Elixir Network Launches Decentralized Synthetic deUSD Stablecoin
Highlights
- Elixir Network rolls out deUSD stablecoin.
- The deUSD token is a decentralized synthetic stablecoin.
- It aims to change the DeFi ecosystem with on-chain liquidity.
The Elixir network has launched deUSD stablecoin, a decentralized asset that aims to change the DeFi ecosystem. The team asserted a $1 billion liquidity for the new asset outlining its ecosystem and operations. Crypto users look forward to yield-earning projects while providing liquidity.
Elixir Announces deUSD
Elixir Network has rolled out is deUSD stablecoin, a decentralized synthetic asset. According to the release deUSD will be minted by stETH and sDAI with collateral deposited used to short ETH. This creates a neural delta position with collateral funding through short perps while reducing risks.
“Collateralized by stETH and sDAI, the Elixir Network utilizes collateral to capture funding via shorting perps, while mitigating funding risks deUSD holds long-basis exposure in positive funding environments while increasing T-Bill exposure in negative funding environments”
The funding rate basis trades on Ethereum is positive and in case of negative funding, it can be resilient. This integration into the ecosystem acts as the preferred liquidity collateral across centralized and decentralized exchanges.
“Most of Elixir’s DEX integrations will accept deUSD as collateral on their exchanges, driving additional Open Interest and TVL. deUSD can also be pointed to native exchange integrations powered by Elixir for boosted yield, further driving liquidity on partnered exchanges,” the statement reads.
The firm stated that it has $1 billion in liquidity for the stablecoin coupled with the support of DeFi projects, particularly the Apothecary program. The program boasts $300 million in total value locked (TVL) for the projects.
Also Read: Japanese Crypto Giant Bitbank Prepares To Go Public
Platform Focuses on Decentralization
Elixir says the deUSD stablecoin is a decentralized synthetic asset in many areas including execution, and verifiable proofs among others. The stablecoin is also integrated with on-chain non-custodial liquidity without the dependence on centralized entities. The synthetic asset would also become the preferred collateral on Elixir increasing its adoption. Crypto users lauded the move across industry spaces highlighting recent growth within the ecosystem.
Also Read: US SEC Chair Gary Gensler Warns Against AI and Crypto Fraud
- Cardano News: Foundation Pledges Eight-Figure ADA Liquidity for Stablecoin Projects
- Bitcoin Price Could Fall or Rise by $20K in Q4, 10x Research Reports
- Will Crypto Market Recover As Bitcoin and Altcoins Test Crucial Support?
- FTT Token Rallies as Sam Bankman-Fried’s Account Tweets Amid Prison Sentence
- Experts Says ‘Way, Way Higher’ Ahead As ASTER Token Shoots 30% Above $2
- Ethereum (ETH) Price Faces Pullback Before $10K Surge Amid SEC ETF Approval
- PEPE Coin Price: Analyst Sees Breakout-Retest Pattern- Will It Surge Over 230%?
- Shiba Inu Price Eyes 25% Rally as Outflows Jump and Whales Buy 62B Coins
- XRP Price Rises on mXRP Launch, Recovery Ahead?
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
