Elixir Raises $8M in Series B Funding to Improve Liquidity on Orderbook Exchanges
In Brief
Elixir raised $8 million funding from Mysten Labs and Maelstrom to accelerate its decentralized network project development.
Decentralized network focused on improving liquidity on orderbook exchanges Elixir raised $8 million in its Series B funding round led by Mysten Labs and Maelstrom, with contributions from Manifold, Arthur Hayes, Amber Group, GSR, Flowdesk, among others. The raised funds will be utilized for the ongoing development of the project.
Orderbook exchanges, known for their direct trading environment, differ from Automated Market Makers (AMMs), which rely on liquidity pools and mathematical models for trading. However, decentralized exchanges (DEXs) have encountered liquidity challenges, prompting a shift towards orderbook models.
Elixir tackles this issue by enabling users to provide liquidity for exchange pairs and offering rewards to users in the process. By incentivizing deeper liquidity, Elixir seeks to establish a more efficient trading environment characterized by narrower bid-ask spreads and enhanced trading volume. The network currently supports a significant portion of liquidity on exchanges such as Vertex, Bluefin, and RabbitX, with plans to integrate with platforms including dYdX and ApeX.
The latest funding round follows a previous $7.5 million series A round that Elixir completed late last year, supported by Hack VC, NGC Ventures, AngelList Ventures, and Bloccelerate, which valued the project at $100 million. The project’s valuation has since increased significantly, reaching $800 million after completing both Series A and Series B funding rounds, with the total capital raised surpassing $17 million.
Elixir Charts New Heights in Decentralized Finance
Founded in 2022, Elixir is a consensus network that provides a platform for individuals to contribute liquidity to orderbooks. Elixir is modularly constructed, allowing orderbook DEXs to integrate Elixir into their core infrastructure to facilitate the unlocking of retail liquidity for pairs and other potential use cases. The company is set to launch the upcoming network mainnet in the near future.
Recently, Elixir introduced the Apothecary, a feature which allows users to monitor contributions and interact with Elixir through social media. This initiative signifies progress towards achieving Elixir’s objective of enhancing liquidity across both Layer 1 and Layer 2 blockchain ecosystems and associated exchanges.
With the new funding, innovative approach to liquidity, and strategic developments, Elixir positions itself as a leading participant in the evolving landscape of decentralized finance.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
