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Element Finance, also known as Element, is a decentralized finance (DeFi) company that has developed a protocol of the same name. The company was founded in 2020 and has headquarters in Texas. Its protocol is built on top of the Ethereum blockchain and is intended to be used as an investment tool that allows users to earn predictable returns at a fixed rate, rather than deal with the uncertainty that normally comes with cryptocurrency investing.
Introduction to Element Finance
Users can begin to use the Element protocol by connecting a digital wallet, such as MetaMask, WalletConnect, or CoinBase. Users can then purchase Element Principle Tokens to get a fixed-rate token that the user holds onto until the term end-date. These tokens can be purchased with other cryptocurrencies, including bitcoin (BTC), Ethereum (ETH), and USD coin (USDC).The token can be redeemed, and the user can receive its APR.
Users have the choice to select the pool in which they want to deposit their tokens, the period for which they leave it in the pool, and then withdraw it from the vaults. There are two types of pools: principal pools and yield pools. Element Finance states there is no minimum requirement for deposit and no withdrawal penalties, allowing users to exit at any time.
