Difference between revisions of "DELV (ELFI)"
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==History == | ==History == | ||
* [https://stablelab.substack.com/p/governance-lab-006 From] [[StableLab]] (7-4-2023): | |||
''"Element Finance has [https://twitter.com/delv_tech/status/1641880663174549504?s=20 rebranded] into DELV. The move coincides with the community's gradual takeover of the Element Protocol's [[Decentralized|decentralization]] and helps the DELV team differentiate itself further as it looks to bring more innovative [[Decentralized Finance (DeFi)|DeFi]] products to market. As "The Factory for DeFi," DELV offers a suite of services and products such as Element Protocol, Hyperdrive, Echo, Council, and more."'' | |||
==Audits== | ==Audits== | ||
| Line 15: | Line 20: | ||
*[https://ethhub.substack.com/p/ethhub-weekly-164?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNTkwNDE4OCwiXyI6IllKNVRlIiwiaWF0IjoxNjIwMTI0NTAwLCJleHAiOjE2MjAxMjgxMDAsImlzcyI6InB1Yi0zOTEwIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.EjvoNjsmaW2ajmV3OrTiAewETpAkaAvpqTY5tv9kmLU From] [[EthHub]] (4-5-2021): | *[https://ethhub.substack.com/p/ethhub-weekly-164?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNTkwNDE4OCwiXyI6IllKNVRlIiwiaWF0IjoxNjIwMTI0NTAwLCJleHAiOjE2MjAxMjgxMDAsImlzcyI6InB1Yi0zOTEwIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.EjvoNjsmaW2ajmV3OrTiAewETpAkaAvpqTY5tv9kmLU From] [[EthHub]] (4-5-2021): | ||
''"In this [https://medium.com/element-finance/element-protocol-security-roadmap-update-4338d599757a update], Element shares their official audit reports, officially [[Open Source|open sourced]] the Element Protocol codebase, and introduce their bug bounty."'' | ''"In this [https://medium.com/element-finance/element-protocol-security-roadmap-update-4338d599757a update], Element shares their official audit reports, officially [[Open Source|open sourced]] the Element Protocol codebase, and introduce their [[bug bounty]]."'' | ||
* Scored [https://www.defisafety.com/pqrs/350 95%] on [[DeFi Safety]] (17-2-2022): | |||
''"[[Contract]] 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 is used at its very least 21166 times a day during the last month. A detailed, full code coverage report is available. No evidence of a Element Finance [[Formal Verification]] test was found in their documentation or in further web research."'' | |||
With the [https://t.me/c/1453353094/7494 comment]: | |||
''"At 95%, Element Finance never ceases to impress us through their willingness to improve their overall transparency. This score is a direct representation of the team's dedication in collaborating with us to achieve a higher degree of visibility where it counts the most.'' | |||
''Most notably, Element does a tremendous job at detailing their [[smart contracts]]' [[immutability]] and ownership parameters. Paired with in-depth details about their upcoming [[governance]] module, users are assured that they will control all administrative powers in the [[NEAR|near]] future.'' | |||
* | ''Additionally, Element also has two high-quality audits under their belt, further highlighting an emphasis on protocol security. In the future, we would like to see an improved Bug Bounty and software documentation so that the protocol can get a well-deserved 100% score."'' | ||
*Previously also scored a [https://docs.defisafety.com/finished-reviews/element-finance-process-quality-review#overview 93%] (10-9-2021): | |||
''"[[Peckshield|PeckShield]] has published a Element Finance [https://raw.githubusercontent.com/element-fi/elf-contracts/main/audits/PeckShield-Audit-Report.pdf audit report] on April 14th 2021, which was before their mainnet launch on June 30th.'' | ''"[[Peckshield|PeckShield]] has published a Element Finance [https://raw.githubusercontent.com/element-fi/elf-contracts/main/audits/PeckShield-Audit-Report.pdf audit report] on April 14th 2021, which was before their mainnet launch on June 30th.'' | ||
| Line 25: | Line 40: | ||
