Breaking
December 11, 2024

Elys Network, an Introduction | usagoldmines.com

Elys Network is a Layer 1 DeFi protocol in the Cosmos Hub. However, it offers a CEX-like experience, whilst using DEX tools. Such a user experience (UX) simplifies the onboarding process. For example, it offers on/off ramps for major fiat currencies. Or how about email log-ins? It connects Web2 to Web3.

So, let’s find out more about the Elys Network.

What Is Elys Network?

Elys Network is an active DeFi player in the Cosmos ecosystem. However, it stands apart from other Cosmos DeFi protocols. Within the Cosmos Hub, it is an all-in-one Layer 1 app-chain. An app-chain or application-specific blockchains specializes in specific use cases. Elys specializes in financial use cases.

It allows you to trade as if you are on a CEX. However, it has the benefits of a DEX. For example, on Elys there’s no KYC or Know Your Customer feature. Trading on most CEXes requires you to take part in a KYC procedure. On the other hand, it offers a noncustodial AMM. This means that you can log in or connect with various noncustodial wallets. For example, Keplr or any other Cosmos-suitable wallet, like Leap or Cosmostation. However, you can also use your MetaMask. Be aware that Elys Network is currently only available in testnet.

Another login option is to use an email address. As a third option, Elys Network offers to log in using your social media. For instance, with X, Google, Apple, Discord, or Reddit. With all these available options, Elys Network closes the gap between Web2 and Web3. It makes DeFi more easily accessible. Now, let’s move on and see what Elys Network has to offer.

The picture below shows the Elys app and its UI (user interface). It shows a CEX set-up, with a market order. However, it also offers a limit loss/buy option, as well as a stop loss option. All good CEX features, wrapped in a DEX (noncustodial AMM) engine.

Source: Elys Network testnet app

What Does Elys Network Offer?

Elys Network has plenty of features that make the platform attractive. For example, it offers perpetuals and leverage trading. So, let’s take a closer look at these features.

Elys integrates native Bitcoin staking with real yield. It also offers LP and $BTC trading with leverage. It’s the first PerpDEX on Cosmos to offer this.
Elys also offers 1-click liquid staking. This is for PoS (Proof of Stake) tokens and earns rewards between 10-20%.
Its noncustodial AMM offers DEX style features with a CEX style UI. It’s powered by both liquidity providers and liquidity pools.
It offers oracle based multi-asset Index pools. This not only increases diversification but also reduces volatility.
The platform has native perpetual trading capabilities. This includes a universal cross collateral vault.
The opportunity to leverage LP with access to borrowing on margin. This maximizes rewards while providing liquidity. However, be careful with leverage and make sure you understand how it works. Potential losses can be as high as potential gains.
As already mentioned, on and off ramping for major fiat currencies.

Elys Network is also part of the Atom Economic Zone. As such, it’s good to point out that Elys Network is a consumer chain. A few months ago, Cosmos introduced the Partial Set Security (PSS). This has specific advantages for the validator selection process. An important feature is that it allows a blockchain to handpick a validator set. They can tailor this to their specific needs. This allows for strong chain security. At the same time, it has a low financial impact on rewarding the validators.

We are thrilled to announce that Elys Network is pioneering 𝐏𝐚𝐫𝐭𝐢𝐚𝐥 𝐒𝐞𝐭 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 in the Atom Economic Zone!

With full support from @informalinc, Elys Network will integrate as Cosmos Hub’s first PerpDex and All-In-One Defi consumer chain.

A thread pic.twitter.com/WeIzMD9Nqe

— Elys Network (@elys_network) February 28, 2024

Where Does Elys Network Fit Into the Cosmos Ecosystem?

The Elys Network is still a new project in the Cosmos ecosystem. However, it’s covering a few firsts. For example, it’s the first project that will use the PSS, as described above. It’s also the first Cosmos project that offers native Bitcoin staking.

These are interesting developments that can put Elys Network on the Cosmos map. It’s also good to see fresh blood in the Cosmos ecosystem. Elys seems to have strong fundamentals, including a good team. 

