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ELFi Protocol launches subsidy program and new contracts

ELFi Protocol launches subsidy program and new contracts

GrafaGrafa2024/08/28 03:00
By:Mahathir Bayena

ELFi Protocol, a decentralised derivatives trading platform, has rolled out a liquidation subsidy program designed to assist traders with first-time liquidation losses. 

The program will be available until September 15, 2024, or until the allocated 50,000 USDC (CRYPTO:USDC) in subsidies is fully distributed. 

Traders who accumulate a trading volume of at least 1,000 USDC equivalent on the platform before the deadline can receive up to 100 USDC as a subsidy, with the program operating on a first-come, first-served basis.

In addition to the subsidy, ELFi Protocol has launched new trading contracts, including the $DOGS contract and the Polymarket contract $TrumpWin. 

The $TrumpWin contract allows users to speculate on the outcome of the upcoming US presidential election, with options for both long and short positions. 

These contracts provide traders with leverage up to 20x.

To mark its launch on the Arbitrum (CRYPTO:ARB) network, ELFi Protocol has introduced a community activity that offers rewards to holders of ELFi NFTs. 

A total of 100,000 USDC is available as part of this initiative, which has attracted participation from users.

ELFi Protocol focuses on decentralised derivatives trading and offers features such as Portfolio Margin within the P2Pool model. 

The platform includes a risk management system that supports contracts with different risk levels. 

It also provides liquidity pool designs, including stablecoin liquidity pools and LSD re-collateralised liquidity pools, to address various market needs.

Earlier this year, ELFi Protocol completed two rounds of strategic funding, raising $5 million. 

The funding rounds were led by IDG Capital and KuCoin Ventures. 

Through these developments, ELFi Protocol continues to expand its presence in the decentralised finance sector.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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