''Note''':''' The Element Finance team has successfully implemented most of the fix recommendations from both audit reports."'' | ''Note''':''' The Element Finance team has successfully implemented most of the fix recommendations from both audit reports."'' | ||
With the [https://t.me/c/1453353094/5388 comment]: ''"The element finance team is dedicated towards creating a transparent, trustworthy, and battle-tested protocol, built upon strong fundamentals."'' | With the [https://t.me/c/1453353094/5388 comment]: | ||
''"The element finance team is dedicated towards creating a transparent, trustworthy, and battle-tested protocol, built upon strong fundamentals."'' | |||
===Bugs/Hacks=== | ===Bugs/Hacks=== | ||
| Line 31: | Line 48: | ||
===Admin Key=== | ===Admin Key=== | ||
* [https://docs.defisafety.com/finished-reviews/element-finance-process-quality-review#audits From] [[DeFi | * [https://www.defisafety.com/pqrs/350 From] [[DeFi Safety]] (17-2-2022): | ||
''"Ownership is clearly indicated as immutable, with a [[Multi-Signature|MultiSig]] [[wallet]] that has temporary (until governance system is implemented), limited administrative powers in [https://docs.element.fi/developers/security/admin-keys this location]. This protocol is immutable with the exception of 3 administrative powers. One of which is the ability to pause a contract that holds user funds. We can then assume that all contracts that do not hold user funds do not have a pause control function. No evidence of pause control tests were found. Element Finance has timelock documentation which can be found at this location. However, since their governance module is not in effect yet, their [[timelock]] is not in effect either. As it currently stands, the protocol has documented that it does not have a timelock. However, since there is a substantial restriction of [[admin controls]], as well as control through a [[MultiSig]] wallet, this is a reasonable enough justification for the absence of a timelock."'' | |||
*[https://docs.defisafety.com/finished-reviews/element-finance-process-quality-review#audits From] [[Defi|DeFi]] Safety (10-9-2021): | |||
''"Admin control information is easily found on their [https://docs.element.fi/developers/security/admin-keys documentation]. All contracts are immutable. Pause control is mentioned in their admin keys documentation."'' | ''"Admin control information is easily found on their [https://docs.element.fi/developers/security/admin-keys documentation]. All [[contracts]] are [[immutable]]. Pause control is mentioned in their [[admin keys]] documentation."'' | ||
===DAO=== | ===DAO=== | ||
* [https://medium.com/@SenateLabs/landscape-of-pro-delegate-next-wave-of-dao-governance-f239cd8537ea Has][[StableNode]] as some of their professional delegates (30-11-2022). | |||
===Treasury=== | ===Treasury=== | ||
==Token== | ==Token== | ||
===Launch=== | ===Launch=== | ||
* [[Token]] got [https://twitter.com/element_fi/status/1509607726070091784 deployed] on 1-4-2022. | |||
===Token Allocation=== | ===Token Allocation=== | ||
===Utility=== | ===Utility=== | ||
| Line 49: | Line 74: | ||
==Technology== | ==Technology== | ||
*[[Whitepaper]] can be found [ | *[[Whitepaper]] can be found [https://paper.element.fi// here]. | ||
*Code can be viewed [ | *Code can be viewed [https://github.com/element-fi/elf-contracts here]. From [[DeFi Safety]] (17-2-2022): | ||
''"With 189 commits across 16 branches, this is a healthy software repository."'' | |||
===Implementations=== | ===Implementations=== | ||
| Line 60: | Line 86: | ||
* [https://www.coindesk.com/andreessen-horowitz-leads-4-4m-round-in-defis-element-finance From] [[CoinDesk]] (1-4-2021): | * [https://www.coindesk.com/andreessen-horowitz-leads-4-4m-round-in-defis-element-finance From] [[CoinDesk]] (1-4-2021): | ||
