According to Foresight News, the modular blockchain project Elixir has launched a synthetic dollar asset "deUSD" to challenge Ethena's USDe. deUSD is fully collateralized and created using stETH as collateral to short Ethereum in a delta-neutral position. DeUSD pledgers can earn additional income on top of the base yield in the form of exchange incentives for providing liquidity.
The team says deUSD is already backed by $1 billion in liquidity, and has also received support from DeFi platforms such as Pendle, which is tokenizing and creating a market for Elixir's Apothecary initiative (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 or withdraw their Ethereum once DEX support goes live, adding that any remaining Ethereum in the Apothecary contract can be withdrawn or converted at any time.
