Elixir Network Launches Decentralized Synthetic deUSD Stablecoin

full version at coingape

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

The post Elixir Network Launches Decentralized Synthetic deUSD Stablecoin appeared first on CoinGape.