''"The upcoming protocol is poised to enter an already bustling crypto lending and borrowing scene where established firms woo new deposits with the promise of lucrative rates. But those traditional interest rate schemes freeze up the underlying capital, a hallmark feature of lending one’s money that Villanueva sees more as a bug. Element works by splitting those deposits into two tokens – one representing the principal position and the other a stand-in for the interest rate. Users could then opt to sell the rights to their principal token while still hanging onto the interest-bearing one. “Because we split it into two positions you can sell your position at a discount so you can get more exposure to your interest,” he explained."'' | ''"The upcoming protocol is poised to enter an already bustling crypto lending and borrowing scene where established firms woo new deposits with the promise of lucrative rates. But those traditional interest rate schemes freeze up the underlying capital, a hallmark feature of lending one’s money that Villanueva sees more as a bug. Element works by splitting those deposits into two [[tokens]] – one representing the principal position and the other a stand-in for the interest rate. Users could then opt to sell the rights to their principal token while still hanging onto the interest-bearing one. “Because we split it into two positions you can sell your position at a discount so you can get more exposure to your interest,” he explained."'' | ||
* [https://thedailygwei.substack.com/p/magic-finance-the-daily-gwei-216?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNDYzODExMywiXyI6IjZJRHhxIiwiaWF0IjoxNjE3NDIzODkzLCJleHAiOjE2MTc0Mjc0OTMsImlzcyI6InB1Yi01Mjg5MyIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.ZmiieG7HNKUBi From] [[Daily Gwei]] (1-4-2021): | * [https://thedailygwei.substack.com/p/magic-finance-the-daily-gwei-216?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNDYzODExMywiXyI6IjZJRHhxIiwiaWF0IjoxNjE3NDIzODkzLCJleHAiOjE2MTc0Mjc0OTMsImlzcyI6InB1Yi01Mjg5MyIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.ZmiieG7HNKUBi From] [[Daily Gwei]] (1-4-2021): | ||
''"Element Finance is yet another [[DeFi]] “money lego” being launched soon that does something quite cool - it splits base asset positions (such as [[ETH]], [[USDC]]) into two different tokens - the principal token and the yield token. What this means in plain English is that you can lock ETH into something like [[Proof-of-Stake (PoS)|staking]] on eth2 and then be issued a token for your original ETH amount (the principal) and a token that represents the yield generated on that principal (the staking [[APY]]). From here, using the magic of DeFi, the principal token could be put to work in other protocols (such as put into a trading pair on an [[Automated Market Makers (AMM)|AMM]] or used as collateral within a money market)."'' | ''"Element Finance is yet another [[DeFi]] “money lego” being launched soon that does something quite cool - it splits base asset positions (such as [[ETH]], [[USDC]]) into two different tokens - the principal token and the yield token. What this means in plain English is that you can lock ETH into something like [[Proof-of-Stake (PoS)|staking]] on eth2 and then be issued a token for your original ETH amount (the principal) and a token that represents the yield generated on that principal (the [[staking]] [[APY]]). From here, using the magic of [[Defi|DeFi]], the principal token could be put to work in other protocols (such as put into a trading pair on an [[Automated Market Makers (AMM)|AMM]] or used as collateral within a money market)."'' | ||
* [https://newsletter.banklesshq.com/p/a-guide-to-fixed-income-on-element?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozOTg2NDU4OSwiXyI6IitrN3VtIiwiaWF0IjoxNjI5MDg0OTY2LCJleHAiOjE2MjkwODg1NjYsImlzcyI6InB1Yi0xNjAxNSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.njGSuN31GSj From] [[Bankless DAO (BANK)|Bankless]] (12-8-2021): | * [https://newsletter.banklesshq.com/p/a-guide-to-fixed-income-on-element?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozOTg2NDU4OSwiXyI6IitrN3VtIiwiaWF0IjoxNjI5MDg0OTY2LCJleHAiOjE2MjkwODg1NjYsImlzcyI6InB1Yi0xNjAxNSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.njGSuN31GSj From] [[Bankless DAO (BANK)|Bankless]] (12-8-2021): | ||
