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ELFi Protocol Introduces Liquidation Subsidy, Launches DOGS and Polymarket 20x Contracts - Chainwire

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27Aug

ELFi Protocol Introduces Liquidation Subsidy, Launches DOGS and Polymarket 20x Contracts

Singapore, Singapore, August 28th, 2024, Chainwire

The decentralized derivatives trading platform ELFi Protocol has recently launched a liquidation subsidy program. Prior to September 15th, 2024, 0:00 UTC, users who conduct contract trading on the ELFi Protocol and accumulate a trading volume of no less than 1,000 USDC equivalent will be eligible to receive a maximum of 100 USDC as a subsidy for their first-time liquidation losses. This subsidy program will be implemented on a first-come, first-served basis, until the total subsidy amount of 50,000 USDC is exhausted.

Furthermore, ELFi Protocol has launched the $DOGS contract, as well as the Polymarket contract $TrumpWin, which allows users to predict whether Donald Trump will win the US presidential election. These newly-introduced contracts support both long and short positions, with a maximum leverage of 20x.

To celebrate the successful launch of ELFi Protocol on Arbitrum, ELFi have also initiated a community activity where holders of ELFi NFTs will receive accelerated rewards, with a maximum of 100,000 USDC up for grabs. This activity is currently in full swing, and a lot of users participate in it.

About ELFi Protocol

ELFi is a decentralized derivatives trading platform that focuses on delivering top-notch trading functionalities. It’s the pioneer in supporting Portfolio Margin within the P2Pool model, and boasts a sophisticated risk management system for listing contracts of various risk levels. Additionally, ELFi introduces innovative liquidity pool designs, offering industry-first zero-risk stablecoin liquidity pools and LSD re-collateralized liquidity pools. It strives to better meet market and user demands through features like risk isolation, asset pricing, and LST asset support. In May of this year, ELFi Protocol announced its funding, successfully completing two strategic funding rounds totaling $5 million. The latest round was led by IDG Capital and KuCoin Ventures.