The longevity and collective knowledge and wisdom of the elves have made them a thriving species. They might not be as many as the humans, but they are always significant players in the grand scheme of things.
Some scholars are of the opinion that elves are not ancient makaras, but in fact the original humanoid species that all makaras - including humans - ultimately have their roots in. In human centric circles, this is not a popular opinion, but it is just as difficult to refute as it is to assert humans to be the base humanoid. Yet other scholars claim that elves are a distinct lineage from humans with neither being a makara based on the other.