network, Huobi ECO Chain, xDAI, Binance Smart Chain, HOO Smart Chain, KuCoin Community Chain, Harmony One, Okexchain, Elastos, Moonriver, Cronos & Telos.
“Any chain, anytime, anywhere” is the Elk Finance motto.
What is $ELK?
The ELK token is an ERC20-compatible utility token that underpins the Elk.Finance ecosystem. Central to the design of the Elk network is the fact that all liquidity pools pair exchange tokens with ELK. This design decision allows for sub-second transfer of value across chains and provides deeper liquidity for pools, reducing slippage and fees. ELK will also double as the governance token for the Elk network.
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Cross-Chain Crypto Payments on Xion Global
Elk.Finance is working towards supporting rapid cross-chain swaps of arbitrary tokens. By combining their state-of-the-art liquidity pooling system with a decentralized peer-to-peer network, they can achieve fast, trustless, and low-cost transfers.
Integrating their cross-chain swapping contracts into Xion Global’s payment gateway unlocks a wide variety of new decentralized crypto payment options for consumers on the following chains:
- Binance Smart Chain
- Gnosis Chain (xDAI chain)
This will attract consumers from all different chains to spend their crypto on high tech items, NFTs and even allocations in IDOs, taking the Xion Global payment gateway to new heights!
Cross-chain Bridging on Xion Finance
Xion Finance currently uses it’s own custom cross-chain bridges between the Gnosis Chain (xDAI) and Binance Smart Chain, in order to bridge $XGT for staking, farming and lending. Integrating Elk’s contracts will create faster, inexpensive and trustless swaps between not just 2 but 14 different chains.
Any cross-chain swaps performed on Xion using Elk’s contracts, will ultimately drive up the utility and liquidity for both $XGT and $ELK.
By combining the irresistible perks of a Web3 environment, cross-chain capability, loyalty programs and cashback rewards, Xion readies itself to be the game-changer in the global e-commerce and finance industries. Essentially, Xion aims to be a Web3 Stripe facilitating crypto payments for thousands of merchants and their customers when they shop online and at almost zero costs.
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