TechFlow reported on July 31, according to The Block, that modular DPoS network Elixir has launched a "fully decentralized" synthetic dollar deUSD to challenge Ethena's USDe, claiming to have raised $1 billion in liquidity to support its new yield-bearing token.
deUSD uses stETH as collateral and takes delta-neutral short positions on Ethereum to ensure stability and generate additional yield. Elixir has also partnered with Pendle to create markets for its Apothecary program, allowing users to track their contributions to the network. The project was valued at $800 million prior to mainnet launch, an eightfold increase from its post-funding valuation last year.
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