The Elys token hasn’t launched yet. So, being part of the Cosmos ecosystem, there’s a good chance for an airdrop. So, keep your $ATOM staked, this may get you a part of the Elys token airdrop. However, there’s nothing concrete about this yet.

We are honored to be included in the @MessariCrypto “State of Cosmos Hub Q1 2024” report.

If you want to take a look, you might learn a few things about our ecosystem!

The future looks brighthttps://t.co/kbw9z3iYDU

— Elys Network (@elys_network) June 1, 2024

Conclusion

The Elys Network is a promising new project in the Cosmos ecosystem. It focuses on DeFi and offers a DEX with a noncustodial DEX. However, it has the feel of a CEX. This should help to onboard more new users. It also bridges the gap from Web2 to Web3. For example, by offering fiat on and off ramps. The project doesn’t have a token yet. However, since it’s part of the Cosmos ecosystem, an airdrop for $ATOM stakers is likely.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

Copyright Altcoin Buzz Pte Ltd.

The post Elys Network, an Introduction appeared first on Altcoin Buzz.

 

Recent:

CrossFi: Crypto Banking and Blockchain Solutions Nicholas Say | usagoldmines.com
Tornado Cash Ruling Leads to Market-Wide DeFi Token Surge Oliver Dale | usagoldmines.com
Sui Adds Liquid Staking Token Standard Camille Lemmens | usagoldmines.com
Solana’s DeFi Ecosystem Expands to $5.7 Billion TVL as Platform Gains Users and Institutional Intere...
Kraken Announces Ink: New Ethereum L2 Blockchain for 2025 Launch Oliver Dale | usagoldmines.com
MakerDAO Considers Reverting Sky Rebrand as SKY Token Struggles to Gain Traction Oliver Dale | usago...
This is Why Uniswap’s L2 Shift Puts Ethereum at Risk Camille Lemmens | usagoldmines.com
Trump-Backed World Liberty Financial Proposes Launch on Aave’s Ethereum Platform Oliver Dale | usago...
Introduction to Autolayer | usagoldmines.com
DeFi Protocol Synthetix to Expand to Solana Following Community Vote | usagoldmines.com
Trump-backed DeFi Platform Prepares to Onboard Users | usagoldmines.com
Justin Sun Addresses USDD Stablecoin’s $732 Million Bitcoin Collateral Removal | usagoldmines.com
$2 million in 2 Weeks, Jaredfromsubway.eth Returns: MEV Bot Launches New DeFi Attacks | usagoldmines...
Drift Launches BET: A DeFi-Integrated Prediction Market on Solana | usagoldmines.com
Trump Family’s Crypto Venture “World Liberty Financial” Launches on Monday | usagoldmines.com
Aave Considers Integration of Coinbase’s cbBTC, Sparking Community Debate | usagoldmines.com
From Zero to $1 Billion: PayPal’s PYUSD Stablecoin Success Story | usagoldmines.com
Ondo Finance Expands USDY Yieldcoin to Arbitrum, Boosting Real-World Assets in DeFi | usagoldmines.c...
Private Key Leak at DeltaPrime Results in $6 Million Hack | usagoldmines.com
Binance Labs Invests in OpenEden to Boost Real-World Asset Tokenization in DeFi | usagoldmines.com
Sky Protocol Votes to Remove Wrapped Bitcoin as Collateral Amid Custodian Concerns | usagoldmines.co...
Introduction to RocketX | usagoldmines.com
Why the RWA Sector Accumulated $5.8 Billion in 3 Months? | usagoldmines.com
How to Earn USDC Yield in Kamino Finance | usagoldmines.com
Mantle Offers High Yield for Your ETH | usagoldmines.com
Quick Unstaking Guide: Bypassing Bonding Period | usagoldmines.com
The ULTIMATE Guide to Crypto Staking  | usagoldmines.com
How to Farm Yield in Pendle | usagoldmines.com
PARSIQ’s Reactive Network Makes Cross-Chain Trading Easier | usagoldmines.com
What Are The Risks to Liquid Staking? | usagoldmines.com

Leave a Reply