Elixir announced the launch of deUSD, a new synthetic dollar asset. deUSD is fully collateralized and delta-hedged with crypto assets. Elixir announced that it provided $1 billion in liquidity to support deUSD.
Elixir, a modular blockchain project, was developed to provide liquidity to decentralized order book exchanges. Elixir introduced a synthetic dollar called deUSD, which aims to challenge Ethena's USDe. Developed by Ethena Labs, the USDe stablecoin maintains its stability using cash-and-carry trading strategies that provide arbitrage and returns. deUSD, on the other hand, is fully collateralized by crypto assets and delta-hedged to ensure stability.
“The network that Elixir has developed and stress-tested over the last two years is well suited to creating a truly decentralized synthetic stable asset,” said Philip Forte, founder and CEO of Elixir Labs. Forte stated that deUSD is built with key features such as transparency and flexibility, eliminating dependence on market trends.
Elixir is powered by DeFi platforms like Pendle, which tokenizes and tracks user contributions. It is also stated that it has $1 billion worth of liquidity to support deUSD.
After launching its Apothecary program in March, Elixir says it has over $300 million in assets locked up, outside of the $1 billion in capital committed to deUSD, and is excited for the mainnet launch expected in September. When it introduced Apothecary in March, Sui announced that it had completed an $8 million Series B funding round led by blockchain developer Mysten Labs and Maelstrom, Arthur Hayes' family office. With this latest financing, Elixir's valuation reached $800 million, taking an important step towards becoming a unicorn. It is stated that Elixir's valuation increased eightfold following the $7.5 million Series A round led by Hack VC in October 2023.
Elixir raised more than $17 million in total with its $2.1 million seed round in January 2022.
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