| Line 84: | Line 110: | ||
===Other Details=== | ===Other Details=== | ||
==Oracle Method== | ==Oracle Method== | ||
* [https://www.defisafety.com/pqrs/350 From] [[DeFi Safety]] (17-2-2022):\ | |||
''"Element Finance does not use [[oracle]](s) as documented [https://docs.element.fi/developers/security/oracles here]."'' | |||
==Privacy Method== | ==Privacy Method== | ||
==Compliance== | ==Compliance== | ||
| Line 90: | Line 121: | ||
* From their [https://medium.com/element-finance/element-finance-raises-32m-series-a-at-a-320m-valuation-6622fab5fb40 blog] (14-10-2021): | * From their [https://medium.com/element-finance/element-finance-raises-32m-series-a-at-a-320m-valuation-6622fab5fb40 blog] (14-10-2021): | ||
''"We have introduced our [https://medium.com/element-finance/introducing-elements-treasury-management-initiative-bbebbd99f89 Treasury Management initiative.] This initiative has the goal of helping [[Decentralized Finance (DeFi)|DeFi]] Protocols, [[Decentralised Autonomous Organisation (DAO)|DAOs]], Funds, and Institutions diversify their treasuries by allowing them to earn fixed rates on their treasury capital (or a portion of it) while maintaining the flexibility to exit their positions if needed."'' | ''"We have introduced our [https://medium.com/element-finance/introducing-elements-treasury-management-initiative-bbebbd99f89 Treasury Management initiative.] This initiative has the goal of helping [[Decentralized Finance (DeFi)|DeFi]] Protocols, [[Decentralised Autonomous Organisation (DAO)|DAOs]], Funds, and Institutions diversify their treasuries by allowing them to [[earn]] fixed rates on their treasury capital (or a portion of it) while maintaining the flexibility to exit their positions if needed."'' | ||
==Roadmap== | ==Roadmap== | ||
*Can be found [Insert link here]. | *Can be found [Insert [[LINK|link]] here]. | ||
==Usage== | ==Usage== | ||
| Line 102: | Line 133: | ||
$56M [[Total Value Locked (TVL)|total value locked]] | $56M [[Total Value Locked (TVL)|total value locked]] | ||
$46M in total liquidity | $46M in total [[liquidity]] | ||
$13M in trading volume | $13M in trading volume | ||
| Line 110: | Line 141: | ||
# ''"Surpassed the $180 million total value-locked (TVL) milestone'' | # ''"Surpassed the $180 million total value-locked (TVL) milestone'' | ||
# ''Surpassed $70 million in trading volume'' | # ''Surpassed $70 million in trading volume'' | ||
# ''Launched terms for seven different asset classes, including USDC, DAI, and WBTC'' | # ''Launched terms for seven different asset classes, including USDC, DAI, and [[WBTC]]'' | ||
# ''Surpassed 9,000 active users"'' | # ''Surpassed 9,000 active users"'' | ||
| Line 124: | Line 155: | ||
*Will Villanueva; CEO | *Will Villanueva; CEO | ||
*Charles St. Louis; COO and MIP Editor at [[Maker DAO|MakerDAO]] ([https://newsletter.banklesshq.com/p/a-guide-to-fixed-income-on-element?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozOTg2NDU4OSwiXyI6IitrN3VtIiwiaWF0IjoxNjI5MDg0OTY2LCJleHAiOjE2MjkwODg1NjYsImlzcyI6InB1Yi0xNjAxNSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.njGSuN31GSj 8-2021]) | *Charles St. Louis; COO and MIP Editor at [[Maker DAO|MakerDAO]] ([https://newsletter.banklesshq.com/p/a-guide-to-fixed-income-on-element?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozOTg2NDU4OSwiXyI6IitrN3VtIiwiaWF0IjoxNjI5MDg0OTY2LCJleHAiOjE2MjkwODg1NjYsImlzcyI6InB1Yi0xNjAxNSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.njGSuN31GSj 8-2021]) | ||
*Most of the team seems to be pseudonymous, however at least 2 non-anonymous members were found in the [https://github.com/element-fi/elf-contracts/graphs/contributors github contributors page] (17-2-2022). | |||
*[https://medium.com/@SenateLabs/landscape-of-pro-delegate-next-wave-of-dao-governance-f239cd8537ea Has][[StableNode]] as some of their professional delegates (30-11-2022). | |||
===Funding=== | ===Funding=== | ||
| Line 129: | Line 162: | ||
