Why is elf called elf?

I'm curious to understand the origins behind the name 'elf' in the context of cryptocurrency. Is there a specific reason or inspiration behind this moniker? Is it a reference to a particular folklore, myth, or cultural iconography? Or perhaps it's simply a creative choice meant to evoke a certain image or feeling? As a professional practitioner in the field of cryptocurrency and finance, I'm fascinated by the names and branding that various projects adopt, and I'm eager to learn more about the thought process behind the name 'elf' and its potential significance.