Elys Network has forged a strategic partnership with Cosmos, expanding decentralized financing capabilities for holders of $ATOM tokens. $ATOM has maintained minimal application within the decentralized finance (DeFi) space, where users only deploy it for staking and liquidity provisioning functions. This partnership seeks to introduce novel functionalities that will create more applications for token holders.
This strategic initiative includes integrating Cosmos as a PSS chain within Elys Network. Elys Network functions as the key centre for Cosmos DeFi operations while delivering USDC-yielding staking pools and impermanent loss-free liquidity pools and leverage LP Collectors and a PerpDEX exchange. The partnership integrates these features to build up a stronger financial system for $ATOM users.
Elys Network Adopts $ATOM as a Core Component
To further align with the evolving vision of Cosmos Hub under Interchain Labs, Elys Network is implementing key changes that reinforce $ATOM’s significance. One of the primary developments includes adopting $ATOM as the main gas token on the Elys Network. This shift enhances the token’s utility and integrates it deeper within the network’s operations.
Additionally, Elys Network plans to allocate 15% of its protocol-retained revenue toward buying back $ATOM and staking it in the network’s staking pool. The protocol functions as a value-generation feature that enables users to build networks and liquidity. $ATOM strives to meet a mutual objective of creating itself as a core asset within DeFi markets.
Expanding the DeFi Ecosystem with a Redesigned Roadmap
Elys Network and Cosmos are working on a long-term roadmap that will introduce new features and expanded utilities for $ATOM and $ELYS holders. Among the upcoming developments are a perpetual order book and DeFAI tools aimed at optimizing DeFi position management.
Elys Network seeks to establish deep liquidity through this collaboration which will support Cosmos-based assets development. Through its collaboration with Interchain Labs Elys Network will guide the development of the $ATOM DeFi landscape while boosting its adoption across the network.