* [https://www.coindesk.com/andreessen-horowitz-leads-4-4m-round-in-defis-element-finance From] [[CoinDesk]] (1-4-2021): | * [https://www.coindesk.com/andreessen-horowitz-leads-4-4m-round-in-defis-element-finance From] [[CoinDesk]] (1-4-2021): | ||
''"Raised $4.4 million from Andreessen Horowitz ([[A16z crypto|a16z]]) and [[Placeholder]]. SV Angel, A.Capital, [[Scalar Capital]] and Robert Leshner’s [[Robot Ventures]] also participated in the round, Villanueva said.'' | ''"Raised $4.4 million from [[Andreessen Horowitz]] ([[A16z crypto|a16z]]) and [[Placeholder]]. SV Angel, A.Capital, [[Scalar Capital]] and Robert Leshner’s [[Robot Ventures]] also participated in the round, Villanueva said.'' | ||
''"'' | ''"'' | ||
| Line 135: | Line 168: | ||
* Raised [https://medium.com/element-finance/element-finance-raises-32m-series-a-at-a-320m-valuation-6622fab5fb40 $32M Series A] at a $320M valuation (19-10-2021): | * Raised [https://medium.com/element-finance/element-finance-raises-32m-series-a-at-a-320m-valuation-6622fab5fb40 $32M Series A] at a $320M valuation (19-10-2021): | ||
''"The round was led by [[Polychain Capital]] and includes previous investors Andreessen Horowitz, Placeholder, A_Capital, and Scalar Capital. New investors in the round include Advanced Blockchain, Republic, Rarestone, Yunt Capital, P2P Validator, Ethereal Ventures, and their limited partners; and Femboy Capital. We’re also happy to have some of the most respected builders in DeFi, join the round:'' | ''"The round was led by [[Polychain Capital]] and includes previous investors Andreessen Horowitz, Placeholder, A_Capital, and Scalar Capital. New investors in the round include Advanced [[Blockchain]], Republic, Rarestone, Yunt Capital, P2P [[Validator]], Ethereal Ventures, and their limited partners; and Femboy Capital. We’re also happy to have some of the most respected builders in DeFi, join the round:'' | ||
# ''[[Rune Christensen]] (Founder of [[Maker DAO|MakerDAO]])'' | # ''[[Rune Christensen]] (Founder of [[Maker DAO|MakerDAO]])'' | ||
| Line 145: | Line 178: | ||
# ''[[Alex Svanevik]] (Co-Founder & CEO of [[Nansen]])'' | # ''[[Alex Svanevik]] (Co-Founder & CEO of [[Nansen]])'' | ||
# ''[[Santiago Roel Santos]] (Former partner at [[ParaFi Capital]])'' | # ''[[Santiago Roel Santos]] (Former partner at [[ParaFi Capital]])'' | ||
# ''[[Mariano Conti]] (Former Head of Smart Contracts at Maker Foundation)'' | # ''[[Mariano Conti]] (Former Head of Smart Contracts at [[Maker]] [[Foundation]])'' | ||
# ''[[Cyrus Younessi]] (Former Head of Risk Management at Maker Foundation)'' | # ''[[Cyrus Younessi]] (Former Head of Risk Management at Maker Foundation)'' | ||
# ''[[Tracheopteryx]] ([[Yearn]])'' | # ''[[Tracheopteryx]] ([[Yearn]])'' | ||
| Line 153: | Line 186: | ||
# ''[[Dean Eiganmann]] (Co-founder [[Dialectic]])'' | # ''[[Dean Eiganmann]] (Co-founder [[Dialectic]])'' | ||
# ''[[Zachary Cole]] (CTO of [[Slingshot]])'' | # ''[[Zachary Cole]] (CTO of [[Slingshot]])'' | ||
# ''[[Patrick LaVecchia]] (CEO of Oasis Pro Markets)'' | # ''[[Patrick LaVecchia]] (CEO of [[Oasis]] Pro Markets)'' | ||
# ''[[Will Price]] (DeFi Data Scientist)'' | # ''[[Will Price]] (DeFi Data Scientist)'' | ||
# ''[[Marc Bhargava]] (Co-founder of [[Tagomi]], acquired by [[Coinbase (COIN)|Coinbase]])."'' | # ''[[Marc Bhargava]] (Co-founder of [[Tagomi]], acquired by [[Coinbase (COIN)|Coinbase]])."'' | ||
| Line 166: | Line 199: | ||
Making these free wiki pages is fun but takes a lot of effort and time. | Making these free wiki pages is fun but takes a lot of effort and time. | ||
If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information. | If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information. | ||
[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31 | [[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31 | ||
Latest revision as of 03:45, 9 April 2023
Basics
- Based in:
- Started in / Announced on:
- Testnet release: 11-5-2021
- Mainnet release: 30-6-2021
- From CoinDesk (1-4-2021):
"Building a yield-maximizing marketplace for crypto interest rates."
