Elixir Raises $8 Million in Series B Funding Round to Develop Decentralized Network
The modular network project Elixir has secured $8 million in a Series B funding round, with participation from Sui blockchain developer Mysten Labs and Arthur Hayes’ family office, Maelstrom. Other investors in the round include Manifold, Amber Group, GSR, and Flowdesk. This funding brings Elixir’s valuation to $800 million, almost reaching unicorn status. Elixir aims to use the capital to further develop its decentralized network, which is designed to enhance liquidity across order book exchanges.
Advantages of the Order Book Model
Elixir argues that the order book model, which allows traders to trade directly with each other, is more efficient than the dominant automated market maker decentralized exchange system. The order book model relies on mathematical models and liquidity pools to facilitate trading of token pairs.
- Elixir plans to leverage its decentralized network to improve liquidity on order book exchanges and provide rewards for users who supply liquidity.
- The project is currently powering liquidity on exchanges like Vertex, Bluefin, and RabbitX.
- Elixir aims to integrate with platforms such as dYdX, ApeX, Hyperliquid, Orderly Network, and NFTPerp.
Apothecary Initiative for Tracking User Contributions
In addition to the funding announcement, Elixir introduced its Apothecary initiative. This initiative is a points-based system that allows users to track their contributions to the network. It serves as a way for users to participate in and engage with the Elixir ecosystem ahead of the mainnet launch scheduled for August 2024.
Hot Take: Elixir Secures $8 Million in Series B Funding Round to Develop Decentralized Network
Elixir, the modular network project, has successfully raised $8 million in a Series B funding round. This funding round was co-led by Mysten Labs and Maelstrom, with participation from other prominent investors. The funding brings Elixir’s valuation to $800 million, a significant increase from its previous rounds. Elixir plans to use the capital to further develop its decentralized network and improve liquidity across order book exchanges.
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