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Summary
- The Dogelon Mars (ELON) token has been bridged to Fuse using the Fuse-Ethereum bridge on Voltage Finance.
- An ELON/FUSE trading pool has been launched on Voltage Finance and a yield farming program has been launched on it.
- In addition, a vault has been created on the Beefy Finance DeFi yield optimization platform for the liquidity providers (LPs) depositing the pool’s LP tokens. The liquidity positions of the LPs on the FUSE/ELON pool who will stake with the Beefy vault will be boosted with $90,000 in FUSE and ELON during 90 days.
Since the pathbreaking launch of the Bitcoin ledger and currency in 2009, blockchain technology and cryptocurrencies have captured the imagination of people all over the globe. For the first time in human history, technology has, among other things, enabled humans to collaborate together to create unstoppable currencies without anyone’s permission or blessing. And without relying on physical collateral like gold or the apparatus of the state for maintaining value.
While many Bitcoin enthusiasts considered it the only cryptocurrency that the world needed, other leaders and communities disagreed and took confidence in their visions to launch hundreds of other cryptocurrencies. At some point, many people in the crypto space came to believe that there was no room in it for new major entrants but they were proved wrong in spectacular fashion by meme coins.
While meme tokens are often misunderstood, their core selling point, at least for those who find them promising is that despite the long way that pioneering crypto assets like BTC and ETH have gone, energized communities can still engage in large-scale experimentation and create new popular currencies using the power of memes that obviously goes beyond crypto space.
Dogecoin set the tone of this new trend, followed by the rise of Shiba Inu and other projects. More recently, the Dogelon Mars project has joined the fray and quickly succeeded in establishing itself at the forefront of the meme coin space.
Space Fantasy meets Crypto and DeFi
Dogelon Mars is a crypto project behind the popular asset of the same name originally launched on the Ethereum mainnet and the quickly growing platform and ecosystem built around the token.
Dogelon builds off of a fantasy story of a character’s space travels and adventures. At the end of December last year, ELON became the most traded token among the large tokenholders on Ethereum according to Whalestats. Also, a major part of the ELON supply was donated by Vitalik Buterin to the anti-aging research focused Methuselah Foundation.
The Dogelon team also announced the upcoming addition of DeFi and staking elements into the ecosystem. The DeFi functionalities in it will be powered by the upcoming xELON governance token. For instance, xELON will be utilized to reward liquidity providers on trading pools involving ELON.
Dogelon is now on Fuse
Today, we are thrilled to announce that the Dogelon Mars (ELON) token has now been ported to the Fuse Network blockchain. Fuse Network becomes only the fourth EVM chain on which the token has officially been enabled (in addition to Ethereum and Polygon).
A FUSE/ELON trading pool has been created on the Voltage Finance (formerly, FuseFi) decentralized exchange (DEX), and the initial liquidity has been deposited to help jumpstart trading. A liquidity rewards program has been launched on the pool with 10,000 FUSE in rewards up for grabs.
In order to further incentivize liquidity provision, a boosted vault has been created for the pool on Beefy Finance. Beefy is a major multi-chain yield optimizer protocol that was recently deployed to Fuse Network. You can read more about Beefy and how it works in our integration announcement article.
Those liquidity providers on the FUSE/ELON pool who will deposit their Voltage LP tokens to the Beefy vault for the pool will have their liquidity positions boosted with $92,000 worth of FUSE and ELON in total at current prices. The boost will be in the form of Voltage LP tokens for the FUSE/ELON pool distributed during 90 days. In order to maximize your benefit from the Beefy vault auto compounding capacity, rewards from the Boost will need to be claimed and restaked into the vault.
Plans are also in motion to later whitelist ELON on the Fuse Cash consumer-facing wallet, which will give users exposure to an additional popular asset.
The ELON token has been ported to Fuse Network from Ethereum using the Voltage Finance bridge. Users can now bridge their ELON to Fuse Network using it. The tutorial on how to bridge tokens from Ethereum to Fuse Network and vice versa via the Voltage bridge is available here.
We believe that the Fuse ecosystem will benefit significantly from the arrival of a major popular cryptocurrency to the platform. For Dogelon, the collaboration with Fuse opens the possibilities to complement its meme appeal with the potential for rebuilding the global payment system that Fuse represents.
The yield farming program on the ELON/FUSE pool on Voltage Finance and the LP token boost also represent an attractive additional passive income stream for the Dogelon community.
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