History
"Element Finance has rebranded into DELV. The move coincides with the community's gradual takeover of the Element Protocol's decentralization and helps the DELV team differentiate itself further as it looks to bring more innovative DeFi products to market. As "The Factory for DeFi," DELV offers a suite of services and products such as Element Protocol, Hyperdrive, Echo, Council, and more."
Audits
- Element Finance's Immunefi Bug Bounty program rewards participating users with up to 100k for the most critical of finds, and it is an active program (10-9-2021).
- From EthHub (4-5-2021):
"In this update, Element shares their official audit reports, officially open sourced the Element Protocol codebase, and introduce their bug bounty."
- Scored 95% on DeFi Safety (17-2-2022):
"Contract 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 is used at its very least 21166 times a day during the last month. A detailed, full code coverage report is available. No evidence of a Element Finance Formal Verification test was found in their documentation or in further web research."
With the comment:
"At 95%, Element Finance never ceases to impress us through their willingness to improve their overall transparency. This score is a direct representation of the team's dedication in collaborating with us to achieve a higher degree of visibility where it counts the most.
Most notably, Element does a tremendous job at detailing their smart contracts' immutability and ownership parameters. Paired with in-depth details about their upcoming governance module, users are assured that they will control all administrative powers in the near future.
Additionally, Element also has two high-quality audits under their belt, further highlighting an emphasis on protocol security. In the future, we would like to see an improved Bug Bounty and software documentation so that the protocol can get a well-deserved 100% score."
- Previously also scored a 93% (10-9-2021):
"PeckShield has published a Element Finance audit report on April 14th 2021, which was before their mainnet launch on June 30th.
Runtime Verification has published a Element Finance audit report on April 26th, which was before their mainnet launch on June 30th.
Note: The Element Finance team has successfully implemented most of the fix recommendations from both audit reports."
With the comment:
"The element finance team is dedicated towards creating a transparent, trustworthy, and battle-tested protocol, built upon strong fundamentals."
Bugs/Hacks
Governance
Admin Key
- From DeFi Safety (17-2-2022):
"Ownership is clearly indicated as immutable, with a MultiSig wallet that has temporary (until governance system is implemented), limited administrative powers in this location. This protocol is immutable with the exception of 3 administrative powers. One of which is the ability to pause a contract that holds user funds. We can then assume that all contracts that do not hold user funds do not have a pause control function. No evidence of pause control tests were found. Element Finance has timelock documentation which can be found at this location. However, since their governance module is not in effect yet, their timelock is not in effect either. As it currently stands, the protocol has documented that it does not have a timelock. However, since there is a substantial restriction of admin controls, as well as control through a MultiSig wallet, this is a reasonable enough justification for the absence of a timelock."
"Admin control information is easily found on their documentation. All contracts are immutable. Pause control is mentioned in their admin keys documentation."
DAO
- HasStableNode as some of their professional delegates (30-11-2022).
Treasury
Token
Launch
Token Allocation
Utility
Other Details
- Will have a two token-system (1-4-2021).
Stablecoin
Coin Distribution
Technology
- Whitepaper can be found here.
- Code can be viewed here. From DeFi Safety (17-2-2022):
"With 189 commits across 16 branches, this is a healthy software repository."
Implementations
How it works
"The upcoming protocol is poised to enter an already bustling crypto lending and borrowing scene where established firms woo new deposits with the promise of lucrative rates. But those traditional interest rate schemes freeze up the underlying capital, a hallmark feature of lending one’s money that Villanueva sees more as a bug. Element works by splitting those deposits into two tokens – one representing the principal position and the other a stand-in for the interest rate. Users could then opt to sell the rights to their principal token while still hanging onto the interest-bearing one. “Because we split it into two positions you can sell your position at a discount so you can get more exposure to your interest,” he explained."
