TechFlow news, November 7 — According to The Block, Elixir Protocol announced on November 7 the termination of its deUSD synthetic stablecoin, a move triggered by a chain reaction following Stream Finance's suspension of withdrawals earlier this week. Stream Finance ran into trouble after an external fund manager disclosed a $93 million loss and currently owes Elixir over $68 million.
Elixir has processed redemption requests for approximately 80% of deUSD holders and has taken a snapshot of the remaining holders, pledging full repayment in USDC at a 1:1 ratio. Currently, Stream Finance holds about 90% of the deUSD supply (approximately $75 million). Elixir is now collaborating with decentralized lending platforms such as Euler, Morpho, and Compound to liquidate its positions in Stream and distribute funds to deUSD holders.
