Elys Network to Join the Atom Economic Zone as Cosmos Hub’s First PerpDex and All-in-One DeFi Consumer Chain
We are delighted to share that with the full support of Informal Systems and the Cosmos Hub, Elys Network is joining the Atom Economic Zone. as a pioneering chain leveraging Partial Set Security.
As this decision belongs to the cosmonauts, it’s time for us to explain our choice so that you can, in due course, decide whether it’s in the CosmosHUB’s interest to integrate Elys.
In this comprehensive article, we aim to delve deeper into :
- Elys Network identity and essence.
- What does Partial Set Security change for Consumer chains?
- The reasons behind our choice to embrace Partial Set Security.
- How our integration with the Atom Economic Zone contributes to the boarder Cosmos community and aligns with the shared vision of decentralization.
Elys Network identity and essence
Introducing Elys Network, a cutting-edge blockchain powered by the Cosmos SDK, designed with the community in mind.
At Elys, our mission is clear: to establish ourselves as the go-to trading platform for both seasoned Web3 enthusiasts and newcomers from Web2.
Elys has a very unique A+ team with diversified background in finance, business and engineering and are on a mission to build a self sustaining, revenue generating company with high capital efficiency.
Thanks to our innovative approach utilizing account abstraction, trading on Elys Network is seamless, eliminating the need for a Web3 wallet and bridging the gap between these two spheres with unprecedented ease.
Whether you’re well-versed in Web3 technology or just getting started, our platform offers an extensive range of DeFi tools, empowering you to trade your favorite coins and engage in Long/Short positions with unparalleled simplicity.
Elys Network isn’t just another blockchain; it’s a testament to the values of decentralization at the core of the Cosmos ecosystem.
After spending a lot of time studying various DEX and CEX and researching things that worked, things that didn’t work and consulting with avid DeFi users and investors.
We built Elys Network from the ground up and has incorporated some of the best products with the right PMF with tons of unique and advanced features which are very novel.
We developed multiple products, all available on one platform such as :
- Simple staking of USDC / ELYS / EDEN.
- Leverage LPs.
- Perpetual trading & Spot trading.
- Oracle based hybrid AMM with custom weighted pools (e.g., 70/30%), pools with multiple assets, customizable parameters (base pair, swap fees, etc.).
- Our multi-token design is crafted to maximize your earnings while nurturing a healthy ecosystem.
This gamut of synergistic products will create a liquidity flywheel which over time will attract volume and revenues.
Here are some sneak peeks :
But we also have incredible features to protect our users :
- Order matching, scrambling and sorting in order to prevent front running attacks.
- Custom built decentralized oracle based pricing and liquidity solution to prevent price manipulation.
- Customized oracle based arbitrage free pricing model which aggregates liquidity from various platforms and offers the best slippage in the marketplace.
- A fully funded perpetual trading platfrom via its unique scalability solution of adding profit taking price to the order which protects it from being under funded when cascading liquidations happen.
Elys has a unique architecture and design which emulates a CEX but with all the benefits of DeFi such as permissionless, censor resistant, non KYC, non custodial and transparent.
What does Partial Set Security change for consumer chains?
The recent introduction of the Partial Set Security in the Interchain Security framework marks a significant advancement for blockchain projects aspiring to integrate into the Atom Economic Zone.
At a time when consumer chains face escalating pressure to sustainably compensate validators, this innovative approach offers a strategic advantage.
The Partial Set Security feature empowers blockchain to curate a validator set tailored to their specific needs, without imposing undue strain on smaller validators already grappling with the intricate balance of rewards and operational expenses, alongside their ATOM validator responsibilities.
This development not only facilitates a more flexible validator selection process but also streamlines reward distribution mechanisms.
By opting for a leaner validator set, projects can better fine-tune incentive structures, effectively mitigating the impact of token distribution to their validator set.
In essence, the introduction of Partial Set Security presents a pivotal opportunity for blockchain projects seeking to optimize security and sustainability within the Atom Economic Zone.
The reasons behind our choice to embrace Partial Set Security
It is abundantly clear to us that robust economic security significantly enhances investor confidence. Whether it’s retail investors or institutional players, in our rapidly evolving industry, providing a secure framework is paramount.
The security of a platform is based on two crucial pillars:
- Security audits: This is precisely why we selected Halborn for our audit. With a global reputation, they have been diligently working with us for over three months now and counting.
- Economic security: Therefore, leveraging the security of the Cosmos HUB adds immense value to our platform.
It is evident that a PerpDex must prioritize security above all else, leveraging an economic security of $4 billion is undoubtedly a significant advantage.
As mentioned in the previous section,the Partial Set Security feature empowers blockchain to curate a validator set tailored to their specific needs.
This means that we are not compelled to maintain a full set of 180 validators when our chain only requires a fraction of that set to function optimally.
Consequently, a nascent project within the ecosystem can gradually establish itself by starting with a modest-sized validator set, ensuring robust security while minimizing the financial impact of reward distribution to validators.
This unprecedented flexibility in chain creation and evolution over time represents a significant leap forward in blockchain infrastructure development.
Moreover, other Cosmos blockchains and DeFi apps would probably find it more comfortable to integrate Elys Network, thereby offering a more versatile suite of tools.
By joining AEZ, we are extending the reach of our project to the entire ecosystem.
We don’t subscribe to the idea of winner takes all; instead, we value collaboration, neutrality, and non-tribalism.
That’s why we feel it’s a natural fit to join the AEZ, as we align with their collaborative values.
How our integration with the Atom Economic Zone contributes to the boarder Cosmos community?
By aligning with the AEZ, Elys Network would establish itself as the inaugural PerpDEX leveraging the economic security of the Cosmos HUB, showcasing the expanding influence of the HUB.
Certainly, another advantage for the Cosmos HUB is to integrate ATOM as a key element of our PerpDex, enhancing its utility.
The goal of the Cosmos community has always been and will continue to be to provide even more utility to our ATOM. Today, as part of its value proposition, Elys Network aims to offer ATOM multiple ways to be utilized!
Whether through:
- Our AMM
- Our PerpDex
- Our Leverage LPs
- Gas fees
ATOM will be everywhere and will finally be able to obtain the long-awaited utility sought by cosmonauts.
Moreover, integrating Elys Network into the AEZ as an ICS chain would likely boost demand for ATOM and enhance its utilization in unique and advanced features mentioned above.
Conclusion
Today, it is clear to us that the value proposition for Elys Network, as well as for the entire Cosmos ecosystem, is substantial.
However, it is imperative to acknowledge that there remains work to be done in refining our economic model to ensure its robustness and sustainability.
Our ongoing efforts are focused on meticulously crafting a framework that not only benefits Elys Network but also enriches the entire Cosmos community.
We understand the significance of this undertaking and are committed to delivering a model that aligns with our collective vision.
Once we finish the analysis with the Informal Systems team, you will be able to delve into and discuss all the economic benefits of this partnership in our proposal on the forum.
Rest assured: our goal is to enhance the greatness of the Cosmos ecosystem.
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