According to Foresight News, modular blockchain project Elixir has introduced a synthetic dollar asset called deUSD, aiming to compete with Ethena's USDe. The deUSD is fully collateralized, created using stETH as collateral to short Ethereum in a delta-neutral position. Stakers of deUSD can earn additional returns on top of the base yield through liquidity provision incentives.
The team has announced that deUSD is backed by $1 billion in liquid funds and supported by DeFi platforms such as Pendle. Pendle is tokenizing and creating a market for Elixir's Apothecary program, a points-based system that helps users track their contributions to the network. With the launch of deUSD, Apothecary depositors can choose to mint deUSD using their deposited Ethereum once DEX support goes live, or they can withdraw their Ethereum. Any remaining Ethereum in the Apothecary contracts can be withdrawn or converted at any time.
