DeFi Protocol Elixir Raises $7.5M in Series A Funding Round
Elixir, a decentralized finance (DeFi) platform, has successfully raised $7.5 million in a Series A investment fund. The funding round was led by Hack Venture Capital and included participation from AngelList Ventures, NGC Ventures, Bloccelerate, Hudson River Trading, Genesis Trading, and angels from Ledger Prime. With this new investment, Elixir’s valuation has reached $100 million.
Expanding the Team and Infrastructure Development
The raised capital will be utilized to expand Elixir’s team and accelerate the development of infrastructures. This includes the creation of order book liquidity on exchanges. The goal is to enhance the platform’s capabilities and provide better services to its users.
Elixir’s Innovative Model and Growth Trajectory
Elixir has introduced a state-of-the-art liquidity provisioning model through decentralized and algorithmic market-making protocols. This allows widespread participation in supplying liquidity for exchange pairs on both decentralized and centralized platforms.
The protocol’s transparency enables projects to monitor how their liquidity is being provisioned, fostering trust and accountability. Additionally, Elixir incentivizes members to participate in liquidity provisioning through token rewards, creating an additional demand for tokens and improving the ecosystem’s growth.
Elixir is on a vertical growth trajectory as it continues to develop its blockchain solution. The startup plans to launch a delegated proof-of-stake mechanism on the mainnet in the coming weeks, which could further drive its growth.
Hot Take: Elixir Thrives Amid Industry Setbacks
Despite recent scrutiny faced by the decentralized market following the collapse of FTX and Alameda Research, Elixir has managed to thrive. Experts believe that with its innovative approach and upcoming milestones, the platform has the potential to achieve even greater success.
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