DeFi

Bitcoin

Security

Cosmos

<h4>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.</h4>
So, let’s find out more about the Elys Network.
<h5>What Is Elys Network?</h5>
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 <a href="https://elys.network/" target="_blank" rel="noopener noreferrer nofollow">Elys</a> 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 <a href="https://www.altcoinbuzz.io/?s=dex" target="_blank" rel="noopener noreferrer nofollow">DEX</a> (noncustodial AMM) engine.
<img decoding="async" class="aligncenter wp-image-142286 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-1024x463.jpg" alt="Elys Network" width="696" height="315" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-1024x463.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-300x136.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-768x348.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-1536x695.jpg 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-928x420.jpg 928w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-696x315.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network-1068x483.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-443-Elys-Network-testnet.elys_.network.jpg 1920w" sizes="(max-width: 696px) 100vw, 696px">
Source: Elys Network <a href="https://testnet.elys.network/swap#ATOM/USDC" target="_blank" rel="noopener noreferrer nofollow">testnet app</a>
<h5>What Does Elys Network Offer?</h5>
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.
<ul>
 <li>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.</li>
 <li>Elys also offers 1-click liquid staking. This is for PoS (Proof of Stake) tokens and earns rewards between 10-20%.</li>
 <li>Its noncustodial AMM offers DEX style features with a CEX style UI. It’s powered by both liquidity providers and liquidity pools.</li>
 <li>It offers oracle based multi-asset Index pools. This not only increases diversification but also reduces volatility.</li>
 <li>The platform has native perpetual trading capabilities. This includes a universal cross collateral vault.</li>
 <li>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.</li>
 <li>As already mentioned, on and off ramping for major fiat currencies.</li>
</ul>
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.
<blockquote class="twitter-tweet">
 We are thrilled to announce that Elys Network is pioneering 𝐏𝐚𝐫𝐭𝐢𝐚𝐥 𝐒𝐞𝐭 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 in the Atom Economic Zone!
 With full support from <a href="https://twitter.com/informalinc?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@informalinc</a>, Elys Network will integrate as Cosmos Hub’s first PerpDex and All-In-One Defi consumer chain.
 A thread<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/WeIzMD9Nqe" rel="noopener noreferrer nofollow">pic.twitter.com/WeIzMD9Nqe</a>
 — Elys Network (@elys_network) <a href="https://twitter.com/elys_network/status/1762885694362669170?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 28, 2024</a>
</blockquote>
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<h5>Where Does Elys Network Fit Into the Cosmos Ecosystem?</h5>
The Elys Network is still a new project in the <a href="https://www.altcoinbuzz.io/?s=cosmos" target="_blank" rel="noopener noreferrer nofollow">Cosmos</a> 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.&nbsp;
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.
<blockquote class="twitter-tweet">
 We are honored to be included in the <a href="https://twitter.com/MessariCrypto?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@MessariCrypto</a> “State of Cosmos Hub Q1 2024” report.
 If you want to take a look, you might learn a few things about our ecosystem!
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;">The future looks bright<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/kbw9z3iYDU" rel="noopener noreferrer nofollow">https://t.co/kbw9z3iYDU</a>
 — Elys Network (@elys_network) <a href="https://twitter.com/elys_network/status/1796932945430880537?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 1, 2024</a>
</blockquote>
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<h5>Conclusion</h5>
The Elys Network is a promising new project in the Cosmos ecosystem. It focuses on <a href="https://www.altcoinbuzz.io/category/defi/" target="_blank" rel="noopener noreferrer nofollow">DeFi</a> 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.
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The post <a href="https://www.altcoinbuzz.io/defi/elys-network-an-introduction/" rel="noopener noreferrer nofollow">Elys Network, an Introduction</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.

Elys Network, an Introduction

Altcoin Buzz

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