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.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
