Elixir, a modular blockchain project aimed at providing liquidity for decentralized order book exchanges, announced the launch of deUSD, a synthetic dollar asset challenging Ethena’s USDe. The USDe stablecoin, owned by Ethena Labs and also known as a “synthetic dollar,” maintains its peg through arbitrage and yield-generating cash-and-carry trade. The project is fully collateralized with crypto assets and delta-hedged to ensure stability.
1 Billion Dollar Liquidity
Elixir Labs founder and CEO Philip Forte made the following statement:
Elixir’s network, built and stress-tested over the past two years, is well-suited to power a truly decentralized synthetic stable asset. deUSD was built with transparency and flexibility as core features, eliminating reliance on underlying market trends and unstable yield sources.
Elixir receives support from DeFi platforms like Pendle, which create and tokenize a market for Elixir’s Apothecary initiative, a point-based system for tracking user contributions to the network. Additionally, it is said to have $1 billion in liquidity to support the new yield-generating token.
Following the Apothecary program in March, Elixir stated that over $300 million in assets were locked in addition to the $1 billion committed for deUSD, generating excitement for the mainnet launch expected in September.
Elixir and $800 Million Valuation
In March, when Elixir unveiled Apothecary, it announced the completion of an $8 million Series B funding round led by Sui blockchain developer Mysten Labs and Arthur Hayes’ family office Maelstrom.
With the latest capital injection, the project’s valuation reached $800 million, bringing it close to unicorn status. This marks an eightfold increase in valuation since the $7.5 million Series A round led by Hack VC in October 2023.
Following a $2.1 million seed round in January 2022, Elixir has raised over $17 million in total funding.