Delphi Digital released a report analyzing the development path of Elixir Network in the order book liquidity provision sector. Elixir Network is a decentralized order book liquidity protocol that utilizes a delegated proof of stake (dPoS) architecture with off-chain validators, a randomized market-making algorithm, and introduces a decentralized stablecoin deUSD as the core settlement and collateral asset. Elixir supports liquidity provision for multiple DEXs such as Vertex, RabbitX, BlueFin, ApeX, and Orderly through a modular design. The protocol is based on a customized Avellaneda and Stoikov model, dynamically adjusting bid-ask spreads, optimizing inventory management, enhancing capital efficiency, and reducing slippage and loss rebalancing (LVR) issues.