# Elys Network on Base: The Next Chapter Begins By [Elys Network](https://paragraph.com/@elys-network) · 2025-11-07 --- It’s now been two months since we announced our migration to **Base**, and while we’ve been sharing regular updates on Discord, it’s time to give everyone a full overview here! Our announcement was met with an incredible response from our community, and since then, we’ve been working hard to make this new journey a reality as quickly as possible. As development accelerates and our team continues to evolve to meet EVM requirements, it’s the right moment to share where we stand and what comes next. **Development Progress** ------------------------ The project is progressing smoothly and quickly: * The **Smart-Shielded Pools** code is complete, currently in testing, and entering the audit phase. * The **frontend** is under active development and advancing fast. * The **Perpetual DEX** is also in development and will enter the audit phase shortly. Audits will play a key role in determining when we can officially launch on mainnet. **A Multi-Track Effort** ------------------------ We’re moving forward on several fronts simultaneously, including: * Product development * Legal structure * Key partnerships * Core integrations * Tokenomics and go-to-market parameters With all these elements coming together, we’re getting closer to being able to share a potential launch timeline. Before that, we must begin the final steps leading to the **sunset of the Elys Network chain**. **The Transition Plan** ----------------------- 1. **Phase 1: Reduce inflation to 0%** through the next governance vote and ask users to **remove any remaining Leverage LP and Perpetual positions**. Second and last snapshot taken at the time of this announcement. Ratio, block heights to be given later once snapshots data will be fully analyzed. 2. **Phase 2: Close Leverage LP and Perpetual positions using ADL.** 3. **Phase 3: Withdraw remaining liquidity from pools.** 4. **Phase 4: Elys Network chain sunset on December 18th** 5. **Phase 5: Ryze Protocol launch, token swap,** timeline to be given once audits will be finalized. Today, we’re asking users to start closing their **Leverage LP positions** and to stop opening new **Perpetual positions**. To simplify this process, an **Automatic Deleveraging (ADL)** tool has been developed and will be proposed through governance, allowing automatic position closure for users who haven’t done so manually during phase 1 when phase 2 (end of November) will start. The final shutdown of the Elys Network chain will take place on December 18th and the final snapshot for token holders has been done already. From now on, you can’t acquire new ELYS tokens. ⚠️\*\*Important note: Every ELYS sold after today will be removed from your snapshot allocation. You have to keep your ELYS / EDEN and if you want to be part of the next journey with us.\*\*⚠️ **What’s Next** --------------- We’re getting closer every day to the **launch of Ryze Protocol** on Base. More information including details about the **token swap mechanism**, **tokenomics**, **Launch phases** and much more will be shared as soon as we are ready. We’re beyond excited for what’s coming next and can’t wait to open this new chapter with you. **TL;DR** --------- * **Today:** Inflation set to 0% coming with the next governance proposal + request to close Leverage LP and Perpetual positions. Second and last snapshot done. * **Next phase (end of November):** Deployment of ADL to automatically close all outstanding positions and guarantee full removal of remaining liquidity. * **Final phase (December 18th):** Official sunset of the Elys Network chain. Thank you for believing in us. You are the foundation of this journey, and we can’t wait for you to experience our App on Base. The whole team is working relentlessly to deliver something truly exceptional.🫡 --- *Originally published on [Elys Network](https://paragraph.com/@elys-network/elys-network-on-base-the-next-chapter-begins)*