Main navigation

aelf (ELF) Cross-Chain System Addresses Major Industry Bottlenecks; Mainnet Swap Goes Live

News
Tue, 09/14/2021 - 12:00
article image
Vladislav Sopov
Team of aelf (ELF) cross-chain environment shares the details of its crucial milestone
aelf (ELF) Cross-Chain System Addresses Major Industry Bottlenecks; Mainnet Swap Goes Live
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

aelf (ELF), a flagship cross-chain interoperability environment, announces a mainnet token swap from Ethereum (ETH) to its native environment.

aelf (ELF) starts mainnet token swap, teases airdrop

Pioneering cross-chain ecosystem aelf (ELF) has recently begun its mainnet token swap in order to initiate liquidity migration from Ethereum (as ELF was a ERC-20 token) to the native blockchain.

aelf mainnet token began at 12:00 pm on Sept. 9, 2021 (GMT+8 timezone). The token swap will last for three months in order to make this crucial transition more comfortable for all ELF holders. ELF coins can be swapped seamlessly through a clutch of supported exchanges or manually on ELF mainnet in a 1:1 ratio.

Since the project was established in 2017, ELF has been held and traded as ERC-20 compatible token issued on Ethereum. The mainnet swap enables ELF tokens to migrate from Ethereum to aelf mainnet. Specifically, ELF mainnet token will be vitalized for its practical value as follow:

  • Use ELF as currency within the aelf ecology for transaction fees, sidechain index fees, deposits, block rewards, and many more
  • Hold ELF as delegated consensus equity share representative of the aelf mainnet
  • Participate in the facilitation and management of aelf mainnet

In this case, all the related and under-developing blockchain activities will bloom on aelf mainnet step by step.

Where interoperability meets scaling

aelf token swap is designed to bring more value and utility to the product’s mainnet. It is also part of an ambitious roadmap focused on building a “one-stop” cross-blockchain ecosystem powerful enough to address all accessibility, performance and interoperability challenges of the modern Web3 landscape.

aelf Mainnet and aelf Oracle represent two backbone elements of the platform’s architecture. They are set to ensure seamless interaction between blockchains of various types: Bitcoin, Ethereum, Polkadot and so on.

Other blockchains can be connected to this ecosystem as sidechains (not unlike Polkadot’s parachains), so cross-network bridges will have low latency. Its transactional costs are fixed at a negligible $0.1 level regardless of the transactional activity on the mainnet and fluctuations in asset prices.

The nodes of aelf mainnet act as a decentralized cloud computing network. Its maintenance and progress is governed in accordance with the DAO model. As such, no validator can gain control over the progress of aelf and its mainnet operations.

This approach allows unlimited scalability: every node can rely on its own server. aelf advocates a resource-efficient cross-chain model: once reaching the computational center, assets could migrate to the other sidechain via an internal path.
aelf oracles ensure seamless data broadcasting from off-chain mechanisms and between the elements of cross-chain networks inside aelf.

“One-stop” cross-chain environment for DeFi era

As such, aelf infrastructure is going to become the platform of choice for decentralized finance protocols (DeFis) of all types. aelf can easily onboard decentralized exchanges with automated market-making engines (AMMs), lending/borrowing protocols, vaults and marketplaces for digital collectibles (non-fungible tokens, NFTs).

The nearest phases of the aelf roadmap reaffirm its strategy on further expanding into the DeFi segment. Namely, its team is going to enable a two-path bridge between the aelf and Ethereum (ETH) mainnets in order to make the liquidity management strategy more efficient.

aelf Oracles will also be empowering other blockchains with Layer 2 scaling opportunities. This will be of interest for a variety of DeFis, including red-hot GameFi protocols.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)