AngelList Ventures, NGC Ventures, Bloccelerate, Hudson River Trading, Genesis Trading, and angels from Ledger Prime also participated in the round.
The funds raised will be used to expand the protocol’s team and accelerate the development of infrastructures, including order book liquidity on exchanges.
Elixir previously raised $2.1 million in a seed round led by Falcon X, Chapter One, and BitMex co-founder Arthur Hayes.
Insights on the Elixir Model and Growth Trajectory So Far
Elixir offers state-of-the-art liquidity provisioning and a holistic approach to transforming funds through decentralized and algorithmic market-making protocols.
The protocol’s trustless algorithmic model allows widespread participation in supplying liquidity for exchange pairs on decentralized and centralized platforms.
By creating incentives for projects and providing full transparency in market-making, Elixir enables projects to have the edge in market-making services while significantly reducing costs.
The platform’s transparency allows protocols to monitor how their liquidity is being provisioned, fostering high trust and accountability.
Elixir’s decentralized model offers versatile utilities not only to DeFi projects but also to exchanges and protocols to enhance liquidity for their trading books.
Additionally, Elixir aims to share the proceeds traditionally generated from money market platforms with the token community, incentivizing members to participate in liquidity provisioning and earn financial perks through token rewards.
This approach creates additional demand for tokens while improving the ecosystem’s growth and sustainability.
Elixir is on a vertical growth trajectory as it continues to develop its cutting-edge blockchain solution and move closer to realizing more goals.
The new raise comes at a time when the decentralized market is facing scrutiny following recent events. However, Elixir’s resilience suggests that more milestones could be reached.
The startup plans to launch a delegated proof-of-stake mechanism on the mainnet in the coming weeks, which could drive its growth to new heights.