|Ticker symbol||ELONGATE|
|Initial release||March 26, 2021|
|Developer(s)||ELONGATE Global ltd.|
|Circulating supply||563,506,089,579,295 (as of 21 August 2021[update])|
|Market cap||$30,461,000 (as of 21 August 2021[update])|
Elongate (sometimes stylized as ELONGATE) is a cryptocurrency developed to donate a large amount of its proceeds to charity. It was formed on March 26, 2021 and legally incorporated as a charitable organization on July 23, 2021. The cryptocurrency is humorously named after a comment made by investor and mogul Elon Musk. The company works with the cryptocurrency community and blockchain technologies to bring about positive social change.
Elongate was started after entrepreneur Elon Musk tweeted that if he were involved in a scandal, it should be called "ElonGate", a reference to the Watergate scandal. The cryptocurrency was named after this viral tweet.
The cryptocurrency was launched on March 26, 2021. According to Forbes, Elongate had donated over $1 million to non-profit organizations such as Children International, Action Against Hunger and The Ocean Cleanup within the first three weeks of its creation.
The Elongate token began to be traded on the cryptocurrency exchange Bitmart at 4 AM EDT on May 10, 2021.
Elongate livestreams weekly charity parties on the Twitch platform to raise money for non-profit causes. Elongate held a livestream with the National Kidney Foundation's CEO Kevin Longino to raise money for the foundation. In May 2021, Elongate donated $150,000 to the EB Research Partnership.
On May 24, 2021, Kimbal Musk and Elongate hosted a charity event on Twitch. During the livestream, they discussed Musk's non-profit Big Green and its project the Million Gardens Movement. Elongate had previously donated $400,000 to Big Green.
Elongate is a BEP20 deflationary token issued on the Binance Smart Chain. It had an initial supply of 1 quadrillion tokens, however half of the original supply has been removed from circulation since issuance. In addition to the token, Elongate is a charitable organization that aims to bridge cryptocurrency with philanthropy. The company has pledged to give 80% of its income to charity. Elongate charges a 10% fee on all transactions, half of which is given to token holders, while the remaining 5% is donated to charity. The token had over 400,000 holders as of May 2021.
Elongate was forked from the same open source code as Safemoon and other similar cryptocurrencies on the Binance Smart Chain, but one significant difference is that all funds extracted from the project are put back into the business costs and social impact initiatives, much like a traditional charity.
In May, the token was audited by security auditing firm CertiK, receiving a score of 89/100. The audit report identified no critical issues, but noted one 'major issue' that the project's owners have "centralization risk".
In response to the one 'major issue' raised by CertiK, the Elongate team stated that "ELONGATE’s business model is fundamentally based on extracting from the unlocked portion of the liquidity pool (LP) to facilitate transparent charitable donations. The majority of the LP tokens are locked in DX Sale for 1-5 years, as an assurance to the community. As with any business with routine operational costs, access to some capital is required. ELONGATE is charity-first, so operations are lean and fully transparent. As an additional risk mitigation, the leadership team is fully de-anonymized. When LP tokens are extracted from the unlocked portion of the liquidity pool, the amount is sent to various business wallets to meet our operational needs."
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