- From Daily Gwei (1-4-2021):
"Element Finance is yet another DeFi “money lego” being launched soon that does something quite cool - it splits base asset positions (such as ETH, USDC) into two different tokens - the principal token and the yield token. What this means in plain English is that you can lock ETH into something like staking on eth2 and then be issued a token for your original ETH amount (the principal) and a token that represents the yield generated on that principal (the staking APY). From here, using the magic of DeFi, the principal token could be put to work in other protocols (such as put into a trading pair on an AMM or used as collateral within a money market)."
"The process is as follows:
- Buying a crypto asset at a discount with principal tokens
- Holding it until maturity
- Redeeming the principal token for the crypto asset (1:1)
- Realizing your fixed APR"
Fees
Upgrades
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
- From DeFi Safety (17-2-2022):\
"Element Finance does not use oracle(s) as documented here."
Privacy Method
Compliance
Their Other Projects
- From their blog (14-10-2021):
"We have introduced our Treasury Management initiative. This initiative has the goal of helping DeFi Protocols, DAOs, Funds, and Institutions diversify their treasuries by allowing them to earn fixed rates on their treasury capital (or a portion of it) while maintaining the flexibility to exit their positions if needed."
Roadmap
- Can be found [Insert link here].
Usage
$56M total value locked
$46M in total liquidity
$13M in trading volume
- From their blog (14-10-2021):
- "Surpassed the $180 million total value-locked (TVL) milestone
- Surpassed $70 million in trading volume
- Launched terms for seven different asset classes, including USDC, DAI, and WBTC
- Surpassed 9,000 active users"
Projects that use or built on it
Competition
Pros and Cons
Pros
Cons
Team, Funding, Partners
Team
- Full team can be found [here].
- Will Villanueva; CEO
- Charles St. Louis; COO and MIP Editor at MakerDAO (8-2021)
- Most of the team seems to be pseudonymous, however at least 2 non-anonymous members were found in the github contributors page (17-2-2022).
- HasStableNode as some of their professional delegates (30-11-2022).
Funding
"Raised $4.4 million from Andreessen Horowitz (a16z) and Placeholder. SV Angel, A.Capital, Scalar Capital and Robert Leshner’s Robot Ventures also participated in the round, Villanueva said.
"
- Raised $32M Series A at a $320M valuation (19-10-2021):
"The round was led by Polychain Capital and includes previous investors Andreessen Horowitz, Placeholder, A_Capital, and Scalar Capital. New investors in the round include Advanced Blockchain, Republic, Rarestone, Yunt Capital, P2P Validator, Ethereal Ventures, and their limited partners; and Femboy Capital. We’re also happy to have some of the most respected builders in DeFi, join the round:
- Rune Christensen (Founder of MakerDAO)
- Stani Kulechov (Founder & CEO of Aave)
- Fernando Martinelli (Co-Founder & CEO of Balancer)
- Kain Warwick (Founder of Synthetix)
- Hart Lambur (Co-Founder of UMA Protocol)
- Julian Koh (Co-Founder & CEO of Ribbon Finance)
- Alex Svanevik (Co-Founder & CEO of Nansen)
- Santiago Roel Santos (Former partner at ParaFi Capital)
- Mariano Conti (Former Head of Smart Contracts at Maker Foundation)
- Cyrus Younessi (Former Head of Risk Management at Maker Foundation)
- Tracheopteryx (Yearn)
- Darren Lau and Daryl Lau (Not3Lau)
- Anthony Sassano (Ethereum educator)
- David Hoffman and Ryan Sean Adams (Co-Owners of Bankless)
- Dean Eiganmann (Co-founder Dialectic)
- Zachary Cole (CTO of Slingshot)
- Patrick LaVecchia (CEO of Oasis Pro Markets)
- Will Price (DeFi Data Scientist)
- Marc Bhargava (Co-founder of Tagomi, acquired by Coinbase)."
Partners
- Arranged a partnership with Aztec (16-12-2021).
(:
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