Blockchain initiative that is modular Elixir has disclosed the introduction of its synthetic dollar asset, deUSD. Ethena Labs’ USDe will be the primary competitor
Elixir has announced the launch of deUSD, a synthetic dollar asset, as a decentralized and fully collateralized alternative to Ethena Labs' USDe.
According to The Block, Elixir synthetic dollar deUSD is fully collateralized by stETH at all times and is used to short ether in a delta-neutral position. This design allows deUSD stakers to earn additional yields for providing liquidity.
In contrast to USDe's reliance on centralized systems, the team behind the project claims that the Elixir synthetic dollar is a non-custodial alternative with verifiably automated execution and open-source code, ultimately decentralizing the process.
Elixir states that deUSD is designed to maintain its stability, even during periods of high market volatility. The project has secured $1 billion in liquidity for the new token, with support from major DeFi platforms, including Pendle, which is creating a marketplace for Elixir's Apothecary project.
The initiative aims to reward users for their contributions and encourage participation by accumulating points, which can be used to claim valuable rewards.
Since its launch in March, Elixir's Apothecary program has gathered a total secured value of over $300 million, excluding the $1 billion allocated for deUSD. The project is quickly approaching the highly anticipated mainnet launch of deUSD, which is expected to occur in September.
The synthetic dollar asset is set to be listed on decentralized exchanges, including Uniswap, SushiSwap and 0x, upon mainnet launch.
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